# **Annual Report Whitechapel Gallery**
For the year ended March 2022
## **Whitechapel Gallery Annual Report and Consolidated Financial Statements** for the year ended 31 March 2022
Whitechapel Gallery: Registered Charity Number 312162
## Contents Page
**Trustees’ Report ........................................................................................................................................................... 2** A) Administration and Reference details ……………………………………………………………………………………..2 B) Objectives and Activities …………………………………………………………………………………………………………5 C) Achievements and Performance ……………………………………………………………………………………………..6 D) Plans for Future Periods ……………………………………………………………………………………………………….18 E) Financial Report for the Year / Trustees’ Responsibilities ………………………………………………………19 **Independent Auditor’s Report to the Members of the Whitechapel Gallery ............................................................... 23 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES .............................................................................................. 26 CONSOLIDATED BALANCE SHEET ................................................................................................................................ 27 CHARITY BALANCE SHEET ............................................................................................................................................ 28 CONSOLIDATED STATEMENT OF CASH FLOWS ............................................................................................................ 29 NOTES TO THE FINANCIAL STATEMENTS ..................................................................................................................... 30**
1
## Trustees’ Report
## A) Administration and Reference details
|**Name of charity:**|Whitechapel Gallery|
|---|---|
|**Charity registration number:**|312162|
|**Registered Office:**|77-82 Whitechapel High Street|
||London|
||E1 7QX|
|**Auditors:**|Crowe U.K. LLP|
||55 Ludgate Hill|
||London|
||EC4M 7JW|
|**Bankers:**|Lloyds TSB Bank PLC|
||25 Gresham Street|
||London|
||EC2V 7HN|
|**Investment Managers:**|JP Morgan International Bank Ltd|
||1 Knightsbridge|
||London|
||SW1X 7LX|
|**Insurance Brokers:**|Gallagher Heath|
||133 Houndsditch|
||London|
||EC3A 7AH|
|**Solicitors:**|CMS Cameron McKenna|
||Mitre House|
||160 Aldersgate Street|
||London|
||EC1A 4DD|
||Bates Wells & Braithwaite|
||2-6 Cannon Street|
||London|
||EC4M 6YH|
||Taylor Wessing LLP|
||5 Newton Square|
||London|
||EC4A 3TW|
Whitechapel Gallery Annual Report 2022
**2**
## Board of Trustees
The following have been Trustees throughout the period to the date of this report, unless otherwise stated:
Alexander Sainsbury, Chairman (to Dec-21) David Dibosa, Chairman (from Jan-22) Erin Bell Cllr Kevin Brady (resigned May-22) Peter Carew (resigned Jan-22) Ann Gallagher Anupam Ganguli (resigned Oct-21) Samantha Hill Jonathan Kanagasooriam Nicola Kerr Melanie Manchot Sarah Miller Ian Pleace (appointed Oct-21)
## **Executive Team**
Iwona Blazwick OBE (resigned Mar-22) Director Gilane Tawadros (appointed Oct-22) Director Tony Stevenson (resigned Nov-22) Managing Director; Acting Director Apr-22 to Oct-22 Tom Wilcox (appointed Oct-22) Interim Managing Director Lydia Yee Chief Curator Claire Gallagher Director of Commercial Enterprises Janine Catalano (resigned Nov-22) Director of Development Jennifer Lea Director of Communications Daniel Allison (resigned Jul-22) Director of Operations & Visitor Services Dr. Richard Martin Daskalopoulos Director of Education & Public Programmes
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## **Structure, Governance and Management**
Whitechapel Gallery is a charitable trust governed by a Scheme of the Charity Commissioners dated 10 November 1981, as amended by Schemes dated 10 May 1988 and 9 March 2001. The Gallery is registered for charitable purposes with the Charity Commission, Charity Registration No 312162.
The Gallery is governed by a corporate trustee: Whitechapel Gallery Trustee Limited. The Directors meet quarterly and are assisted by various committees, described below. Whitechapel Gallery Ventures Limited was incorporated on 1 April 2005 to carry out the commercial trading activities of the Gallery. Whitechapel Gallery Estates Trust Limited was incorporated on 9 May 2011 to maintain the Gallery’s property.
In the financial year 2021-22 there were three executive subcommittees. The Finance Sub Committee (membership: Anupam Ganguli (Chair to Oct-21), Ian Pleace (Chair from Oct-21), Lew Hodges (independent external member), Erin Bell and Peter Carew (to Jan-22)) monitored income and expenditure and continues to stand. The Investment Sub Committee (membership: Anupam Ganguli (Chair to Oct-21), Ian Pleace (Chair from Oct-21), Erin Bell and Peter Carew (to Jan-22)) guided financial investment decisions. The Nominations Committee (membership: Iwona Blazwick, Ann Gallagher, Alex Sainsbury, Anupam Ganguli (to Oct-21)) reviewed and made recommendations regarding Board membership. In addition, the Whitechapel Ventures Board (membership: Iwona Blazwick (Chair), Melanie Arnold, James Attlee, Tony Stevenson, Susanne Tide-Frater, Lizzie Moriarty and Tony Chambers) continued to support and guide trading activities. All advisory groups reported to the Board of Trustees.
The strategic management of the Gallery benefitted from the Chairmanship of Alex Sainsbury, embedding comprehensive risk management processes and best governance practice.
The day to day activities of the Gallery are controlled by a Director appointed by the Trustees. In 2021-2022 the position of Director was occupied by Iwona Blazwick. Key management personnel, referred to as Team Leaders, run departments and support the Director.
Remuneration for key management personnel is set by the Director and Managing Director within bands that are determined by sector benchmarks, experience and level of responsibility within the management structure.
making, Risk and Control; Board Effectiveness; Diversity, and Openness and Accountability.
The charity strives to meet the principles and outcomes of the Code by applying the recommended practice. The Trustees have recently reviewed the Whitechapel Gallery’s Governance Code and are confident that it aligns with the Charity Commission’s recommended practise.
## **Recruitment, Induction and Training of Trustees**
New Trustees are recruited according to the Trustees’, Director’s and Managing Director’s on-going assessments of the overall skills required to be represented on the Board of Trustees and what additional skills are needed to complete the required portfolio. Prospective new Trustees are recommended by the Nominations Committee to the Chairman who will assess the candidates and decide, in consultation with the Director, whether to propose their appointment. The Trustees take the final decision on the Chairman’s proposal.
Newly appointed Trustees receive briefings from the Chairman, Director and Managing Director and are provided with relevant Charity Commission guidance. Training is considered by the Chairman on a case-by-case basis.
## **Public Benefit**
The Board confirms that it has given due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011, including the guidance on public benefit and fee charging, when reviewing the charity’s aims and objectives and in planning future activities. The charity’s activities clearly relate to its legal objectives of advancing education in the arts and the provision of a gallery for the enhancement of the cultural welfare of the local community and the wider public. The activities undertaken and achievements described enable the reader to assess the contribution made by these activities towards furthering the charity’s objectives. Details of attendances are included in the report. The charity’s strategy stresses the importance of ensuring the accessibility of its exhibitions and activities to all members of the public and offers free entry to exhibitions year round. Specific confirmation is also provided that trustees received no remuneration or benefits for their contribution to the charity and that no trustee was connected to any artist or exhibitor professionally engaged by the charity.
## **Governance Code**
The Trustees are aware of the Charity Commission’s Governance Code for Larger Charities (published July 2017). The Code is based on seven principles of good governance: Organisational Purpose; Leadership; Integrity; Decision-
Whitechapel Gallery Annual Report 2022
**4**
## B) Objectives and Activities
## **Charitable Objectives**
The objectives for which the Whitechapel Gallery is established are stated in the governing document of 10 November 1981 as:
_The provision and maintenance of an art gallery for exhibition to the public of modern and historical fine art; modern and historical design and applied art; and work done by school children and local communities._
_Promoting and encouraging the education of the public in the arts both in the Gallery and elsewhere._
These objectives are met by the operation of an art gallery on Whitechapel High Street in London, and by related educational and other activities.
(1995), _Faces in the Crowd_ – _Manet to Wall_ (2004) and _Adventures of the Black Square_ , _Abstract Art and Society 1915-2015_ (2015).
The Gallery is open year-round and gives free admission to exhibitions, artist commissions, collection displays and historic archives. It also offers a wide range of education resources, courses, a cafe and bookshop.
