2025-04-30-accounts

THE GILBERT AND GEORGE CENTRE REGISTERED CHARITY NUMBER: 1174981

REPORT AND FINANCIAL STATEMENTS

for the year ended 30th April 2025

THE GILBERT AND GEORGE CENTRE CONTENTS

	Page
Trustees’ Annual Report	1
IndependentAuditor'sReport	5
Statement ofFinancial Activities	9
Balance Sheet	10
NotestotheFinancialStatements	11

THE GILBERT AND GEORGE CENTRE TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 30th APRIL 2025

Reference and administrative information

Settlors	GilbertProusch
	George Passmore
Dates ofConstitution	4th October 2017
Trustees	Gilbert Prousch
	George Passmore
	RichardRiley
	Michael Bracewell
	Nigel Fox
	Sarah Vallotton
Nature ofCIO	A registered charity, registered with the Charity Commissioners forEngland
	and Wales as number 1174981
Registered Office	12 Fournier Street
	London
	El 6QE
Investment Managers	Cazenove
	31 Gresham Street	;
	London
	EC2V7QA
Bankers	Messrs. Hoare&Co.
	37 Fleet Street
	London
	EC4P4DQ
Solicitors	Charles Russell Speechlys
	5 Fleet Place
	London
	EC4M 7RD
Statutory Auditor	Moore Kingston Smith LLP
	6th Floor
	9Appold Street
	London,EC2A2AP

1

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THE GILBERT AND GEORGE CENTRE TRUSTEES' ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 30th APRIL 2025

Report of the Trustees for the year ended 30th April 2025

The Trustees present their report along with the financial statements of the charity for the year ended 30th April 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 and 9 and comply with the charity's Constitution, the Charities Act 2011 and the requirements of the 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 including Update Bulletin 2.

Structure, Governance and Management

The Gilbert and George Centre was established by the Constitution dated 4th October 2017. The CIO has been approved by the Charity Commission and is registered as Number 1174981. The names of the present Trustees and their advisers are shown on page 1. The power to remove and appoint new or additional Trustees is vested in the Trustees.

Objects and Activities

The objects of the Charity are to advance the education of the public in the arts, and generally to advance the arts, architecture, heritage and culture for the benefit of the public, especially but not exclusively by the preservation, after the deaths of George Passmore and Gilbert Prousch, of the properties in Fournier Street occupied by them and the collections, archives and works of art created by them. In 2015 the Trustees acquired a freehold property with the intention of converting it into a museum and gallery.

Grant making policy

The annual income from the CIO and its capital is used from time to time to cover the annual Charitable Grants and expenses. The Trustees meet annually to decide grants they wish to make out of the income, in accordance with the objects set out above. The Trustees seldom grant funds to unsolicited requests for donations and no grants were made during the year. The charity's focus during the year remained the operation of the property at Heneage Street as an art gallery open to the public displaying works by Gilbert & George.

In shaping their objectives for the year and planning their activities, the Trustees have considered the Charity Commission's guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’.

Achievements and Performance

The activities of the CIO remain satisfactory and the objects of the CIO were achieved during the year.

The CIO carried out no fund-raising activities but did receive a number of new grants during the year from the founders, the CIO's trading subsidiary and donations from members of the public.

The gallery at 5a Heneage Street hosted its second exhibition. The London Pictures ran from 12th April 2024 up to 29th March 2025 and received over 20,000 visitors. Highlights included welcoming in excess of 40 pre-arranged group visits from various educational, art-focused and other assorted charitable groups.

The gallery opens 5 days a week with free entry in keeping with Gilbert & George’s ethos of ART FOR ALL. Feedback collected from visitors continues to be overwhelmingly positive and constructive. The Centre continues to engage with cultural events and has participated in a number of London events including Open House. There are also free weekly Highlight Tours which include a brief overview of the Centre and the art of Gilbert & George followed by in-depth discussion on works in the current exhibition.

2

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THE GILBERT AND GEORGE CENTRE TRUSTEES' ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 30th APRIL 2025

Achievements and Performance (continued)

The operations team have been actively organising the follow up exhibition which sees the CIO expand its reach by borrowing a work from a public institution. The new exhibition, ‘Death Hope Life Fear ...’, will showcase the 1984 quadripartite DEATH HOPE LIFE FEAR from the Tate Collection together with a unique selection of eighteen pre-digital pictures made by Gilbert & George between 1984 and 1998 and is scheduled to open on 16" May 20235.

