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← The Hepworth Wakefield

2024-03-31-accounts

Company Registration No. 07113861 Registered Charity No. 1138117

THE HEPWORTH WAKEFIELD

REPORT AND FINANCIAL STATEMENTS for the year ended 31 March 2024

The Hepworth Wakefield OFFICERS AND PROFESSIONAL ADVISERS

DIRECTORS AND TRUSTEES

THE DIRECTORS OF THE CHARITABLE COMPANY (THE CHARITY) ARE ITS TRUSTEES FOR THE PURPOSE OF CHARITY LAW. THE TRUSTEES AND OFFICERS SERVING DURING THE YEAR AND SINCE THE YEAR END WERE AS FOLLOWS:

KEY MANAGEMENT PERSONNEL OF THE HEPWORTH WAKEFIELD: TRUSTEES AND DIRECTORS:

Steve Langan Priya Khanchandani Henry Meyric Hughes Jon Horrocks (appointed 14 September 2023) Susan May (appointed 14 September 2023) Katie Nugent (appointed 14 September 2023) Shaun Parker (appointed 14 September 2023) Anna Valle (appointed 14 September 2023 Elliot McDonald (appointed 6 December 2023) Stuart Fletcher (resigned 14 September 2023) Diane Howse (resigned 14 September 2023) Dame Magdalene Odundo (resigned 14 September 2023)

KEY MANAGEMENT PERSONNEL OF THE HEPWORTH WAKEFIELD: SENIOR MANAGEMENT TEAM

Daily management of the charity’s activities is delegated by the trustees to the executive team which is comprised of the following:

Simon Wallis (Director) Olivia Colling (Deputy Director) David Bryan (Director of Finance & Operations – resigned 3 June 2024) Chrissy Davison (Director of Finance & Operations – appointed 29 July 2024) Laura Smith (Director of Collections & Exhibitions)

COMPANY SECRETARY

Simon Wallis (resigned 14 September 2023) David Bryan (appointed 14 September 2023; resigned 3 June 2024) Chrissy Davison (appointed 3 June 2024)

REGISTERED OFFICE Gallery Walk Wakefield, WF1 5AW

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The Hepworth Wakefield

OFFICERS AND PROFESSIONAL ADVISERS

BANKERS Handelsbanken First Floor, 2 Red Hall Court Wakefield West Yorkshire, WF1 2UN

SOLICITORS Winckworth Sherwood Minerva House

5 Montague Close London, SE1 9BB

AUDITOR Sa�ery LLP 10 Wellington Place Leeds LS1 4AP

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The Hepworth Wakefield TRUSTEES REPORT

The trustees, who are directors of the company, present their annual report on the a�airs of the company and the group, together with the financial statements and auditor’s report for the year ended 31 March 2024.

The small companies exemption has been taken from preparing a Strategic Report, and the Trustees’ report has been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

FOREWORD BY THE CHAIR

We were delighted to welcome six new board members to The Hepworth Wakefield Trust Board this year – Jon Horrocks, Susan May, Elliot McDonald, Katie Nugent, Shaun Parker and Anna Valle. Their skills and experience traverse a variety of fields and they have already made a positive impact in supporting the executive team to deliver on the organisation’s new strategic priorities. I would like to take this opportunity to thank them all for generously volunteering their time and expertise to The Hepworth Wakefield Trust.

Several long-serving trustees came to their end of their term during this year – Diane Howse, Stuart Fletcher, Jane Madeley, Merran McCrae and Dame Magdalene Odundo; as did members of The Hepworth Wakefield Garden Trust – Jane Mee and Edwina Sassoon. I would like to personally thank them all for volunteering their time and passion in helping us achieve so much at The Hepworth Wakefield over the years.

We worked closely with Arts Council England as a National Portfolio Organisation to help deliver their Let’s Create strategy to ensure every person in England has the opportunity to access high quality art and have opportunities to be creative. We are grateful to Arts Council England for valuing our work and continuing to provide vital core funding. As Wakefield enters its 2024 year of culture ‘Our Year’, we are delighted to work more closely with Wakefield Council to deliver on its cultural strategy for the district and are thankful to them for recognising the ambition and quality of what we deliver at The Hepworth Wakefield for local communities and visitors alike. Together, their funding gives us financial stability as we continue to work our way out of a deficit budget caused by the pandemic. We have managed to reduce the deficit this year and further reducing it will be a core priority for the forthcoming year.

I would also like to thank all our other generous supporters who enable our work, in particular: The Liz & Terry Bramall Foundation who have renewed their significant multi-year support of our learning programme, enabling us to provide a full and rewarding families programme ranging from drop-in workshops led by local artists to creative play in our garden. Bloomberg Philanthropies has also greatly invested in our digital capacity this year, which is much needed and greatly valued as we build our future resilience. And Henry Moore Foundation who continue to support so much of what we do – from collection acquisitions to temporary exhibitions. Special thanks must also to be given to all of our exhibition supporters, collection circle, contemporary circle, patrons and members for their ongoing support and enthusiasm for our work.

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The Hepworth Wakefield

TRUSTEES REPORT

Finally, I would like to thank all the sta� and volunteers of The Hepworth Wakefield for their commitment and continued pursuit of excellence and innovation as we overcome challenging times and continue to make The Hepworth Wakefield the special place that it is.

Steve Langan

Chair of The Hepworth Wakefield

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FOREWORD BY THE DIRECTOR

We have worked hard to continue to re-build our onsite audiences this year, achieving 11% growth on the previous year by adding more public events back into our programme, including our free opening parties and reintroducing our full schools programme, and toddler Tuesdays, both of which have been very popular.

Across the year, our exhibitions have o�ered a good balance of hotly anticipated solo presentations from leading contemporary artists Hurvin Anderson and Andrew Cranston, alongside our rigorously researched survey exhibition of Kim Lim and a specially commissioned intervention by Shenece Oretha that shed new light on Wakefield’s collection of Modern British Art. We were delighted to display the range of ceramics that have recently joined our collection through gifts, bequests and support from Art Fund and to work with Lorna Green and Professor Griselda Pollock on an important exhibition exploring the lives of women sculptors in Britain. I’d like to thank the participating artists, their studios and representative galleries, particularly Thomas Dane, Ingleby Gallery, Modern Art and the Kim Lim estate for their support and expertise. I’d also like to thank the many generous lenders of works of art to our exhibitions and, of course to the generous supporters of each project – in these di�icult financial times, we could not deliver our ambitious exhibition programme without it.

We have continued to expand our touring programme, allowing many more people to experience our exhibi�ons in the UK and overseas, and strategically forging new interna�onal museum partnerships. We are particularly pleased with the strategic growth in the collection, which goes from strength to strength. The collection was founded a century ago with the intention to collect contemporary art to help people understand modern life and this is something we still believe in and strive for today.

It has been rewarding to see the rise in Wakefield residents regularly visiting the gallery, whether to use our warm space, take part in our extensive family activity programme, shopping at one of our fairs and markets, or enjoy some of the world class art we bring to the District. Our ambition has always been to be a welcoming place for everyone and it is gratifying to see the engagement work we are doing across the district is breaking down perceived barriers to participating in culture and creativity.

I want to thank all the sta� for the entrepreneurial spirit and innovative ideas as we navigate an increasingly challenging financial climate in the sector. It is our ability to plan ahead and respond quickly to challenges that has enabled us to earn more of our own income than ever before, for which the team must be congratulated. However, there is still much to be done to turn around our deficit budget position. With very generous support from Bloomberg Philanthropies’ Digital Accelerator programme, next year we will be building a much-needed Digital Asset Management system (DAM) to house our very many digital assets, including collection images, film and audio content. This will not only enable far more e�icient ways of working, it will also lead to launching a Print-on-Demand business and allow us to share far more of the collection online, opening up further opportunities to share the collection with other venues, and support research projects. Investing in our digital strategy and capabilities will be a real focus of our work next year to ensure we are in the best position to drive new income streams.

Our other major focus for next year will be forging ahead with the capital projects needed to complete the transformation of Wakefield Waterfront. Our priorities are to: 1) create a garden workshop with a yard space and tool store so that our Cultural Gardener has the facilities, equipment and space needed to carry out her outstanding work caring for The Hepworth Wakefield Garden. Importantly, this project will

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The Hepworth Wakefield TRUSTEES REPORT

also enable us to deliver an extended garden engagement programme. 2) bring back the much-missed playground, working with an artist and our local families to create something special that responds to the latest thinking on play to creatively engage our youngest visitors. I’d like to thank Wakefield Council for supporting our vision for the playground and agreeing to update our lease to incorporate this site. Further ahead, we need to address the sunken garden and derelict watermill that sit adjacent to our main entrance so that the footprint of the outdoor site are working to their full capacity to create a multilayered, exceptional experience for residents and visitors alike. We are looking forward to working with Tileyard North to collectively entice more people to visit the Waterfront.

I’d like to welcome all of our new trustees and o�er my personal thanks to the Board for their commitment and support and in particular, to our Chair, Steve Langan for his enthusiasm for our work and practical guidance. They enable us to thrive.

Finally, I would like to thank Wakefield Council and Arts Council England for their steadfast investment to enable so much of what we achieve and for understanding the value of their investment and the posi�ve change it brings to people’s lives and the cultural life of Wakefield, Yorkshire and the UK.

Simon Wallis

Director of The Hepworth Wakefield

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The Hepworth Wakefield TRUSTEES REPORT

OBJECTIVES

The Hepworth Wakefield provides a permanent public legacy for Barbara Hepworth in her home city, with exhibi�ons that respond to and reflect the unique quali�es of the Wakefield Permanent Art Collec�on, alongside The Hepworth Family Gi� on permanent display.

Our David Chipperfield designed building embodies many sculptural quali�es and provides some of the finest spaces in the world in which to experience art. The building is a testament to the ambi�on of Wakefield and the rela�onship between the architecture, the works of art we display and our strong sense of place is a unique part of the experience of our programme.

Modernist sculpture and the process of crea�vity are central to our offer, as is the influence of the Yorkshire landscape on modern art. Our programme strives to ensure that we present the best in modern and contemporary art from all over the world. We want to ensure that the presenta�on of this work is accessible and provides an engaging dialogue for a wide, diverse audience, so that the past and present inform one another in a compelling way.

Our work is enhanced through our Yorkshire Sculpture Interna�onal partnership comprising The Hepworth Wakefield, Yorkshire Sculpture Park, The Henry Moore Ins�tute and Leeds Art Gallery. Together we work to be recognised as one of the major world centres for the research, presenta�on and public understanding of sculpture. We use the legacy of Yorkshire born Barbara Hepworth and Henry Moore as the basis of our offer.

We are always clearly grounded in our area of exper�se but ac�vely respond to changing local and na�onal agendas through new partnerships to ensure our work is consistently relevant to our audiences and the wider art world. Our work with major stakeholders WMDC and the Arts Council England is central to what we do and we aim to closely follow their priori�es and agendas to successfully deliver mutually agreed strategic outcomes.

