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Company registration number 02851794 (England and Wales)
Charity registration number 1026175 (England and Wales)
CHISENHALE GALLERY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
AMENDED
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CHISENHALE GALLERY
CONTENTS
Page
Trustees’ report
Independent examiner's report
Statement of financial activities
Balance sheet
Statement of cash flows
Notes to the financial statements
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12
13-14
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17 - 31
CHISENHALE GALLERY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their annual report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
INTRODUCTION
Chisenhale Gallery was founded by artists. The same experimental vision and spirit of possibility that changed an empty veneer factory and brewery warehouse into an art gallery guides our work today. We commission and produce contemporary art, publish books and online material, and actively engage in social projects. Chisenhale Gallery's Commissions Programme supports international and UK-based artists to pursue new directions and produce their most ambitious work to date. Over one-to-two years, we work closely with each artist through concept and research, to production and presentation. Combining extensive research and sustained curatorial engagement, the programme reflects an inspiring and challenging range of perspectives and art forms. We produce three to four new commissions each year and, as part of the process, a series of talks and events is programmed with each artist.
Partnerships and collaboration are central to Chisenhale Gallery’s output. They enable the production of ambitious new commissions, while extending the reach of the programme nationally and internationally through touring and co-commissioning. Recent examples include: Simnikiwe Buhlungu’s commission hygrosummons (iter.07), at Kunstinstituut Melly in The Netherlands, and Alia Farid’s 2023 commission E/sewhere at Passerelle Centre d'art contemporain, Brest; and The Power Plant, Toronto. Located in a dynamic and creative residential neighbourhood in the heart of London’s East End, where many cultures converge, Chisenhale Gallery is an evolving space for experimentation, transformed by each artist’s commission. This building is home to Chisenhale Gallery and our colleagues Chisenhale Dance Space and Chisenhale Studios.
We care about sustaining relationships with fellow community-based organisations. As our locality’s needs change, we look to develop ongoing projects and collaborations accordingly. Working in partnership with schools and community groups across Tower Hamlets and Hackney, we aim to uncover inspiring connections to everyday life through art.
Chisenhale Gallery is a registered charity, part of Arts Council England’s National Portfolio. We fundraise for 100% of the artistic programme through trusts, foundations and individuals. All of our exhibitions are free. For more information about current and forthcoming commissions, and to find out about Chisenhale Gallery’s historic programme, please visit www.chisenhale.org.uk.
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CHISENHALE GALLERY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
MISSION, VISION, VALUES
Mission: To Champion the next generation of artists
Chisenhale champions the next generation of artists and is inspired by exciting and thought-provoking ways that artists reinterpret the world. The gallery amplifies artists’ voices to connect with the artist within us all.
Chisenhale believes that excellent artists are everywhere and so provides platforms for them to be seen and heard, not only in the gallery or art studio, but also in classrooms, in books and throughout the local area. The gallery works with UK-based artists to provide an international platform and with international artists to support their UK network.
Vision
A dynamic neighbourhood art gallery with an international reach, we uniquely bring to life artists’ ideas and are a vital contributor to our many communities locally and worldwide.
We are:
Collaborative - we share our expertise readily and recognise the skills others can contribute to our work
Supportive - we provide constructively critical friendship to artists, encouraging their practices to develop in exciting new ways
Curious - we ask ourselves and others what hasn’t been done before and work to achieve it
Inspiring - we make space for artists who in turn inspire future artists
Inclusive - we care about being a welcoming place that can be shared by everyone
STRATEGIC AIMS AND OBJECTIVES
The following seven Strategic Objectives underpin all of Chisenhale Gallery’s activities and inform the set of activities and priorities outlined in the Gallery’s Business Plan for 2023-24. Collectively they contribute to the goals of Chisenhale Gallery's core funder, Arts Council England, as set out in its strategy for 2020-30, ‘Let’s Create’.
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To provide opportunities for artists to develop and produce new inspiring work, often giving them their first public platform within an institution in London. 2. To create varied opportunities for audiences to connect with artists through the Gallery’s programmes, addressing key questions raised by artists’ works and welcoming participants to express their own creativity. 3. To provide employment and professional development for artists and arts workers, enabling them to develop their practises.