The Gallery is a touchstone for modern and contemporary art internationally, plays a central role in London’s cultural landscape and is pivotal to the continued growth of the world’s most vibrant art quarter.
The Whitechapel Gallery is a not for profit educational charity. It is part funded by the Arts Council England and other public statutory bodies. It also raises and earns around 60% of its income.
## **Mission, Vision and Values**
## **Programme**
## **Vision**
To bring modern and contemporary art and ideas to local, national and international audiences and to promote freethinking, creativity and learning.
To present a consistently excellent and diverse programme of exhibitions, commissions and displays of British and international modern and contemporary art; to disseminate art and ideas through events, debates, activities and publications; and to contribute to the cultural heritage of the future through the stewardship of our archive.
## **Mission**
To present a diverse and consistently excellent programme of exhibitions, events, publications and educational activities; to expand our audiences; and to maintain and conserve a landmark building.
## **Values**
To be a pioneering, professional, inclusive, entrepreneurial and outwardly facing organisation.
For over a century the Whitechapel Gallery has premiered world-class artists from modern masters such as Barbara Hepworth, Pablo Picasso, Jackson Pollock, Mark Rothko, Gerhard Richter and Frida Kahlo; to contemporaries such as Zarina Bhimji, Sophie Calle, Lucian Freud, Isa Genzken, Sarah Lucas, Wilhelm Sasnel and Thomas Struth.
## **Audiences**
To programme and communicate with the aim of broadening our audiences locally, in London, nationally and worldwide; and to promote the Whitechapel Gallery as a cultural destination.
## **Organisational**
To be a diverse, professional, entrepreneurial and outwardly facing organisation and a fair and responsible employer. To work within sustainable resources and financial parameters and with clear structures of governance.
## **Building**
To create an accessible and welcoming social, intellectual and artistic place for reflection, creativity and innovation. To maintain and conserve the architectural legacy of the Whitechapel Gallery and former Library in accordance with their historic building listed status.
It also presents important theme shows such as _This is Tomorrow_ (1956), _Seven Stories about Modern Art in Africa_
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## C) Achievements and Performance
## **An Overview**
The 2021/2022 programmes, activities and audience engagement were shaped by the ongoing Covid-19 pandemic. Whitechapel Gallery was able to open on 19 May 2021 after the easing of restrictions of the governmentmandated national lockdown, which began on 5 January and were lifted for indoor entertainment venues on 17 May. Timed tickets and one-way routes were maintained to facilitate social distancing. Staff – particularly those who had to work on site – including art technicians and front of house staff tested regularly, wore masks and worked in bubbles to prevent the spread of Covid. Covid illness did have an impact on staffing and made it challenging to deliver exhibitions on time and also to open the galleries on some occasions.
Whitechapel Gallery welcomed 153,000 visitors in 2021/22, with an average 60% weekly attendance from pre-pandemic levels. _Eileen Agar: Angel of Anarchy_ drew 19,550 visitors, generating a ticket income of £141,476, and exceeding its target significantly (+£74,776). Only four ticketed exhibitions have drawn 20,000 or more visitors since 2015/16 at Whitechapel Gallery, making this one of the most successful ticketed shows in our recent history. Initially planned as a ticketed exhibition _Theaster Gates: A Clay Sermon_ was free following a successful fundraising campaign.
## **Summer 2021**
Beginning in 2021, Whitechapel Gallery began to streamline its programme and create a more cohesive visitor experience by giving a thematic focus to each season where possible. The summer season, which began on 19 May, was presented under the banner of ‘A Surreal Summer of Arts and Ideas’. The headline exhibition **Eileen Agar: Angel of Anarchy** , a retrospective of Agar’s groundbreaking career, spanning from her early figurative paintings and experiments with cubism in the 1920s, through to her surreal canvases, collages and sculptures, combining classical art with references to the natural work and sensual pleasures, and closing with her late work including photography and lyrical abstractions. Agar’s exhibition was complemented by the archive display **Phantoms of Surrealism** , which focused on the contributions of women artists who participated in the 1936 London International Surrealist Exhibition at New Burlington Galleries or the Surrealist section of the 1939 Artists’ International Association exhibition at Whitechapel Gallery. The display focused on women’s contributions to surrealism and featured a scale model of the 1936 exhibition.
While additional displays in the summer season did not have a surrealist focus, they all featured or were curated by women artists. **Desde el Salón** (From the Living Room), selected by **Sol Calero** (b. 1982, Venezuela) from the Hiscox Collection, featured works by more than 40 artists, including Pio Abad, Polly Apfelbaum, Yto Barrada, Alighiero Boetti, Marc Camille Chaimowicz, Nathalie Du Pasquier, Joan Miró, Pablo Picasso and others, installed in a vibrantlycoloured space created by Calero to resemble a tropical house and garden. Two projects featured commissions, **A Glittering City: Ayo Akingbade with Duchamp & Sons** and **Nalini Malani: Can You Hear Me?** The latter commission by Malani (b. 1946, Karachi), an installation comprised of a series of animated films inspired by literature and political events in India, opened in September 2020 was extended through the beginning of September 2021 as it was closed for long periods of time during the pandemic.
## **– Autumn 2021 (September August 2021)**
The autumn season, themed around clay and ceramics, featured three exhibitions. **Theaster Gates: A Clay Sermon** , a survey of the ceramics and clay-based work by African American artist **Theaster Gates** (b. 1973) from his early studio pots thrown on the wheel to large sculptural stoneware vessels and other works involving bricks, pottery and a new film, which were presented alongside a selection of historic ceramics from the Victoria and Albert Museum and other collections to address questions of making, labour, colonialism and slavery. The season also featured a commission of large-scale ceramic and bronze sculptures titled **Simone Fattal Finding a Way,** taking the form of figures, architectural elements and clouds, drawing on Fattal’s (b. 1942, Damascus), memories of her native Syria. A third project, **Yoko Ono: Mend Piece,** offered visitors an opportunity to take up the invitation from Ono (b. 1933, Tokyo) to sit at a table and ‘Mend carefully while thinking of mending the world’, repairing broken cups and saucers, using scissors, glue, string and sellotape, and displaying their creations on shelves installed in the gallery.
The first display of the Christen Sveaas Art Collection titled **Here is the Night Mail by Ida Ekblad** , was also presented in autumn 2021. The Norwegian artist Ida Ekblad (b. 1980) selected modern works by Anna Eva Bergman, Vilhelm Hammershoi, Theodor Kittlesen, Edvard Munch – alongside contemporary figures such as Louise Bourgeois, Sophie Calle, Theaster Gates, Howard Hodgkin and Rosemarie Trockel,
## **Spring 2022**
The artist’s studio provided the thematic focus for the spring 2022 season with the major exhibition **A Century of the Artist’s Studio** , a survey of the studio through the work of more than 80 artists, photographers and filmmakers from around the world, including individuals and collectives from Africa, Australasia, South Asia, China, Europe, Japan,
Whitechapel Gallery Annual Report 2022
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the Middle East and North and South America, including Arpilleras workshop, Francis Bacon, Walead Beshty, Louise Bourgeois, Nikhil Chopra, William Kentridge, Hassan Khan, Kim Lim, Kerry James Marshall, Henri Matisse, Henry Moore, Pablo Picasso, Robert Rauschenberg, Kurt Schwitters, Carolee Schneemann, Alina Szapocznikow, Andy Warhol, Francesca Woodman and many others. The exhibition was complemented by **The Living Studio** , a space for visitors to make their own works of art, and by **Galleries in the Groove** , which explored three case studies – Robert Fraser Gallery, London (1962–69, 1983–85), Wide White Space, Antwerp (1966–76) and Just Above Midtown, New York (1974–86) – of unconventional galleries that supported artists at a time the art market was just developing.
The second display from the Christen Sveaas Art Foundation, **The Travel Bureau** was selected by **Paulina Olowska** (b. 1976, Gdansk, Poland) envisioned the gallery as a travel bureau, where works of art were portals into myriad destinations imagined by artists with works by 26 artists, including Marina Abramović, Hurvin Anderson, Rosson Crow, Ida Ekblad, Thore Heramb, Laura Owens, Caragh Thuring and Charline Von Heyl.