In shaping our objec�ves for the year and planning our ac�vi�es, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’. We rely on grants and dona�ons as well as income from charitable and trading ac�vi�es through the subsidiary company. Affordability and access to the gallery and wider ac�vi�es is important to us and is reflected in the pricing of entry to the gallery and offering free access to all residents of Wakefield District and those aged under 18.

1. Mission

Our Mission is to create art experiences that inspire, cap�vate, surprise and enhance everyone’s lives.

2. Vision

We want to be recognised as one of the world’s leading art galleries, crea�ng unforge�able art experiences for all, while inspiring posi�ve change locally.

3. Values

These are the values that we believe in:

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The Hepworth Wakefield TRUSTEES REPORT

The charity’s purposes and objects are detailed under ‘Structure, Governance and Management’, below.

ACTIVITIES, ACHIEVEMENTS & PERFORMANCE IN 2023/24

The Hepworth Wakefield has been showcasing some of the most exci�ng contemporary art available since its opening 13 years ago, a�rac�ng visitors to keep coming back.’ Wakefield Express, March 2024

EXHIBITIONS & COLLECTION

The Hepworth Wakefield con�nues to develop a na�onally and interna�onally recognised exhibi�on programme, which successfully combines major historical exhibi�ons with support for diverse contemporary ar�sts, including new commissions. In addi�on to exhibi�ons presented at The Hepworth Wakefield we are growing our na�onal and interna�onal touring programme

If Not Now, When? Genera�ons of Women in Sculpture in Britain, 1960-2022

31 March – 15 October 2023

This exhibi�on explored the lives of women sculptors in Britain during a significant period of social and ar�s�c change, and was the culmina�on of a feminist research project, Hepworth’s Progeny: Genera�ons of Women in Sculpture in Britain 1960-2022. The exhibi�on presented 30 works by the women ar�sts who responded to either the original 1988 or the revised 2022 survey, including Phyllida Barlow, Glenys Barton, Helen Chadwick, Katrina Cowling, Rose Garrard, Permindar Kaur, Lilian Lijn, Kim Lim, Cornelia Parker, Veronica Ryan and Shelagh Wakeley.

The 2022 research project was hosted by The Hepworth Wakefield in collabora�on with art historian, Professor Griselda Pollock and sculptor Lorna Green, working with Yorkshire-based curatorial researchers, Dr Anna Frances Douglas and Dr Kerry Harker. The project revisited research undertaken by Lorna Green in the 1980s as the basis for a present-day compara�ve study.

The research was funded by a dona�on from the Holberg Prize awarded to Professor Griselda Pollock in 2020 for her work in feminist studies in the visual arts and art history in order to foster extended research in this field. The exhibi�on was supported by Henry Moore Founda�on, Professor Griselda Pollock and Sophie Bowness.

An expanded version of the exhibi�on toured to the Saatchi Gallery in London (15 November 2023 – 22 January 2024).

Hurvin Anderson: Salon Pain�ngs

26 May – 5 November 2023

This large solo exhibi�on focussed on the Barbershop series, as a lens through which to understand Hurvin Anderson’s wider prac�ce and key concerns of memory, iden�ty and na�onhood. Described in the Daily Telegraph as ‘one of Britain’s finest living painters’, Anderson (b. 1965) first painted a Birmingham-based barbershop in 2006. He has repeatedly reworked the same scene in a mul�tude of ways over the last 15 years as a way of exploring key pain�ngs styles, shi�ing from figura�on to abstrac�on and experimen�ng with the

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classic genres of s�ll life, landscape and portraiture. The exhibi�on included two large new works painted by Anderson specifically for display at The Hepworth Wakefield. A final room of the exhibi�on was a display of works personally selected by Anderson offering visitors insight into his forma�ve influences and the importance of historical references in his work.

A�er the presenta�on at The Hepworth Wakefield, Salon Pain�ngs toured to Has�ngs Contemporary (18 Nov 2023 – 3 March 2024) and Kistefos Museum, Norway (4 May – 13 October 2024)

The exhibi�on and accompanying book were generously supported by: Thomas Dane Gallery, Michael Werner Gallery, De Ying Founda�on, The Garcia Family Founda�on and The Hepworth Wakefield’s Contemporary Circle.

Press coverage

Our press campaign had a total circula�on of 929,291,881 and the editorial equivalent value of £7,115,738. The exhibi�on was featured in a broad range of media coverage in the UK and overseas, including features in The New York Times, The Observer New Review, FT Weekend and Financial Times HTSI with reviews in The Daily Telegraph, The Guardian and The i.

‘The Hepworth Wakefield’s show of Anderson’s though�ul, sophis�cated works confirms him as one of Britain’s finest living painters’ – * Alastair Sooke, The Daily Telegraph, 25 May 2023

‘The opportunity to see the evolu�on of Anderson’s explora�on of the barbershop se�ng in one space is excep�onal’ - * Eliza Goodpasture, The Guardian, 26 May 2023

One of the ‘best art exhibi�ons to see in Europe and the UK this summer’. – Laura Freeman, The Times, 8 July 2023

Shenece Oretha: TOLLED Listening With / In Wakefeld’s Sculpture Collec�on

28 October 2023 – 3 March 2024

Shenece Oretha was commissioned to create an interven�on inspired by, and shown alongside, Wakefield’s art collec�on. To realise this, Oretha was ar�st-in-residence at The Hepworth Wakefield for 12 months as part of 20/20 – a large-scale commissioning ini�a�ve led by the University of the Arts London Decolonising Arts Ins�tute. During this �me, Oretha explored the rela�onship between sculpture and sound in modern Bri�sh art, including how ar�sts such as Barbara Hepworth and Henry Moore engaged with music, instruments and ideas that have a ‘sonic resonance’. Oretha recorded sounds made by touching the sculptures with different materials and used these recordings to create a new mul�-channel sonic composi�on that was played through specially-devised speaker-sculptures placed among works from the collec�on that inspired it. One of the speaker-sculptures was acquired into Wakefield’s art collec�on at the end of the project.

20/20 was led by the UAL Decolonising Arts Ins�tute and supported by funding from Arts Council England, Freelands Founda�on and University of the Arts London.

Kim Lim: Space, Rhythm & Light

25 November 2023 – 2 June 2024

This was the first major museum exhibi�on of Lim’s work since 1999, offering unparalleled insight into the Bri�sh-Singaporean ar�st’s life and work. The exhibi�on displayed over 100 artworks created over four decades

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by Lim, alongside extensive archive material, most of which had never been seen publicly before and revealed the breadth of Lim’s work and sources of inspira�on. The exhibi�on and accompanying book sought to raise public understanding and apprecia�on of Lim’s important contribu�on to Bri�sh sculpture and printmaking in the 20[th] century, which has been overlooked compared to many of her contemporaries. The exhibi�on spanned three of our large gallery spaces and explored Lim’s mul�part wood and metal sculptures that defined her work between the 1950s and 1970s, as well as her later minimalist stone carvings made in the 1980s and 1990s. It was further extended into The Hepworth Wakefield Garden with Lim’s large-scale sculpture Day (1966) being installed in the Tom Stuart-Smith designed green space.

The exhibi�on was made possible through the generosity of The Kim Lim Estate, Henry Moore Founda�on and Michael & Yvonne Uva. The book was published by Lund Humphries and supported by a grant from the Paul Mellon Centre for Studies in Bri�sh Art.

Press coverage

We secured press coverage about the exhibi�on in a range of local, na�onal and interna�onal newspapers and magazines, achieving a total circula�on of 146,457,999 and adver�sing equivalent value of £1.6m.

Highlights include: an 8-page feature in Art Quarterly magazine; The Art Newspaper's 'Long Read' feature on 'two overlooked Asian ar�sts who le� a mark on Modern Bri�sh art', focusing on Kim Lim and Li Yuan-chia; a 4- page feature in RIBA Journal; a major review feature in The Guardian, Saturday, 23 November 2023 including an interview with Lim's sons; a double page feature in World of Interiors, Dec 2023; a major feature in Studio Interna�onal, Dec 2023; a four-star review by Laura Cumming, The Observer, 14 Jan 2024; FT review by Maya Jaggi, 15 Jan 2024: 'I was le� wan�ng more of this fascina�ng material from her life. Not to limit her art to the biographical, but to reveal its breathtaking expanse.'

Andrew Cranston: What made you stop here?

25 November 2023 – 2 June 2024

This was the first public gallery exhibi�on of Sco�sh painter, Andrew Cranston’s work. On display were 38 new and recent pain�ngs by the ar�st that range from large-scale canvases to in�mate works painted on old linenbound book covers, comprising subjects that include s�ll life, landscape, seascape, portraits, and interior scenes. Engaging with the layered emo�onal quality and pathos of everyday life, as well as a strong sense of place, be it real or imagined, Cranston’s evoca�vely �tled pain�ngs contain compelling and intriguing narra�ves that have the collaged dream-like quality of recollec�on and what he calls ‘crea�ve misremembering’.

The exhibi�on was generously supported by Major Supporters: Ryan Taylor Collec�on, Roden Family, The George Economou Collec�on, Ingleby Gallery, and Karma. Further support was given by Exhibi�on Supporters: Modern Art, The Garcia Family Founda�on, Clore Wyndham, and Aïsh� Founda�on.

Press coverage.

The press campaign had a total circula�on of 135,042,779 and editorial equivalent value of £1.3m. Highlights included an 11-page interview feature in Apollo magazine (Nov 2023), and interview features in Wallpaper and Frieze magazines. There was a major feature on Cranston and his ar�st partner Lorna Robertson in FT HTSI (24 Jan 2024). Cranston was also interviewed for the Talk Art podcast (season 19, episode 7). Observer Review and Guardian online gave it a four-star exhibi�on review: ‘Andrew Cranston’s pain�ngs… are open-hearted, expansive, figura�ve and loquacious… This art is as convivial as its appeal is direct. The colour is glorious, the

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brushwork always bent on catching a memory or sensa�on as truthfully as possible.’ – Laura Cumming (14 Jan 2024)

Collec�on Displays

The Art of the Po�er: Ceramics & Sculpture from 1930 to Now

20 January 2023 – 18 February 2024

This exhibi�on celebrated Wakefield’s progressive approach to collec�ng ceramics since the 1930s and highlighted ar�sts exploring the sculptural possibili�es of the medium. It displayed some of the earliest ceramics to join the collec�on by Michael Cardew and Samuel Haile, a number of works that joined the collec�on in the 1950s by ar�sts including Hans Coper, Bernard and Janet Leach and Lucy Rie, as well as a significant number of recent addi�ons through bequests, gi�s and fundraising ac�vity. These included works by Alison Bri�on, Elizabeth Fritsch, Gwyn Hanssen Pigo�, Ewen Henderson, Akiko Hirai, Ryoji Koie and Magdalene Odundo.

Magic in this Country: Hepworth, Moore and the Land

20 January 2023 – 18 February 2024

Taking Hepworth and Moore’s deep influence by the landscape as its star�ng point, this exhibi�on brought together a range of works from the collec�on that explored this theme. From a 19[th] century pain�ng of Whitby by John Atkinson Grimshaw and Henry Moore’s lithographs of Stonehenge from the 1970s, to contemporary works by Ro Robertson and Emii Alrai, ar�sts have been responding in crea�ve ways to the landscape for centuries.