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To be a platform for artists from varied cultural and social backgrounds to produce new work and reach audiences from across the UK and abroad. 5. To inspire and reach audiences locally, nationally and internationally across a range of platforms, including providing relevant artist-led, community-focused programmes. 6. To show principled leadership, ensuring the Gallery has a highly skilled and supported staff and board that is fully representative of an inclusive society.
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To sustain a resilient, ethical and environmentally responsible business model for Chisenhale Gallery to ensure resources match ambitions, and enable the Gallery to secure its accommodation for the long-term.
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CHISENHALE GALLERY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
COMMISSIONS The Missing O & E Joshua Leon 23 February—21 April 2024 Opening: 22 February 2024
Exhibition audience figures: 1808 Talks, local and schools programme participation: 158
Commission description:
¢ Spanning sculpture and sound, Leon’s installation traced a collapsing of memories and histories to offer a nuanced exploration of Jewish identity, where absence and ellipses transition from socially imposed to politically intentional. Taking the CHN inlaid brick sign on the exterior of the building as a starting point, the exhibition asked questions of visibility, assimilation and agency. Audience Feedback:
e “Fabulous to see this history addressed.” e “Thank you so much for presenting Joshua Leon’s work — utterly fascinating!” ¢ “| found the Joshua Leon show moving and profound.” ¢ “Beautiful show” e “Very subtle and interesting show. Clever. Really enjoyed it.” e “Very thought-provoking and touching.”
Artist Feedback:
¢ | am delighted with the exhibition itself. My ideas were nurtured and polished and | recognise how big of an achievement the work was and is, and how transformative the process has been in allowing me to perceive my work at this scale. ¢ | can see the types of infrastructure | need to make my work. The way in which my research and ideas can fold together. What it means to work with people you care about and who care about your work and your life. The biggest take away | have is that my work is actually about knowledge production and the way in which exhibitions can do this. This was something | had never experienced in my work before. e As this was my first publication | thought the speed of the project was great. 18 months of writing and four and a half for editing. | think | could have worked for longer but now that it is over | feel this was more situated in the pleasure | had at the time for writing and perhaps also a bit of concern about finishing. and events: ¢ Saturday 9 March, 11—-11.30am: A tour of The Missing O and E with Assistant Curator Oscar Abdulla. (13) ¢ Wednesday 13 March, 7—9pm: A conversation about artistic practice facilitated by Joshua Leon and Abbas Zahedi, an iteration of their collaborative project Kounsel. (23) ¢ Tuesday 26 March, 7—-9pm: Crit with Caragh Thuring and Peer Sessions (artists Kate Pickering and Charlotte Warne Thomas). (30) ¢ Wednesday 27 March, 7—8.30pm: An evening of music and poetry in partnership with Austrian Cultural Forum London. (45) ¢ Thursday 4 April, 7-9pm: The launch of Leon’s publication, The Process. Featuring a conversation between Leon and the exhibition’s curators Olivia Aherne and Amy Jones. (45) ¢ Thursday 18 April, 7—9pm: A talk by Cultural historian Juliet Steyn responding to themes in The Missing O and E, followed by a conversation with Joshua Leon. (35)
Talks and events:
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CHISENHALE GALLERY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
pink & green Rory Pilgrim 17 May—21 July 2024 Opening: 16 May 2024 Exhibition audience figures: 1221 Talks, local and schools programme participation: 781
Commission description:
¢ Rory Pilgrim is a British artist based in Amsterdam, NL. Pilgrim was nominated for the Turner Prize in 2023, and was the winner of the Prix de Rome in 2019. ¢ pink & green rethinks the emotional and ecological impact of law. As a part of the process, Pilgrim directed a series of storytelling and music workshops with men incarcerated at HM Portland Prison and young people on the island that are connected to the criminal justice system. ¢ The result is an exhibition as screenplay; a precursor to a feature film due for cinema release in 2026 (with support from Chisenhale Gallery, Vieeshal and Smarthouse Productions, Pilgrim was recently awarded the De Verbeelding grant). ¢ Interweaving drawing, painting, lighting, original music, and animation, the exhibition asks; how might we reframe justice as a form of spiritual sanctuary? Talks and events: ¢ 18th May, 2024, 12-6pm - Family Open Day (355) e 4 June 2024, 2024, 7-9pm - Chisenhale Crit with Edward Thomasson (30). Edward Thomasson “A genuinely good example of an engagement programme that is useful for artists”. e 8 June 2024, 2-4pm: Art, Education and Social Exclusion — a discursive peer-led forum exploring sustainable practice for artists and educators working in the margins of the education and criminal justice system. (23) Feedback: “This type of work is often delicate, ethically complex, and isolating, making the prospect of an interdisciplinary network of practitioners — including those with institutional backgrounds and those operating as independent artists — dedicated to sharing insights and resources with one another extremely exciting and undeniably necessary.” e 12 June 2024, 7-8:30pm: In Gesture of (Listening) Conversation: Sound, Abolition, Relation. Scholar, activist and psychotherapist Gail Lewis led a collective reading and listening session exploring music and texts related to pink & green. (13) e¢ 15 June 2024, 11am—12pm: A walkthrough of pink & green with Asymmetry Curatorial Research Fellow Rachel Be-Yun Wang. (4) ¢ 30 June, 2024, 2-4pm: A launch of In Cascades, offsite - Victoria Park Bandstand, (300). ¢ 18 July, 7:30—9pm: An evening of words and live music with Rory Pilgrim, Robyn Haddon, Carina Murray & HM Prison Portland facilitators. (Event pending)
hygrosummons (iter.01) Simnikiwe Buhlungu 6 September — 3 November 2024 Opening: 5 September 2024 Exhibition audience figures: 2311 Talks, local and schools programme participation: 292 (+ 750 for Chisenhale Arts & Community Street Party = 1042) Buhlungu’s commission is co-commissioned with Kunstinstituut Melly, Rotterdam where it will be exhibited 16 May — 26 October 2025.
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by the current exhibition” !
CHISENHALE GALLERY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Titles
besides Puleng; dontsa-ring and roving preoccupations! Simnikiwe Buhlungu
e¢ Anew publication, the artist's most ambitious in its scope, will consolidate a significant body of original research related to the commission, while situating Buhlungu’s practice in dialogue with other artists, researchers and musicians worldwide. ¢ Contributors include Said Ortega, Taylor Le Melle, Knwezi Gule, The Brother Moves On, Alunamnda Buhlungu and George Mahashe. ¢ The publication will be co-published by Chisenhale Gallery and Mousse Publishing. ¢ We have appointed the London based artists and designer Rose Nordin to design/produce the publication. ¢ We are aiming for the book to launch in the last week of Buhlungu’s exhibition.
Volume | of Fiction/Non-Fiction by Bruno Zhu
¢ A new iterative reader by Zhu, with Volume |: Fiction/Non-Fiction launching alongside his Chisenhale Gallery’s exhibition in November 2024. ¢ The reader presents Zhu’s research into postcolonial literature resulting in a new collection of academic and republished texts, co-edited by Zhu and Chisenhale Gallery. ¢ Selected texts will be organised in two parts and will reflect on notions of space — land, territories, schools, housing, markets — viewed and read through a postcolonial lens. The wider series aims to pair voices engaged with literary criticism and material histories of labour, gender, and race, examining the articulations that led to racialized and gendered mythologies still in use today. ¢ In addition to a selection of texts by authors including Paul Gilroy, Lisa Lowe and Sylvia Wynter, the publication will include original contributions by Zhu, Olivia Aherne (Curator, Chisenhale Gallery), and Zoé Whitley (Director Chisenhale Gallery). ¢ The book will be designed by Berlin based art director, designer and artist Enver Hadzijaj and is envisaged as a roughly Ad sized book.