## **Education and Public Programmes**
## **Exhibitions**
- **A Glittering City: Ayo Akingbade with Duchamp & Sons (19 May – 15 August 2021)**
- London-based filmmaker **Ayo Akinbade** is an alumni of Whitechapel Gallery’s youth collective, **Duchamp & Sons** . This display featured Akingbade’s new commission _Fire In My Belly_ , co-developed with current Duchamp & Sons members. The film explores themes of home, community and crisis, and was presented alongside Akingbade’s 2019 work _Dear Babylon_ , a film essay that follows three art students and their investigations on the future of social housing across the country. The exhibition received press coverage from _The Guardian_ , _Independent_ , _Icon Magazine_ and _Hackney Citizen._ In partnership with MUBI, _Fire In My Belly_ was also screened online in July as part of a special focus on Akingbade’s work.
- **The Living Studio (12 January – 8 May 2022)** _**The Living Studio**_ was an experimental project that transformed Galleries 5 & 6 into a making space filled with materials and inspirational objects gathered from artists’ studios (including many _London Open 2022_ artists) and foraged from Gallery exhibition and project offcuts. Inspired by _A Century of the Artist’s Studio_ , the space offered a place to pause, to sit, to talk and to make. Visitors embraced the opportunity to make their own artworks from the materials provided, sitting around beautifully paint-splattered tables lent by **Portugal Prints** studio. Programming in
the space offered further opportunities for participants of all ages to meet and create, including regular workshops with schools, community groups, families and young people.
## **Community**
- **Voices That Matter**
- Two-year project funded by Paul Hamlyn Foundation. City Gateway and Numbi.
_Postcards from the Diaspora_ series.
- Outcomes included the film _Bideshi Mohila_ , made by London Open artist Hussina Raja with a group of women from City Gateway, and subsequently selected for the London Migration Film Festival, plus a sound piece by artist Kate Smith.
Evaluation process.
- **Angel Alley** Ongoing project funded by Tower Hamlets Council with Whitechapel Gallery leading a partnership also involving Freedom Press, Cardboard Citizens and other local stakeholders.
- Community-focused design collective RESOLVE appointed by selection panel. Creation of regular Angel Allies meetings.
- **Partnership with Portugal Prints** (spring 2022) - workshops, printed resource, tours
- **Other programme elements** included Community Day, Community Leaders’ Preview events
- **Community groups** engaging with the programme include: Headway East London, Numbi, Portugal Prints
## **Public Programmes and Film**
- The year has covered digital-only events, blended talks with live and online audiences, and a strong return to in-person events.
- Three series of ‘Ways of Knowing’ with thematic programmes linked to exhibitions:
- Water/Fluidity (Agar)
- Ways of Knowing: Earth/Matter (Gates)
- Ways of Knowing: Work/Process (Artist’s Studio)
- Big Ideas speakers: cultural theorist Astrida Neimanis, artists Theaster Gates and Magdalene Odundo, and journalist Zing Tsjeng.
- Art Icon talk: Tracey Emin.
- Other talks and panels have featured engineer and cultural theorist Ramon Amaro, geographer Kathryn Yusoff, novelist Irenosen Okojie, and artists such as Phoebe Collings-James, Ben Rivers, Jasmin Bhanji, Taloi Havini, Zadie Xa, Christina Iglesias, Paulina Oloskwa and Umama Hamido.
- Other public programme events have included a creative workshop on the banks of Thames led by Matterlurgy, a Gallery-wide takeover event curated by
Whitechapel Gallery Annual Report 2022
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- Muslim Sisterhood, a performance by Goda Palekaitė and Adrijana Gvozdenović, and a weekend of films and discussions celebrating the artists shortlisted for the Jarman Award 2022.
- 10 episodes of our _Hear, Now_ podcast have been produced in the year featuring artists, curators, art historians, filmmakers, poets and designers, and reaching thousands of international digital audiences.
- Programme partners have included: Arts Catalyst, Film London, The White Review.
## **Schools and Teachers**
- Full list of Tower Hamlets schools engaging with the programme:
## **Families**
- Under 5s sessions led by artist Jasmin Bhanji
- Reading is Fundamental storytelling sessions focusing on BAME and LGBTQ+ narratives
- Printed and digital resources for all ages
## **Youth**
- Duchamp & Sons youth collective
- Virtual Studio Visits.
- Creative Careers strand, including Young Creatives Nights and a week-long Creative Careers Bootcamp
- Creative workshops focusing on skills in arts writing, photography and zine-making.
- Full list of Newham schools engaging with the programme:
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## **Exhibitions**
## **Galleries 1, 8 & Victor Petitgas Gallery (Gallery 9)**
**Eileen Agar: Angel of Anarchy** 19 May 2021 - 29 August 2021 **Theaster Gates: A Clay Sermon** 29 September 2021 - 9 January 2022
**A Century of The Artist’s Studio** 24 February 2022 - 5 June 2022
## **Gallery 2**
**Nalini Malani: Can You Hear Me?** 23 September 2020 - 5 September 2021
**Simone Fattal: Finding A Way** 21 September 2021 - 12 June 2022
## **The Living Studio**
12 January 2022 - 8 May 2022
## **Gallery 7**
**Desde el Salon (From The Living Room): Sol Calero selects from The Hiscox Collection** 19 May 2021 - 15 August 2021
**This Is The Night Mail: Ida Ekblad selects from The Christian Sveaas Art Foundation Collection** 28 August 2021 - 2 January 2022 **Paulina Olowska selects from The Christian Sveaas Art Foundation Collection** 12 January 2022 - 8 May 2022
## **Zilkha Auditorium: Artists’ Film International**
**Pat Matthews Gallery (Gallery 4)**
**Phantoms of Surrealism** 19 May 2021 - 12 December 2021 **Galleries In The Groove** 21 December 2021 – 21 August 2022
**Outset Project Gallery (Gallery 5); 176/Zabludowicz Collection**
## **Project Gallery (Gallery 6)**
**Ayo Akingbade with Duchamp & Sons: A Glittering City** 19 May 2021 - 15 August 2021
**Yoko Ono: MEND PIECE for London**
**Sena Başöz; Wojciech Dada/Katarzyna Górna/Rafał Jakubowicz; Agnė Jokšė; Neda Kovinić; Claire Langan; Victoria Verseau; Rehana Zaman** 17 May 2021 - 6 June 2021
**Kerstin Honeit; Julia Sbriller /Joaquín Wall; Giulio Squillacciotti** 7 June 2021 - 1 August 2021
**Patty Chang, Mihaly Stefanovicz, Kenneth Tam** 3 August 2021 - 26 September 2021
**Kiri Dalena; Hylozoic/Desires (Himali Singh Soin and David Soin Tappeser); Polina Kamis; Thania Petersen and Sajia Sediqi**
28 September 2021 - 9 January 2022
25 August 2021 - 2 January 2022
Whitechapel Gallery Annual Report 2022
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## **Publications**
Catalogues:
**Eileen Agar: Angel of Anarchy** Published by Whitechapel Gallery 2021
**Kai Althoff Goes With Bernard Leach** Published by Whitechapel Gallery 2021
**Simone Fattal: Finding a Way** Published by Whitechapel Gallery 2021
**The Artist’s Studio: A Century of the Artist’s Studio 1920 - 2020** Published by Whitechapel Gallery 2022
**Theaster Gates: A Clay Sermon** Published by Whitechapel Gallery 2022
Documents of Contemporary Art Series:
**Documents of Contemporary Art:** _**Magic**_ Edited by Jamie Sutcliffe Published by Whitechapel Gallery 2021
Whitechapel Gallery Annual Report 2022
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## **Public Events, Education and Community Programmes Listing April 2021 - March 2022**
**----- Start of picture text -----**
Date Title Strand
01/04/2021 Postcards from the Diaspora Community
08/04/2021 Thames Log: Chloe Dewe Mathews and Andrew Film
Kotting
21/04/2021 Virtual Studio Visit: Tobi Alexandra Falade Youth
22/04/2021 Big Ideas: Astrida Neimanis Public Programmes
05/05/2021 Virtual Studio Visit: Nabihah Iqbal Youth
06/05/2021 From the Islands to the Thames Film