Outside of the CIO’s general operation, a notable highlight was the receipt of a 2025 RIBA London Award which recognised the attention to detail in creating the gallery at Heneage Street.

The Trustees are satisfied that the CIO's assets are available and adequate to fulfil the obligations of the CIO. The building project expenditure is substantially complete and there should be no unexpected items of significance. The current funds together with trading subsidiary revenues and donation amounts from visitors are able to support the daily operations of the gallery for the foreseeable future.

Financial Review

Total investment income during the year amounted to £14,226 (2024: £14,191). Total expenditure amounted to £709,947 (2024: £725,954). The founders donations during the year amounted to £24,590 (2024: £64,739) and the trading subsidiary's donation during the year amounted to £85,500 (2024: £128,000). Net outflow of funds after recognised gains and losses amounted to £395,154 (2024: outflow of £353,632). The financial statements for the year are set out in pages 9 to 16.

Risk Management

The Trustees have undertaken a review of the risk and the management of the Charity and the financial procedures it has adopted. In particular they review the major risks to which the Charity is exposed and have taken steps to ensure that systems have been establised to mitigate those risks.

Investment Policy and Performance

At the year end the charity held investments of £550,752 (2024: £564,589). During the year the charity received investment income of £14,226 (2024: £14,191) and the portfolio made net loss on revaluation of £4,660 (2024: Gain of £47,802).

Future Plans

In addition to planning exhibition change, the main operational focus continues to be on refining the visitor experience and further expansion of the outreach programme to engage with local events and schools. With daily operations activities now stable, the Trustees will direct increased attention to developing a longer term funding programme to support the activities of the CIO.

3

THE GILBERT AND GEORGE CENTRE TRUSTEES' ANNUAL REPORT CONTINUED FOR THE YEAR ENDED 30th APRIL 2025

Reserves Policy

According to the Charity Commissioner's guidance update in their Statement of Recommended Practice: "Accounting and Reporting by Charities" revised in July 2014, the Trust's expendable endowment is not considered part of the charity's free reserves. However, this endowment is a considerable sum, and thecapital can be used at the discretion of the Trustees to fund any deficit on expenditure. It is therefore the view of the Trustees that the Trust does not need to hold any additional money in reserve.

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare financial statements for each financial period that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• comply with applicable accounting standards, including FRS 102, subject to any material departures disclosed and explained in the financial statements;

• state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on:

and signed on their behalf by:

: Fk aanvaly 2026 Date

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4

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF GILBERT AND GEORGE CENTRE

Opinion

We have audited the financial statements of the Gilbert and George Centre for the year ended 30 April 2025, which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• e give a true and fair view of the state of the charity’s affairs as at 30 April 2025, and of its incoming resources and application of resources, for the year then ended;

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

• e have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

We have nothing to report in this regard.

Other matter

The comparative figures in the financial statements of the company were not audited as the company did not require a statutory audit under the Charities Act 2011 last year.

5

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF GILBERT AND GEORGE CENTRE

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

• e the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

• e the charity has not kept adequate accounting records; or

• e the financial statements are not in agreement with the accounting records and returns; or e we have not received all the information and explanations we required for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s Responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• e Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• e Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charity’s internal control.

• e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• e Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

6

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF GILBERT AND GEORGE CENTRE

• e Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charity.

Our approach was as follows:

• e We obtained an understanding of the legal and regulatory requirements applicable to the charity and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.

• e We obtained an understanding of how the charity complies with these requirements by discussions with management and those charged with governance.

