Company Registra�on No. 07113861 Registered Charity No. 1138117 ## THE HEPWORTH WAKEFIELD REPORT AND FINANCIAL STATEMENTS for the year ended 31 March 2025 ## ## 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 (resigned 6 March 2025) Jon Horrocks Susan May Ka�e Nugent (resigned 21 May 2025) Shaun Parker Anna Valle Elliot McDonald KEY MANAGEMENT PERSONNEL OF THE HEPWORTH WAKEFIELD: SENIOR MANAGEMENT TEAM Daily management of the charity’s ac�vi�es is delegated by the trustees to the execu�ve team which is comprised of the following: Simon Wallis (Director) (resigned 8 August 2025) Olivia Colling (Deputy Director) David Bryan (Director of Finance & Opera�ons – resigned 3 June 2024) Chrissy Davison (Director of Finance & Opera�ons – appointed 3 June 2024) Laura Smith (Director of Collec�ons & Exhibi�ons) COMPANY SECRETARY David Bryan (appointed 14 September 2023; resigned 3 June 2024) Chrissy Davison (appointed 3 June 2024) REGISTERED OFFICE Gallery Walk Wakefield, WF1 5AW 2 ## 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 Saffery LLP 10 Wellington Place Leeds, LS1 4AP 3 TRUSTEES’ REPORT ## the group, together with the financial statements and auditor’s report for the year ended 31 March 2025. The small companies exemp�on 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 our dedicated board of trustees for volunteering their �me and sharing their knowledge and exper�se to ensure The Hepworth Wakefield thrives now and into the future. We had our first board, commi�ees and exec away day, focusing on future opportuni�es for the gallery. Thank you to Chatsworth House for hos�ng us for an insigh�ul and useful day. We said goodbye to Henry Meyric-Hughes who completed his second three-year term as a board member and stepped down at the end of the financial year. We are grateful for his long-term commitment to the gallery. Our Director of Finance and Opera�ons, David Bryan le� the execu�ve team at the beginning of June. He leaves the organisa�on with a stronger financial founda�on to build on having worked hard to �ghten up finance processes. We were delighted to welcome Chrissy Davison to the execu�ve team as Director of Finance and Opera�ons in July as she brings solid experience from both the charitable sector and professional finance services. We con�nue to work closely with Arts Council England as a Na�onal Por�olio Organisa�on to help deliver their _Let’s Create_ strategy to ensure every person in England has the opportunity to access high quality art and have opportuni�es to be crea�ve. We are grateful to Arts Council England for this vital core investment in our work. We also con�nue to work closely with Wakefield Council to help deliver on its cultural strategy for the district and are thankful to them for recognising the ambi�on and quality of what we deliver at The Hepworth Wakefield for local residents and visitors alike through our service concession agreement. We are also grateful to the council for their support in securing Levelling Up funding from central government to help us realise our outdoor capital projects, and for the Connec�ng Cultures grant that enables our outreach work with local communi�es. These core grants from Arts Council England and Wakefield Council play an important part in giving us financial stability as we con�nue to work our way out of a deficit budget posi�on. A sharp focus on reducing the deficit will be core priority for the forthcoming year. I would also like to thank all our other generous supporters who enable our work, in par�cular The Liz & Terry Bramall Founda�on who have generously supported our learning programme for many years. Their long-term support enables us to provide a full and rewarding families programme ranging from drop-in workshops led by local ar�sts to crea�ve play in our garden. The Eridge Trust has supported our School Prints programme for many years, so we are delighted to also con�nue to benefit from their con�nued recogni�on of our innova�ve work with primary schools across the district to ensure they grow up with leading contemporary artwork on their walls. Thanks also to all those who help us strategically grow Wakefield’s art collec�on so that it con�nues to be a na�onal asset, especially Art Fund, Contemporary Art Society, Henry Moore Founda�on, JW Anderson, Ryan Taylor and Cathy Wills. Special thanks must also to be given to all of our exhibi�on supporters, collec�on circle, contemporary circle, patrons and members for their ongoing support and enthusiasm for our work. 4 ## ## TRUSTEES’ REPORT con�nued pursuit of excellence and innova�on as we overcome challenging �mes and con�nue to make The Hepworth Wakefield the special place that it is. ## **Steve Langan** 5 TRUSTEES’ REPORT We have con�nued to re-build our onsite audiences this year, achieving 10% growth on the previous year and welcoming 93,000 visitors against a budgeted target of 85,000. Our schools programme goes from strength to strength, opera�ng at full capacity for bookings. We hosted 151 primary and secondary schools for visits across the year and engaged a further 4,000 people during our outreach sessions across the Wakefield District. 450,000 people experienced content on our website, and many thousands more around the UK and overseas enjoyed Hepworth Wakefield exhibi�ons through our touring programme. A significant contributor to the con�nued audience growth is a focus on adding more public events during tradi�onally quieter periods. This included launching a new big market weekend – Harvest Fes�val – in September and a new strand of smaller pop-up markets – House of Makers – using our own event spaces and responding to the changing seasons. Alongside our permanent displays dedicated to Barbara Hepworth, our temporary exhibi�ons this year have introduced historic and contemporary interna�onal ar�sts to new audiences and taken a fresh approach to the well-known and much-loved Surrealism movement, marking 100 years since it formally originated in 1924. I’d like to thank the ar�sts we’ve worked with – Igshaan Adams, Louise Giovanelli and Sylvia Snowden for their wonderful solo exhibi�ons and Maria Berrio, Nicholas Party and Ro Robertson for crea�ng new work to include in _Forbidden Territories_ . We’re also grateful to the ar�st studios, their representa�ve galleries and estates for their support and exper�se, as well as the many lenders of works of art to our exhibi�ons and, of course to the generous supporters of each project, without whom our ambi�ous exhibi�on programme could just not be delivered. We con�nue to be a leader in the sector in securing posi�ve press coverage, enjoying posi�ve reviews of all of our exhibi�ons. Despite having no budget for acquisi�ons, a notable achievement of this year has been con�nuing to strategically grow Wakefield’s art collec�on, adding outstanding works for genera�ons to enjoy. It has been rewarding to see the rise in Wakefield residents regularly visi�ng the gallery, whether to use our warm space, take part in our extensive family ac�vity programme, shopping at one of our fairs and markets, or enjoy some of the world class art we bring to the District. Our aim has always been to be a welcoming place for everyone and it is gra�fying to see the engagement work we are doing across the district is breaking down perceived barriers to par�cipa�ng in culture and crea�vity. 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 s�ll much to be done to turn around our deficit budget posi�on. With very generous support from Bloomberg Philanthropies’ Digital Accelerator programme, we have built a much-needed Digital Asset Management system (DAM) to house our many digital assets to enable far more efficient ways of working. This has enabled us to launch a Print-on-Demand business, and we are now working on ways to share far more of the collec�on online and be�er tell the stories of the art we care for and the ar�sts we work with. We have undertaken a thorough review of all our digital pla�orms, capabili�es and strategy and securing funding to support our digital transforma�on will be a key focus for next year to ensure we are in the best posi�on to drive new income streams. granted permission, so we will be forging ahead with those projects to ensure they are delivered within the �ght �mescale required in the funding agreement. The buildings will provide our Cultural Gardener with the facili�es, equipment and space needed to carry out her outstanding work caring for The Hepworth Wakefield Garden. Importantly, this project will also enable us to deliver an extended garden engagement programme. We will also appoint the architect to create a special playground 6 ## ## TRUSTEES’ REPORT that responds to our locality and the latest thinking on play to crea�vely engage our youngest visitors. I’d like to thank Wakefield Council for suppor�ng our vision for the comple�on of Wakefield Waterfront and helping to secure significant Levelling Up funding to enable us to deliver these projects. Chair, Steve Langan for his enthusiasm for our work and prac�cal guidance. They enable us to thrive. 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. Olivia Colling Interim Director & CEO 7 ## TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## OBJECTIVES 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. 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. 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 Wakefield Metropolitan District Council (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: - Embrace innova�on: From the way we work with colleagues and partners, to how we present our collec�ons and exhibi�ons in an ever-changing world, we’re always exploring new ways to innovate. Art doesn’t stand s�ll. Nor do we. 8 ## ## TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 - are. Relentlessly embrace this spirit of adventure to challenge and surprise. We create impact in everything we do to engage people in crea�ve experiences. The charity’s purposes and objects are detailed under ‘Structure, Governance and Management’, below. 9 ## TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## ACTIVITIES, ACHIEVEMENTS & PERFORMANCE in 2024/25 ## **EXHIBITIONS & COLLECTION** 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 ## Sylvia Snowden: Pain�ng Humanity ## 16 March – 27 October 2024 presented a selec�on of work from a career that spans six decades, including large early pain�ngs through to more recent works. ## Ronald Moody: Sculp�ng Life ## 22 June – 3 November 2024 exhibi�on, guest curated by Moody specialist Ego Ahaiwe Sowinski together with Eleanor Clayton, The Hepworth Wakefield’s Head of Collec�on and Exhibi�ons explored the development of Moody’s art as well as his contribu�on and impact on Bri�sh and interna�onal art history. The exhibi�on brought together over 50 Moody works from large-scale figura�ve sculptures made in wood in the 1930s through to post-war experimenta�on with concrete and resin cas�ng. These works were set within the context of his contemporaries Barbara Hepworth and Henry Moore, ar�sts he exhibited alongside such as Eileen Agar and his friend Jacob Epstein, as well as the group known as the Caribbean Ar�sts Movement of which Moody was a founding member. _Sculp�ng Life_ included Moody’s broader crea�ve endeavours such as poetry, wri�ngs and audio broadcasts that he turned to at the advent of the Second World War in which he discusses his ar�s�c influences. This archive sec�on is presented in a specially commissioned installa�on by Sheffield-based ar�st Kedisha Coakley. To coincide with the exhibi�on, a new biography, _Ronald Moody: Sculp�ng Life_ by Ego Ahaiwe Sowinski was published by Thames & Hudson in associa�on with The Hepworth Wakefield. The book was supported by the Paul Mellon Centre for Studies in Bri�sh Art. Ego Ahaiwe Sowinski also took part in an in-conversa�on event. The exhibi�on was generously supported by: The Ronald Moody Trust, Henry Moore Founda�on and Grosvenor Gallery. Following the exhibi�on, The Ronald Moody Trust generously donated the Ronald Moody archive and 14 sculptures to Wakefield’s art collec�on, making The Hepworth Wakefield the foremost centre for the research and care of Ronald Moody’s work and legacy. The Associa�on for Art History awarded _Ronald Moody: Sculp�ng Life_ winner of both the exhibi�on and publica�ons categories in its 2025 Curatorial Prizes. This was the first �me both prizes were awarded for the same project. They praised the project for how it illustrated the importance of the ar�st and his interna�onal art prac�ce, as well as for its exemplary presenta�on of Moody’s work, serving as an important correc�ve within art history. Press coverage for _Ronald Moody: Sculp�ng Life_ highlighted the exhibi�on as being of great importance. It was selected as one of The Guardian’s ‘must-see’ exhibi�ons of 2024, with a follow up feature in The Guardian. 