19/05/2021 Virtual Studio Visit: Lucy Orta Youth
20/05/2021 Taloi Havini and Margarida Mendes in conversation Public Programmes
20/05/2021 Postcards from the Diaspora Community
26/05/2021 Virtual Studio Visit: Rory Pilgrim Youth
03/06/2021 Black Gold: Petropolis and Crude Britannia Film
10/06/2021 Postcards from the Diaspora Community
17/06/2021 Liquid Sculpture: Christina Iglesias Public Programmes
01/07/2021 On Akka’s Shore: Umama Hamido Film
15/07/2021 Zadie Xa Public Programmes
14/08/2021 River Studio: Matterlurgy Public Programmes
16/09/2021 The Deathless Woman Film
18/09/2021 Document of Contemporary Art: Magic Public Programmes
07/10/2021 Teachers’ Preview: Theaster Gates Schools & Teachers
07/10/2021 Community Leaders' Preview: Theaster Gates Community
07/10/2021 Unquiet Earth Film
16/10/2021 Under 5s at Whitechapel Gallery Families
16/10/2021 BSL Tour: Theaster Gates Access
25-29/10/2021 Creative Careers Bootcamp Youth
30/10/2021 Audio Description: Theaster Gates Access
04/11/2021 Gerrard O’Carroll Memorial Lecture: Ramon Amaro Public Programmes
**----- End of picture text -----**
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**----- Start of picture text -----**
06/11/2021 Under 5s at Whitechapel Gallery Families
11/11/2021 Big Ideas: Theaster Gates Public Programmes
13-14/11/2021 Film London Jarman Award Weekend 2021 Film
18/11/2021 Terra Firma: The Politics of Earth Public Programmes
20/11/2021 Under 5s at Whitechapel Gallery Families
20-21/11/2021 Anthropomorphic Trouble Public Programmes
27/11/2021 Audio Description: Theaster Gates Access
02/12/2021 Here for Life Film
09/12/2021 Burma Storybook Film
13/01/2022 Paulina Olowska: Dreams, Visions, Utopias Public Programmes
19/01/2022 Duchamp & Sons Taster Evening Youth
20/01/2022 Underway: Four Essay Films Film
25/01/2022 Creative Job Studio Youth
27/01/2022 Living Studios Public Programmes
29/01/2022 Photography and Storytelling with Myah Jeffers Youth
29/01/2022 Under 5s at Whitechapel Gallery Families
03/02/2022 Women at Work: Anne Truit and Rose Wylie Film
10/02/2022 The White Review Presents: Art and Literature in Public Programmes
Conversation
12/02/2022 Reading is Fundamental Families
17/02/2022 Writing about Arts and Culture with Precious Youth
Adesina
24/02/2022 This Thing We Call Art Public Programmes
26/02/2022 The Artist's Studio: In Depth Public Programmes
26/02/2022 Under 5s at Whitechapel Gallery Families
03/03/2022 Collective Moments: Muslim Sisterhood Public Programmes
10/03/2022 Teachers’ Preview: A Century of the Artists' Studio Schools & Teachers
10/03/2022 Big Ideas: Zing Tsjeng Public Programmes
24/03/2022 Art Icon: Tracey Emin Public Programmes
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Whitechapel Gallery Annual Report 2022
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|26/03/2022|Zine Making with OOMK|Youth|
|---|---|---|
|31/03/2022|Community Day|Community|
|31/03/2022|The Process of a Life: Pasolini at 100|Film|
Whitechapel Gallery Annual Report 2022
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## **Encouraging Attendance and Participation**
Whitechapel Gallery re-opened on 19 May 2021, with no further closures due to Covid-19 within 2021-22 financial year. We welcomed **152,968** visitors, with an average monthly attendance of **12,747** and weekly attendance of **2,942.** This represents c.60% of an annual **300,000** average pre-Covid attendance, a trend that was present sector-wide. Our website audiences increased significantly as the Gallery re-opened, with page views totalling **2,127,051,** representing nearly 50% growth compared to **1,240,592** in the previous year. Social media channels grew steadily.
|**Visits 1 April 2021 – 31 March 2022**|
**Gallery**|**Website**
Page
Views|**Social**
New Followers|
|---|---|---|---|
|Spring (1 April – 30 June)
1 April – 18 May
Whitechapel Gallery Closed due to Covid-19
19 May – 30 June
Eileen Agar: Angel of Anarchy
Nalini Malani:_Can you hear me?_
Desde el Salon (From the Living Room): Sol
Calero selects from the Hiscox Collection
Phantoms of Surrealism
A Glittering City: Ayo Akingbade with
Duchamp & Sons|**General**
**Attendance:8,876**
**Eileen Agar: 9,348**|**Page**
**Views:**
**426,053**
**New**
**Users:**
**123,472**|**Twitter:**
266,316
(-2504)
**Instagram:**
245,607
(+2,014)
**Facebook:**
(+479)|
|Summer (1 July – 30 September)
1 July – 15 August
A Glittering City: Ayo Akingbade with
Duchamp & Sons
Desde el Salon (From the Living Room): Sol
Calero selects from the Hiscox Collection
1 July – 29 August
Eileen Agar: Angel of Anarchy
1 July – 30 September
Phantoms of Surrealism|**General**
**Attendance:**37,847
**Eileen Agar:**
10,025|**Page**
**Views:**
565,199
**New**
**Users:**
154,710|**Twitter:**
266,532
(+216)
**Instagram:**
248,901
(+3,294)
**Facebook:**
(+390)|
|Autumn (1 October – 31 December)
25 August – 31 December
Yoko Ono: MEND PIECE for London
28 August – 31 December
Christen Sveaas Art Foundation: This is the
Night Mail by Ida Ekblad
21 September – 31 December
Simone Fattal: Finding A Way
29 September – 31 December
Theaster Gates: A clay Sermon
1 October – 12 December
Phantoms of Surrealism|**General:**
**42,565**
**Theaster Gates:**
**19,809**|**Page**
**Views:**
555,563
**New**
**Users:**
158,398|**Twitter:**
267,220
(+688)
**Instagram:**
253,114
(+4,213)
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Whitechapel Gallery Annual Report 2022
**14**
**----- Start of picture text -----**
21 – 31 December
Galleries in the Groove: Three Visionary
Dealers, 1960s - 1980s
**----- End of picture text -----**
|21 – 31 December
Galleries in the Groove: Three Visionary
Dealers, 1960s - 1980s|21 – 31 December
Galleries in the Groove: Three Visionary
Dealers, 1960s - 1980s|21 – 31 December
Galleries in the Groove: Three Visionary
Dealers, 1960s - 1980s|21 – 31 December
Galleries in the Groove: Three Visionary
Dealers, 1960s - 1980s|
|---|---|---|---|
|||||
|Winter (1 January – 31 March)
1-2 January
Yoko Ono: MEND PIECE for London
Christen Sveaas Art Foundation: This is the
Night Mail by Ida Ekblad
1 – 9 January
Theaster Gates: A Clay Sermon
1 January – 31 March
Galleries in the Groove: Three Visionary
Dealers, 1960s – 1980s
12 January – 31 March
The Living Studio
24 February – 31 March
A Century of the Artist’s Studio: 1920 – 2020|**General**
**Attendance 56,515**
**Theaster Gates:**
**1,665**
**A Century of the**
**Artist’s Studio:**
**8,517**|**Page**
**Views:**
580,836
**New**
**Users:**
164,233|**Total YouTube Subscribers:**
**1 April 2021- 3,846**
**31 March 2022-**
4,529
(+1.9k)
**Twitter:**
269,000
(+2,220)
**Instagram:**
261,666
(+5,000)
**Facebook:**
(+406)|
## **Summary**
Whitechapel Gallery did not re-instate visitor exit surveys in 2021-22 due to continued impact of Covid-19 closures, and to support necessary health and safety measures when open.
Exit surveys re-commenced in Summer 2022.
Whitechapel Gallery Annual Report 2022
**15**
## **Development 2021/22**
A total of £3,333,938 of voluntary income was raised in the year.
The Whitechapel Gallery is a registered charity that relies on the philanthropic support of individuals, companies, charitable trusts and foundations, and statutory funders. The Gallery has active and growing circles of Patrons and Commissioning Council supporters, with annual contributions ranging from £500 to over £10,000 per annum. The Exhibitions Programme is supported by individual donors, international foundations, galleries and corporate sponsorship. The Whitechapel Gallery’s Education and Public Programmes are made possible through the generous support of a number of charitable trusts and foundations, individuals and companies. These programmes are also supported through our annual Art icon Gala and Auction, held in March 2022, which surpassed fundraising targets. We are also reliant on other income streams for core support and capital renewal funding.