A Living Collec�on

14 January 2023 – 4 February 2024

An exhibi�on of new acquisi�ons into Wakefield’s art collec�on made over the preceding two years. Since Wakefield’s collec�on was established in 1923, it has had an aim of nurturing an understanding of contemporary art and its rela�on to modern life, an aim con�nued by The Hepworth Wakefield as we develop the collec�on. On display for the first �me was a large charcoal drawing, The Sen�mentality of Nature, 2022 by Jake Grewal, purchased through the JW Anderson Collec�on Fund. New pain�ngs to join the collec�on by Dan Perfect, Fiona Rae and Caragh Thuring were also shown, as was one of Hannah Starkey’s Wakefield Commission photographs, depic�ng Kirkgate Towers and acquired through support from Freelands Founda�on and Art Fund. We were also delighted to present Veronica Ryan’s 2021 sculptural assemblage, Sweet Dreams are Made of These, following her Turner Prize win and presented to The Hepworth Wakefield by the Contemporary Art Society through a special partnership with the Henry Moore Founda�on, supported by Cathy Wills.

COLLECTION DEVELOPMENT

Over the course of the year, we have accessioned a large number of works into Wakefield’s art collec�on:

Promised Bequests

A collec�on of 41 ceramics from Hugh Brigstocke that include works by Ruth King, Jennifer Lee, Simon Kidd, Sarah Flynn, Ryoichi Kakurezaki, and James Tower.

Two works by Lucie Rie and Colin Pearson, bequeathed by Andrew Marsden.

Three works by Bri�sh ceramicist Reginald Wells, promised by Roger Morsely

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Penny Mason and Richard Sykes Bequest comprises two ceramic pieces by Robert Cooper and four ceramic pieces by Sara Radstone.

Gi�s

A dish by Bri�sh po�er, Eileen Lewenstein, given by the ar�st’s rela�ve Peter Lewenstein. Vortex V, 2014 by David Roberts and two slab built vessels by James Ough�bridge, gi�ed by Richard and Anna Flowerday.

24 pain�ngs and drawings by Bri�sh ar�sts Alfred Wallis and L.S. Lowry, gi�ed by Cole�e Levy

A work by Bri�sh abstract painter, Clyde Hopkins, en�tled Seagulls, Brion Sewell, Kicking etc, 1992, gi�ed by the Clyde Hopkins Estate.

A pain�ng by Fiona Rae and a pain�ng by Dan Perfect, gi�ed by the ar�sts.

Funded Purchases

A sculptural ceramic work – Sai Do Ki, 2022 – by Japanese po�er Kenji Gomi, funded through a dona�on from Christopher Gorman Evans.

Four large-scale photographs known as the Wakefield Commission, 2022 by Bri�sh photographer, Hannah Starkey. Commissioned by The Hepworth Wakefield for the major solo exhibi�on Hannah Starkey: In Real Life and funded through The Freelands Art Fund Acquisi�on grant.

A Snake Come to my Coffee table on a Hot, Hot Day to Drink There, 2023, by Sco�sh painter Andrew Cranston. Funded through the JW Anderson Collec�ons Fund.

Purchases funded through Art Fund’s New Collec�ng Award: A stoneware piece, Blue Hand, by Jill Crowley Two works by Val Barry Two works by Abdo Nagi Un�tled, 1982 by Felicity Aylieff

A newly commissioned ‘speaker sculpture’ by Shenece Oretha, funded through the 20/20 project, led by the UAL Decolonising Arts Ins�tute and supported by Arts Council England, Freelands Founda�on and University of the Arts London.

PUBLIC EVENTS PROGRAMME

We con�nue to present our series of Fairs & Markets in Tileyard North’s new event space to great success. The programme is gaining a strong reputa�on for their excellent quality and ensuring stallholders sell well. Over the year we hosted four big weekends – Ceramics Fair (June), Fes�ve Market 1 (Nov), Fes�ve Market 2 (Nov) and Print Fair (March). We are planning to add an autumn fair in September next year to boost visitor numbers in a typically quiet month. We commissioned illustrator Lesley Barnes to work with us on the fes�ve marke�ng campaign 2023, which was par�cularly successful.

With support from Wakefield Council’s Connec�ng Culture grants, we once again took part in Wakefield’s Light Up. This year, we separated the Light Up project from the Fes�ve Markets to generate foo�all and secondary spending on what would otherwise be a quiet November weekend. We worked with Leeds-based ar�st, Alison

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Smith to present The Nectary in our sunken garden. The mul�-sensory installa�on allowed visitors to experience the giant flowers as if they were insects. We also hosted late evening drop- in workshops in our learning studios and kept the café and shop open un�l late. Being part of Wakefield’s light switch on encouraged many local families down to The Hepworth and it proved a successful addi�on to our programme.

We also held a number of popular talks, including with ar�sts Hurvin Anderson and Andrew Cranston, and garden designer Tom Stuart-Smith.

LEARNING PROGRAMME

Our Learning Programme promotes the enjoyment, appreciation and understanding of visual arts for the widest audience possible, many of whom have never previously visited a gallery or museum.

Our re-launched schools programme was very popular, with schools’ workshop bookings at capacity across the year. We delivered Year 4 of School Prints with support from Eridge Trust, engaging with four local primary schools: Outwood Primary Academy Park Hill, Pinders Primary School, St Mary’s CE Primary School and St Austin’s Catholic Primary School in Wakefield. The schools participated in workshops at The Hepworth Wakefield and we delivered sessions in the schools, with a celebration event at the end to promote our free families during the summer holidays.

We continued to build our community programme, working with migrant communities in Urban House and creating a mural inspired by The Hepworth Wakefield and the collection to build familiarity and make their entrance space more welcoming. We were delighted to bring back our popular Dementia-friendly Creative Café, supported by Wakefield & District Health & Community Support. The learning team also delivered a number of outreach projects at community events across the District, focused on creative play for local families and promoting the free drop-in offer available at the gallery. The outreach programme was made possible with thanks to Wakefield Council’s Connecting Culture grant.

With generous support from the Liz & Terry Bramall Foundation, we offered drop-in creative workshops for families every weekend, regular Art Pods in the galleries, explore and draw packs, Garden Play every day in the school holidays and every weekend from April – October. We also developed a new sketchbook to engage families with the flora and fauna in the garden.

GARDEN

The Hepworth Wakefield Garden has matured beau�fully and become an important part of civic life for residents of Wakefield and an important draw for visitors from around the country. We were delighted to welcome a specially commissioned outdoor sculpture by Halima Cassell, which is part of Wakefield’s new sculpture trail across the city centre and connects the Garden display with other works by Cassell in Wakefield’s art collec�on. We invited a number of architects to propose a design for the much-needed garden workshop and yard to enable the Cultural Gardener to more efficiently carry out the care needed for the Garden to con�nue to thrive, as well as fulfil our ambi�on for further community engagement in the garden and themes of biodiversity and environment. An architect has been chosen and planning permission has been submi�ed ahead of launching a fundraising campaign to make the project a reality.

VISITOR EXPERIENCE

We are committed to delivering inspiring engagement with all our visitors, through our team of friendly, knowledgeable and helpful staff. We were delighted to score 94% in Visit England’s Quality Assurance Scheme in 2023 – this the third year running we have achieved over 90% and been nominated for their highest accolade of Gold, awarded to those who score highly in every area of the visitor experience.

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PEOPLE

We have focussed on re-building our board of trustees and recruited six new members. We continued to invest in the skills development of our people, particularly focusing on access and inclusion training.

COMMERCIAL ACTIVITY

Our trading subsidiary, Hepworth Wakefield Enterprises comprising the Shop, Café and Venue Hire businesses had their most profitable year to date in 2023-24, with particular focus on the online retail business. These streams of income provide vital revenue income for the Charity under the guidance of the Enterprises Board.

FUNDRAISING

The Hepworth Wakefield successfully secured external funding from established charitable trusts and founda�ons, corporate businesses and individuals. These funds contribute significantly to the running of the gallery including through support of exhibi�ons, provision of learning programmes and upkeep of the collec�on. The Trust follows the Code of Fundraising Prac�ce and no complaints were received in the year. We would like to sincerely thank all our many generous supporters, including all our many Members, Patrons and Circle Members – fundraising schemes which continue to grow year on year. We would also like to thank Arts Council England and Wakefield Council for their significant sustained investment in The Hepworth Wakefield.

FINANCIAL REVIEW

The consolidated statement of financial activities for 2023/24 shows a net deficit of funds for the year of £375,408. As a result, consolidated net assets within the statement of financial position are now £3,792,017.

The Hepworth Wakefield’s main sources of income include funding from central government, through Arts Council England’s National Portfolio, and service charge income from WMDC. Together, these sources comprised 38% of total consolidated income for the year.

The gallery continues to generate a significant proportion of its own income through trust grants, donations, and increasingly, through its earned income from ticket sales to non-WMDC visitors, retail, catering and commercial hire of rooms and spaces for events.

The cultural sector continues to experience the impact of a wider economic downturn, with public funding reduced and visitors becoming more cost conscious. However, The Hepworth Wakefield has secured renewed funding from WMDC and Arts Council and has been innovative and entrepreneurial in sustaining and increasing secondary spend from visitors.

Costs continue to be closely monitored to ensure that e�iciencies are made when identified and purchasing is done in an e�icient manner across the organisation.

Reserves Policy

The Hepworth Wakefield, with its complex activities and structures, needs to take into account a broad range of factors in its reserves policy. It operates a public service space and has substantial public liabilities in doing so. It engages in trading or providing goods or services under contract, for example by operating the gallery, delivering learning programmes to formal learning institutions and corporate hire services to external business clients. It holds a number of restricted funds, employs directly and

15

The Hepworth Wakefield TRUSTEES REPORT

indirectly a substantial number of sta� and has a long-term lease on a building complex, from which it operates a trading subsidiary.

The Hepworth Wakefield’s reserves policy is a product of strategic planning, budgeting and risk management processes. These processes provide trustees with the information they need to establish exactly why they might need reserves and to help them quantify that need. For example, identified financial risks will inform both budgeting and the reserves policy. At the outset and based on advice and guidance from charity law professionals, it was determined that the charity should operate within the convention established and recommended by the Charity Commission for large complex undertakings. The total free reserves are £1,732,095.

The policy of the charity is to hold reserves to cover 6 months operating costs which is currently estimated at £1,470,000. The 6 months operating costs target is intended to enable us to successfully ‘trade through’ any potential crisis or adversity that may interrupt operations for that period, or deal with other crises that may be similar in scale to that. The balance between free reserves and funds held as 6 months operational costs is invested with a funds manager and the Trustees regularly review this portfolio with a view to ensuring its performance delivers positive returns in support of the charity’s objectives in line with a low/medium risk strategy.

FUTURE PLANS

The Hepworth Wakefield’s strategic priorities are to:

Continue to rebuild onsite audiences, exceeding our 85,000 visitor target, while developing creative digital engagement with audiences worldwide.