10 TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 Other press highlights included a panel review on BBC Radio 4 Front Row, a ★★★★ review in The Observer, and a review in Studio Interna�onal. ## Igshaan Adams: Weerhoud ## 22 June – 3 November 2024 En�tled _Weerhoud_ , meaning ‘Withheld’ in Afrikaans, this exhibi�on by South African ar�st Igshaan Adams examined the impact of lived experiences and traumas on the human psyche, with a par�cular emphasis on the healing poten�al of movement. Adams created three new commissions specifically for the exhibi�on: two large tapestries and one of his largest immersive ‘cloud’ installa�ons to date. These new works were exhibited alongside a selec�on of exis�ng sculptures and tex�le pieces. _Weerhoud_ presented an exci�ng development in Adams’ prac�ce, shi�ing his focus from domes�c spaces and landscapes to the body. exhibi�on will tour to ARoS in Aarhus, Denmark in 2025 and MUDAM, Luxembourg in 2026. Adams took part in an in-conversa�on event about his work and process. The exhibi�on and accompanying book were made possible through the generosity of Major Supporters: A4 and Thomas Dane Gallery; Exhibi�ons Supporters: Blank, Casey Kaplan and Mercedes Vilardell; and The Igshaan Adams Exhibi�on Circle. Grants from Art Fund and V&A Purchase Grant Fund enabled the acquisi�on of a new tapestry _Jaime-Lee, Dus�n_ (2024) that was first shown in the exhibi�on. ## Press coverage: We secured press coverage about the exhibi�on in a range of local, na�onal and interna�onal newspapers and magazines. Highlights include a front cover and 18-page feature in Cra�s Magazine (spring/summer 2024) ‘Dream weaver Igshaan Adams’ giant candyfloss clouds carry the complex story of his life’; a ★★★★★ review in The Observer, a ★★★★★ review in The Times: ‘fairytale crea�ons that must be seen to be believed’, and The Art Newspaper’s A brush with… podcast ## Forbidden Territories: 100 Years of Surreal Landscapes ## 23 November 2024 – 21 April 2025 Marking 100 years since the origins of ‘Surrealism’ in 1924 with the publica�on of the ‘Surrealist Manifesto’ by the poet and cri�c André Breton, this exhibi�on told the story of one of the most influen�al ar�s�c, intellectual and literary movements of the 20th Century which con�nues to inspire ar�sts working today. It took visitors on a journey through the fantas�cal terrains of Surrealism and explored how Surreal ideas can turn landscape into a metaphor for the unconscious, fuse the bodily with the botanical, and provide means to express poli�cal anxie�es, gender constraints and freedoms. Trans-historical, thema�c groupings of artwork brought together ar�sts of Breton’s circle from the 1920s, Salvador Dalí, Eileen Agar, Lee Miller and Max Ernst, alongside later Surrealists such as Leonora Carrington, Edith Rimmington, Marion Adnams, Conroy Maddox, Desmond Morris and more and contemporary ar�sts working within the legacy of Surrealism such as Shuvinai Ashoona, Stefanie Heinze, Helen Marten, Nicolas Party, and Wael Shawky. It included a large new sculptural installa�on by Ro Robertson, a new pastel mural by Nichols Party drawn onto the walls of the gallery, and a new pain�ng by 11 TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## Maria Berrio. It included a sec�on dedicated to Bri�sh Surrealist Mary Wykeham, marking the dona�on to Wakefield of a large group of works by the Bri�sh Surrealist. We worked with Thames and Hudson to publish a book of the same name, edited by the curator of the exhibi�on, Eleanor Clayton exploring the theme of landscape in Surrealist art. A�er The Hepworth Wakefield, the exhibi�on travelled to The Box in Plymouth and then will go to Museum Arnhem in The Netherlands in 2025. The exhibi�on was supported by Prohelve�a (Swiss arts council), Henry Moore Founda�on, The Modern Ins�tute, Hauser & Wirth and a Curatorial Research Grant from the Paul Mellon Centre for Studies in Bri�sh Art. ## Public Programme: Working with the Henry Moore Ins�tute we held a joint conference – Surrealism in Yorkshire. The learning and curatorial teams worked together on a family project which invited local families in over the summer holidays to learn about the Jeffrey Sherwin & Family Collec�on of Bri�sh Surrealism which is housed at The Hepworth Wakefield. Together they selected artworks for display in the exhibi�on, using the children’s responses as the accompanying interpreta�on and co-devising the family trail through the exhibi�on. Author Silvano Levy gave a talk on the fascina�ng life of Mary Wykeham. ## Press Coverage: The press campaign was extremely successful, with Dazed describing it as one of the ‘must see’ exhibi�ons of 2025, The Guardian and The Times selec�ng it as ‘exhibi�on of the week’. The Times also did a large feature on the ‘lost Surrealist’ Mary Wykeham, The Guardian gave it a ★★★★ review and described it as ‘a lushly installed extravaganza’. The Telegraph review called it ‘an ingenious study of surrealist landscapes’. ## Louise Giovanelli: A Song of Ascents ## 23 November 2024 – 21 April 2025 A major solo exhibi�on of Bri�sh painter Louise Giovanelli, which included 10 new works created for display in the exhibi�on. The pain�ngs radiate light, capturing objects such as a closed pair of curtains, a shock of lustrous hair, or the reflec�ve surface of a cocktail glass. The characters that appear (mostly women) are in�mately cropped and cinema�c in feel, her subject ma�er is deliberately ambiguous, and rendered with the analogue fuzziness of a memory or half-forgo�en dream. Giovanelli’s pain�ngs unfold as an uncanny fusion of emo�ons, where exaggerated expressions, richly layered textures, and intense, colour-saturated imagery evoke both ecstasy and unease. took in the working men’s clubs and theatres around the UK which inspired her new pain�ngs. Lousie Giovanelli and the exhibi�on’s curator, Marie-Charlo�e Carrier held in-conversa�on event and book signing. The exhibi�on toured to Halle Fur Kunst, Steiermark and Museum Villa Stuck in Munich in 2025. The exhibi�on was generously supported by the Ryan Taylor Collec�on and White Cube, with further support from Ken Li and an exhibi�on circle. Following the exhibi�on, one of the new curtain pain�ngs – _Scala_ was purchased for Wakefield’s art collec�on by Ryan Taylor. 12 ## TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## Press Coverage: There was much media excitement for the exhibi�on with a major interview features in The Guardian, The New York Times, Wallpaper, World of Interiors and Art Quarterly. ## **New Collec�on Displays** ## A Living Collec�on ## 14 January 2023 – 4 February 2024 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 were recent acquisi�ons by Jadé Fadoju�mi, Jake Grewal, Lewis Hammond, Bronwyn Katz, James Ough�bridge, Dan Perfect, Fiona Rae and Caragh Thuring alongside sculptures by Barbara Hepworth and Henry Moore. ## S�ll Lives ## 1 March 2024 – 23 February 2025 This exhibi�on explored the enduring nature of the s�ll life genre throughout art history, from postimpressionist art and surrealism to Bri�sh modernism and contemporary art. It presented a broad range of works from Wakefield’s art collec�on to reflect upon the inspira�on ar�sts have con�nually found in everyday objects: from an interest in colour and form, to a desire to capture their temporariness. While the s�ll life genre is tradi�onally associated with pain�ng, _S�ll Lives_ featured works including sculpture, photography, ceramics, pain�ng and works-on-paper. ## Barbara Hepworth permanent displays We con�nued to display The Hepworth Family Gi� across two galleries. This comprises artworks as well as a large group of the ar�st’s surviving full-size working models, the majority in plaster, made for her later bronze commissions that provide a unique insight into Hepworth’s working methods. Unlike most ar�sts working at that �me, Hepworth rarely made small models that would then be enlarged, no�ng in 1952, ‘If it is right in maque�e form it would be u�erly wrong when increased in size.’ Working to scale, she retained the crucial rela�onship of the work to the human form – that of herself and the viewer – and created flowing forms that retain ‘the quali�es of molten metal’. The collec�on also includes tools from Hepworth’s studio in St Ives, a selec�on of artworks she owned, and archival material. As such, the gallery affords those familiar and unfamiliar with Hepworth’s work an excep�onal insight into her working methods, materials and concerns. ## **TOURING & LOANS PROGRAMME** Alongside touring our major temporary exhibi�ons, we also lend works from the collec�on and are star�ng to develop capsule exhibi�ons drawn from the collec�on to tour to venues around the UK. Notable examples include: - 1,232 works from Go� Collec�on on loan to West Yorkshire Archives - A strong selec�on of works by Ithell Colquhoun were lent to the Centre Pompidou, Paris for their Surréalisme exhibi�on (September) - _Into Abstrac�on_ was presented at The - Wilson in Cheltenham 13 ## ## TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## **COLLECTION DEVELOPMENT** Over the course of the year, we have accessioned a large number of works into Wakefield’s art collection: ## _Promised Bequests_ A collection of 6 works by Sandra Blow, Tracey Emin, Jane Harris, Jennifer Lee, Sara Radstone and Angus Suttie bequeathed by Penny Mason, and one life-time gift of a print by Carol Rhodes. Two Barbara Hepworth works on paper bequeathed by Professor Sally C. Humphreys. ## _Gifts_ An oil painting, Drowning in the thick air of the Dissolute, 2024 by Li Hei Di was generously donated by Jennifer and Jon Weaver and with thanks to Pippy Houldsworth Gallery 14 sculptures and 1 photograph by Ronald Moody gifted by the Ronald Moody Estate via the Art Fund Gift of 13 plasters of Helen Chadwick’s _Piss Flowers_ from the Helen Chadwick Estate and with thanks to Richard Saltoun Gallery _Island to Island_ , 2016 by Sara Barker donated by the artist and The Approach Gallery. Gurminder Sikand’s painting _Planting AKA Among Trees C,_ 1994, gifted by the Gurminder Sikand Estate Three untitled ceramic vessels by Nehemia Azaz, gifted by the artist’s estate Elizabeth Fritsch’s ceramic vessel _Gravity_ , 1991 was gifted by the artist through Adrian Sassoon, London ## _Funded Purchases_ Nour Jaouda’s fabric wall hanging, _The dust that never settles,_ 2024 and Haegue Yang’s _Sonic Gym, Milky Coiffured Cosmic Compression_ , 2019 sculpture were purchased through the Contemporary Art Society’s Collections Fund at Frieze Tau Lewis’ multimedia sculpture _Lilith_ , 2024 Presented by the Contemporary Art Society through a special partnership with the Henry Moore Foundation, supported by Cathy Wills A large painting by Emma Prempeh - _For the last time –_ 2024 purchased through a generous donation from Ryan Taylor Louise Giovanelli’s 2024 curtain painting _Scala_ , was purchased through a generous donation from Ryan Taylor Kira Freije’s wall sculpture _Wandering Cloud_ , 2024 was acquired through the JW Anderson Collections Fund Ashraf Hanna’s _Yellow Undulating Angular Bowl,_ 2022 was acquired through the Craft Pottery Charitable Trust Emmanuel Cooper Prize at Ceramic Art London 2024 A large moon jar, _Intertidal Jar_ , 2024 by Adam Buick was funded through a generous donation from Christopher Gorman-Evans A 1933 block-printed textile by Barbara Hepworth, acquired through a generous donation from the Porthmeor Fund 14 ## TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## **PUBLIC EVENTS PROGRAMME** We continue to present our series of Fairs & Markets in Tileyard North’s new event space to great success. The programme is gaining a strong reputation for their excellent quality and ensuring stallholders sell well. Over the year we hosted five big weekends – Ceramics Fair (June), Harvest Festival (September) Festive Market 1 (November), Festive Market 2 (November) and Print Fair (March). Our new Harvest Festival was a success, particularly in boosting visitor numbers in a typically quiet month. This year, we are piloting a new strand of smaller pop-up markets – House of Makers – that respond to the changing seasons and are accommodated within our own event spaces. The first was rhubarb themed to tie in with the Wakefield-wide Rhubarb Festival, leading to the busiest half term since reopening in 2021. With support from Wakefield Council’s