The Whitechapel Gallery has a professional fundraising department led by Janine Catalano, a member of the Institute of Fundraising. The team is responsible for fundraising from individuals, events, trust and foundations and businesses and works within the guidelines set out by the Fundraising Regulator and Code of Fundraising Practice. No fundraising-related complaints were received in the period.
The Whitechapel Gallery does not engage any external partners or fundraising agencies to carry out fundraising on its behalf, nor do we engage in fundraising activities that would place vulnerable people at risk.
## **Gallery Supporters 2021/22**
The Whitechapel Gallery would like to thank its supporters, whose generosity enables the Gallery to realize its pioneering programmes, including those who wish to remain anonymous:
## **Towards Tomorrow Champions**
D. Daskalopoulos Michael and Nina Zilkha
## **Major Donors**
Asymmetry Art Foundation Bloomberg Philanthropies City Bridge Trust Collezione Maramotti Max Mara NEON Swarovski Foundation
## **Exhibitions Programme**
The AKO Foundation Aldgate Connect BID Bagri Foundation Balice Hertling, Paris Jill and Jay Bernstein Brick Lane Regeneration Partnership Burgess & Leigh High Commission of Canada in the United Kingdom The Circles of Art Cockayne Grants for the Arts Christen Sveaas Art Foundation
City of London Corporation **Education & Public Events Programme** Nicoletta Fiorucci Russo Aldgate Connect BID Gagosian The Arts Society Westminster Genesis Kickstart Fund Dorota & Olivier Audemars Sarah and Gerard Griffin Capital Group Galerie Hubert Winter, Vienna Paul Hamlyn Foundation Karma International, Zurich Phillips kaufmann repetto, Milan, New York ZVM Rangoonwala Foundation Galerie Lelong & Co Alex Sainsbury The London Community Foundation Dasha Shenkman Collezione Maramotti Stanley Picker Trust Max Mara Swarovski Foundation Ministry of Culture, Republic of China The London Borough of Tower Hamlets (Taiwan) The Worshipful Company of Grocers Henry Moore Foundation Norwegian Embassy **Whitechapel Gallery Corporate** Omni Colour **Patrons** Polish Cultural Institute, London Bloomberg Galerie Tanit Munich-Beirut Frasers Property UK Tavolozza Foundation Gazelli Art House Laura and Barry Townsley Simon Lee Gallery The Whitechapel Gallery Luxembourg + Co Commissioning Council Modern Art White Cube Phillips
Aldgate Connect BID The Arts Society Westminster Dorota & Olivier Audemars Capital Group Paul Hamlyn Foundation Phillips ZVM Rangoonwala Foundation Alex Sainsbury Dasha Shenkman Stanley Picker Trust Swarovski Foundation The London Borough of Tower Hamlets The Worshipful Company of Grocers
Bloomberg Frasers Property UK Gazelli Art House Simon Lee Gallery Luxembourg + Co Modern Art Phillips David Zwirner
Whitechapel Gallery Annual Report 2022
**16**
## **Whitechapel Gallery Corporate Supporters**
Aldgate Connect BID Bloomberg Philanthropies Burgess & Leigh Champagne Castelnau Crozier Fine Arts FRAME London Hiscox: Artworks Insurance Partner Max Mara Collezione Maramotti Omni Colour: Signage Partner Phillips
## **Whitechapel Gallery Commissioning Council**
Dorota Audemars Erin Bell Emily de Pauw Leili Huth Irene Panagopoulos Mariela Pissioti Nicole Saikalis Bay and those who wish to remain anonymous
**Whitechapel Gallery Patron’s Chair** Francis Outred
## **Whitechapel Gallery Global Circle**
Elyse and Lawrence B. Benenson Charitarian Foundation Yan Du Peter and Maria Kellner Elie Khouri Art Foundation and those who wish to remain anonymous
## **Whitechapel Gallery Director’s Circle**
Erin Bell and Michael Cohen
## **Whitechapel Gallery Curator’s Circle**
Cherry Cheng Oliver Haarmann Nick and Caroline Clarry Pilar Corrias Aud and Paolo Cuniberti Julie and Debashis Dey Rami Kim
Mark Harris
Marcelle Joseph Adrian and Jennifer O’Carroll Ralph Segreti and Richard Follows Dasha Shenkman Audrey Wallrock and those who wish to remain anonymous
## **Whitechapel Gallery Patrons**
Beverley Buckingham Keith and Helen Clark Sadie Coles HQ Beth and Michele Colocci Swantje Conrad Michael and Elizabeth Corley Dunnett Craven Ltd Xiaochi Dong Sarah Elson Sian Emmison Belinda de Gaudemar
Alan and Joanna Gemes Richard and Judith Greer James Green Sarah Griffin Robert Hiscox
Soo Hitchin Pippy Houldsworth Claudio Koeser Frank Kirkhaar Gerrit and Tilman Kristen Xi Liu and Yi Luo George Loudon Kate McGarry Mary E McNicholas Jon and Amanda Moore Heike Moras Reine Okuliar Maureen Paley Dominic Palfreyman Darryl de Prez and Victoria Thomas Steve Ruggi and Gilda Williams Marina Ruiz-Colomer Jackie Russell
Alex Sainsbury and Elinor Jansz Cherrill and Ian Scheer Henrietta Shields Matthew Slotover and Emily King Karen and Mark Smith Bina and Philippe von Stauffenberg Marie-Claude Stobert Christoph and Marion Trestle Samantha Wainstein Kimberley Williams Sharon Zhu and Michael Tian and those who wish to remain anonymous
## **Whitechapel Gallery First Futures**
Cedric Bardawil Francesca Consigli Crane Kalman Gallery Jason Kantro Marie Krauss Petra Kwan
Yisi Li Di Liu Di Luo Jacqueline Nowikovsky Indi Oliver Maria Cruz Rashidan Eugenio Re Rebaudengo Joe Start Nayrouz Tatanaki Vanessa Vainio Elisabeth von Schwarzkopf and those who wish to remain anonymous
We remain grateful for the ongoing support of Whitechapel Gallery Members.
The Whitechapel Gallery is proud to be a National Portfolio Organisation of Arts Council England
Whitechapel Gallery Annual Report 2022
**17**
## D) Plans for Future Periods
Confirmation of Arts Council England NPO funding until March 2026 is a strong basis for ensuring a resilient business model at Whitechapel Gallery in the short to medium term.
A process of devising and articulating a new vision, mission, strategy and business model at the Gallery was instigated in October 2022 by Gilane Tawadros upon her appointment as Director. The new strategy, which will be announced in early 2023, will be effective from the 2023/24 financial year onwards as the Gallery evolves to best serve its audiences in the context of a changing and challenging macro environment.
## **Programme Plans 2022-23**
## **Galleries 1, 8 & Victor Petitgas Gallery (Gallery 9)**
**A Century of The Artist’s Studio** 16 February 2022 - 19 June 2022
**The London Open 2022** 30 June - 4 September 2022
**Moving Bodies, Moving Images** 12 October 2022 - 8 January 2023
**Action / Gesture / Paint** 9 February - 7 May 2023
**Outset Project Gallery (Gallery 5);**
**176/Zabludowicz Collection Project Gallery (Gallery 6)**
## **The Living Studio**
12 January - 8 May 2022
**We Get to Choose Our Families** 20 May - 7 August 2022 **Tracing Absence** 20 August 2022 - 2 January 2023
## **Gallery 7**
## **Gallery 2**
**Simone Fattal: Finding A Way** 21 September 2021 - 19 June 2022
**Emma Talbot: The Age / L’Eta** 30 June - 4 September 2022
**Zadie Xa: House Gods, Animal Guides and Five Ways 2 Forgiveness** 20 September 2022 - 30 April 2023
**The Travel Bureau: Paulina Olowska selects from The Christian Sveaas Art Foundation Collection** 12 January 2022 - 8 May 2022
**The Unseen: Hurvin Anderson selects from The Christian Sveaas Art Foundation Collection** 20 May - 7 August 2022
**Portal de Plata: Donna Huanca selects from The Christian Sveaas Art Foundation Collection** 26 August 2022 - 1 January 2023
## **Pat Matthews Gallery (Gallery 4)**
**Galleries in The Groove**
21 December 2021 - 21 August 2022 **Out of the Margins: Performance in London’s Institutions 1990s - 2010s** 30 August 2022 - 15 January 2023
## **Zilkha Auditorium: Artists’ Film International**
**Bassam Al-Sabah, Phumulani Ntuli, Ewelina Jarosz and Justyna Górowska, Prantik Narayan Basu, Anca Benera and Arnold Estefan**
29 June - 4 September 2022 **Ruth Maclennan, Emilija Škarnulytė, Flatform**
27 September 2022 - 5 February 2023
Whitechapel Gallery Annual Report 2022
**18**
## E) Financial Report for the Year / Trustees’ Responsibilities
## **Results for the Year**
Overall the Gallery received income of £4,496,052 and incurred expenditure of £4,723,370 on total funds, resulting in a deficit of £73,016 after investment gains (2020-21: surplus of £1,403,766). The small deficit reflected a slow return of audiences and funders following the pandemic. There was a net movement on general unrestricted funds of £111,631 in 2021-22 (2020-21: £1,145,384). The consolidated balance sheet shows an increase in net current assets of £39,800 to £2,519,719 (2020-21: £2,479,919). The General fund being carried forward is £1,257,015 at the yearend (2020-21: £1,145,384).