Continue to focus on financial sustainability. We will work towards a break-even budget position by the by developing new income streams, new partnerships, and smarter ways of working to find e�iciencies and increase profits.

Engage 40,000 participants across the di�erent strands of our learning programme.

Embed environmental sustainability across all our work to deliver our ambition to achieve carbon neutrality.

Continue to diversify our collection, programme, audience, sta� & trustees.

Deliver capital and infrastructure projects needed for long-term e�iciencies and e�ective performance.

Continue to strategically build Wakefield’s art collection.

Invest in board and sta� development to continue to build a highly e�ective and committed team that it at the forefront of creativity and innovation.

16

The Hepworth Wakefield TRUSTEES REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Hepworth Wakefield is a company limited by guarantee, incorporated in the United Kingdom, and is governed by its Memorandum and Articles of Association dated 23 December 2009. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

As set out in the Articles of Association, the Board of trustees shall consist of between two and fifteen trustees. The trustees are appointed by the chair of the Board, who is appointed by a selection Board comprised of primary stakeholders, Arts Council England (ACE) and WMDC, the Local Authority partner, aided by independent panel members.

Trustees are appointed by the Board to serve for an initial term of three years from incorporation of the charity or the Annual General Meeting, at which they were appointed, as applicable. Thereafter each trustee may be reappointed for a further term of three years, and thereafter on an annual basis.

Induction and training of new trustees

New trustees receive a trustees' information pack and are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and the decision-making processes, the business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisational structure

The Board of trustees meets four times a year. There are also three subcommittees with delegated authority: Finance, Performance and Renumeration (including Audit), Enterprises, and Collections and Acquisitions. The day-to-day operations of the charity are delegated to the Gallery Director and the Executive Team.

Related parties

None of the trustees receives remuneration or other benefit from their work with the charity, with the exception of reimbursement of travel and accommodation expenses incurred in connection with their work. Any links with potential related parties must be identified and disclosed to the Board of trustees and this is reviewed on a regular basis. Declarations of interest are also disclosed and recorded. A register is maintained of all related parties to monitor for any associated risks or conflicts of interest that may arise.

Pay policy for senior sta�

The directors consider the board of directors, who are the Trust’s trustees, and the executive team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day-to-day basis. All trustees give of their time freely and no trustee received remuneration in the year. Details of trustees and directors’ expenses and related party transactions are disclosed in note 8 and note 28 to the accounts.

The pay of the senior sta� is reviewed annually and normally increased in accordance with average earnings and a�ordability. In view of the nature of the charity, the directors benchmark against pay levels

17

The Hepworth Wakefield TRUSTEES REPORT

in other galleries of a similar size run on a voluntary basis. If recruitment has proven di�icult in the recent past a market addition is also paid with the pay maximum no greater than the highest benchmarked salary for a comparable role.

Risk management

The trustees have a risk management strategy which comprises:

A key element in the management of financial risk is the setting of a reserves policy and its regular review by the trustees.

The principal risks and uncertainties identified and recognised on the organisation’s risk register include: - The ongoing impact of Covid-19 pandemic on rebuilding audiences and delivering future business plans; - The uncertainty around the programme for development of the wider waterfront site and the impacts of opening Tileyard North on the day to day operations of The Hepworth Wakefield;

Objects of the Trust

The Charity’s Objects are specifically restricted to the following:

AUDITOR

Sa�ery LLP have indicated their willingness to be appointed auditors for another term.

PROVISION FOR SMALL COMPANIES

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemptions.

18

Docusign Envelope ID: F5E091C1-E23C-4B30-9FFE-F517B915C12A

The Hepworth Wakefield

TRUSTEES REPORT

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR The trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the trustees have confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

The trustees in their capacity as directors approve the Trustees’ Report DocuSigned by: Ic

Chair Date: 14 December 2024

19

The Hepworth Wakefield STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The charity trustees (who are also directors of The Hepworth Wakefield for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of a�airs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may di�er from legislation in other jurisdictions.

20

The Hepworth Wakefield

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD

Opinion

We have audited the financial statements of The Hepworth Wakefield (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise Consolidated Statement of Financial Activities, Consolidated Statement of Financial Position, Statement of Financial Position, Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the a�airs of the group and the parent charitable company as at 31 March 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is su�icient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

21

The Hepworth Wakefield

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees’ Annual Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees’ Annual Report and the Strategic Report.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 20, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

22

The Hepworth Wakefield

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance 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 procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable 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 engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached

23

The Hepworth Wakefield

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD

their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sally Appleton (Senior Statutory Auditor)

10 Wellington Place Leeds LS1 4AP Date: 20 December 2024

24

The Hepworth Wakefield

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) Year Ended 31 March 2024

Note
Income and endowments from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
10
Charitable activities
11
Total expenditure
Taxation on other trading
activities
14
Net gain/loss on
investments
Net (expenditure)/income
Transfer between funds
24
Other recognised gains and
losses
Actuarial gain on defned
beneft pension
27
Net movement in funds for the
year
Reconciliation of funds
Total funds brought
forward
Total funds carried forward		 Unrestricted
funds 2024
£
36,093
2,080,814
1,421,287
30,956
3,569,150
1,059,232
2,999,788
4,059,020
-
32,716
(457,154)
-
9,000
(448,154)
3,945,106
3,496,952		 Designated
funds 2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Restricted
funds 2024
£
340,876
278,970
-
-
619,846
-
547,100
547,100
-
-
72,746
-
-
72,716
222,319
295,065		 Total funds
2024
£
376,969
2,359,784
1,421,287
30,956
4,188,996
1,059,232
3,546,888
4,606,120
-
32,716
(384,408)
-
9,000
(375,408)
4,167,425
3,792,017		 Total fund
2023
£
355,555
2,121,234
1,129,404
20,782
3,626,975
902,248
3,170,809
4,073,057
-
(97,748)
(543,830)
-
353,000
(190,830)
4,358,254
4,167,424

All incoming resources and resources expended derive from continuing activities. All gains and losses recognised in the current year and prior year are included above. The gross income of the parent charity was £3,045,502 (2023: £2,474,859) and the net outgoing resources were £368,450 (2023: £413,447).

25

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The Hepworth Wakefield

STATEMENT OF FINANCIAL POSITION

31 March 2024

Note 2024 2023
£ £ £ £
Fixed assets
Tangible assets 15 292,863 285,809
Investments 16 1,217,638 1,167,271
____ ____
1,510,501 1,453,080
Current assets
Stocks 17 - -
Investments 18 - 1,158
Debtors 19 692,972 502,113
Cash at bank and in hand 392,013 829,863
____ ____
1,084,985 1,333,134
Liabilities
Creditors: amounts falling due
within one year 20 (526,835) (349,113)
____ ____
Net current assets 558,150 984,021
____ ____
Total assets less current liabilities 2,068,651 2,437,101
Creditors: amounts falling due
in more than one year
Provisions for liabilities - -
____ ____
Defned beneft pension
scheme liability 27 - -
____ ____
Net assets 2,068,651 2,437,101
Funds of the charity
Unrestricted funds
General reserve 22 1,773,586 2,214,782
Pension reserve 22 - -
____ ____
1,773,586 2,214,782
Designated funds 23 - -
Restricted income funds 24 295,065 222,319
____ ____
Total charity funds 2,068,651 2,437,101
____ ____

As permitted by Section 408 of the Companies Act 2006, the Statement of Financial Activities of the parent Charity is not presented as part of those financial statements.

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The Hepworth Wakefield STATEMENT OF CASHFLOWS

Year Ended 31 March 2024

Group
Note 2024 2023
£ £
Net cash fows from operating activities 29 (879,568) 274,412
Investing activities
Returns on investments 30,956 20,782
Purchase of tangible fxed assets (71,667) (119,465)
Proceeds from sale of investments 144,628 213,463
Cash (released from) / reinvested within investment portfolio (14,841) 32,613
Purchase of investments (147,437) (253,043)
____ ____
Net cash used in investing activities (58,361) (105,650)
____ ____
Decrease in cash in the year (629,510) (373,492)
Cash and cash equivalents at the beginning of the year 1,491,411 1,864,903
____ ____
Total cash and cash equivalents at the
end of the year 29 861,901 1,491,411
____ ____

29

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

  1. ACCOUNTING POLICIES

CHARITY INFORMATION

The Hepworth Wakefield is a company limited by guarantee domiciled and incorporated in England and Wales. The registered o�ice is Gallery Walk, Wakefield, WF1 5AW.

The group consists of The Hepworth Wakefield and its subsidiaries, The Hepworth Wakefield Enterprises Limited (Company Registration Number – 07594964) and The Hepworth Wakefield Garden Trust (Company Registration Number – 10383188).

The Hepworth Wakefield meets the definition of a public benefit entity under FRS 102. The charity exists for the benefit of the public through the provision of access to inspiring, world-class art, which is detailed in the charities’ principal activities.

The charity’s and the group’s principal activities are described in detail in the Trustees’ Report, along with the nature of the charity’s operations and the group’s operations. The company has adopted the following principal accounting policies which should be read in conjunction with the financial statements.

The charity is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this charity, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The charity has therefore taken advantage of exemptions from the following disclosure requirements for parent charity information presented within the consolidated financial statements:

ACCOUNTING CONVENTION

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the Charities Statement of Recommended Practice, Accounting and Reporting by Charities (“SORP”) FRS 102 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime, and under the historical cost convention.

The consolidated financial statements are presented in sterling which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated.

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

30

NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

The Hepworth Wakefield

1. ACCOUNTING POLICIES (continued)

BASIS OF CONSOLIDATION

These financial statements consolidate on a line-by-line basis the results of the charity and its whollyowned subsidiary undertakings, The Hepworth Wakefield Enterprises Limited and The Hepworth Wakefield Garden Trust Limited, both drawn up to 31 March each year. The summarised profit and loss accounts for the subsidiaries are shown in note 16. A separate Statement of Financial Activities, or income and expenditure account, for the charity itself is not presented as the charity has taken advantage of the exemptions a�orded by section 408 of the Companies Act 2006.

The share held in The Hepworth Wakefield Enterprises Limited, for which there is no readily ascertainable market value, is valued at cost.

The Hepworth Wakefield was one of four partner organisations to run the Yorkshire Sculpture International festival in 2019. Funds relating to the jointly controlled enterprise are held by The Henry Moore Foundation on the partner’s behalf. As at 31 March 2024 no material liabilities or assets could be attributed to The Hepworth Wakefield.

INCOME

Income is recognised when it meets the three criteria set out within the charities SORP of entitlement, when it is probable it will be received and it is measurable. Hence income from charitable activities and interest receivable is included in the period in which the group is entitled to receipt.

RESOURCES EXPENDED AND IRRECOVERABLE VAT

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered and charged.

Raising funds includes the costs incurred in generating voluntary income; fundraising trading costs, including the costs of operating the gallery car park. Trading subsidiary costs which include costs of retail, café and venue hire operations are included in raising funds, other trading activities. Overheads incurred by the charity relating to building and estates costs are apportioned to the subsidiary based upon the sta� time devoted to these areas on a basis consistent with that used for support costs.