Connecting Culture grants, we once again took part in Wakefield’s Light Up. This year, we commissioned Illuminos to create a projection mapping sequence inspired by the forthcoming _Forbidden Territories_ exhibition, which acted as a building-sized advert for the show. We also hosted late evening drop-in workshops in our learning studios and kept the café and shop open until late. Wakefield City Centre hosted many more Light Up commissions than previous years, so there were fewer visitors making the long walk down to the Waterfront site compared to the previous year, despite the dramatic and compelling commission. We also held a number of artists talks with contemporary artists Igshaan Adams and Louise Giovanelli, as well as reflected on historic artists with a talk about Ronald Moody by the exhibition’s co-curators and author Silvano Levy gave a talk about the ‘lost Surrealist’ Mary Wykeham. Garden designer, Tom Stuart-Smith gave another sell out talk with our Cultural Gardener and we have piloted other garden-related talks and events, which are proving popular. ## **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. The annual School Prints engagement programme worked with four primary schools in Featherstone, engaging 614 Year 5 students in creative activities inspired by School Prints created by artists Phyllida Barlow, Ro Robertson and Veronica Ryan. Students participated in artist-led printmaking workshops in the classroom and at the gallery, followed by in-school celebration events for the students and their families. In July, special 'family days' will be held for each school, with families and the local school community supported to visit the gallery before the upcoming summer holidays. School Prints is made possible thanks to generous donations from the Eridge Trust and Stuart & Trish Fletcher. Our wider school’s workshop programme was fully booked throughout the academic year. As part of Wakefield’s Our Year, the Schools Programmer collaborated with Yorkshire Sculpture Park, local artists and teachers on the development of a new sculpture curriculum, suite of resources and CPD sessions for primary schools. We continued to build our community programme, supported by a Connecting Culture grant from Wakefield Council. As part of our journey towards becoming a 'gallery of sanctuary', families seeking sanctuary attended artist-led creative sessions at Urban House and early sessions at the gallery. During the national 'Refugee Week', THW facilitated a visit to Yorkshire Sculpture Park for 39 adults and children currently living at Urban House. A year-round programme of community outreach was developed with local community partners, the Refugee Council and Turning Point Therapies. We continue to run our monthly Creative Café for adults living with dementia and their families and ran a pilot adult wellbeing programme Slow Down, which promotes the benefits of experiencing art on mental health. New family activities and resources were developed in response to the new exhibitions, supported by the Liz & Terry Brammall Foundation. We offer 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 and have a range of resources for families to explore the galleries and garden independently. 15 TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## **GARDEN** While continuing to be a vital local resource, The Hepworth Wakefield Garden has begun to attract groups from around the world, including Japan, Argentina, Lithuania and the Netherlands. It was also given recognition at the European Garden Award 2024, winning second prize in the category of Design or Concept of a Contemporary Park or Garden. As we wait for planning permission to be granted for the Garden Studio, yard and gallery store, we have been piloting various income generating projects, including: - Working with the garden volunteers to design and hand-print our own packaging in order to sell seeds harvested from the garden. - Hosting a very successful _Flowering Bulbs for Every Season_ in-conversation event, book signing, garden tour with photography tips and bulb sale. - Hosting four work experience placements for people looking to begin a career or move into horticulture. They were given 3 days experience during the busiest periods for garden care (FebJune). Learning from these activities will inform our strategy once the Garden Studio is complete. Garden designer Tom Stuart-Smith gave his annual in-conversation event with our Cultural Gardener, Katy Merrington, focusing on the shelf life of perennial plants. As with all his previous talks, it was a sold-out event. Our Cultural Gardener continued to take part in an outreach programme of talks for garden groups to continue to build awareness and brand recognition of The Hepworth Wakefield Garden, and we hosted numerous groups including RHS Patrons. Large numbers of families enjoyed the garden, as our bespoke Garden Play was hosted every weekend April-October and every day during the school holidays. The main challenge this year was the extended period of very cold weather leading to dangerously icy paths particularly during the high-footfall events of our festive market weekends. We have also noticed that Swift Moth larvae have started to destroy the roots of some of the perennials, so we will need to find funding to replace the plants, as well as manage a programme of ongoing organic treatment. Our other major focus for the year ahead will be to complete the construction of the Garden Studio, yard and gallery store. A project manager has been appointed to help with budget and timetable management. ## **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 91% in Visit England’s Quality Assurance Scheme in 2024 – this the fourth year running we have achieved over 90%. ## **PEOPLE** Aside from the change in Director of Finance & Operations and Head of Commercial, this year we have had very little turn over in staff. We continued to invest in the skills development of our people, particularly focusing on access and inclusion training. We have been developing our Volunteer & Placement Strategy which focuses on adding a limited number of high quality and engaged volunteer and placement hours, as well as diversifying our volunteer and placement offer to provide more early-career opportunities to encourage people with more diverse backgrounds into the workforce. 16 ## ## TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## **COMMERCIAL ACTIVITY** Our café and event hire business performed well for our trading subsidiary, Hepworth Wakefield Enterprises achieving above target income. Our shop, e-commerce business and artists editions had a difficult year, not meeting the income targets set. There were a number of staffing challenges as key staff were absent, including the dedicated Editions Manager and Head of Commercial departing the organisation. Our new print-ondemand service launched at the March Print Fair with an initial 51 images from our collection available to order in a range size and framing options. The initial selection largely focuses on works by Hepworth and Moore, as well as historic Yorkshire views already out of copyright. We will continue to build the range and customer base in the year ahead. Following the departure of the Head of Commercial at the beginning of 2025, we are looking again at the structure of the commercial team and intend to recruit a more senior Director of Commercial and put in place line management responsibilities to better support the areas where we see the most likely increase in profit. The digital review and planned move to Shopify will significantly enhance the performance of commercial income streams, and will free up staff resources in complicated stock management. 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 foundations, corporate businesses and individuals. These funds contribute significantly to the running of the gallery including through support of exhibitions, provision of learning programmes and upkeep of the collection. This year we ran a public funding campaign through the Big Give’s Arts for Impact Campaign to raise the funds needed to run our monthly Creative Café for dementia sufferers and their carers. Thanks to the Reed Foundation and Stuart & Trish Fletcher for providing match funding, we manged to raise double our target, ensuring funding for the next two years of this important programme. 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. In-kind support relates to in-year support and support with post year-end exhibitions and where material is reflected within the financial statements. ## **2024/25 Exhibition and book supporters** Henry Moore Foundation A4 Arts Foundation Mercedes Vilardell Ryan Taylor Collection Thomas Dane Gallery Grosvenor Gallery Foundation Foundation Pro Helvetia Swiss Arts Council Marguerite Steed Hoffman White Cube The Modern Institute Maak Foundation Headley Trust Paul Mellon Centre for Studies in British Art Ken Li Peter Ting & Brian Kennedy Adrian Sassoon Hauser & Wirth Stephen Friedman Gallery Richard Saltoun Gallery 17 ## ## TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## **Collection development supporters** Contemporary Art Society, Collections Fund at Frieze JW Anderson Collections Fund Contemporary Art Society through a special partnership with the Henry Moore Foundation, supported by Cathy Wills Ryan Taylor Collection Art Fund Arts Council England/V&A Purchase Grant Fund Christopher Gorman Evans Porthmeor Fund ## **Learning Programme Supporters** The Liz & Terry Bramall Foundation Stuart & Trish Fletcher Eridge Trust David Liddiment 29th May 1961 Charitable Trust SWYT Creative Minds Reed Foundation Individual donors who contributed to our Big Give Arts for Impact Campaign ## **Other supporters** Digital Enterprise (Leeds Council) Ofenheim Charitable Trust The Earl & Countess of Harewood's Charitable Trust ## **In-Kind Support** Tonys Chocolonely Atelier Ellis The Estate Dairy Botivo Drinks Priory Vodka 18 TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## ## **FINANCIAL REVIEW AND RESERVES POLICY** The consolidated statement of financial ac�vi�es for 2024/25 shows a net deficit of funds for the year of £476,934. As a result, consolidated net assets within the statement of financial posi�on are now £3,315,083. Council England’s Na�onal Por�olio, and service charge income from WMDC. Together, these sources comprised 38% of total consolidated income for the year. and increasingly, through its earned income from �cket sales to non-WMDC visitors, retail, catering and commercial hire of rooms and spaces for events. The cultural sector con�nues to experience the impact of a wider economic downturn, with public funding reduced and visitors becoming more cost-conscious. However, The Hepworth Wakefield con�nues to be funded by WMDC and Arts Council and con�nues to be innova�ve and entrepreneurial in growing secondary spend from visitors. done in an efficient manner across the organisa�on. ## **Reserves Policy** of factors in its reserves policy. It operates a public service space and has substan�al public liabili�es in doing so. It engages in trading or providing goods or services under contract, for example by opera�ng the gallery, delivering learning programmes to formal learning ins�tu�ons and corporate hire services to external business clients. It holds a number of restricted funds, employs directly and indirectly a substan�al number of staff and has a long-term lease on a building complex, from which it operates a trading subsidiary. processes. These processes provide trustees with the informa�on they need to establish exactly why they might need reserves and to help them quan�fy that need. In 2025, the organisa�on undertook a review of its reserves policy with the inten�on of transi�oning to a more flexible, risk-based approach to management of reserves. The total free reserves are £1,383,171 at 31 March 2025. The policy of the charity is to hold reserves to cover 3-5 months’ total opera�ng costs (c.£900k-£1.5m) with the policy for the year set and reviewed annually in line with the requirements of the charity and detailed, riskbased assessment. Targeted reserves are set at a level commensurate with the perceived level of risk to the organisa�on’s income and expenditure, and are intended to enable it to successfully ‘trade through’ any poten�al crisis or adversity that may interrupt opera�ons. The bulk of the organisa�on’s reserves are held in an investment por�olio invested with an external regulated funds manager and the Trustees regularly review this por�olio with a view to ensuring its performance delivers posi�ve returns in support of the charity’s objec�ves in line with a low/medium risk strategy. 