• e We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• e We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

• e Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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

7

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF GILBERT AND GEORGE CENTRE

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 ofthe Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

| Moo Kiran Ge!den LLP Moore Kingston Smith LLP 6% Floor Statutory auditor 9 Appold Street London Date: 30 January 2026 EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

8

THE GILBERT AND GEORGE CENTRE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30th APRIL 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Restated|Restated| |- Unrestricted Funds|-|Total|- Unrestricted Funds|-|Total| |Expendable|Funds|Expendable|Funds| |Notes|Income|Endowment|2025|Income|Endowment|2024| |Income|and|Expenditure|£|£|£|£|£|£| |INCOME|FROM:| |Donations &|legacies:-| |Donations|received|2|115,227|190,000|305,227|310,329|-|310,329| |Investment income|3|14,226|-|14,226|14,191|-|14,191| |TOTAL INCOME|129,453|190,000|319,453|324,520|-|324,520| |EXPENDITURE|ON:| |Raising|funds:-| |Investment|Management|Costs|-|1,573|1,573|-|1,997|1,997| |Charitable|activities|4/5|708,374|-|708,374|723,957|-|723,957| |TOTAL EXPENDITURE|708,374|1,573|709,947|723,957|1,997|725,954| |NET OPERATING| |INCOME/(EXPENDITURE)|(578,921)|188,427|(390,494)|(399,437)|(1,997)|(401,434)| |OTHER RECOGNISED| |GAINS/(LOSSES)| |Gains/(losses)|on|Investments|7|-|(4,660)|(4,660)|-|47,802|47,802| |NET INCOMEK(EXPENDITURE)|(578,921)|183,767|(395,154)|(399,437)|45,805|(353,632)| |Gross transfer between Funds|10|12,884,513|(12,884,513)|-|398,586|(398,586)|-| |NET MOVEMENT|IN FUNDS|12,305,592|(12,700,746)|(395,154)|(851)|(352,781)|(353,632)| |RECONCILIATION|OF|FUNDS| |Total|funds brought|forward|114,500|12,700,746|12,815,246|115,351|13,053,527|13,168,878| |BALANCES CARRIED FORWARD|12,420,092|-|12,420,092|114,500|12,700,746|12,815,246|

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All amounts relate to continuing activities. All recognised gains and losses are included in the Statement of Financial Activities.

9

THE GILBERT AND GEORGE CENTRE BALANCE SHEET

FOR THE YEAR ENDED 30th APRIL 2025

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Restated| |Notes|2025|2024| |£|£| |FIXED ASSETS| |Intangible|fixed|assets|6|1|3,838| |Tangible|fixed|assets|7|11,705,299|11,973,052| |Investments|8|550,752|564,589| |12,256,052|12,541,479| |CURRENT ASSETS| |Cash|held|at| |C.|Hoare &|Co.|69,893|69,018| |Cazenove|13,277|117,881| |Metro|50,531|12,050| |Debtors|11|60,373|99,425| |194,074|298,374| |CURRENT|LIABILITIES| |Creditors|-|amounts|falling due within|one year|12|30,034|24,607| |NET CURRENT ASSETS|164,040|273,767| |NET ASSETS|12,420,092|12,815,246| |FUNDS| |Unrestricted|Funds| |Income|12,420,092|114,500| |Expendable Endowment|-|12,700,746| |12,420,092|12,815,246| |Approved|by the|Trustees|and|authorised|for|issue|on:|and|signed|on|their|behalf by:|

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10

THE GILBERT AND GEORGE CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th APRIL 2025

1 ACCOUNTING POLICIES

(a) Basis of Preparation

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of investments being measured at fair value through income and expenditure within the Statement of Financial Activities.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), including Update Bulletin 2, and the Charities Act 2011.

These are the individual financial statements of the CIO. Consolidated financial statements including the CIO's subsidiary company have not been prepared on the basis that it is not required under the Charities Act 2011, given the size of the Group.

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 pound.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

(b) Fund Structure

Unrestricted funds are those where the donor has not imposeda restriction or preference on use. They can be spent at the discretion of the Trustees in furtherance of the charity's objects.

The Expendable Endowment Fund represents those assets which are held for the longer term of the Trust, in accordance with the terms of the Constiution. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Funds. As an Expendable Endowment Fund can be used in accordance with the objects of the Trust, capital can also be spent in certain circumstances in fulfilment of the Trust's objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of that Fund.

(c) Income

All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have been met and receipt is probable. Where a claim for repayment of income tax has or will be made, such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income:

Grants and Donations Receivable

Grants and Donations are recognised in the SOFA when conditions for receipt have been complied with.

Investment Income

Interest receivable on deposit and securities is accounted for as it accrues. Dividend income receivable on securities is recognised when it is received by the investment managers.