## **Subsidiary Companies**
Whitechapel Gallery Ventures Limited was incorporated on 1 April 2005 as a private limited company, wholly owned by Whitechapel Gallery Trustee Limited on behalf of Whitechapel Gallery.
Whitechapel Gallery Ventures Limited was established to manage the commercial trading activities of Whitechapel Gallery including sales of limited editions, Gallery hires, catalogues, publications, merchandise and catering services. The main aims of the trading subsidiary are to engender the development of entrepreneurial practice at the Whitechapel Gallery and generate profits that contribute to the Gallery’s charitable objectives.
Editions and publication sales proved once again to be the strongest income streams, with good commercial performance in all other areas. The directors of Whitechapel Gallery Ventures Limited are pleased to report a current year profit of £300,228 as at 31 March 2022. This consisted of operating profits of £95,637 and £204,591 of Museums and Galleries Exhibition Tax Relief. These profits have been donated to the charity via Gift Aid.
Whitechapel Gallery Estates Trust Limited is a company limited by guarantee and charity registered in England & Wales. Its principal activities are the provision and maintenance of an art gallery for exhibition to the public of:
- Modern and Historical fine art
- Modern and Historical design and applied art
- Work done by school children or students or by persons resident in the neighbourhood of the art; and to promote and encourage the education of the public in the arts.
The investment in the subsidiary company is also held by Whitechapel Gallery Trustee on behalf of Whitechapel Gallery. The subsidiary reported a surplus for the year ended
31 March 2022 amounting to £2,707 and total funds carried forward of £30,809.
## **Reserves Policy**
The total value of consolidated funds at the balance sheet date was £18,125,164, made up of £3,270,568 in endowed funds, £6,963,482 in restricted funds, £6,634,099 in designated funds and £1,257,015 in unrestricted general funds.
## Endowment Funds
The Gallery has two permanent endowment funds, held in investment portfolios managed by JP Morgan and the returns they generate form unrestricted income for the Gallery. The year to March 2022 saw sustained growth.
The _Transform Future Fund_ is a permanent endowment fund of £2.6m granted by Arts Council England in 2011, and operated on a total return basis. £450k of the capital was drawn down in 2016 to be repaid in equal instalments over the following ten years. At 31 March 2022 the fund had a value of £2,619,113 (31 March 2021: £2,481,796) and generated £137,317 (2020-21: £390,916) in investment gains for the Gallery in the year. The _Catalyst Future Fund_ is a separate fund consisting of monies raised by the Whitechapel Gallery and matched by Arts Council England. This is a permanent endowment expiring in November 2037, following which the endowment becomes expendable. This fund had a value of £651,455 as at 31 March 2022 (2020-21: £653,044) and incurred a £1,589 loss (2020-21: £0) for the Gallery in the year. In July 2020 the Gallery obtained permission from Arts Council England and the Charity Commission to de-restrict and draw down the 50% of this fund that they had initially raised, a total of £805,617, in order to address historic debts and the impact of the Covid-19 pandemic. The remaining funds were held in cash pending reinvestment. A long-term repayment plan has been agreed with Arts Council England.
## Restricted Funds
The _Capital Fund_ comprises funds received for the Whitechapel Project for refurbishment work undertaken on the Gallery’s buildings. The fund value was £6,394,009 at 31 March 2022 (2020-21: £6,636,333), which has all been invested in fixed assets. The _Capital Renewal Fund_ is restricted to the maintenance of the Gallery’s current buildings and infrastructure in an agreed drawdown schedule to 2031. At 31 March 2022 the fund had a value of £569,473 (2020-21: £576,068), comprising investments of £387,552 managed by JP Morgan, £100,000 held in cash at
Whitechapel Gallery Annual Report 2022
**19**
Lloyds bank, and fixed assets of £81,921. In the year it funded £19,702 in capital depreciation.
## Designated Funds
The _Building Fund_ represents money invested in building works not covered by the restricted Capital Fund. The fund value was £5,371,138 at 31 March 2022 (2020-21: £5,465,375). The balance is all invested in fixed assets. The _Designated Capital Works Fund_ holds amounts designated towards urgent capital works that aren’t covered by the restricted Capital Renewal fund, to a value of £401,000 at 31[st] March 2022. The _Designated Roof Repair Fund_ holds funds received to offset the cost of urgent roof repairs, to a value of £24,750 at 31[st] March 2022. The _Designated CRM Development Fund_ holds funds to invest in a new customer relationship management system that was delayed from 2020-21, to a value of £15,000 at 31[st] March 2022. The _Designated Asset Fund_ holds funds designated to cover the cost of various asset purchases, to a value of £16,594 at 31[st] March 2022. The _Designated Catalyst Fund_ represents the sum de-restricted for a fixed period from the Catalyst Endowment Fund with the permission of the funder, Arts Council England, to a value of £805,617.
## Unrestricted Funds
The _General Fund_ , net of tangible fixed assets, represents the free reserves of the Charity and is an unrestricted reserve maintained to enable the Gallery to carry on its charitable activities. The Trustees aim to hold an unrestricted fund balance equivalent to at least one quarter of annual expenditure on Charitable Activities and Governance Costs which would be equal to £910,803 in 2021-22. There were £1,257,015 free reserves at the year-end (2020-21: £1,154,384) and therefore the aim of the reserves policy had been satisfied. A successful bid to the ACE Culture Recovery Fund round 2 resulted in £206,332 in unrestricted funds being granted to bolster operating reserves secured in March 2021, all of which had been received by 31[st] March 2022. The General Fund will be used to subsidise the 2022-23 financial year, which due to the general operating environment is projected to result in a deficit.
## **Investment Policy & Returns**
An executive sub-committee has been established to oversee the investment of the endowments and Capital Renewal Fund, and advise the Director and Managing Director in researching new, more effective ways for the charity to invest. The Trustees’ policy is to balance the need for revenue and the growth of the equity of the invested funds. An Order from the Charity Commission giving the charity the power to use a total return approach to investment of the Transform Future Fund was obtained in April 2012.
JP Morgan Ltd. was appointed as investment advisor and fund manager in 2011 following a tender process. The Transform Future Fund and Catalyst Future Fund endowments and the Capital Renewal Fund have been placed in managed funds. The Investment Subcommittee has been charged with reviewing the performance of funds and investment risk profile.
The Trustees will review annually the level of risk most appropriate for the gallery given the prevailing state of the economic and political environment, which will inform the mix of investment portfolio. The Investment sub-committee will keep an ongoing overview of investment performance and, with the investment advisors, make adjustments to investment asset allocation as needed.
In line with the Total Return approach applied to the investment of the Transform Future Fund endowment, the Trustees will annually decide on the portion of the fund’s returns to draw for general revenue expenditure by the Gallery. Maintaining the core capital endowment and ensuring its long-term growth will be key factors considered in the draw-down decision.
Drawdown from the Capital Renewal Fund is restricted to the maintenance of the Gallery’s current buildings and infrastructure and used according to an agreed schedule of works.
Over the course of the year the trustees continually reviewed the overall investment performance against both the Whitechapel’s investment objectives and the wider sector benchmarks since inception. The conclusion was that the performance of investments in 2021-22 was reflective of overall market factors, and in the longer-term the portfolios were providing a satisfactory return and they were happy with JP Morgan’s management of the funds.