19 ## TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## FUTURE PLANS In 2025/26, The Hepworth Wakefield’s strategic priorities are to: Continue to grow onsite audiences, while developing creative digital engagement with audiences worldwide. Continue to focus on financial sustainability. We will work towards a break-even budget position by developing new income streams, new partnerships, and smarter ways of working to find efficiencies and increase profits. Engage 40,000 participants across the different 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, staff & trustees. Deliver capital and infrastructure projects needed for long-term efficiencies and effective performance. Continue to strategically build Wakefield’s art collection. Invest in board and staff development to continue to build a highly effective and committed team that it at the forefront of creativity and innovation. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** governed by its Memorandum and Ar�cles of Associa�on 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** The trustees are appointed by the chair of the Board, who is appointed by a selec�on 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 ini�al term of two to three years from incorpora�on of the charity or the Annual General Mee�ng, at which they were appointed, as applicable. Therea�er each trustee may be reappointed for a further term of two or three years, and therea�er on an annual basis. ## **Induc�on and training of new trustees** New trustees receive a trustees' informa�on pack and are briefed on their legal obliga�ons under charity and company law, the content of the Memorandum and Ar�cles of Associa�on, the commi�ee and the decisionmaking processes, the business plan and recent financial performance of the charity. Trustees are encouraged to a�end appropriate external training events where these will facilitate the undertaking of their role. 20 TRUSTEES’ REPORT – YEAR ENDED 31 MARCH 2025 ## ORGANISATIONAL STRUCTURE & MANAGEMENT ## **Organisa�onal structure** The Board of trustees meets four �mes a year. There are also three subcommi�ees with delegated authority: Finance, Performance and Renumera�on (including Audit), Enterprises, and Collec�ons and Acquisi�ons. The day-to-day opera�ons of the charity are delegated to the Gallery Director and the Execu�ve Team. ## **Related par�es** excep�on of reimbursement of travel and accommoda�on expenses incurred in connec�on with their work. Any links with poten�al related par�es must be iden�fied and disclosed to the Board of trustees and this is reviewed on a regular basis. Declara�ons of interest are also disclosed and recorded. A register is maintained of all related par�es to monitor for any associated risks or conflicts of interest that may arise. ## The directors consider the board of directors, who are the Trust’s trustees, and the execu�ve team comprise the key management personnel of the charity in charge of direc�ng and controlling, running and opera�ng the Trust on a day-to-day basis. All trustees give of their �me freely and no trustee received remunera�on in the year. Details of trustees and directors’ expenses and related party transac�ons are disclosed in note 8 and note 28 to the accounts. and affordability. In view of the nature of the charity, the directors benchmark against pay levels in other galleries of a similar size run on a voluntary basis. If recruitment has proven difficult in the recent past a market addi�on 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: - Compila�on of an annual schedule of the risks the charity may face; - - The implementa�on of procedures designed to minimise any poten�al impact on the charity should those risks materialise; - Regular review of risks; - A policy of adop�ng an a�tude of low risk in all strategies. the trustees. - - - Changes in administra�on, strategic policy or funding available at major funders WMDC or ACE. 21 Docusign Envelope ID.. 9B9CB4B4-2D9N376-938c-242&q1o1(￿D0 The Hepworth Wakefield TRUSTEES, REPORT- YEAR ENDED 31 MARCH 2025 OBJECTS OF THE TRUST Objerts of the Trust The Charity's Objects are as follows- to establish and maintain an art gallery for the benefit of the public,. the advancement of education of the public through the provision, maintenance and support of The Hepworth Wakeh'eld Gallery within Wakefield and its environs- to promote, maintain, improve and advance public education through the care, management and display for the public benefit of.. The Hepworth Family Gift and The Wakefield Art Gallery Fine Art & Sculpture Collections linc. the Gott Collection): and any other collections, groupings, displays or individual items from any other body which will promote the Objects of the charity; the advancement of the education of the public by the aid. establishment. funding. or sponsorship of bursaries, scholarship5 or grants to any person or persons, institution, association or corporate body for the purpose of furthering the Objects of the charity- and such other charitable Objects as the charity shall from time to time determine. An insurance policy is in place in respect of directors., trustees. and officers, liability. AUDITOR Saffery LLP have indicated their willingne5S 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. srATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR The trustee5 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. (•ette Lc 877BBFBB30C541E... Steve Langan Chair Date- 22 De￿rnber 2025 22 ## STATEMENT OF TRUSTEES’ RESPONSIBILITIES responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accoun�ng Standards (United Kingdom Generally Accepted Accoun�ng Prac�ce). fair view of the state of affairs of the charitable company and the group and of the incoming resources and applica�on 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: - select suitable accoun�ng policies and then apply them consistently; - observe the methods and principles in the Chari�es SORP (FRS102); - make judgments and es�mates that are reasonable and prudent; - state whether applicable UK Accoun�ng Standards have been followed; and - the charitable company will con�nue in business. The trustees are responsible for keeping proper accoun�ng records that disclose with reasonable accuracy at any �me the financial posi�on 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 preven�on and detec�on of fraud and other irregulari�es. included on the charitable company’s website. Legisla�on in the United Kingdom governing the prepara�on and dissemina�on of financial statements may differ from legisla�on in other jurisdic�ons. In so far as the trustees are aware: · there is no relevant audit informa�on of which the charitable company’s auditor is unaware; and · the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit informa�on and to establish that the auditor is aware of that informa�on. 23 ## ## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD ## **Opinion** subsidiaries (the ‘group’) for the year ended 31 March 2025 which comprise Consolidated Statement of Financial Ac�vi�es, Consolidated Statement of Financial Posi�on, Statement of Financial Posi�on, Statement of Cash Flows and notes to the financial statements, including significant accoun�ng policies. The financial repor�ng framework that has been applied in their prepara�on is applicable law and United Kingdom Accoun�ng Standards, including Financial Repor�ng Standard 102, the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accoun�ng Prac�ce). ## - at 31 March 2025 and of the group’s incoming resources and applica�on of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accoun�ng Prac�ce; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with Interna�onal Standards on Audi�ng (UK) (ISAs (UK)) and applicable law. Our responsibili�es under those standards are further described in the Auditor’s responsibili�es for the audit of the financial statements sec�on 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 responsibili�es in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions rela�ng to going concern** accoun�ng in the prepara�on of the financial statements is appropriate. condi�ons that, individually or collec�vely, may cast significant doubt on the group or the parent charitable company's ability to con�nue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibili�es and the responsibili�es of the trustees with respect to going concern are described in the relevant sec�ons of this report. ## **Other informa�on** statements and our auditor’s report thereon. The trustees are responsible for the other informa�on. Our opinion on the financial statements does not cover the other informa�on and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 24 ## ## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD Our responsibility is to read the other informa�on and, in doing so, consider whether the other informa�on 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 iden�fy 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 informa�on; we are required to report that fact. We have nothing to report in this regard. ## **Other ma�ers prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit:  year for which the financial statements are prepared is consistent with the financial statements; and  the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements. ## **Ma�ers on which we are required to report by excep�on** 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 iden�fied material misstatements in the Trustees’ Annual Report. We have nothing to report in respect of the following ma�ers where the Companies Act 2006 require us to report to you if, in our opinion:  adequate accoun�ng records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or  returns; or - - we have not received all the informa�on and explana�ons we require for our audit; or  regime and to take advantage of the small companies exemp�on in preparing the Trustees’ Annual Report and the Strategic Report. ## **Responsibili�es of trustees** As explained more fully in the Statement of Trustees’ Responsibili�es set out on page 23, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the prepara�on of the financial statements and for being sa�sfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the prepara�on of the financial statements that are free from material misstatement, whether due to fraud or error. charitable company’s ability to con�nue as a going concern, disclosing, as applicable, ma�ers related to going concern and using the going concern basis of accoun�ng unless the trustees either intend to liquidate the group or the parent charitable company or to cease opera�ons, or have no realis�c alterna�ve but to do so. 25 ## ## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD ## We have been appointed as auditors under the Companies Act 2006 and report in accordance with regula�ons made under that Act. a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Irregulari�es, including fraud, are instances of non-compliance with laws and regula�ons. We design procedures in line with our responsibili�es, outlined above, to detect material misstatements in respect of irregulari�es, including fraud. The specific procedures for this engagement and the extent to which these are capable of detec�ng irregulari�es, including fraud are detailed below. ## **Iden�fying and assessing risks related to irregulari�es:** misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning mee�ng, upda�ng our record of internal controls and ensuring these controls operated as intended. We evaluated possible incen�ves and opportuni�es for fraudulent manipula�on of the financial statements. We iden�fied laws and regula�ons that are of significance in the context of the group and parent charitable company by discussions with trustees and upda�ng our understanding of the sector in which the group and parent charitable company operate. The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales. ## We considered the extent of compliance with these laws and regula�ons 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 regula�ons, minutes of mee�ngs and correspondence with relevant authori�es to iden�fy poten�al material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regula�ons with members of management responsible for compliance. During the planning mee�ng with the audit team, the engagement partner drew a�en�on to the key areas which might involve non-compliance with laws and regula�ons or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regula�ons or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by tes�ng the appropriateness of journal entries and iden�fying any significant transac�ons that were unusual or outside the normal course of business. We assessed whether judgements made in making accoun�ng es�mates gave rise to a possible indica�on of management bias. At the comple�on stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scep�cism and thus the capacity to iden�fy non-compliance with laws and regula�ons and fraud. 26 ## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE HEPWORTH WAKEFIELD ## **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 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) for and on behalf of Saffery LLP Statutory Auditors 10 Wellington Place Leeds LS1 4AP Date: 23 December 2025 27 ## ## CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) Year Ended 31 March 2025 |The Hepworth Wakefeld