Charitable expenditure has been analysed by activity, these costs enable the gallery to meet its charitable aims and objectives.

Where expenditure on multi-purpose fundraising activity has taken place, these are apportioned on the basis of the aim and content of marketing and fundraising output between costs of raising funds (where expenditure is on material for raising the general profile of the gallery) and charitable expenditure (where expenditure is on material specifically provided to further the charity’s objectives).

The activities of the charity fall into discrete areas of operations. Directly attributable outgoing resources are shown under the relevant heading. Indirect outgoing resources are allocated to the projects on the basis of usage, sta� time, value or area occupied, as appropriate. The remaining non-attributable amounts represent the cost of the overall management and administration of the charity and are shown under that heading on the Statement of Financial Activities. An explanation of the amount of indirect

31

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

1. ACCOUNTING POLICIES (continued)

RESOURCES EXPENDED AND IRRECOVERABLE VAT (continued)

costs allocated in this way is shown in note 11. Support costs comprising in the majority sta� costs have been apportioned across the activities based upon the sta� time devoted to these areas.

Charitable expenditure and administration costs comprise direct expenditure including direct sta� costs attributable to the activity. Where costs cannot be directly attributed they have been allocated to activities on a basis consistent with use of the resources. Fund raising costs are those incurred in seeking voluntary contributions for the gallery. Management and administration costs are those incurred in connection with the management of the gallery’s assets and organisational administration.

Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.

COLLECTIONS

The Hepworth Wakefield is the managing trustee of the collections. However, WMDC is the custodian

TANGIBLE FIXED ASSETS

Where purchased, tangible fixed assets are initially included at their cost of acquisition, including costs that are directly attributable to bringing the assets into working condition for their intended use.

Where a fixed asset is acquired in full or in part from the proceeds of a grant it is included at its full acquisition cost without netting o� the grant proceeds.

Donated, functional fixed assets are included at a valuation made by the Trustees. Where the use of these assets is unrestricted they are included in a designated fund reflecting their book value. All fixed assets where the use is unrestricted are then transferred after initial recognition from restricted or designated funds into general reserves.

No value is shown in the accounts for assets occupied and used by the Trust under license from WMDC. Individual fixed assets costing £5000 or more are capitalised.

Costs directly related to bringing an asset to its completed state are capitalised as they are incurred in accordance with FRS102 (Chapter 17).

Long-term exhibition equipment is capitalised as a fixed asset. Temporary exhibition costs are written o� as resources expended in the year that they are incurred.

Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives.

Depreciation is charged monthly. A full month’s depreciation is charged in the month of acquisition, none in the month of disposal. Depreciation is charged at the following rates:

Plant & machinery

: 20% per annum

32

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

1. ACCOUNTING POLICIES (continued)

TANGIBLE FIXED ASSETS (continued) Fixtures and fittings : 10% per annum O�ice and gallery equipment : 20% per annum Computer and AV equipment : 25% per annum Leasehold buildings : 5% per annum Leasehold garden works : 5% per annum

Depreciation is not provided on assets in the course of construction until the asset is brought into use in the business.

IMPAIRMENT OF FIXED ASSETS

An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the Group estimates the recoverable amount of the asset.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation loss. All other impairment losses are recognised in the

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in profit or loss or, for revalued assets, as a revaluation gain. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset’s revised carrying amount (less any residual value) over its remaining useful life.

INVESTMENTS

Long-term investments are classified as fixed assets. Short term investments are classified as current assets.

Fixed asset investments are stated at cost in the company balance sheet.

Provision is made for any impairment in the value of fixed asset investments.

STOCK

Stock is valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price. Provision is made for obsolete, slow moving or defective items where appropriate.

At each reporting date, the group assesses whether stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell, is recognised as an impairment loss in the statement of

Reversals of impairment losses are also recognised in the statement of financial activities.

33

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

1. ACCOUNTING POLICIES (continued)

STOCK (continued)

Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are o�set, with the net amounts presented in the financial statements, when there is a legally enforceable right to set o� the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the e�ective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been a�ected. If an asset is impaired, the impairment loss is the di�erence between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original e�ective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

34

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

1. ACCOUNTING POLICIES (continued)

FINANCIAL INSTRUMENTS (continued)

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the e�ective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled, or they expire.

GIFTS IN KIND

Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Those received for the purposes of sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Those received for use by the charity are included in the Statement of Financial Activities as incoming resources when receivable. Volunteer work is not recognised in the accounts but the savings to the charity have been estimated in note 8.

FOREIGN CURRENCY

Transactions in foreign currency are recorded at the rate of exchange prevailing at the time of the transaction. Foreign currency balances are translated into sterling at the exchange rates prevailing at the balance sheet date. Any resulting gains or losses on exchange are included in the Statement of Financial Activities.

PENSION COSTS

The group operates two pension schemes. There is a defined benefit scheme with West Yorkshire Pension Fund, which is only available to sta� who have previously contributed to the scheme. In addition there is a Group Personal Pension Scheme administered by Scottish Life which is available to all other employees. Contributions to both Schemes are charged directly to the Statement of Financial Activities. The

35

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

1. ACCOUNTING POLICIES (continued)

PENSION COSTS (continued)

employers' contributions are included in the Statement of Financial Activities as an expended resource on an accruals basis.

For defined benefit schemes the amounts charged to operating profit are the current service costs and gains and losses on settlements and curtailments. They are included as part of sta� costs. Past service costs are recognised immediately in the profit and loss account if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost and the expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest.

Actuarial gains and losses are recognised immediately in the statement of total recognised gains and losses.

Defined benefit schemes are funded, with the assets of the scheme held separately from those of the Group, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date.

The resulting defined benefit asset or liability, is presented separately after other net assets on the face of the balance sheet. The charity has a policy of restricting asset recognition on defined benefit schemes.

For defined contribution schemes the amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Di�erences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. Where there is a resulting defined benefit asset is capped at the estimated recoverable amount, and a provision made for any irrecoverable surplus.

FUND ACCOUNTING

Funds held by the charity are either:

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

36

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

1. ACCOUNTING POLICIES (continued)

TAXATION

The company is a registered charity and has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010 (chapters 2 and 3 of part ii, section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes.

The trading subsidiary is liable to corporation tax on its taxable profits. Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

EMPLOYEE BENEFITS The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may di�er from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision a�ects only that period, or in the period of the revision and future periods where the revision a�ects both current and future periods. Key accounting estimates relate to the value and depreciation of fixed assets.

MUSEUM AND GALLERY TAX RELIEF

The accrued income in respect of Museum and Gallery Tax Relief has been assessed by management based on the guidelines set out by HMRC in relation to eligibility.

2. INCOME GENERATED BY THE TRADING SUBSIDIARY

Income generated by the subsidiary represents amounts derived from the provision of goods and services which fall within the company's ordinary activities after deduction of trade discounts and value added tax.

The income, which arises in the United Kingdom, is attributable to the company’s principal activity. Consolidated incoming resources from generating funds also includes income from the trading activities including retail sales, hire of gallery spaces, commission on café and catering income and car parking income.

37

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

3. INCOME FROM DONATIONS AND LEGACIES

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2024 funds funds 2023
£ £ £ £ £ £
Trust grants received
& Individual Giving - 340,876 340,876
54,618		 267,361 321,979
Gallery box donations
3,073		 - 3,073
149		 - 149
Other donations 8,397 - 8,397
18,297		 - 18,297
Patrons 24,623 - 24,623
15,130		 - 15,130
___ ___ ___
___		 _ _
36,093 340,876 376,969
88,194		 267,361 355,555
___ ___ ___
___		 _ _

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2024
funds		 funds 2023
£ £ £
£		 £ £
Wakefeld Council
service charge income
700,000		 - 700,000
750,000		 - 750,000
Arts Council England
NPO funding 922,773 - 922,773
922,773		 - 922,773
Partnership income 77,850 - 77,850 45,684 - 45,684
Workshops, tours and
talks income 107,808 - 107,808
23,198		 - 23,198
Admission Entry 252,442 - 252,442
274,788		 - 274,788
Education income 19,941 - 19,941
9,791		 - 9,791
Funded Acquisitions - 208,970 208,970 - - -
Sponsorship - 70,000 70,000 45,000 50,000 95,000
___ ___ ___ ___ _ _
2,080,814 278,970 2,359,784 2,071,234 50,000 2,121,234
___ ___ ___
___		 _ _

38

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

5. INCOME EARNED FROM OTHER ACTIVITIES

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds 2024
funds		 funds 2023
£ £ £
£		 £ £
Car park income - - - 55,531 - 55,531
Corporate partnership
income 500 - 500
5,250		 - 5,250
Event income - - -
51,431		 - 51,431
Membership 53,413 - 53,413
24,939		 - 24,939
Other income 60,603 - 60,603
54,585		 - 54,585
Trading income 1,143,494 - 1,143,494
897,473		 - 897,473
Museums Galleries &
Exhibitions Tax Relief 163,277 - 163,277
37,914		 - 37,914
Garden Trust income - - -
2,281		 - 2,281
___ ___ ___ ___ ___ ___
1,421,287 - 1,421,287
1,129,404		 - 1,129,404
___ ___ ___ ___ ___ ___

6. INVESTMENT INCOME

All of the group’s investment income of £30,956 (2023: £20,782) arises from a) money held in interest bearing deposit accounts of £2,081 (2023: £nil) and b) money held in a corporate bond portfolio of £28,875 (2023: £20,782).

7. DEFERRED INCOME

Group 1 April Deferred Released 31 March
2023 2024
£ £ £ £
___ ___ ___ ___
Other deferred income - 210,000 - 210,000
___ ___ ___ ___
Charity 1 April Deferred Released 31 March
2023 2024
£ £ £ £
___ ___ ___ ___
Other deferred income - 210,000 - 210,000
___ ___ ___ ___

The deferred income balance at 31 March 2024 relates to WMDC concession income invoiced before 31 March 2024 which relates to the financial year ended 31 March 2025.

39

The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

8. INFORMATION REGARDING TRUSTEES AND EMPLOYEES

2024 2023
No. No.
Average number of persons employed:
Collections and exhibitions 5 8
Learning 4 4
Visitor services 19 22
Marketing 3 4
Management and administration 14 11
Development 2 3
Trading subsidiary 25 19
Premises 7 7
___ ___
79 78
___ ___
2024 2023
No. No.
Average number of FTE employed:
Collections and exhibitions 5 7
Learning 4 4
Visitor services 12 13
Marketing 3 3
Management and administration 13 11
Development 3 2
Trading subsidiary 13 12
Premises 5 5
___ ___
58 57
___ ___

40

The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

8. INFORMATION REGARDING TRUSTEES AND EMPLOYEES (continued)

2024 2023
£ £
Sta� costs during the year:
Wages and salaries 1,673,736 1,404,892
Social security costs 138,254 120,007
Pension costs 175,432 181,654
Recruitment and temporary sta� costs 3,075 51,170
Other sta� costs - 36,578
Sta� training and expenses 11,193 7,167
___ ___
2,001,690 1,801,468
___ ___

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows:

2024 2023
No. No.
£60,001 - £70,000 2 1
£70,001 - £80,000 - -
£80,001 - £90,000 - -
£90,001 - £100,00 1 1
___ ___
3 2
___ ___

All employees earning over £60,000 participated in the pension scheme. Total contributions paid during the period in respect of these employees were £36,998 (2023: £28,854).