The advent of the Covid-19 pandemic in March 2020 resulted in major reductions in the value of all portfolios for a short period, following which markets recovered relatively quickly. Trustees moved to liquidate one portfolio into cash to prevent escalating losses, with the intention of re-investing at a later date.
Any available unrestricted reserves are held in cash which is deposited to secure the best possible returns in short-term cash investments.
## **Going Concern**
In assessing the charity’s financial position, the Trustees have considered its plans for the foreseeable future, the risks to which it is exposed and detailed cash projections. In line with many charities the forecast voluntary income is dependent upon continuing support from individuals, businesses, trusts and foundations, and public bodies. Funding from Arts
Whitechapel Gallery Annual Report 2022
**20**
Council England has been confirmed at £1,437,955 per year from 2023 – 2026.
The Gallery is projecting a significant deficit in the 2022/23 financial year as a result of increased energy costs, general inflation, slower than expected trading due to post-Covid consumer behaviour and other pressures on the business model. Whitechapel Gallery is committed to achieving annual surpluses from the 2023/24 financial year onwards and is making changes to its strategy and business model to ensure that this is the case.
Following these steps, the trustees continue to be satisfied that they will have sufficient funds to meet operational needs for at least 18 months from the date of signing these financial statements and accordingly it continues to remain appropriate to prepare the financial statements on the going concern basis.
## **Risk Management**
The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments and its finances. The principal risks include:
- Achievement of general and project-specific fundraising targets
- Achievement of earned income targets relating to exhibition admissions and general trading activities
- Investment performance
- Cost control
- From March 2020, the Covid-19 pandemic
The impact of the pandemic on all principal risks has been significant and has focussed the risk management process on devising mitigation strategies in response, as outlined above.
The Trustees believe that they have established effective systems to mitigate these specific risks by regular examination of financial performance and other key indicators to identify any necessary corrective action, and by ensuring that robust controls exist over key financial and other systems. The strategic risk register is reviewed annually by the Board of Trustees and quarterly by the Finance Sub Committee.
The Gallery’s application for ‘Approval under Part 6, Section 136 of the Tribunals, Courts and Enforcement Act 2007’ was granted by the Secretary of State on 21 June 2010. Approved status allows for ‘immunity from seizure for cultural objects which have been imported into the UK for the purpose of exhibition’ provided that recognised due
diligence procedures and provenance checks have been carried out. During 2021-22, the Gallery did not display any objects which required immunity from seizure.
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and group and of the incoming resources and application of resources, including the income and expenditure, of the charity and the group for that period. In preparing these financial statements the trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the 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 of the financial position of the charity and group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities Accounts and Reports Regulations 2008 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## In so far as we are aware:
- There is no relevant audit information of which the charity and group’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 information and to establish that the auditor is aware of that information
Whitechapel Gallery Annual Report 2022
**21**
## **AUDITORS**
- A resolution proposing the reappointment of Crowe U.K. LLP as auditors to the charity will be put to the Annual General Meeting.
By Order Of The Board
30 January 2023
……………………………………………………….
Dr. David Dibosa (Chair)
Whitechapel Gallery Annual Report 2022
**22**
## Independent Auditor’s Report to the Members of the Whitechapel Gallery
## **Opinion**
We have audited the financial statements of Whitechapel Gallery (‘the charity’) and its subsidiaries (‘the group’) for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 March 2022 and of the group’s income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
significant doubt on the charity's or the group’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 trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient and proper accounting records have not been kept by the parent charity; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
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
Whitechapel Gallery Annual Report 2022
**23**
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 24, 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 group and the parent 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 151 of the Charities Act 2011 and report in accordance with the Acts and relevant regulations made or having effect thereunder.
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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of noncompliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis
## for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), Health and safety legislation and Employment legislation.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Sub Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Whitechapel Gallery Annual Report 2022
**24**
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Crowe U.K. LLP**
Statutory Auditor
## **London**
Date …………………………… 31 January 2023
Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Whitechapel Gallery Annual Report 2022
**25**
## **WHITECHAPEL GALLERY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022**
|**Unrestricted Funds**
**Note**
**General**
**Designated**
**£**
**£**
**Income and endowments from:**
Donations
and legacies
**3**
2,683,311
6,187
Charitable activities:
Exhibitions
659,318
-
Education
43,663
-
Other:
Trading activities
459,013
-
Investments
120
-
**Total**
**3,845,425**
**6,187**
**Expenditure on:**
Raising funds**4**
657,636
-
Charitable activities:
Exhibitions
2,234,978
94,237
Education
417,527
-
Other:
Trading activities
363,376
-
Investment
management costs
43,683
-
**Total**
**3,717,200**
**94,237**
Net gains on
investments
**-**
**-**
**Net income /**
**(expenditure)**
**128,225**
**(88,050)**
Transfer
between
funds
**16**
(16,594)
16,594
**NET MOVEMENT IN**
**FUNDS**
**111,631**
**(71,456)**
Funds brought
forward
As at 1 April 2021
(restated)
1,145,384
6,705,555
**Funds carried**
**forward**
**as at 31 March 2022**
**1,257,015**
**6,634,099**|**Restricted Funds**
**Endowment**
**2022**
2021
**Revenue**
**Capital**
**Funds**
**Total**
Total
**£**
**£**
**£**
**£**
£
644,440
-
-
**3,333,938**
4,207,137
-
-
-
**659,318**
313,395
-
-
-
**43,663**
3,045
-
-
-
**459,013**
361,117
-
-
-
**120**
23
**644,440**
**-**
**-**
**4,496,052**
4,884,717
-
-
-
**657,636**
592,315
549,313
267,493
-
**3,146,021**
2,458,418
95,127
-
-
**512,654**
476,249
-
-
-
**363,376**
384,322
-
-
-
**43,683**
26,564
**644,440**
**267,493**
**-**
**4,723,370**
3,937,868
**-**
**18,574**
**135,728**
**154,302**
456,917
**-**
**(248,919)**
**135,728**
**(73,016)**
1,403,766
-
-
-
-
-
**-**
**(248,919)**
**135,728**
**(73,016)**
1,403,766
-
7,212,401
3,134,840
18,198,180
16,794,414
**-**
**6,963,482**
**3,270,568**
**18,125,164**
18,198,180|
|---|---|
All amounts relate to continuing operations. All gains and losses recognised in the year are included above. The notes on pages 30 to 46 form part of these financial statements.