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)
Year Ended 31 March 2025|The Hepworth Wakefeld
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)
Year Ended 31 March 2025| |---|---| |**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**Total funds**|| ||**2025**
**2025**
**2025**
**2024**| ||**Notes**
**£**
**£**
**£**
**£**| ||| |**Income and endowments from:**|| |Donations and legacies|**3**
49,109
362,566
411,675
376,969| ||| |Charitable activities|**4**
2,160,841
315,404
2,476,245
2,359,785| ||| |Other trading activities|**5**
1,323,792
-
1,323,792
1,421,287| ||| |Investments|**6**
24,871
-
24,871
30,956| ||| |**Total income**|3,558,613
677,970
4,236,583
4,188,997| ||| ||| |**Expenditure on:**|| |Raising funds|**10**
1,228,831
19,005
1,247,836
1,059,232| ||| |Charitable activities|**11**
2,658,476
722,575
3,381,051
3,546,889| ||| ||| |**Total expenditure**|3,887,307
741,580
4,628,887
4,606,121| ||| |Taxation on other tradingactivities|**14**
-
-
-
-| ||| |Netgain on investments|8,370
-
8,370
32,716| ||| |Net(expenditure)|(320,324)
(63,610)
(383,934)
(384,408)| ||| |Transfer between funds|**24**
-
-
-
-| ||| |**Other recognised gains and losses**|| |Actuarial (loss)/gain on defined benefit
pension
**27**
(93,000)
-
(93,000)
9,000|| ||| |**Net movement in funds for theyear**|(413,324)
(63,610)
(476,934)
(375,408)| ||| |**Reconciliation of funds**|| |Total funds brought forward|**22-24**
3,496,952
295,065
3,792,017
4,167,425| ||| |**Total funds carried forward**|**22-24**
**3,083,628**
**231,455**
**3,315,083**
**3,792,017**| All incoming resources and resources expended derive from con�nuing ac�vi�es. All gains and losses recognised in the current year and prior year are included above. The gross income of the parent charity was £3,897,774 (2024: £3,045,502) and the net outgoing resources were £244,181 (2024: £368,450). 28 Docusign Envelope ID.. 9B9CB4B4-2D9N376-938c-242&q1o1(￿D0 The Hepworth Wakefield CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 March 2025 Note 2025 2024 Flxed assets Tangible assets Investments 15 1.71X).457 1,036.409 1.764,857 1,217,638 16 2.736.866 2,982,495 Current assets Stocks Investments Debtors Cash at bank and in hand 17 18 19 171,932 156,265 559,662 324,684 696,628 861,901 1,056,278 1,714,794 Liabilities Creditors.. amounts falling due within one year 20 1478.0611 1905,2721 Net current assets 578,217 809,522 Totsl assets less current liabilities 3,315,083 3,792,017 Credltors: amounts falllng due after more than one year Provisions for liabilities Delined benefi.t pension scheme liability 27 Totsl net assets 3,315.083 3,792,017 The funds ofthe charlty Unrestricted funds General funds Pension reserve 22 22 3.083,628 3,496,952 3,083,628 3,496,952 Designated funds Restricted income funds 23 24 231.455 295,065 Total charfty funds 3.315.083 3.792,017 The linancial statements have been prepared in accordance to the provisions applicable to companies subject to the small company regime. The financial statements on pages 28 to 63 were approved by the Board of Trustees and authorised for issue on and are signed on its behalf by.. 22 December 2025 Steve Langan Chair Company Registration No. 07113861 29 ## ## STATEMENT OF FINANCIAL POSITION 31 March 2025 ||**Note**||**2025**||**2024**| |---|---|---|---|---|---| |||**£**|**£**|**£**|**£**| |**Fixed assets**|||||| |Tangible assets|15||323,744||292,863| |Investments|16||1,036,410||1,217,638| ||||______||______| ||||1,360,154||1,510,501| |**Current assets**|||||| |Stocks|17|-||-|| |Investments|18|-||-|| |Debtors|19|656,675||692,972|| |Cash at bank and in hand||240,802||392,013|| |||______||______|| |||897,477||1,084,985|| |**Liabili�es**|||||| |Creditors: amounts falling due|||||| |within one year|20||(433,161)||(526,835)| ||||______||______| |Net current assets|||464,316||558,150| ||||______||______| |**Total assets less current liabili�es**|||1,824,470||2,068,651| |**Creditors: amounts falling due**|||||| |**in more than one year**|||||| |Provisions for liabili�es|||-||-| ||||______||______| |Defned beneft pension|||||| |scheme liability|27||-||-| ||||______||______| |**Net assets**|||1,824,470||2,068,651| |**Funds of the charity**|||||| |Unrestricted funds|||||| |General reserve|22|1,593,015||1,773,586|| |Pension reserve|22|-||-|| |||______||______|| ||||1,593,015||1,773,586| |Designated funds
|23||-||-| |Restricted income funds|24||231,455||295,065| ||||______||______| |**Total charity funds**|||1,824,470||2,068,651| As permi�ed by Sec�on 408 of the Companies Act 2006, the Statement of Financial Ac�vi�es of the parent Charity is not presented as part of those financial statements. Company Registra�on No. 07113861 30 Docusign Envelope ID.. 9B9CB4B4-2D9N376-938c-242&q1o1(￿D0 The Hepworth Wakefield STATEMENT OF FINANCIAL POSITION 31 March 2025 The financial statements have been prepared in accordance to the provisions applicable to companies subject to the small company regime. The linancial statements on pages 28 to 63 were approved by the Board of Trustees and authorised for issue on 22 December 202Snd are signed on its behalf by- DocuS*Jned ty.. 87IBBF8830C541E... Steve Langan Chair Company Registration No. 07113861 31 ## STATEMENT OF CASHFLOWS ## Year Ended 31 March 2025 |**Note**|**2025**|**2024**| |---|---|---| ||**£**|**£**| |||| |**Net cash outflows from operating activities**
**29**|**(683,680)**|**(571,149)**| |||| |**Investing activities**||| |Investment Income|24,872|30,956| |||| |Purchase of tangible fixed assets|(68,006)|(71,667)| |||| |Proceeds from sale of investments|296,031|144,628| |||| |Cash withdrawn from investments|200,000|-| |||| |Cash released from / (reinvested within) investment portfolio|17,560|(14,841)| |||| |Purchase of investments|(323,993)|(147,437)| |||| |**Net cashprovided by/(used in) investing activities**|**146,464**|**(58,361)**| |||| |||| |(Decrease) in cash in the year|(537,216)|(629,510)| |||| |Cash and cash equivalents at the beginning of the year|861,900|1,491,411| |||| |**Total cash and cash equivalents at the end of the year**
**29**|**324,684**|**861,901**| 32 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 1. ACCOUNTING POLICIES ## CHARITY INFORMATION The registered office is Gallery Walk, Wakefield, WF1 5AW. Limited (Company Registra�on Number – 07594964) and The Hepworth Wakefield Garden Trust (Company Registra�on Number – 10383188). the benefit of the public through the provision of access to inspiring, world-class art, which is detailed in the charity’s principal ac�vi�es. The charity’s and the group’s principal ac�vi�es are described in detail on pages 10 to 18, along with the nature of the charity’s opera�ons and the group’s opera�ons. The company has adopted the following principal accoun�ng policies which should be read in conjunc�on with the financial statements set out on pages 28 to 63. The charity is a qualifying en�ty 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, liabili�es, financial posi�on and profit or loss of the group. The charity has therefore taken advantage of exemp�ons from the following disclosure requirements for parent charity informa�on presented within the consolidated financial statements:  disclosures ## ACCOUNTING CONVENTION Statement of Recommended Prac�ce “Accoun�ng and Repor�ng by Chari�es (SORP 2019)” applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102), effec�ve 1 January 2019 and the requirements of the Companies Act 2006, as applicable to companies subject to the small companies regime. Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated. ## GOING CONCERN company has adequate resources to con�nue in opera�onal existence for the foreseeable future. Thus, the directors con�nue to adopt the going concern basis of accoun�ng in preparing the financial statements. 33 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 1. ACCOUNTING POLICIES _(con�nued)_ ## BASIS OF CONSOLIDATION 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 Ac�vi�es, or income and expenditure account, for the charity itself is not presented as the charity has taken advantage of the exemp�ons afforded by sec�on 408 of the Companies Act 2006. market value, is valued at cost. fes�val in 2019. Funds rela�ng to the jointly controlled enterprise are held by The Henry Moore Founda�on on the partner’s behalf. As at 31 March 2025, no material liabili�es or assets could be a�ributed to The Hepworth ## INCOME Income is recognised when it meets the three criteria set out within the chari�es SORP: en�tlement; when it is probable it will be received; and it is measurable. Hence, income from charitable ac�vi�es and interest receivable is included in the period in which the group is en�tled to receipt. ## RESOURCES EXPENDED AND IRRECOVERABLE VAT Expenditure is included in the Statement of Financial Ac�vi�es on an accruals basis, inclusive of any VAT which cannot be recovered. Raising funds includes the costs incurred in genera�ng voluntary income, and fundraising trading costs, including the costs of opera�ng the gallery car park. Trading subsidiary costs which include costs of retail, café and venue hire opera�ons are included in raising funds, other trading ac�vi�es. Overheads incurred by the charity rela�ng to building and estates costs are appor�oned to the subsidiary based upon the staff �me devoted to these areas on a basis consistent with that used for support costs. Charitable expenditure has been analysed by ac�vity. These costs enable the gallery to meet its charitable aims and objec�ves. Where expenditure on mul�-purpose fundraising ac�vity has taken place, these are appor�oned on the basis of the aim and content of marke�ng 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 objec�ves). 34 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 1. ACCOUNTING POLICIES _(con�nued)_ The ac�vi�es of the charity fall into discrete areas of opera�ons. Directly a�ributable outgoing resources are shown under the relevant heading. Indirect outgoing resources are allocated to the projects on the basis of usage, staff �me, value or area occupied, as appropriate. The remaining non-a�ributable amounts represent the cost of the overall management and administra�on of the charity and are shown under that heading on the Statement of Financial Ac�vi�es. An explana�on of the amount of indirect costs allocated in this way is shown in note 11. Support costs comprising in the majority staff costs have been appor�oned across the ac�vi�es based upon the staff �me devoted to these areas. a�ributable to the ac�vity. Where costs cannot be directly a�ributed they have been allocated to ac�vi�es on a basis consistent with use of the resources. Fund raising costs are those incurred in seeking voluntary contribu�ons for the gallery. Management and administra�on costs are those incurred in connec�on with the management of the gallery’s assets and organisa�onal administra�on. Governance costs are those incurred in connec�on with compliance with cons�tu�onal and statutory requirements. ## COLLECTIONS ## TANGIBLE FIXED ASSETS directly a�ributable to bringing the assets into working condi�on for their intended use. cost without ne�ng off the grant proceeds. assets is unrestricted they are included in a designated fund reflec�ng their book value. All fixed assets where the use is unrestricted are then transferred a�er ini�al recogni�on 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 cos�ng £1000 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). resources expended in the year that they are incurred. 