The Process by Joshua Leon
¢ Leon’s first book accompanies his new commission. The outcome of two years of writing and documenting his own research processes, the publication comprises original writing by Leon alongside archival imagery. ¢ Tracing history, memory and self across time and site, the text traverses locations including a synagogue in Bordeaux, an American bar in Vienna and a veneer factory in London’s East End to reflect on the experiences of the Jewish diaspora in Europe and the formation of contemporary Jewish identity. ¢ Throughout, archival materials and images collected by Leon — architectural blueprints, immigration documents, musical scores and family photographs — visually trace slippages between personal and wider social histories. ¢ In addition to Leon’s text, the publication includes contributions by the exhibition’s curators Olivia Aherne and Amy Jones and a foreword by Zoé Whitley. ¢ The book is designed by Studio Meisner. ¢ The Process continues our partnership with Mousse Publishing who have come on board as a national and international distribution partner. ¢ The book launched in Spring 2024
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; A resource that feels incredibly urgent in our current world, guiding us on how to have
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8 An engaging, accessible
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CHISENHALE GALLERY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
We are likely to have some presence in the school in the autumn term. The next stage is to collate the learning with support from independent evaluator Sarah Coffils (former head of education at SLG) and develop a book. This will tell the story of our year in the school, showcase the work and exhibitions produced, and invite artists and arts educators we admire to contribute their "best lessons." We want the book to be a genuine resource, something we would have liked to have read before we started a year ago. CURATORIAL FELLOWSHIPS
In 2024-25 Chisenhale Gallery continued to develop new opportunities for curatorial training and to sustain its commitment to expanding access into the curatorial profession. Designed to create pathways into employment and sustain professional development, these unique training opportunities address stark racial disparities within the sector.
Asymmetry Art Foundation Curatorial Fellowship An 18-month fully-funded curatorial position for an emerging Chinese curator, inclusive of dedicated weekly research time to develop an independent project. STAFF AND GOVERNANCE
Chisenhale Gallery has a committed and dynamic board of trustees, chaired by May Calil who was appointed the chair of the board in October 2022.
During 2024-25 Chisenhale Gallery employed a team of 33 people including 18 salaried employees in full time and part time roles, 15 freelance/contractor positions across front of house and events, exhibition installation, and bookkeeping.
Senior staff 2024-25: Director — Zoé Whitley (stepped down February 2025) Director - Edward Gillman (appointed in March 2025) Deputy Director — Charlotte Cole Senior Development Manager — Giorgio Mattia Curator - Commissions — Olivia Aherne Curator - Social Practice — Seth Pimlott
NETWORKS
In 2024-25 Chisenhale Gallery continued to be a member of Plus Tate. The network was launched in 2010 with an aim to share collections and expertise and build a network that would use Tate’s resources to strengthen the contemporary visual arts ecology in the UK. Chisenhale Gallery joined in January 2015 when the network expanded adding a further 16 partners to the original cohort of 18.
Chisenhale is also a founding member of Common Practice, London, an advocacy group working for the recognition and fostering of the small-scale contemporary visual arts sector in London. The group aims to promote the value of the sector and its activities, act as a knowledge base and resource 7 for members and affiliated organisations, and develop a dialogue with other visual art organisations on a local, national and international level. EQUALITY, DIVERSITY & INCLUSION
Chisenhale Gallery continues to have a diverse workforce and board. All staff job descriptions include time in every role to engage in anti-racist learning and professional development, as agreed with line managers. This ongoing work includes sharing resources such as links to reading material, films and conferences between team members. Trans awareness training and access-need training for our website was also provided for all staff.
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CHISENHALE GALLERY
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Financial review Chisenhale Gallery is a registered charity and one of Arts Council England (ACE)'s National Portfolio Organisations. Over the past decade, the Gallery has steadily diversified its fundraising streams and decreased its dependence on Arts Council England funding, which accounted for 17% of overall income. The Gallery has navigated a challenging period with more limited fundraising success than in previous years. Overall income from donations, grants and charitable activities declined since 2023-24. However, donations from individuals increased significantly, demonstrating strong supporter engagement. The Friends and Patrons' Programme, alongside the Futures Fund, raised unrestricted income of £174,240 (compared to £183,969 in 2023-24). Programme income reached £265,658 against a budgeted target of £326,166, representing a substantial increase on the previous year's £200,352. Significant staff turnover made 2024-25 a year of strategic transition.
As a result of these pressures, reserves diminished during this period, though they remain in line with our reserves policy. The organisation is now in a period of renewal. The appointments of both a new Director and a new development team mark an important turning point. Under this new leadership and with a refreshed vision, we are building momentum towards a continued strong position with a robust, strategic approach to fundraising well-suited to the current landscape. We have taken proactive steps to reduce expenditure in 2025-26 to strengthen financial sustainability, whilst establishing strong foundations to rebuild and enhance our fundraising strategy.