VOLUNTEERS

In the year a significant saving to the charity was the invaluable assistance received from volunteers. During the year a total of 30 (2023: 72) volunteers o�ered their services and the resulting savings from this are estimated to be in the region of £16,700 (2023: £15,500), equivalent to 0.8 full time members of sta�.

TRUSTEES’ REMUNERATION

No trustees received remuneration during the current year or prior period.

Expenses of £125 (2023: £432) were paid to one (2023: one) trustees in respect of accommodation and travel fares.

41

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

9. KEY MANAGEMENT PERSONNEL

The key management of the group comprise those of the charity and the key management personnel of its wholly owned subsidiaries. The total employee benefits of the key management personnel of the group were £564,564 (2023: £437,428).

The key management personnel of the charity comprises the trustees and the Senior Management Team.

10. EXPENDITURE ON RAISING FUNDS

Unrestricted Funds

Sta� Direct Overhead Depreciation Marketing Governance Total Total
costs costs costs costs costs costs 2024 2023
£ £ £ £ £ £ £ £
Cost of raising 85,543 8,878 79,212 4,481 16,756 7,045 201,915 207,117
funds ___ ___ ___ ___ ___ ___ ___ ___
Fundraising
training 416,411 408,527 8,916 4,609 8,744 1,110 848,317 685,996
___ ___ ___ ___ ___ ___ ___ ___
Other - - 9,000 - - - 9,000 9,135
___ ___ ___ ___ ___ ___ ___ ___
Total 501,954 417,405 97,128 9,090 25,500 8,155 1,059,232 902,248
___ ___ ___ ___ ___ ___ ___ ___

Restricted

Sta� Direct Overhead Depreciation Marketing Governance Total Total
costs costs costs costs costs costs 2024 2023
£ £ £ £ £ £ £ £
Cost of raising - - - - - - - -
funds ___ ___ ___ ___ ___ ___ ___ ___
Total - - - - - - - -
___ ___ ___ ___ ___ ___ ___ ___

42

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

11. EXPENDITURE ON CHARITABLE ACTIVITIES

Unrestricted Funds

Sta� Direct Overhead Depreciation Marketing Governance Total Total
costs costs costs costs costs costs 2024 2023
£ £ £ £ £ £ £ £
Collections and 382,886 181,651 198,031 11,204 41,889 17,612 833,273 924,019
exhibitions
Learning 194,919 24,399 118,819 6,722 25,133 10,567 380,559 311,983
Visitor services 797,724 6,127 475,275 26,888 82,033 42,268 1,430,315 1,320,103
Public 55,181 47,193 39,606 2,241 8,378 3,522 156,121 115,948
Programme
Garden 34,077 23,278 39,717 90,548 8,378 3,522 199,520 125,465
___ ___ ___ ___ ___ ___ ___ ___
Total 1,464,787 282,648 871,448 137,603 165,811 77,491 2,999,788 2,797,518
___ ___ ___ ___ ___ ___ ___ ___

Losses on the disposal of assets are included within depreciation costs.

Restricted funds

Sta� Direct Overhead Depreciation Marketing Governance Total Total
costs costs costs costs costs costs 2024 2023
£ £ £ £ £ £ £ £
Collections and - 405,376 - - - - 405,376 225,397
exhibitions
Learning 34,949 88,275 - - - - 123,224 119,829
Visitor services - - - - 18,500 - 18,500 -
Public - - - - - - - 28,065
Programme
Garden - - - - - - - -
___ ___ ___ ___ ___ ___ ___ ___
Total 34,949 493,651 - - 18,500 - 547,100 373,291
___ ___ ___ ___ ___ ___ ___ ___

Shared and support costs totalling £2,042,636 (2023: £2,639,265) and comprising in the majority sta� costs have been allocated across the activities based upon the sta� time devoted to these areas. Sta� costs for these areas are reported under the sta� cost heading, other than amounts allocated to Governance.

12. GOVERNANCE COSTS

2024 2023
£ £
Legal and Professional fees 40,682 23,857
Audit and Accountancy fees 44,965 55,760
___ ___
85,647 79,617
___ ___

43

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

13. NET INCOME/EXPENDITURE FOR THE YEAR

This is stated after charging:

2024 2023
£ £
Depreciation 126,787 153,100
Auditor’s remuneration:
Fees payable to the company’s auditor for the audit
of the company’s annual fnancial statements 17,110 31,500
Fees payable to the company’s auditor for the audit
of the subsidiary’s annual fnancial statements 6,360 2,500
Tax compliance services 16,500 12,960
Accountancy services 4,995 8,800
___ ___
14. TAXATION
2024 2023
£ £
___ ___
United Kingdom corporation tax at 19% (2023: 19%) - -
___ ___

44

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

15. TANGIBLE FIXED ASSETS

Group

Assets in the Plant and Fixtures Gatehouse Gardens O�ice and Computer Leasehold Total
course of machinery and gallery and AV land and
construction fttings equipment equipment buildings
£ £ £ £ £ £ £ £ £
Cost
At 1 April - 122,305 247,256 169,373 1,641,584 44,495 221,515 188,449 2,634,977
2023
Additions 55,238 - - - - 16,429 - - 71,667
Disposal - (109,979) (57,431) - - (28,645) (215,820) - (411,875)
___ ___ ___ ___ ___ ___ ___ ___ ___
At 31 March 55,238 12,326 189,825 169,373 1,641,584 32,279 5,695 188,449 2,294,769
2024 ___ ___ ___ ___ ___ ___ ___ ___ ___
Accumulated depreciation
At 1 April - 105,172 103,265 28,350 232,052 33,794 211,563 75,400 789,596
2023
Charge for - 558 18,817 8,469 82,079 6,205 1,256 9,403 126,787
the year
Disposals - (93,962) (55,551) - - (28,643) (208,316) - (386,471)
___ ___ ___ ___ ___ ___ ___ ___ ___
At 31 March - 11,768 66,531 36,819 314,131 11,357 4,504 84,803 529,913
2024 ___ ___ ___ ___ ___ ___ ___ ___ ___
Net book value
At 31 March 55,238 558 123,294 132,554 1,327,453 20,922 1,191 103,646 1,764,857
2024 ___ ___ ___ ___ ___ ___ ___ ___ ___
At 31 March - 17,133 143,991 141,023 1,409,532 10,701 9,951 113,049 1,845,380
2023 ___ ___ ___ ___ ___ ___ ___ ___ ___

45

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

15. TANGIBLE FIXED ASSETS (continued)

Charity

Assets in the Plant and Fixtures O�ice and Computer and Leasehold Total
course of machinery and fttings gallery AV equipment land and
construction equipment buildings
£ £ £ £ £ £ £
Cost
At 1 April - 112,769 244,011 31,605 217,630 188,449 794,464
2023
Additions 55,238 - - 8,849 - - 64,087
Disposal - (109,979) (57,431) (25,372) (215,820) - (408,602)
___ ___ ___ ___ ___ ___ ___
At 31 March 55,238 2,790 186,580 15,082 1,810 188,449 449,949
2024 ___ ___ ___ ___ ___ ___ ___
Accumulated depreciation
At 1 April - 95,636 101,454 26,557 209,608 75,400 508,655
2023
Charge for - 558 18,493 2,892 286 9,404 31,633
the year
Disposals - (93,963) (55,551) (25,372) (208,316) - (383,202)
___ ___ ___ ___ ___ ___ ___
At 31 March - 2,231 64,396 4,077 1,578 84,803 157,085
2024 ___ ___ ___ ___ ___ ___ ___
Net book value
At 31 March 55,238 559 122,184 11,005 232 103,646 292,864
2024 ___ ___ ___ ___ ___ ___ ___
At 31 March - 17,133 142,557 5,048 8,022 113,049 285,809
2023 ___ ___ ___ ___ ___ ___ ___

All tangible fixed assets were used for charitable purposes.

46

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

16. INVESTMENTS HELD AS FIXED ASSETS

2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Investment in subsidiary - 1 - 1
___ ___ ___ ___
Listed investments 1,217,638 1,217,638 1,167,271 1,167,271
___ ___ ___ ___
Listed investments
2024 2024 2023 2023
Investments Cash Investments Cash
£ £ £ £
Market value brought forward
at 1 April
 1,146,552 20,718 1,204,721 53,331
Add: additions to investments at cost 147,437 - 253,043 -
Disposals at carrying value (144,628) - (213,463) -
Movement in cash - 14,841 - (32,613)
Revaluation 32,716 - (97,748) -
___ ___ ___ ___
Market value as at 31 March 1,182,077 35,559 1,146,553 20,718
___ ___ ___ ___

The company owns 100% of the ordinary share capital of The Hepworth Wakefield Enterprises Limited, Company Registration Number – 07594964, a company registered in England and Wales. The principal activities of the company are to carry out the retail and venue hire operations of the charity and also to receive commissions from the outsourced operations of the café business.

The company also controls The Hepworth Wakefield Garden Trust Limited, Company Registration Number - 10383188, a company limited by guarantee and registered in England and Wales. The principal activities of the company is to establish and operate The Hepworth Wakefield Riverside Gallery Garden.