35 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 1. ACCOUNTING POLICIES _(con�nued)_ Deprecia�on is charged monthly. A full month’s deprecia�on is charged in the month of acquisi�on, none in the month of disposal. Deprecia�on is charged at the following rates: Plant & machinery : 20% per annum Fixtures and fi�ngs : 10% per annum Office and gallery equipment : 20% per annum Computer and AV equipment : 25% per annum Leasehold buildings : 5% per annum Leasehold garden works : 5% per annum Deprecia�on is not provided on assets in the course of construc�on un�l the asset is brought into use in the business. ## IMPAIRMENT OF FIXED ASSETS impaired or that an impairment loss previously recognised has fully or par�ally reversed. If such indica�ons exist, the Group es�mates the recoverable amount of the asset. value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revalua�on loss. All other impairment losses are recognised in the statement of financial ac�vi�es. 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 revalua�on gain. On reversal of an impairment loss, the deprecia�on or amor�sa�on is adjusted to allocate the asset’s revised carrying amount (less any residual value) over its remaining useful life. ## INVESTMENTS Fixed asset investments are stated at cost in the company balance sheet. ## STOCK Stock is valued at the lower of cost and net realisable value. Net realisable value is based on es�mated selling price. Provision is made for obsolete, slow moving or defec�ve items where appropriate. At each repor�ng 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 es�mated selling price less costs to complete and sell, is recognised as an impairment loss in the statement of financial ac�vi�es. 36 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 1. ACCOUNTING POLICIES _(con�nued)_ Stocks held for distribu�on at no or nominal considera�on 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 maturi�es of three months or less, and bank overdra�s. Bank overdra�s are shown within borrowings in current liabili�es. ## FINANCIAL INSTRUMENTS The company has elected to apply the provisions of Sec�on 11 ‘Basic Financial Instruments’ and Sec�on 12 Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. there is a legally enforceable right to set off the recognised amounts and there is an inten�on to se�le on a net basis or to realise the asset and se�le the liability simultaneously. ## measured at transac�on price including transac�on costs and are subsequently carried at amor�sed cost using the effec�ve interest method unless the arrangement cons�tutes a financing transac�on, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. ## impairment at each repor�ng end date. Financial assets are impaired where there is objec�ve evidence that, as a result of one or more events that occurred a�er the ini�al recogni�on of the financial asset, the es�mated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the es�mated cash flows discounted at the asset’s original effec�ve 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 a�er 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. 37 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 1. ACCOUNTING POLICIES _(con�nued)_ ## are se�led, or when the company transfers the financial asset and substan�ally all the risks and rewards of ownership to another en�ty, 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 en�rety to an unrelated third party. ## arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company a�er deduc�ng all of its liabili�es. ## classified as debt, are ini�ally recognised at transac�on price unless the arrangement cons�tutes a financing transac�on, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. ## Financial liabili�es are derecognised when, and only when, the company’s contractual obliga�ons are discharged, cancelled, or they expire. ## GIFTS IN KIND Where material, gi�s in kind are accounted for at a reasonable es�mate of their value to the charity or the amount actually realised. Those received for the purposes of sale or distribu�on are included in the accounts as gi�s only when sold or distributed by the charity. Those received for use by the charity are included in the Statement of Financial Ac�vi�es as incoming resources when receivable. Volunteer work is not recognised in the accounts but the savings to the charity have been es�mated in note 8. ## FOREIGN CURRENCY Transac�ons in foreign currency are recorded at the rate of exchange prevailing at the �me of the transac�on. Foreign currency balances are translated into sterling at the exchange rates prevailing at the balance sheet date. Any resul�ng gains or losses on exchange are included in the Statement of Financial Ac�vi�es. ## PENSION COSTS Fund, which is only available to staff who have previously contributed to the scheme. In addi�on there is a Group Personal Pension Scheme administered by Sco�sh Life which is available to all other employees. Contribu�ons to both Schemes are charged directly to the Statement of Financial Ac�vi�es. The employers' contribu�ons are included in the Statement of Financial Ac�vi�es as an expended resource on an accruals basis. 38 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 1. ACCOUNTING POLICIES _(con�nued)_ and losses on se�lements and curtailments. They are included as part of staff 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 un�l ves�ng 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. separate trustee administered funds. Pension scheme assets are measured at fair value and liabili�es 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 liabili�es. The actuarial valua�ons are obtained at least triennially and are updated at each balance sheet date. balance sheet. costs and other post-re�rement benefits is the contribu�ons payable in the year. Differences between contribu�ons payable in the year and contribu�ons actually paid are shown as either accruals or prepayments in the balance sheet. Where there is a resul�ng defined benefit asset this is capped at the es�mated recoverable amount, and a provision made for any irrecoverable surplus. ## FUND ACCOUNTING Funds held by the charity are either: - Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discre�on of the trustees. - Unrestricted designated funds - these are funds which have been set-aside by the trustees for specific future purposes. - Restricted funds – these are funds that can only be used for par�cular restricted purposes within the objects of the charity. Restric�ons arise when specified by the donor or when funds are raised for par�cular restricted purposes. statements. ## TAXATION The company is a registered charity and has no liability to corpora�on tax on its charitable ac�vi�es under the Corpora�on Tax Act 2010 (chapters 2 and 3 of part ii, sec�on 466 onwards) or Sec�on 256 of the Taxa�on for Chargeable Gains Act 1992, to the extent surpluses are applied to its charitable purposes. 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 substan�vely enacted by the balance sheet date. 39 ## ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 1. ACCOUNTING POLICIES _(con�nued)_ unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday en�tlement is recognised in the period in which the employee’s services are received. to terminate the employment of an employee or to provide termina�on benefits. ## JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the applica�on of the company’s accoun�ng policies, the directors are required to make judgements, es�mates and assump�ons about the carrying amount of assets and liabili�es that are not readily apparent from other sources. The es�mates and associated assump�ons are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these es�mates. The es�mates and underlying assump�ons are reviewed on an ongoing basis. Revisions to accoun�ng es�mates are recognised in the period in which the es�mate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## 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 rela�on 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 ac�vi�es a�er deduc�on of trade discounts and value added tax. The income, which arises in the United Kingdom, is a�ributable to the company’s principal ac�vity. Consolidated incoming resources from genera�ng funds also includes income from the trading ac�vi�es including retail sales, hire of gallery spaces, commission on café and catering income and car parking income. ## 3. INCOME FROM DONATIONS AND LEGACIES ||Unrestricted|Restricted|Total
2025
£
358,303
204
8,689
44,479|Unrestricted|Restricted| |---|---|---|---|---|---| ||Funds|Funds||Funds|Funds| ||£|£||£|£| |Trust grants received &
individual giving|3,737|354,566||-|340,876| |Gallery box donations|204|-||3,073|-| |Other donations|8,689|-||8,397|-| |Patrons|36,479|8,000||24,623|-| ||||||| ||49,109|362,566|411,675|36,093|340,876| 40 ## ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 4. INCOME FROM CHARITABLE ACTIVITIES ||Unrestricted
Restricted
Total
Funds
Funds
2025
£
£
£
700,000
-
700,000
922,773
-
922,773
-
6,988
6,988
106,072
-
106,072
140,579
3,090
143,669
266,498
-
266,498
19,918
5,025
24,943
-
245,680
245,680
5,000
54,621
59,621|Unrestricted
Restricted
Total| |---|---|---| |||Funds
Funds
2024| |||£
£
£| |Wakefield Council service
charge income||700,000
-
700,000| |Arts Council England NPO
funding||922,773
-
922,773| |Other Local Authority income||| |Partnership income||77,850
-
77,850| |Workshops, tours and talks
income||107,808
-
107,808| |Admission entry||252,443
-
252,443| |Education income||19,941
-
19,941| |Funded acquisitions||-
208,970
208,970| |Sponsorship||-
70,000
70,000| |||| ||2,160,840
315,404
2,476,244|2,080,815
278,970
2,359,785| ## 5. INCOME EARNED FROM OTHER ACTIVITIES |Corporate partnership income
Membership
Other income
Car park and Trading income
Museums & Galleries Exhibition
Tax Relief|Unrestricted
Restricted
Total
Funds
Funds
2025
£
£
£
-
-
-
57,654
-
57,654
76,545
-
76,545
977,163
-
977,163
212,430
-
212,430|Unrestricted
Restricted
Total| |---|---|---| |||Funds
Funds
2024| |||£
£
£| |||500
-
500| |||53,413
-
53,413| |||60,603
-
60,603| |||1,143,494
-
1,143,494| |||163,277
-
163,277| |||| ||1,323,792
-
1,323,792|1,421,287
-
1,421,287| ## 6. INVESTMENT INCOME All of the group’s investment income of £24,871 (2024: £30,956) arises from a) money held in interest bearing deposit accounts of £2,537 (2024: £2,081) and b) money held in a corporate bond por�olio of £22,335 (2024: £28,875). 41 ## ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 7. DEFERRED INCOME |Group|1 April|Deferred|Released|31 March| |---|---|---|---|---| ||2024|||2025| ||£|£|£|£| |Deferred income|210,000|85,000|210,000|85,000| |||||| |||||| |Charity|1 April|Deferred|Released|31 March| ||2024|||2025| ||£|£|£|£| |Deferred income|210,000|85,000|210,000|85,000| District Council (the landlord) to cover future costs associated with building works. ## 8. INFORMATION REGARDING TRUSTEES AND EMPLOYEES ||2025
No.|2024| |---|---|---| |||No.| |Average number of persons employed:||-| |Collections & exhibitions|7
4
16
3
10
4
21
8|5| |Learning||4| |Visitor Services||19| |Marketing||3| |Management & administration||14| |Development||2| |Trading subsidiary||25| |Premises||7| ||73|79| ||2025
No.|| |||2024| |||No.| |Average number of FTE employed:||-| |Collections & exhibitions|6.8
3.8
11.6
3.0
8.7
3.4
12.4
4.6|5| |Learning||3.9| |Visitor Services||11.6| |Marketing||2.6| |Management & administration||13.4| |Development||2.5| |Trading subsidiary||13.1| |Premises||5.3| ||54.3|57.4| 42 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 8. INFORMATION REGARDING TRUSTEES AND EMPLOYEES (con�nued) ||2025
£
1,876,385
146,155
120,121
3,520
-
9,379
(93,000)|2024| |---|---|---| |||£| |Wages & salaries||1,745,339| |Social security costs||138,254| |Pension costs||103,829| |Recruitment & temporary staff costs||3,075| |Other staff costs||-| |Staff training & expenses||11,193| |Defined benefit pension scheme
expenditure adjustment||-| ||2,062,560|2,001,690| the year was as follows: |the year was as follows:||| |---|---|---| ||2025
No.
-
1
-
-
1|2024| |||No.| |£60,001 - £70,000||2| |£70,001 - £80,000||-| |£80,000 - £90,000||-| |£90,001 - £100,000||1| |£100,001 - £110,000||-| ||2|3| All employees earning over £60,000 par�cipated in the pension scheme. Total contribu�ons paid during the period in respect of these employees were £20,714 (2024: £36,998). ## VOLUNTEERS year a total of 35 (2024: 30) volunteers offered their services and the resul�ng savings from this are es�mated to be in the region of £15,558 (2024: £16,700), equivalent to 0.65 full �me members of staff. ## TRUSTEES’ REMUNERATION No trustees received remunera�on during the current year or prior period. Expenses of £857 (2024: £125) were paid to three (2024: one) trustees in respect of accommoda�on and travel fares. 43 ## ## NOTES TO THE FINANCIAL STATEMENTS ## Year Ended 31 March 2025 ## 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 £594,894 (2024: £564,564). The key management personnel of the charity comprises the trustees and the Senior Management Team. ## 10. EXPENDITURE ON RAISING FUNDS |**Unrestricted**