(d) Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:

Costs of Raising Funds

The costs of raising funds consist of investment management fees and certain legal fees.

Charitable Activities

Donations payable are recognised when they are approved by the trustees and the recipient of the grant has been informed of the amount to be paid.

Governance Costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to auditor's fees together with support costs.

11

1 ACCOUNTING POLICIES (Continued)

THE GILBERT AND GEORGE CENTRE . NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th APRIL 2025

(e) Intangible Fixed Assets

Intangible fixed assets are initially measured at cost and subsequently at coss less amortisation and any impairment losses. Amortisation is provided at rates calculated to write off the cost less residual value of each asset over its expected usefu life as follows: Website development costs 33% straight line (f) Tangible Fixed Assets

Tangible Fixed Assets are initially measured at cost and subsequently at cost less depreciation and any impairment losses. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: Freehold Property Excluding Land 3% straight line Fixtures and Fittings 20% reducing balance Equipment 33% straight line

(g) Investments

Investments are stated at market value at the Balance Sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.

(h) Realised and Unrealised Gains and Losses

All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).

(i) Going Concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions, that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity’s forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

(j) Financial Instruments

:

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 10 and 11 for the debtor and creditor notes.

(k) 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.

(Il) Investment in Subsidiaries

Investment in subsidiaries are stated at historic cost.

(m) Key Estimates and Judgements

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

In the view of the trustees in applying the accounting policies adopted, no judgements were required that have significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

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THE GILBERT AND GEORGE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30th APRIL 2025

• 2 DONATIONS RECEIVED Donations totalling £24,590 were received from Gilbert & George Limited in the financial year ended 30th April 2025 (2024: £64,739). Gilbert Prousch and George Passmore are Directors of Gilbert & George Limited, The Gilbert and George Centre (UK) Ltd as well as being Trustees of the Gilbert and George Centre.

Donations totalling £85,500 (2024: £128,000) were given by the 100% subsidary company, The Gilbert & George Centre (UK) Ltd (Company no.:14443995), in the year of which £50,500 is receivable at year end (2024 restated: £93,000).

Other donations totalling £5,137 (2024:£16,090) were also received from various donors in the year.

• 3 INVESTMENT INCOME

3	INVESTMENT INCOME	2025	2024
		£	£
	Investment income	9,171	12,178
	Intereston cash deposits	5,055	2,013
		14,226	14,191
4	CHARITABLE ACTIVITIES	2025	2024
		£	£
	Staffcosts (seenote 5)	125,113	152,187
	Support costs (seebelow)	560,667	571,770
	Otherexpenditure -donated goods gifted to trading subsidiary	22,594	-
		708,374	723,957
	Support costsaresplitas follows:	2025	2024
		£	£
	Rates& water	5,499	1,626
	Light&heat	18,929	32,075
	Repairs&maintenance	36,690	33,172
	Insurance	16,748	16,014
	Legal&professional fees	18,938	16,104
	Finance costs	1,415	1,479
	Computercosts	1,649	3,117
	Depreciation Amortisation	403,952 3,837	400,693 4,815
	Otheroffice costs	5,801	6,275
	Storage	588	-
	OtherEstablishment	18,373	20,244
	SecurityCost	-	648
	Advertising	1,019	6,386
	Telephone	26	142
	Entertainment	2,363	4,077
	Governance Costs
	Moore Kingston Smith Independent Auditorremuneration:
	Current year	17,640	16,800
	Prioryearunderaccruals	-	903
	Whitefield Co. Accountancy Fees	7,200	7,200
		560,667	571,770
5	STAFFCOSTS	2025	2024
		£	£
	Wages and salaries	122,356	138,735
	Social security costs	-	11,177
	Pension costs	2,757	2,275
		125,113	152,187

The average number of employees for 2025 is 6 (2024: 10).

The total remuneration received by key management personnel in the year was £47,614 (2024: £45,056).

There are no employees (2024: Nil) who received employee benefits (excluding employer pension costs) of more than £60,000 during the year.