47

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

16. INVESTMENTS HELD AS FIXED ASSETS (continued)

The income and expenditure of The Hepworth Wakefield Enterprises Limited for the period ended 31 March 2024 is summarised below:

2024 2023
£ £
Turnover 1,142,645 889,186
Cost of sales (599,123) (329,472)
___ ___
Gross proft 543,522 559,714
Administrative expenses (249,195) (356,524)
Other operating income 850 8,287
___ ___
Proft on ordinary activities for the fnancial period 295,177 211,477
___ ___
Proft retained for the fnancial period 295,177 211,477
___ ___
The aggregate of the assets, liabilities and funds was:
2024 2023
£ £
Assets 413,840 497,722
Liabilities (117,289) (284,871)
___ ___
296,551 212,851
___ ___
Represented by:
Called up share capital 1 1
Proft and loss account 296,550 212,850
___ ___
Shareholder’s funds 296,551 212,851
___ ___

48

NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

The Hepworth Wakefield

16. INVESTMENTS HELD AS FIXED ASSETS (continued)

The income and expenditure of The Hepworth Wakefield Garden Trust Limited for the period ended 31 March 2024 is summarised below:

2024 2023
£ £
Total funds brought forward (560,518) (437,334)
Total income and endowments - 2,281
Total expenditure (199,520) (125,465)
___ ___
Total funds carried forward (760,038) (560,518)
___ ___
The aggregate of the assets, liabilities and funds was:
2024 2023
£ £
Assets 1,807,596 1,909,703
Liabilities (2,567,634) (2,470,221)
___ ___
Represented by:
Unrestricted funds (760,038) (560,518)
___ ___
17. STOCKS
2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Goods for resale 156,265 - 169,068 -
___ ___ ___ ___
18. INVESTMENTS
2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Current asset investment held in cash - - 1,158 1,158
___ ___ ___ ___

49

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

19. DEBTORS

19. DEBTORS
2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Amounts falling due within one year:
Trade debtors 269,308 250,419 89,362 75,731
Amount owed by subsidiaries - 119,633 - 272,402
Other debtors 140,633 36,233 61,517 58,088
Prepayments and accrued income 286,687 286,687 95,892 95,892
VAT debtor - - 1,334 -
___ ___ ___ ___
696,628 692,972 248,105 502,113
___ ___ ___ ___
20. CREDITORS: Amounts falling due within one year
2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Trade creditors 168,172 144,127 164,224 129,561
Other creditors - - 13,401 13,401
Other taxes and social security 48,698 48,698 31,833 31,833
Accruals and deferred income 267,477 259,417 112,274 103,324
VAT creditor 420,925 74,593 432,079 70,994
___ ___ ___ ___
905,272 526,835 753,811 349,113
___ ___ ___ ___
21. FINANCIAL INSTRUMENTS
2024 2024 2023 2023
Group Charity Group Charity
£ £ £ £
Carrying amount of fnancial assets
Debt instruments measured at
amortised cost 555,995 537,106 185,253 171,623
___ ___ ___ ___
Carrying amount of fnancial liabilities
Measured at amortised cost 435,649 403,544 266,498 222,885
___ ___ ___ ___

50

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

22. MOVEMENT IN UNRESTRICTED FUNDS

Unrestricted funds comprise the following:

Group 1 April Income Expenditure Net gains on Transfers Actuarial 31 March
2023 investments gain 2024
£ £ £ £ £ £ £
General unrestricted 3,945,106 3,569,150 (4,059,020) 32,716 - 9,000 3,496,952
funds
Pension reserve - - - - - - -
___ ___ ___ ___ ___ ___ ___
Total unrestricted 3,945,106 3,569,150 (4,059,020) 32,716 - 9,000 3,496,952
funds
___ ___ ___ ___ ___ ___ ___
Charity 1 April Income Expenditure Net gains on Transfers Actuarial 31 March
2023 investments gain 2024
£ £ £ £ £ £ £
General unrestricted 2,214,782 2,637,133 (3,120,045) 32,716 - 9,000 1,773,586
funds
Pension reserve - - - - - - -
___ ___ ___ ___ ___ ___ ___
Total unrestricted 2,214,782 2,637,133 (3,120,045) 32,716 - 9,000 1,773,586
funds
___ ___ ___ ___ ___ ___ ___

PRIOR YEAR MOVEMENT IN UNRESTRICTED FUNDS

Unrestricted funds comprise the following:

Group 1 April Income Expenditure Net gains on Transfers Actuarial 31 March
2022 investments gain 2023
£ £ £ £ £ £ £
General unrestricted 4,398,802 3,294,613 (3,646,767) 97,748 3,794 - 3,945,106
funds
Pension reserve (315,000) 15,000 (53,000) - - 353,000 -
___ ___ ___ ___ ___ ___ ___
Total unrestricted 4,083,802 3,309,613 (3,699,767) 97,748 3,794 353,000 3,945,106
funds
___ ___ ___ ___ ___ ___ ___

51

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

22. MOVEMENT IN UNRESTRICTED FUNDS (continued)

PRIOR YEAR MOVEMENT IN UNRESTRICTED FUNDS (continued)

Unrestricted funds comprise the following:

Charity 1 April Income Expenditure Net gains on Transfers Actuarial 31 March
2022 investments gain 2023
£ £ £ £ £ £ £
General unrestricted 2,691,771 2,459,859 (2,835,306) 97,748 3,794 - 2,214,782
funds
Pension reserve (315,000) 15,000 (53,000) - - 353,000 -
___ ___ ___ ___ ___ ___ ___
Total unrestricted 2,376,771 2,474,859 (2,888,306) 97,748 3,794 353,000 2,214,782
funds
___ ___ ___ ___ ___ ___ ___
23. MOVEMENT IN DESIGNATED FUNDS
Designated funds comprise the following:
Group 1 April Income Expenditure Net gains on Transfers Actuarial 31 March
2023 investments gain 2023
£ £ £ £ £ £ £
Designated funds - - - - - - -
___ ___ ___ ___ ___ ___ ___
Charity 1 April Income Expenditure Net gains on Transfers Actuarial 31 March
2023 investments gain 2023
£ £ £ £ £ £ £
Designated funds - - - - - - -
___ ___ ___ ___ ___ ___ ___

52

The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

24. MOVEMENT IN RESTRICTED FUNDS

Restricted funds comprise grants and donations given towards expenditure on the Hepworth’s charitable aims.

Group 1 April 2023 Income Expenditure Transfers 31 March 2024
£ £ £ £ £
Art Fund (Ceramics) 9,979 - (9,979) - -
Peter Dubens 10,000 - (10,000) - -
Guy Halamish 10,000 - (10,000) - -
De Ying 10,000 - (10,000) - -
Douglas Woolf 10,000 - (10,000) - -
Thomas Dane 10,000 - (10,000) - -
Estelle Trust 3,500 - (3,500) - -
Bloomberg Philanthropies 18,500 - (18,500) - -
WMDC 10,000 - (10,000) - -
Burberry Foundation 3,789 - (3,789) - -
Eridge Trust 10,000 - (10,000) - -
Bramall Fund 56,000 - (56,000) - -
Iniva 3,794 - (3,794) - -
Mayor’s Safer Communities Fund Grant 7,550 - - - 7,550
Freelands Foundation 8,700 - - - 8,700
Art Fund 40,507 - (4,692) - 35,815
Michael Werner - 10,000 (10,000) - -
Garcia Family Foundation - 10,000 (10,000) - -
Henry Moore Foundation - 7,000 (7,000) - -
Broden Investments - 7,500 (7,500) - -
Bianca Roden/Prism - 10,000 (10,000) - -
Clore Wyndham - 4,000 (4,000) - -
Ryan Taylor - 10,000 (10,000) - -
Garcia Family Foundation - 5,000 (5,000) - -
Paul Mellon - 10,000 (10,000) - -
Mike Uva - 5,000 (5,000) - -
Aishti Foundation - 2,475 (2,475) - -
Art Fund - 50,000 (50,000) - -
Russel Tovey - 6,000 (6,000) - -
Simon Nixon - 28,000 (28,000) - -
Kyoung Hwan Lee - 124,970 (124,970) - -
Eleanor Crabtree - 5,000 (5,000) - -
Richard Ingleby - 5,000 (5,000) - -
Turnbull Studio - 30,000 (30,000) - -
Karma Gallery - 10,000 (10,000) - -
Art Fund - 1,952 (1,952) - -
Blank Projects - 5,000 - - 5,000
Casey Kaplan Gallery - 5,000 - - 5,000
Ronald Moody Trust - 25,000 - - 25,000
Bloomberg - 125,000 - - 125,000
WMDC - 34,949 (34,949) - -
Eridge Trust - 10,000 - - 10,000
Simon Palley - 18,000 - - 18,000
Bramall Fund - 55,000 - - 55,000
___ ___ ___ ___ ___
222,319 619,846 (547,100) - 295,065
___ ___ ___ ___ ___

53

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

24. MOVEMENT IN RESTRICTED FUNDS (continued)

Charity 1 April 2023 Income Expenditure Transfers 31 March 2024
£ £ £ £ £
Art Fund (Ceramics) 9,979 - (9,979) - -
Peter Dubens 10,000 - (10,000) - -
Guy Halamish 10,000 - (10,000) - -
De Ying 10,000 - (10,000) - -
Douglas Woolf 10,000 - (10,000) - -
Thomas Dane 10,000 - (10,000) - -
Estelle Trust 3,500 - (3,500) - -
Bloomberg Philanthropies 18,500 - (18,500) - -
WMDC 10,000 - (10,000) - -
Burberry Foundation 3,789 - (3,789) - -
Eridge Trust 10,000 - (10,000) - -
Bramall Fund 56,000 - (56,000) - -
Iniva 3,794 - (3,794) - -
Mayor’s Safer Communities Fund Grant 7,550 - - - 7,550
Freelands Foundation 8,700 - - - 8,700
Art Fund 40,507 - (4,692) - 35,815
Michael Werner - 10,000 (10,000) - -
Garcia Family Foundation - 10,000 (10,000) - -
Henry Moore Foundation - 7,000 (7,000) - -
Broden Investments - 7,500 (7,500) - -
Bianca Roden/Prism - 10,000 (10,000) - -
Clore Wyndham - 4,000 (4,000) - -
Ryan Taylor - 10,000 (10,000) - -
Garcia Family Foundation - 5,000 (5,000) - -
Paul Mellon - 10,000 (10,000) - -
Mike Uva - 5,000 (5,000) - -
Aishti Foundation - 2,475 (2,475) - -
Art Fund - 50,000 (50,000) - -
Russel Tovey - 6,000 (6,000) - -
Simon Nixon - 28,000 (28,000) - -
Kyoung Hwan Lee - 124,970 (124,970) - -
Eleanor Crabtree - 5,000 (5,000) - -
Richard Ingleby - 5,000 (5,000) - -
Turnbull Studio - 30,000 (30,000) - -
Karma Gallery - 10,000 (10,000) - -
Art Fund - 1,952 (1,952) - -
Blank Projects - 5,000 - - 5,000
Casey Kaplan Gallery - 5,000 - - 5,000
Ronald Moody Trust - 25,000 - - 25,000
Bloomberg - 125,000 - - 125,000
WMDC - 34,949 (34,949) - -
Eridge Trust - 10,000 - - 10,000
Simon Palley - 18,000 - - 18,000
Bramall Fund - 55,000 - - 55,000
___ ___ ___ ___ ___
222,319 619,846 (547,100) - 295,065
___ ___ ___ ___ ___

54

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

24. MOVEMENT IN RESTRICTED FUNDS (continued)

Restricted funds as at 31 March 2024 consist of unspent restricted grants and donations and fixed assets purchased with restricted funds. Where restricted money is donated to fund assets which will be for the general use of the charity, a transfer is made from the restricted reserve to unrestricted when the asset is purchased or brought into use.

The major funds are considered below:

55

The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

24. MOVEMENT IN RESTRICTED FUNDS (continued)

PRIOR YEAR MOVEMENT IN RESTRICTED FUNDS

Restricted funds comprise grants and donations given towards expenditure on the Hepworth’s charitable aims.