**Funds**|Staff
Direct
Overhead
Depreciation
Marketing
Governance
Total
Total| |---|---| ||Costs
Costs
Costs
Costs
Costs
Costs
2025
2024| ||£
£
£
£
£
£
£
£| |Cost of raising
funds|194,613
29,622
131,090
4,745
19,915
7,783
387,768
201,915| |Fundraising
trading|431,475
386,939
9,881
4,734
1,849
6,185
841,063
848,317| |Other|-
-
-
-
-
-
-
9,000| ||626,088
416,561
140,971
9,479
21,764
13,968
1,228,831
1,059,232| ||| |**Restricted**
**Funds**|Staff
Direct
Overhead
Depreciation
Marketing
Governance
Total
Total| ||Costs
Costs
Costs
Costs
Costs
Costs
2025
2024| ||£
£
£
£
£
£
£
£| |Cost of raising
funds|-
-
3,028
-
15,977
-
19,005
-| ||-
-
3,028
-
15,977
-
19,005
-| ## 11. EXPENDITURE ON CHARITABLE ACTIVITIES |**Unrestricted**
**Funds**|Staff
Direct
Overhead
Depreciation
Marketing
Governance
Total
Total| |---|---| ||Costs
Costs
Costs
Costs
Costs
Costs
2025
2024| ||£
£
£
£
£
£
£
£| |Collections &
exhibitions|270,999
507,817
262,180
9,491
39,830
15,565
1,105,882
833,272| |Learning|130,074
42,197
146,513
5,304
22,258
8,698
355,044
380,560| |Visitor services|737,605
495
354,249
16,190
67,944
26,552
1,203,035
1,430,316| |Public
programme|40,223
65,307
38,556
1,396
5,857
2,289
153,628
156,121| |Garden|32,609
11,772
(306,886)
90,548
10,557
2,289
(159,111)
199,520| ||| ||1,211,510
627,588
494,612
122,929
146,446
55,393
2,658,478
2,999,789| 44 ## ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 11. EXPENDITURE ON CHARITABLE ACTIVITIES _(con�nued)_ |**Restricted**||||||||| |---|---|---|---|---|---|---|---|---| |**Funds**|Staff|Direct|
Overhead|Depreciation|Marketing|Governance|
Total|Total| ||Costs|Costs|
Costs|Costs|Costs|Costs|
2025|2024| ||£|£|
£|£|£|£|
£|£| |Collections &||||||||| |exhibitions|111,394|303,340|
6,055|-|31,955|-|
452,744|405,376| |Learning|113,568|64,592|
3,384|-|17,857|-|
199,401|123,224| |Visitor services|-|-|
10,330|-|54,511|-|
64,841|18,500| |Public||||||||| |programme|-|-|
891|-|4,699|-|
5,590|-| ||224,961|367,932|20,660|-|109,023|-|722,576|547,100| Shared and support costs totalling £2,298,065 (2024: £2,042,636) as set out above and comprising in the majority staff costs have been allocated across the ac�vi�es based upon the staff �me devoted to these areas. Staff costs for these areas are reported under the staff cost heading, other than amounts allocated to Governance. The costs allocated to the Garden include a credit for the release of a provision no longer required. ## 12. GOVERNANCE COSTS |**Unrestricted Funds**|Total
Total| |---|---| ||2025
2024| ||£
£| |Legal & professional fees|40,514
40,682| ||| |Audit & accountancy fees|28,847
44,965| ||| ||69,361
85,647| ## 13. NET INCOME/EXPENDITURE FOR THE YEAR |This is stated after charging:|2025|2024| |---|---|---| ||£|£| |Depreciation|132,407|126,787| |Auditor's remuneration:||| |Fees payable to the company's auditor for the audit of the||| |company's annual financial statements|22,662|17,110| |Fees payable to the company's auditor for the audit of the||| |subsidiary's annual financial statements|6,185|6,360| |Tax compliance and advisory services|10,000|16,500| |Accountancy services|5,000|4,995| 45 ## ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 14. TAXATION ||2025
£|2024| |---|---|---| |||£| |||| |United Kingdom corporation tax at 25% (2024: 19%)|-|-| ## 15. TANGIBLE FIXED ASSETS ## **Group** ||Assets in
the course
of
construction
Plant &
Machinery
Fixtures
&
Fittings
Gatehouse
Garden
Office &
Gallery
Equipment
Computer
& AV
Equipment
Leasehold
Land &
Buildings
**Total**| |---|---| ||£
£
£
£
£
£
£
£
**£**| |Cost:|| |At 1 April
2024|55,238
12,326
189,825
169,373
1,641,584
32,282
5,695
188,449
**2,294,772**| |Additions|10,588
-
-
-
-
8,295
49,123
-
**68,006**| ||| |**At 31 March**
**2025**|**65,826**
**12,326**
**189,825**
**169,373**
**1,641,584**
**40,577**
**54,818**
**188,449**
**2,362,778**| ||| |Accumulated
Depreciation|| |At 1 April
2024|-
11,768
66,531
36,818
314,131
11,358
4,504
84,804
**529,914**| |Charge for
the year|-
558
18,780
8,469
82,080
6,608
6,487
9,425
**132,407**| ||| |**At 31 March**
**2025**|**-**
**12,326**
**85,311**
**45,287**
**396,211**
**17,966**
**10,991**
**94,229**
**662,321**| ||| |Net Book
Value|| |**At 31 March**
**2025**|**65,826**
**-**
**104,514**
**124,086**
**1,245,374**
**22,611**
**43,827**
**94,220**
**1,700,457**| |At 31 March
2024|55,238
558
123,294
132,555
1,327,453
20,924
1,191
103,645
1,764,857| 46 ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 15. TANGIBLE FIXED ASSETS _(con�nued)_ ## **Charity** ||Assets in the
course of
construction
Plant &
Machinery
Fixtures &
Fittings
Office &
Gallery
Equipment
Computer &
AV Equipment
Leasehold
Land &
Buildings
Total| |---|---| ||£
£
£
£
£
£
£| |Cost:|| |At 1 April 2024|55,238
2,790
186,580
15,082
1,810
188,449
449,949| |Additions|10,588
-
-
8,295
49,123
-
68,006| ||| |**At 31 March**
**2025**|**65,826**
**2,790**
**186,580**
**23,377**
**50,933**
**188,449**
**517,955**| ||| |Accumulated
Depreciation:|| |At 1 April 2024|-
2,232
64,396
4,077
1,578
84,803
157,085| |Charge for the
year|-
558
18,455
3,168
5,518
9,425
37,125| ||| |**At 31 March**
**2025**|**-**
**2,790**
**82,851**
**7,245**
**7,096**
**94,228**
**194,211**| ||| |Net Book Value:|| |**At 31 March**
**2025**|**65,826**
**-**
**103,729**
**16,132**
**43,837**
**94,221**
**323,744**| |At 31 March
2024|55,238
559
122,184
11,005
232
103,646
292,864| 47 ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 16. INVESTMENTS HELD AS FIXED ASSETS ||2025
2025
2024
2024| |---|---| ||Group
Charity
Group
Charity| |Investment in subsidiary|-
1
-
1| |Listed investments|1,036,409
1,036,409
1,217,638
1,217,638| ||1,036,409
1,036,410
1,217,638
1,217,639| |Listed investments|| ||Investments
Cash
Investments
Cash| |---|---| ||2025
2025
2024
2024| ||£
£
£
£| |Market value brought
forward at 1 April 2024|1,182,078
35,559
1,146,552
20,718| |Additions @ cost|323,992
-
147,437
-| |Disposals @ carrying value|(296,030)
-
(144,628)
-| |Movement in cash|-
(17,560)
-
14,841| |Withdrawal from portfolio|(200,000)| |Valuation movements|8,370
-
32,716
-| |Market value carried
forward at 31 March 2025|1,018,410
17,999
1,182,078
35,559| Company Registra�on Number 07594964, a company registered in England and Wales. The principal ac�vi�es of the company are to carry out the retail, venue hire and catering opera�ons of the group. 10383188, a charitable company limited by guarantee and registered in England and Wales. The principal ac�vi�es of the charitable company are to operate The Hepworth Wakefield Garden. 48 ## ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 16. INVESTMENTS HELD AS FIXED ASSETS _(con�nued)_ 2025 are summarised below: ||**2025**
**2024**| |---|---| ||**£**
**£**| |Turnover|988,153
1,142,645| |Cost of sales|(594,586)
(599,123)| ||| |Gross profit|393,567
543,522| ||| |Administrative expenses|(246,540)
(249,195)| |Other operating income|4,101
850| ||| |Profit before taxation|151,128
295,177| ||| |Tax onprofit|-
-| |**Profit for the year**|**151,128**
**295,177**| The aggregate of the assets, liabili�es and funds was: ||**2025**
**2024**| |---|---| ||**£**
**£**| |Assets|336,283
413,840| |Liabilities|(180,872)
(117,289)| ||155,411
296,551| ||| |Represented by:|| |Called up share capital|1
1| |Profit & Loss reserve|155,410
296,550| |Shareholders' funds|155,411
296,551| 49 ## ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 16. INVESTMENTS HELD AS FIXED ASSETS _(con�nued)_ 2025 is summarised below: |Total funds brought forward
Total income
Total expenditure
Total funds carried forward|**2025**
**2024**
(760,038)
(560,518)
-
-
65,669
(199,520)| |---|---| ||(694,369)
(760,038)| The aggregate of the assets, liabili�es and funds was: |Assets
Liabilities
Represented by:
Unrestricted funds|**2025**
**2024**
1,369,589
1,807,596
(2,063,958)
(2,567,634)| |---|---| ||(694,369)
(760,038)| ## 17. STOCKS |17. STOCKS|| |---|---| ||**2025**
**2025**
**2024**
**2024**| ||Group
Charity
Group
Charity| ||£
£
£
£| ||| |Goods for resale|171,932
-
156,265
-| |18. INVESTMENTS|**2025**
**2025**
**2024**
**2024**
Group
Charity
Group
Charity
£
£
£
£
-
-
-
-| ||| ||| ||| ||| |Current asset investment held
in cash|| 50 ## ## NOTES TO THE FINANCIAL STATEMENTS ## Year Ended 31 March 2025 ## 19. DEBTORS |19. DEBTORS|| |---|---| ||**2025**
**2025**
**2024**
**2024**| ||Group
Charity
Group
Charity| ||£
£
£
£| |**Amounts falling due within one year:**|| |Trade debtors|193,924
159,657
269,309
250,420| |Amount owed by subsidiaries|-
170,419
-
119,633| |Other debtors|70,410
31,271
140,633
36,233| |Prepayments and accrued income|295,328
295,328
286,687
286,687| ||| ||**559,662**
**656,675**
**696,628**
**692,972**| ## 20. CREDITORS: Amounts falling due within one year ||**2025**
**2025**
**2024**
**2024**| |---|---| ||Group
Charity
Group
Charity| ||£
£
£
£| |**Amounts falling due within one year:**|| |Trade creditors|225,546
190,720
168,172
144,127| |Other creditors|15,479
14,023
-
-| |Amounts due to group companies|-
-
-
-| |Other taxes & social security|34,768
34,768
48,698
48,698| |Accruals & deferred income|146,964
138,804
267,477
259,417| |VAT creditor|55,304
54,846
420,925
74,593| ||**478,061**
**433,161**
**905,272**
**526,835**| ## 21. FINANCIAL INSTRUMENTS |21. FINANCIAL INSTRUMENTS|| |---|---| ||**2025**
**2025**
**2024**
**2024**| ||Group
Charity
Group
Charity| ||£
£
£
£| |**Carrying amount of financial assets:**|| |Debt instruments measured at amortised cost|489,251
454,984
555,995
537,106| ||| |**Carrying amount of financial liabilities:**|| |Measured at amortised cost|372,510
329,523
435,649
403,544| 51 ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 22. MOVEMENT IN UNRESTRICTED FUNDS Unrestricted funds comprise the following: |**Group**|1 April
Income
Expenditure
Net gains/(losses)
Transfers
Actuarial
31 March| |---|---| ||2024
on investments
(loss)
2025| ||£
£
£
£
£
£
£| |General unrestricted
funds|3,496,952
3,558,613
(3,887,307)
8,370
-
(93,000)
3,083,628| |Total unrestricted
funds|3,496,952
3,558,613
(3,887,307)
8,370
-
(93,000)
3,083,628| ||| |**Charity**|1 April
Income
Expenditure
Net gains/(losses)
Transfers
Actuarial
31 March| ||2024
on investments
gain/(loss)
2025| ||£
£
£
£
£
£
£| |General unrestricted
funds|1,773,586
3,219,804
(3,315,745)
8,370
-
(93,000)
1,593,015| |Total unrestricted
funds|1,773,586
3,219,804
(3,315,745)
8,370
-
(93,000)
1,593,015| ## PRIOR YEAR MOVEMENT IN UNRESTRICTED FUNDS |**Group**|1 April
Income
Expenditure
Net
gains/(losses)
Transfers
Actuarial
31 March| |---|---| ||2023
on investments
gain
2024| ||£
£
£
£
£
£
£| |General unrestricted
funds|3,945,106
3,569,150
(4,059,021)
32,716
-
9,000
3,496,952| |Pension reserve|-
-
-
-
-
-
-| |Total unrestricted
funds|3,945,106
3,569,150
(4,059,021)
32,716
-
9,000
3,496,952| ||| |**Charity**|1 April
Income
Expenditure
Net
gains/(losses)
Transfers
Actuarial
31 March| ||2023
on investments
gain/(loss)
2024| ||£
£
£
£
£
£
£| |General unrestricted
funds|2,214,782
2,637,133
(3,120,045)
32,716
-
9,000
1,773,586| |Pension reserve|-
-
-
-
-
-
-| |Total unrestricted
funds|2,214,782
2,637,133
(3,120,045)
32,716
-
9,000
1,773,586| 52 ## ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 23. MOVEMENT IN DESIGNATED FUNDS There were no designated funds during the year. ## 24. MOVEMENT IN RESTRICTED FUNDS Restricted funds comprise grants and dona�ons given towards expenditure on the Hepworth’s charitable aims. |||1 April 2024
31 March
2025| |---|---|---| |||| ||Funder|Opening
Income
Expenditure
Transfers
Closing| |||£
£
£
£
£| ||Brought Forward|| ||Mayor's Safer Communities Fund Grant|7,550
-
7,550
-
-| ||Freelands Foundation|8,700
-
8,700
-
-| ||Art Fund|35,815
-
35,815
-
-| ||Blank Projects Contemporary Art Gallery Ltd|5,000
-
5,000
-
-| ||Casey Kaplan Gallery|5,000
-
5,000
-
-| ||Ronald Moody Trust|25,000
-
25,000
-
-| ||Bloomberg|125,000
-
125,000
-
-| ||Eridge Trust|10,000
-
10,000
-
-| ||Simon Palley|18,000
-
18,000
-
-| ||Bramall Fund|55,000
-
55,000
-
-| |||-
3,614
3,614
-
-| ||Received in year|| ||Yorkshire Partnership Creative Minds|| ||Henry Moore Foundation|-
15,000
15,000
-
-| ||WMDC Connecting Cultures|-
34,455
34,455
-
-| ||Henry Moore Foundation|-
5,000
5,000
-
-| ||Eridge Trust|-
8,000
-
-
8,000| ||29th May 1961 Charitable Trust|-
5,000
-
-
5,000| ||Paul Mellon Centre|-
9,750
9,750
-
-| ||Bloomberg|-
25,000
16,700
-
8,300| ||Foundation Foundation|-
8,000
8,000
-
-| ||Art Fund|-