Reserves policy On 31 March 2025 the Gallery had unrestricted funds of £456,848. The purpose of these funds is to provide a safety net for unexpected costs and to facilitate continuation or orderly winding down of the organisation in the event of a funding shortfall. The Trustees have agreed to hold a designated 'Reserve Fund' equivalent to three months of basic operating costs. These reserves currently stand at £116,500, in line with this policy. RISK
Key risks identified include:
e Lease arrangements: Chisenhale Art Place Trust (CAPT) holds the lease on the building known as Chisenhale Works owned by the London Borough of Tower Hamlets, until 2031, with a sub-lease break clause in 2028. Chisenhale Gallery currently occupies its space under a formal sub-lease, previously renewed in March 2018 for a term of 5 years, ending in March 2023. This was renewed in August 2023. There is currently no commitment from LBTH to renew our lease. Renewed collaborative relationships across the building with CAPT and Chisenhale Dance Space, and a shared plan to secure the lease mitigates some of the risk, although we are still unsure of LBTH’s lease renewal plan.
¢ Fundraising: around 17% of core costs are covered by the Gallery’s regular funding from Arts Council England, and the remaining c.83% of core costs, as well as all project funding must be raised from other sources. Chisenhale Gallery has a strong track record and generates income from a broad range of sources, including through a successful major donor initiative, the Commissions Fund, and the establishment of a new Futures Fund designed to generate unrestricted funds. However, Trusts & Foundations donations are at a historic level of competition, and the current economic uncertainty is presenting a risk with individual giving. Due to these factors, fundraising risk is higher than in previous years, and a re-forecast will be adopted in 24/25 to reflect the landscape. A new development team and Director is in post, rebuilding the fundraising strategy from the ground up. The organisation undertakes periodic reviews for all areas of risk including insurance cover, workplace policies including Health and Safety, financial affairs, personnel practices, and IT. These policies and procedures were last reviewed and updated in April 2024.
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- 62,736 - 18,160 80,896 39,866
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. 314,886 - - 314,886 142,875
751,924 - 247,297 999,221 1,251,438
1 703,188 - 360,081 1,063,269 1,073,375
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CHISENHALE GALLERY
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2025 2024 Notes £ £ £ £
Cash flows from operating activities Cash absorbed by operations
24 (223,694) (347,011)
Investing activities Purchase of tangible fixed assets Investment income received
(329) (5,910) 4,262 8,869
Net cash generated from investing activities
3,933 2,959
Net cash generated from financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
(219,761)
(219,761) (344,052) 459,335 803,387 239,574 459,335
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CHISENHALE GALLERY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies Charity information Chisenhale Gallery is a private company limited by guarantee incorporated in England and Wales. The registered office is 64 Chisenhale Road, London, E3 5QZ. 1.1. Basis of preparation The financial statements have been prepared in accordance with the charity's memorandum of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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CHISENHALE GALLERY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies 1.5 Expenditure
(Continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and fittings 25% on reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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CHISENHALE GALLERY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
1 Accounting policies
(Continued)
1.10 Financial instruments The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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%
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,
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+
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- - - - - -
- 4,905 2,027 - 2,027
- 44,765 25,128 - 25,128
- 12,743 6,506 - 6,506
- 323 - - -
- 18,160 18,160 - 6,205 6,205
18,160 80,896 33,661 6,205 39,866
Unrestricted Unrestricted
funds funds
2025 2024
- -
4,262 8,869
Restricted Total Unrestricted Restricted Total
funds funds funds
2025 2025 2024 2024 2024
- - - - - -
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+
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- - - - - -
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(
| funds | funds |
|---|---|
| #$#% | #$#& |
| ' | ' |
| 314,886 | 142,875 |
| Total | Total |
| #$#% | #$#& |
| ' | ' |
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$#% #$#&
' '
Staff costs 519,744 495,557
Depreciation 3,747 4,886
Fundraising 5,597 5,622
Stationery 3,096 4,089
Rent and Insurance 41,176 37,348
Staff training and sundry expenses 18,365 44,627
Telephone and computer costs 37,301 23,299
Travel and Hospitality 2,391 3,397
Website and Intranet 2,336 (8,300)
Bank charges 3,838 2,/71
Heat and light 3,925 4,472
Repairs and maintenance 17,596 28,795
Governance costs 21,638 30,382
680,750 676,945
Analysed between:
Total 680,750 676,945
- Net movement in funds #$#% #$#&
' '
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 3,900 17,000
Depreciation of owned tangible fixed assets 3,747 4,886
0$ Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the
charity during the year.