Group 1 April 2022 Income Expenditure Transfers 31 March 2023
£ £ £ £ £
Learning: other programme costs 107,364 55,000 (102,575) - 59,789
Eridge Trust: School Prints - 10,000 - - 10,000
Exhibition – Sheila Hicks 15,000 21,065 (36,065) - -
Exhibitions – Hepworth 2021 - 1,800 (1,800) - -
Collections & Exhibitions 44,855 - (44,855) - -
Art Fund Ceramics Project 29,816 7,500 (27,337) - 9,979
Exhibition – Hannah Starkey 77,420 - (68,720) - 8,700
Bloomberg Philanthropies - 35,000 (16,500) - 18,500
WMDC: Connecting Communities - 45,319 (45,319) - -
Mayor’s Safer Communities Fund Grant - 7,550 - - 7,550
Hurvin Anderson Exhibition - 50,000 - - 50,000
Wakefeld Sculpture Programme - 10,000 - - 10,000
Art Fund – Audience Research Funding - 40,507 - - 40,507
Erskine Hall & Co - 13,120 (13,120) - -
Artscapade Art Grant - 5,000 (5,000) - -
J&M Burton - 5,000 (5,000) - -
Decorative Arts Society - 5,000 (5,000) - -
Estelle Trust - 3,500 - - 3,500
Acquisitions - 2,000 (2,000) - -
Iniva: Future Collect - - - 3,794 3,794
___ ___ ___ ___ ___
274,455 317,361 (373,291) 3,794 222,319
___ ___ ___ ___ ___

56

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

25. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS

Group Unrestricted Designated Restricted 31 March 31 March
funds funds funds 2024 2023
£ £ £ £ £
Tangible fxed assets 1,764,857 - - 1,764,857 1,845,380
Fixed asset investments 1,217,638 - - 1,217,638 1,167,271
Stocks 156,265 - - 156,265 169,068
Investments - - - - 1,158
Debtors 696,433 - 195 696,628 248,105
Cash at bank and in hand 567,030 - 294,870 861,901 1,490,253
Creditors: amounts falling due (905,272) - - (905,272) (753,811)
within one year
Provision for liabilities - - - - -
Defned beneft pension scheme - - - - -
liability ___ ___ ___ ___ ___
At 31 March 2024 3,496,952 - 295,065 3,792,017 4,167,424
___ ___ ___ ___ ___
Charity Unrestricted Designated Restricted 31 March 31 March
funds funds funds 2024 2023
£ £ £ £ £
Tangible fxed assets 292,863 - - 292,863 285,809
Fixed asset investments 1,217,638 - - 1,217,638 1,167,271
Stocks - - - - -
Investments - - - - 1,158
Debtors 692,777 - 195 692,972 502,113
Cash at bank and in hand 97,142 - 294,870 392,013 829,862
Creditors: amounts falling due (526,835) - - (526,835) (349,113)
within one year
Provision for liabilities - - - - -
Defned beneft pension scheme - - - - -
liability ___ ___ ___ ___ ___
At 31 March 2024 1,773,586 - 295,065 2,068,651 2,437,101
___ ___ ___ ___ ___

57

The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENT Year Ended 31 March 2024

25. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS (continued)

PRIOR YEAR ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS

Group Unrestricted Designated Restricted 31 March 31 March
funds funds funds 2023 2022
£ £ £ £ £
Tangible fxed assets 1,845,380 - - 1,845,380 1,880,647
Fixed asset investments 1,167,271 - - 1,167,271 1,258,052
Stocks 169,068 - - 169,068 165,356
Investments 1,158 - - 1,158 1,320
Debtors 187,936 - 60,169 248,105 329,162
Cash at bank and in hand 1,328,103 - 162,150 1,490,253 1,863,583
Creditors: amounts falling due (753,811) - - (753,811) (824,866)
within one year
Defned beneft pension scheme - - - - (315,000)
liability ___ ___ ___ ___ ___
At 31 March 2024 3,945,106 - 222,319 4,167,424 4,167,424
___ ___ ___ ___ ___
Charity Unrestricted Designated Restricted 31 March 31 March
funds funds funds 2023 2022
£ £ £ £ £
Tangible fxed assets 285,809 - - 285,809 226,354
Fixed asset investments 1,167,271 - - 1,167,271 1,258,053
Stocks - - - - -
Investments 1,158 - - 1,158 1,320
Debtors 441,944 - 60,169 502,113 455,087
Cash at bank and in hand 667,712 - 162,150 829,862 1,453,343
Creditors: amounts falling due (349,113) - - (349,113) (427,931)
within one year
Defned beneft pension scheme - - - - (315,000)
liability ___ ___ ___ ___ ___
At 31 March 2024 2,214,782 - 222,319 2,437,101 2,651,226
___ ___ ___ ___ ___

26. COMPANY STATUS

The company is limited by guarantee for an amount not exceeding £1 per member, including any member who ceased to be a member within the previous twelve months.

58

The Hepworth Wakefield

NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

27. PENSION SCHEMES

The group contributes to two pension schemes.

There is a Group Personal Pension Scheme, which is a defined contribution pension scheme, administered by Scottish Life which is available to all other employees not part of the defined benefit scheme.

The charge to the statement of financial activities in respect of defined contribution scheme was £103,829 (2023: £90,994). As at 31 March 2024, contributions of £2,522 (2023: £2,232) due in respect of the current reporting period had not been paid over to the scheme.

There is a defined benefit scheme operated by the West Yorkshire Pension Fund which is only available to sta� who have previously contributed to the scheme. Under the scheme, the employees are entitled to retirement benefits based on a combination of length of service and final salary on attainment of a retirement age of 65 (55 with employer consent). No other post-retirement benefits are provided. The scheme is a funded scheme.

The most recent actuarial valuations of scheme assets and the present value of the defined benefit obligation were carried out at 31 March 2024 by Aon Hewitt. As the fund is closed to new entrants, the cost of the future accrual as a proportion of the salary roll can be expected to increase as the average age of the membership increases, on a given basis. Adjustment to the valuation at the year-end have been made based on the following assumptions:

2024 2023
% %
Key assumptions:
Discount rate 4.7 4.6
Expected rate of salary increases 3.85 3.85
Expected rate of increase for future pension increases 2.6 2.6
Rate of infation 2.6 2.6

Mortality assumptions:

The assumed life expectations on retirement at age 65 are:

2024 2023
years years
Retiring today:
Males 21.0 21.6
Females 24.2 24.6
Retiring in 20 years:
Males 22.3 22.9
Females 25.2 25.7

59

The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

27. PENSION SCHEMES (continued)

Amounts recognised in the statement of financial activities:

Amounts recognised in the statement of fnancial activities:
2024 2023
£ £
Current service cost 28,000 44,000
Net interest on defned beneft liability (1,000) 9,000
___ ___
Total costs 27,000 53,000
___ ___
Amounts taken to other comprehensive income:
2024 2023
Actual return on scheme assets 8,000 353,000
___ ___

The amount included in the balance sheet arising from obligations in respect of its defined benefit

retirement beneft schemes is as follows:
2024 2023
£ £
Present value of defned beneft obligations (856,000) (798,000)
Fair value of scheme assets 952,000 848,000
Restriction in scheme assets (96,000) (50,000)
___ ___
Total liability recognised - -
___ ___
Reconciliation of scheme assets and liabilities:
Assets Liabilities Total
At 1 April 2023 848,000 (798,000) 50,000
Benefts paid (1,000) 1,000 -
Employer contributions 19,000 - 19,000
Participant contributions 13,000 (13,000) -
Current service cost - (28,000) (28,000)
Interest income/(expense) 40,000 (37,000) 3,000
Re-measurement gains/(losses) 33,000 - 33,000
Actuarial gains/(losses) - 19,000 19,000
___ ___ ___
At 31 March 2024 952,000 (856,000) 96,000
___ ___ ___

60

The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

27. PENSION SCHEMES (continued)

The fair value of the plan assets was:

2024 2023
£ £
Equity instruments 756,000 684,000
Property 27,000 28,000
Government bonds 81,000 59,000
Corporate bonds 40,000 39,000
Cash 17,000 20,000
Other 31,000 18,000
___ ___
952,000 848,000
___ ___
The return on plan assets was:
Fair value Fair value
of assets of assets
___ ___
2024 2023
£ £
Interest income 40,000 22,000
Return on plan assets less interest income 33,000 (13,000)
___ ___
Total return on plan assets 73,000 9,000
___ ___

61

The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

28. RELATED PARTY TRANSACTIONS

The following related party transactions took place in the year:

he following related party transactions took place in the year:
2024 2023
£ £
a) The remuneration of key management personal,
who are members of the executive team is as follows:
Aggregate compensation 564,564 437,428
b) Other related parties:
Wakefeld Metropolitan Borough Council:
Service Concession agreement income 750,000 750,000
Services and good purchases 42,267 42,787
Purchases and transfers from The Hepworth Wakefeld Enterprises Ltd 85,223 161,813
Recharges of costs to The Hepworth Wakefeld Enterprises Ltd 457,772 396,817
Recharges of costs to The Hepworth Wakefeld Garden Trust 4,065 35,320
Gift aid payment from The Hepworth Wakefeld Enterprises Ltd 211,477 65,000
Donations and patron subscription from Steve Langan, Chair 3,000 3,000
Donations and patron subscription from Stuart Fletcher, Trustee 3,000 3,000
Donations from Earl & Countess of Harewood’s Charitable Trust 500 500
(Diane Howse was a Trustee in 2022/23)
Patron subscription from Jon Horrocks, Trustee 300 -
Patron subscription from Shaun Parker, Trustee 960 -
Circle membership from Susan May, Trustee 1,500 -
Membership from Katie Nugent, Trustee 33 -
Membership from Priya Khanchandani, Trustee - 33

At 31 March 2024, related party transactions outstanding with non-group organisations were £Nil (2023: Nil) within creditors and £Nil within debtors. Related party balances with group companies were £Nil within creditors (2023: £Nil) and £119,633 within debtors (2023: £272,402).

29. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Group
2024 2023
£ £
Net movement in funds (375,408) (190,829)
Investment income (30,956) (20,782)
(Gains)/losses on investments (32,716) 97,748
Depreciation charge and loss on disposals 146,693 153,100
Defned beneft pension schemes losses/(gains) - 353,000
Defned beneft pension schemes fnance cost - 38,000
(Increase) in stocks 12,803 (3,712)
(Increase) in debtors (448,524) (81,058)
(Decrease) in creditors (151,460) (71,055)
___ ___
(879,568) 274,412
___ ___

62

The Hepworth Wakefield NOTES TO THE FINANCIAL STATEMENT

Year Ended 31 March 2024

  1. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES (continued)
(continued)
Group
2024 2023
£ £
Cash and cash equivalents:
Cash equivalents - investments - 1,158
Cash at bank and in hand 861,901 1,490,253
___ ___
861,901 1,491,411
___ ___

30. OPERATING LEASES

At 31[st] March 2024 the total of The Hepworth Wakefield’s future minimum lease payments under noncancellable operating leases was:

Group
2024 2023
£ £
Amounts due within 1 year 2,155 2,155
Amounts due within 1 – 5 years 3,233 5,388
___ ___
5,388 7,543
___ ___

31. CAPITAL COMMITMENTS

At year end there were capital commitments of £nil (2023: £27,104) being assets contracted for, but not provided in the financial statements.

63