54,300
-
-
54,300| ||The Headley Trust|-
5,000
5,000
-
-| ||MAAK Foundation|-
2,000
2,000
-
-| |||| ||Amount to carry down|295,065
175,119
394,584
-
75,600| 53 ## ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 24. MOVEMENT IN RESTRICTED FUNDS _(con�nued)_ |Amount brought down|295,065
175,119
394,584
-
75,600| |---|---| |Stephen Friedman Gallery|-
31,297
203
-
31,094| |V&A Collections|-
20,400
-
-
20,400| |Paul Mellon Centre|-
6,000
6,000
-
-| |Bramall Fund|-
55,000
-
-
55,000| |The Ross Foundation|-
5,000
-
-
5,000| |Ryan Taylor|-
20,000
20,000
-
-| |Ken Li|-
5,000
5,000
-
-| |Brian Kennedy|-
3,000
3,000
-
-| |Adrian Sassoon|-
9,600
9,600
-
-| |Leeds City Council|-
6,988
6,988
-
-| |Dane Chantala Associates Ltd|-
1,940
1,940
-
-| |Casey Kaplan Gallery|-
1,150
1,150
-
-| |Federation of Crigglestone & The Castle
Nursery Schools|-
3,030
3,030
-
-| |Wakefield Council|-
1,995
1,995
-
-| |The Porthmeor Foundation|-
14,000
-
-
14,000| |Christopher Gorman-Evans|-
6,080
6,080
-
-| |Ryan Taylor|-
225,600
214,320
-
11,280| |Henry Moore Foundation|-
8,000
-
-
8,000| |Pro Helvetia|-
8,800
8,800
-
-| |Paul Mellon Centre|-
2,350
-
-
2,350| |Grosvenor Gallery|-
3,000
3,000
-
-| |Dane Chantala Associates Ltd|-
10,000
10,000
-
-| |A4 Arts Foundation|-
7,890
7,890
-
-| |White Cube|-
20,000
20,000
-
-| |Marguerite Steed Hoffman|-
3,731
-
-
3,731| |The Modern Institute|-
5,000
5,000
-
-| |Richard Saltoun Gallery|-
5,000
-
-
5,000| |Other|-
13,000
13,000
-
-| ||| ||295,065
677,970
741,580
-
231,455| 54 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 24. MOVEMENT IN RESTRICTED FUNDS _(con�nued)_ 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. Major grants and dona�ons are explained further below: - Art Fund – Respond & Reimagine grant funding learning ac�vity - Ronald Moody Trust – funding for the Ronald Moody exhibi�on - Bloomberg Digital Accelerator – funding for digital innova�on and new DAMS system - Eridge Trust – funding for the learning programme’s school prints project - WMDC Connec�ng Cultures – funding for the learning outreach programme - Simon Palley – funding for the learning programme - Bramall Fund – funding for the family learning programme - Henry Moore Founda�on – funding for the Kim Lim exhibi�on - Art Fund – funding for a Ronald Moody archive project - Stephen Friedman Gallery – funding for the Caroline Walker exhibi�on - Art Fund – funding for acquisi�on of work by Igshaan Adams - V&A Collec�ons – funding for acquisi�on of work by Igshaan Adams - Ryan Taylor dona�on – funding for the Louise Giovanelli exhibi�on - Porthmeor Founda�on – funding for conserva�on costs associated with Barbara Hepworth tex�le works - Ryan Taylor dona�on – funding for Louise Giovanelli acquisi�on - Dane Chantala Associates – funding for the Igshaan Adams exhibi�on - White Cube Gallery – funding for the Louise Giovanelli exhibi�on 55 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 24. MOVEMENT IN RESTRICTED FUNDS _(con�nued)_ ## PRIOR YEAR MOVEMENT IN RESTRICTED FUNDS |||1 April 2023
March 2024| |---|---|---| |||| ||Funder|Opening
Income
Expenditure
Transfers
Closing| |||£
£
£
£
£| |||| ||Brought Forward|| ||Alison Jacques Gallery|-
-
-
-
-| ||Art Fund (Ceramics)|9,979
-
9,979
-
-| ||Griselda Pollock|-
-
-
-
-| ||Henry Moore Foundation|-
-
-
-
-| ||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| |||| ||Received in Year|| ||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
-
-| ||ArtFund|-
50,000
50,000
-
-| |||| |||222,319
130,975
301,229
-
52,065| ||Amount to carry down|| 56 ## ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 24. MOVEMENT IN RESTRICTED FUNDS _(con�nued)_ |Amount brought down|222,319
130,975
301,229
-
52,065| |---|---| ||| |Russell 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 Contemporary Art Gallery
Ltd|-
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| ## 25. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS Group |Group|| |---|---| ||Unrestricted
Designated
Restricted
31 March
31 March| ||Funds
Funds
Funds
2025
2024| ||£
£
£
£
£| |Tangible fixed assets|1,700,457
-
-
1,700,457
1,764,857| |Fixed asset investments|1,036,409
-
-
1,036,409
1,217,638| |Stocks|171,932
-
-
171,932
156,265| |Investments|-
-
-
-
-| |Debtors|497,818
-
61,844
559,662
696,628| |Cash at bank and in hand|155,073
-
169,611
324,684
861,901| |Creditors: amounts falling
due within one year|(478,061)
-
-
(478,061)
(905,272)| |Provision for liabilities|-
-
-
-
-| |Defined benefit pension
scheme liability|-
-
-
-
-| |At 31 March 2025|3,083,628
-
231,455
3,315,083
3,792,017| 57 ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 25. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS _(con�nued)_ |Charity|| |---|---| ||Unrestricted
Designated
Restricted
31 March
31 March| ||Funds
Funds
Funds
2025
2024| ||£
£
£
£
£| |Tangible fixed assets|323,744
-
-
323,744
292,863| |Fixed asset investments|1,036,410
-
-
1,036,410
1,217,639| |Stocks|-
-
-
-
-| |Investments|-
-
-
-
-| |Debtors|594,831
-
61,844
656,675
692,972| |Cash at bank and in hand|71,191
-
169,611
240,802
392,013| |Creditors: amounts falling
due within one year|(433,161)
-
-
(433,161)
(526,835)| |Provision for liabilities|-
-
-
-
-| |Defined benefit pension
scheme liability|-
-
-
-
-| |At 31 March 2025|1,593,015
-
231,455
1,824,470
2,068,652| PRIOR YEAR ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS Group |Group|| |---|---| ||Unrestricted
Designated
Restricted
31 March| ||Funds
Funds
Funds
2024| ||£
£
£
£| |Tangible fixed assets|1,764,857
-
-
1,764,857| |Fixed asset investments|1,217,638
-
-
1,217,638| |Stocks|156,265
-
-
156,265| |Investments|-
-
-
-| |Debtors|696,433
-
195
696,628| |Cash at bank and in hand|567,030
-
294,870
861,901| |Creditors: amounts falling
due within one year|(905,272)
-
-
(905,272)| |Provision for liabilities|-
-
-
-| |Defined benefit pension
scheme liability|-
-
-
-| |At 31 March 2024|3,496,952
-
295,065
3,792,017| 58 ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 25. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS _(con�nued)_ |Charity|| |---|---| ||Unrestricted
Designated
Restricted
31 March| ||Funds
Funds
Funds
2024| ||£
£
£
£| |Tangible fixed assets|292,863
-
-
292,863| |Fixed asset investments|1,217,638
-
-
1,217,638| |Stocks|-
-
-
-| |Investments|-
-
-
-| |Debtors|692,777
-
195
692,972| |Cash at bank and in hand|97,142
-
294,870
392,013| |Creditors: amounts falling
due within one year|(526,835)
-
-
(526,835)| |Provision for liabilities|-
-
-
-| |Defined benefit pension
scheme liability|-
-
-
-| |At 31 March 2024|1,773,586
-
295,065
2,068,652| ## 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. ## 27. PENSION SCHEMES The group contributes to two pension schemes. ## Sco�sh Life which is available to all other employees not part of the defined benefit scheme. (2024: £103,829). As at 31 March 2025, contribu�ons of £12,905 (2024: £2,522) due in respect of the current repor�ng period had not been paid over to the scheme. ## who have previously contributed to the scheme. Under the scheme, the employees are en�tled to re�rement benefits based on a combina�on of length of service and final salary on a�ainment of a re�rement age of 65 (55 with employer consent). No other post-re�rement benefits are provided. The scheme is a funded scheme. 59 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 27. PENSION SCHEMES _(con�nued)_ were carried out at 31 March 2025 by Aon Hewi�. As the fund is closed to new entrants, the cost of the future accrual as a propor�on of the salary roll can be expected to increase as the average age of the membership increases, on a given basis. Adjustment to the valua�on at the year-end have been made based on the following assump�ons: ||2025|2024| |---|---|---| ||%|%| |Key assump�ons:||| |Discount rate|5.8|4.7| |Expected rate of salary increases|3.75|3.85| |Expected rate of increase for future pension increases|2.5|2.6| |Rate of infa�on|2.5|2.6| |Mortality assump�ons:||| |The assumed life expecta�ons on re�rement at age 65 are:||| ||2025|2024| ||years|years| |Re�ring today:||| |Males|20.9|21.0| |Females|24.1|24.2| |Re�ring in 20 years:||| |Males|21.8|22.3| |Females|24.8|25.2| |Amounts recognised in the statement of fnancial ac�vi�es:||| ||2025|2024| ||£|£| |Current service cost|26,000|28,000| |Net interest on defned beneft liability|(4,000)|(1,000)| ||______|______| |Total costs|22,000|27,000| ||______|______| |Amounts taken to other comprehensive income:||| ||2025|2024| |Actual return on scheme assets|(93,000)|8,000| ||______|______| 60 NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## ## 27. PENSION SCHEMES _(con�nued)_ |beneft schemes is as follows:||| |---|---|---| ||2025|2024| ||£|£| |Present value of defned beneft obliga�ons|(728,000)|(856,000)| |Fair value of scheme assets|1,027,000|952,000| |Restric�on in scheme assets|(299,000)|(96,000)| ||______|______| |Total asset recognised|-|-| ||______|______| Reconcilia�on of scheme assets and liabili�es: |Reconcilia�on of scheme assets and liabili�es:|||| |---|---|---|---| ||Assets|Liabili�es|Total| |At 1 April 2024|952,000|(856,000)|96,000| |Benefts paid|(1,000)|1,000|-| |Employer contribu�ons|19,000|-|19,000| |Par�cipant contribu�ons|13,000|(13,000)|-| |Current service cost|-|(26,000)|(26,000)| |Interest income/(expense)|45,000|(41,000)|4,000| |Re-measurement gains/(losses)|-|(5,000)|(5,000)| |Actuarial gains/(losses)|(1,000)|212,000|211,000| ||______|______|______| |At 31 March 2025|1,027,000|(728,000)|299,000| ||______|______|______| The fair value of the plan assets was: ||2025|2024| |---|---|---| ||£|£| |Equity instruments|810,000|756,000| |Property|29,000|27,000| |Government bonds|92,000|81,000| |Corporate bonds|41,000|40,000| |Cash|27,000|17,000| |Other|28,000|31,000| ||______|______| ||1,027,000|952,000| ______ ______ 61 ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 27. PENSION SCHEMES _(con�nued)_ The return on plan assets was: ||Fair value of|Fair value of| |---|---|---| ||assets|assets| ||______|______| ||2025|2024| ||£|£| |Interest income|45,000|40,000| |Return on plan assets less interest income|(5,000)|33,000| ||______|______| |Total return on plan assets|40,000|73,000| ||______|______| ## 28. RELATED PARTY TRANSACTIONS The following related party transac�ons took place in the year: |The following related party transac�ons took place in the year:|The following related party transac�ons took place in the year:| |---|---| |2025
2024|| |£
£|| |a) The remuneration of key management personnel, who are members of the executive team is as follows:|| ||| |Aggregate compensation|594,894
564,564| ||| |b) Other related parties:|| |Wakefield Metropolitan Borough Council:|| |Service Concession agreement income|750,000
750,000| |Deferred income|85,000
-| |Services and goods purchased|39,332
42,267| ||| |Purchases and transfers from The Hepworth Wakefield Enterprises Ltd|14,148
85,233| |Recharge of costs to The Hepworth Wakefield Enterprises Ltd|431,375
457,772| |Recharge of costs to The Hepworth Wakefield Garden Trust|98,834
108,972| |Gift aid payment from The Hepworth Wakefield Enterprises Ltd|292,206
211,477| |Purchases from Howard Hodgkin Home Limited (Selina Fellows, Trustee, is
a director)|917
-| |Donations,subscriptions and membershipspaid bytrustees|7,988
5,793| ||2,314,964
2,226,078| At 31 March 2025, related party transac�ons outstanding with non-group organisa�ons were £6,965 (2024: Nil) within creditors and £Nil within debtors. Related party balances with group companies were £Nil within creditors (2024: £Nil) and £170,419 within debtors (2024: £119,663). 62 ## NOTES TO THE FINANCIAL STATEMENTS Year Ended 31 March 2025 ## 29. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES ||Group| |---|---| ||2025
2024| ||£
£| |Net movement in funds|(476,934)
(375,408)| |Investment income|(24,872)
(30,956)| |(Gains) on investments|(8,370)
(32,716)| |Depreciation charge|132,407
126,787| |Defined benefit pension schemes (gains) / losses|93,000
25,404| |Defined benefit pension schemes expense movement|(93,000)
-| |(Increase) / decrease in stocks|(15,666)
12,803| |Decrease /(increase) in debtors|136,966
(448,524)| |(Decrease) /increase in creditors|(427,210)
151,461| ||(683,680)
(571,149)| ## 30. OPERATING LEASES At 31[st] March 2025 the total of The Hepworth Wakefield’s future minimum lease payments under noncancellable opera�ng leases was: |cancellable opera�ng leases was:|| |---|---| ||2025
2024| ||£
£| |Amounts due within 1 year|2,155
2,155| |Amounts due within 1 – 5 years|1,078
3,233| ||3,233
5,388| ## 31. CAPITAL COMMITMENTS At year end there were capital commitments of £nil (2024: £nil) being assets contracted for but not provided in 63