00 Employees
The average monthly number of employees during the year was:
#$#% #$#&
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#$#% #$#& ' ' 434,607 44,645 16,305 495,557 purposes. Fixtures and fittings ' 114,562 329 114,891 99,904 3,747 103,651 11,240 14,658 #$#% #$#& ' '
| #$#% | #$#& |
|---|---|
| ' | ' |
| 38,337 | 21,174 |
| 313,794 | 142,441 |
| 352,131 | 163,615 |
| #$#% | #$#& |
| ' | ' |
| 8,704 | 12,641 |
| 20,000 | - |
| 13,441 | 5,771 |
| 1,712 | 2,193 |
| 3,900 | 10,200 |
| 47,757 | 30,805 |
| #$#% | #$#& |
| ' | ' |
| 20,000 | - |
| #$#% | #$#& |
| ' | ' |
| 20,000 | - |
| - | 361,125 |
| - | (361,125) |
| 20,000 | - |
| 20,000 | - |
| #$#% | #$#& |
| ' | ' |
| At 1 April | Transfers | At31 March | |||||
|---|---|---|---|---|---|---|---|
| +,+- | +,+/ | ||||||
| 0 | 0 | 0 | |||||
| Designated funds | 113,296 | 3,204 | 116,500 | ||||
| Previous year: | At 1 April | Transfers | At31 March | ||||
| +,+. | +,+- | ||||||
| 0 | 0 | 0 | |||||
| Designated funds | 147,821 | (34,525) | 113,296 | ||||
| +, | Restricted funds | ||||||
| The restricted funds of the charity comprise the | unexpended balances of donations and grants | held on trust | |||||
| subject to specific conditions by donors as to how they may be used. | |||||||
| At 1 April | Incoming | Resources | Transfers | Gains and | At 31 March | ||
| +,+- | resources | expended | losses | +,+/ | |||
| 0 | 0 | 0 | 0 | 0 | 0 | ||
| Freelands | |||||||
| Foundation | 25,600 | - | (25,600) | - | - | - | |
| Everette Taylor | |||||||
| (Kickstarter) | - | !$"$$$ | )!$"$$$* | - | - | - | |
| Chisenhale | |||||||
| Dance Space | - | 3,169 | (3,169) | - | - | - | |
| Alexandra Hess | |||||||
| Fund donation | - | !$"$$$ | )!$"$$$* | - | - | - | |
| Bloomberg | 25,000 | - | (25,000) | - | - | - | |
| Mondrian Fund | 12,184 | 11,739 | (23,923) | - | - | - | |
| East End | |||||||
| community | |||||||
| Foundation | - | &"$$$ | - | - | - | &"$$$ | |
| University of | |||||||
| Westminster | - | 300 | (300) | - | - | - | |
| P Goodman | |||||||
| Gallery | - | '"&$$ | )'"&$$* | - | - | - |
+,
476
&.+
.1'
+,
+,+.
0 0
0
+,+0 0
0
+,
----- Start of picture text -----
- - - - -
751,924 (703,188) (3,204) 456,848
Incoming Resources Transfers At31 March
resources expended 2024
- - - - -
627,136 '$""!($#) 34,525 411,316
Unrestricted Unrestricted Restricted Total
funds funds funds
general Designated
2025 2025 2025 2025
- - - -
11,240 - - 11,240
445,608 116,500 5,000 567,108
456,848 116,500 5,000 578,348
Unrestricted Unrestricted Restricted Total
funds funds funds
general Designated
2024 2024 2024 2024
- - - -
----- End of picture text -----
& &