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THE GILBERT AND GEORGE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30th APRIL 2025

• 6 INTANGIBLE FIXED ASSETS

6	INTANGIBLE FIXED ASSETSASSETS			Website
				Development	Total
				£	_ £
	Cost/Market Value
	Brought Forward			14,592	14,592
	Additions			-	-
	At 30 April 2025			14,592	14,592
	Amortisation
	BroughtForward			10,754	10,754
	Charge for the period			3,837	3,837
	At 30 April 2025			14,591	14,591
	Net BookValue
	At 30 April 2025			1	1
	At30 April 2024			3,838	3,838
7	TANGIBLE FIXED ASSETS
		Freehold
		Land and	Fixtures and
		Buildings	Fittings	Equipment	Total
		£	£	£	£
	Cost/Market Value
	Brought Forward	12,224,733	148,116	20,445	12,393,294
	Additions	120,758	152	15,289	136,199
	At30 April 2025	12,345,491	148,268	35,734	12,529,493
	Depreciation
	BroughtForward	366,742	39,293	14,207	420,242
	Charge forthe period	370,365	21,795	11,792	403,952
	At30April 2025	737,107	61,088	25,999	824,194
	NetBookValue
	At 30April2025	11,608,384	87,180	9,735	11,705,299
	At 30April2024	11,857,991	108,823	6,238	11,973,052
8	INVESTMENTS
	Movement in fixed asset investments
			2025		2024
	Listed investments		£		£
	Market ValueBroughtForward		564,588		666,786
	Add: Purchase costs		253,903		-
	Less: Saleproceeds		(263,080)		(150,000)
	Net (losses)/gainsonrevaluation		(4,660)		47,802
	Marketvalue oflisted investments		§50,751		564,588
	Investment in subsidiary		1	:	1
	Total investments		550,752		564,589
	Historicalcost		515,797		524,973

• 7 TANGIBLE FIXED ASSETS

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THE GILBERT AND GEORGE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30th APRIL 2025

8	INVESTMENTS (continued)	2025	2024
		£	£
	Geographical Analysis
	UnitedKingdom investments	550,751	564,589
	Overseas investments	-	:
		550,751	564,589

9 REMUNERATION OF TRUSTEES In the financial year ended 30th April 2025, none of the Trustees received any remuneration from the Charity (2024: £Nil). No Trustee received any reimbursement of expenses in the year under review (2024: £Nil).

• 10 FUND TRANSFERS

A transfer of £12,884,513 (2024 restated: £398,586) has been made from the expendable endowment fund to the income fund in the year.

• 11 DEBTORS

11	DEBTORS			Restated
			2025	2024
			£	£
	Prepayments		9,873	6,425
	Amountduefrom subsidiary		50,500	93,000
			60,373	99,425
12	CREDITORS
			2025	2024
			£	£
	Accruals		30,034	24,607
			30,034	24,607
13.	ANALYSIS OFNETASSETS BY FUND
		Unrestricted	Expendable
		incomefund	Endowment	Total
	As at30 April 2025	£	£	£
	Fixed assets	11,705,300		11,705,300
	Investments	550,752		550,752
	Current assets	194,074		194,074
	Current liabilities	(30,034) 12,420,092	-	(30,034) 12,420,092
		Restated	Restated
		Unrestricted	Expendable	Restated
		income fund	Endowment	Total
	As at30 April2024	£	£	£
	Fixed assets	-	11,976,890	11,976,890
	Investments	-	564,589	564,589
	Current assets	139,107	159,267	298,374
	Current liabilities	(24,607)	-	(24,607)
		114,500	12,700,746	12,815,246

14 RELATED PARTY TRANSACTIONS

One ofthe trustees is currently employed by White Cube Limited (“WCL”) and the spouse of another trustee is the artistic director of WCL. WCL, together with other art galleries, may provide the Centre with advice, expertise and assistance on a pro bono basis when exhibitions change. The services provided are given for the benefit of the Centre and no privileges are given by the Centre in return.

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THE GILBERT AND GEORGE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30th APRIL 2025

15 PRIOR YEAR ADJUSTMENT

.

The recognition of donations from the subsidiary company has been updated to reflect that a deed of covenant has been in place since 30 April 2023.

As previously reported Adjustment As restated Net assets and unrestricted funds at 30 April 2023 13,054,378 114,500 13,168,878 Deficit for the year-ended 30 April 2024 (332,132) (21,500) (353,632) Net assets and unrestricted funds at 30 April 2024 12,722,246 93,000 12,815,246

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