Whitechapel Gallery Annual Report 2022
**26**
## **WHITECHAPEL GALLERY CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022**
|**Notes**
**FIXED ASSETS**
Tangible Assets
**11**
Investments
**9**
**CURRENT ASSETS**
Investments
**12**
Stock
**13**
Debtors
**14**
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling
due within one year
**15**
**NET CURRENT ASSETS**
**NET ASSETS**
**The funds of the charity:**
**Endowment Funds:**
**16**
Transform Future Fund
Catalyst Future Fund
**Restricted Funds:**
**16**
Restricted Capital Fund
Restricted Capital Renewal Fund
**Designated Funds:**
**16**
Building Fund
Capital Works Fund
Roof Repair Fund
CRM Development Fund
Designated Asset Fund
Designated Catalyst Fund
**Unrestricted Funds:**
**16**
General Fund||**£**
134,201
309,662
1,363,052
1,599,356
**3,406,271**
**(886,552)**
2,619,113
651,455
6,394,009
569,473
5,371,138
401,000
24,750
15,000
16,594
805,617|**31 March 2022**
**£**
11,963,662
3,641,783
**15,605,445**
**2,519,719**
**18,125,164**
**3,270,568**
**6,963,482**
**6,634,099**
**1,257,015**
**18,125,164**||
£
132,334
296,212
1,504,153
982,333
**2,915,032**
**(435,113)**
2,481,796
653,044
6,636,333
576,068
5,465,375
401,000
18,563
15,000
-
805,617|31 March 2021|
|---|---|---|---|---|---|---|
|||||||£
12,230,780
3,487,481
**15,718,261**
**2,479,919**
**18,198,180**
**3,134,840**
**7,212,401**
**6,705,555**
**1,145,384**
**18,198,180**|
The notes on pages 30 to 48 form part of these financial statements. Approved and authorised for issue by the Trustees on 30 January 2023 and signed below on its behalf by:
……………..………… David Dibosa - Chairman ……………..………. Ian Pleace - Trustee
Whitechapel Gallery Annual Report 2022
**27**
## **WHITECHAPEL GALLERY CHARITY BALANCE SHEET AS AT 31 MARCH 2022**
|**Notes**
**FIXED ASSETS**
Tangible Assets
**11**
Investments
**9**
**CURRENT ASSETS**
Investments
**12**
Stock
**13**
Debtors
**14**
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling
due within one year
**15**
**NET CURRENT ASSETS**
**NET ASSETS**
**Financed by:**
**Endowment Funds:**
**16**
Transform Future Fund
Catalyst Future Fund
**Restricted Funds:**
**16**
Restricted Capital Fund
Restricted Capital Renewal Fund
**Designated Funds:**
**16**
Building Fund
Capital Works Fund
Roof Repair Fund
CRM Development Fund
Designated Asset Fund
Designated Catalyst Fund
**Unrestricted Funds:**
**15**
General Fund|**£**
134,201
44,136
1,396,131
1,566,532
**3,141,000**
**(652,091)**
2,619,113
651,455
6,394,009
569,473
5,371,138
401,000
24,750
15,000
16,594
805,617|**31 March 2022**
**£**
11,963,662
3,641,783
**15,605,445**
**2,488,909**
**18,094,354**
**3,270,568**
**6,963,482**
**6,634,099**
**1,226,205**
**18,094,354**|£
132,334
44,890
1,738,680
952,273
**2,868,177**
**(416,361)**
2,481,796
653,044
6,636,333
576,068
5,465,375
401,000
18,563
15,000
-
805,617|31 March 2021|31 March 2021|
|---|---|---|---|---|---|
||||||£
12,230,780
3,487,481
**15,718,261**
**2,451,816**|
||||||**18,170,077**|
||||||**3,134,840**
**7,212,401**
**6,705,555**
**1,117,281**
**18,170,077**|
The notes on pages 30 to 46 form part of these financial statements. Approved and authorised for issue by the Trustees on 30 January 2023 and signed below on its behalf by:
……………..………… David Dibosa - Chairman ……………..………. Ian Pleace - Trustee
Whitechapel Gallery Annual Report 2022
**28**
## **WHITECHAPEL GALLERY CONSOLIDATED STATEMENT OF CASH FLOWS AS AT 31 MARCH 2022**
||**31 March 2022**|**31 March 2022**||31 March 2021|31 March 2021|
|---|---|---|---|---|---|
|**£**||**£**||£|£|
|||||||
|**Net cash provided by operating activities**||**722,369**|||474,679|
|||||||
|_Cash flows from investing activities:_||||||
|Dividends, interest and rents from investments
**-**|||201|||
|Purchase of property, plant and equipment
**(101,957)**|||(17,497)|||
|Purchase of investments
**-**|||(201)|||
|Withdrawals from investments
**-**|||1,182,926|||
|**Net cash (used in) / provided by investing activities**||**(101,957)**|||1,165,429|
|||||||
|_Cash flows from financing activities:_||||||
|Interest paid
**(3,385)**|||(16,462)|||
|Repayments of borrowing
**-**|||-|||
|**Net cash used in financing activities**||**(3,385)**|||(16,462)|
|||||||
|**Change in cash and cash equivalents in the reporting period**||**617,027**|||1,623,646|
|||||||
|**Cash and cash equivalents at the beginning of the reporting**
**period**||**981,485**|||(642,161)|
|||||||
|**Cash and cash equivalents at the end of the reporting**
**period**||**1,598,512**|||981,485|
|||||||
|||||||
||||**2022**||**2021**|
|**Reconciliation of cash flows from operating**
**activities**|||**£**||**£**|
|||||||
|Net (expenditure) / income for the reporting period|||**(73,016)**||1,403,766|
|||||||
|Adjustments for:||||||
|||||||
|Depreciation charges|||**369,076**||357,251|
|(Gains) on investments|||**(154,302)**||(456,716)|
|Dividends, interest and rents from investments|||**-**||(201)|
|Interest costs|||**3,385**||16,462|
|Impairment of current asset investments|||**(1,867)**||23,869|
|(Increase) / decrease in stocks|||**(13,450)**||18,555|
|Decrease / increase) in debtors|||**140,165**||(629,846)|
|Increase / (decrease) in creditors|||**452,378**||(258,461)|
|||||||
||||**722,369**||474,679|
|||||||
||||**2022**||2021|
|**Analysis of cash and cash equivalents**|||**£**||£|
|||||||
|Cash in hand|||**1,599,356**||982,333|
|Bank overdraft and drawdown facilities repayable on demand|||**(844)**||(848)|
|Total cash and cash equivalents|||**1,598,512**||981,485|
Whitechapel Gallery Annual Report 2022
**29**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022**
## **1 CHARITABLE STATUS**
Whitechapel Gallery is a charitable trust (Charity Registration number 312162). The address of the registered office is 77-82 Whitechapel High Street.
## **2 ACCOUNTING POLICIES**
The following accounting policies have been used consistently in dealing with items that are considered material to the Gallery’s affairs.
## **a) Accounting basis**
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of fixed assets investments, and in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities SORP (FRS 102).
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The principal accounting policies adopted in the preparation of the financial statements are set out below and are consistent with those of the previous year.
Whitechapel Gallery meets the definition of a public benefit entity under FRS102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The individual entity accounts of Whitechapel Gallery have taken advantage of the disclosure exemption under FRS 102 to separately disclosure categories of financial instruments and items of income, expenses, gains or losses relating to instruments as these have been presented on a group basis in the notes to the accounts.
## **Consolidation**
The consolidated financial statements comprise Whitechapel Gallery, the main entity, its subsidiary, Whitechapel Gallery Ventures Limited and related charity, Whitechapel Gallery Estates Limited. The accounts are consolidated on a line by line basis.
The ultimate controlling party is Whitechapel Gallery Trustee Limited. As this entity acts as Corporate Trustee only and does not trade, consolidated accounts are not required at this level.
## **Going Concern**
In assessing the charity’s financial position, the Trustees have considered its plans for the foreseeable future, the risks to which it is exposed and detailed cash projections. In line with many charities the forecast voluntary income is dependent upon continuing support from individuals, businesses, trusts and foundations, and public bodies. Funding from Arts Council England has been confirmed at £1,437,955 per year from 2023 – 2026.
The Gallery is projecting a significant deficit in the 2022/23 financial year as a result of increased energy costs, general inflation, slower than expected trading due to post-Covid consumer behaviour and other pressures on the business model. Whitechapel Gallery is committed to achieving annual surpluses from the 2023/24 financial year onwards and is making changes to its strategy and business model to ensure that this is the case.
Following these steps, the trustees continue to be satisfied that they will have sufficient funds to meet operational needs for at least 18 months from the date of signing and accordingly it continues to remain appropriate to prepare the financial statements on the going concern basis.
Whitechapel Gallery Annual Report 2022
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **Critical accounting judgements and key sources of estimation uncertainty**
In the application of the charity’s accounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies and are summarised below:
_Current asset investments_ – are initially valued at their expected market value, which is subject to an annual adjustment and impairment based on sales in the year.
## **b) Income**
All income is included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy (See Note 1(d) below).
Voluntary income comprising grants and donations is allocated to each category of income streams in the year that there is receipt is probably and the amount is quantifiable.
Trading income comprises catalogues, publications, editions, posters, rental and gallery hire.
Investment income is included within the Statement of Financial Activities in the year in which it is receivable.
Gifts in kind are recognised on receipt at the full value to the organisation.
Government grants are recognised on the performance model, when the charity has complied with any conditions attaching to the grant and the grant will be received. The grant in connection to the Coronavirus Job Retention Scheme has been recognised in the period to which the underlying furloughed staff costs relate to. Included in income is an amount of £32,579 in respect of the Coronavirus Job Retention Scheme.
## **c) Expenditure**
Expenditure is included within the financial statements on an accruals basis. Expenditure incurred on exhibitions for future years is included on the balance sheet as deferred expenditure.
Cost of activities in the furtherance of the Charity’s objectives includes the direct cost of the activities. Where such costs relate to more than one functional cost category, they have been allocated on either an estimate of time or on floor space basis, as appropriate.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of charitable activities.
Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
## **d) Exhibitions**
Income relating to exhibitions which span the year end are accounted for in the year in which the ticket sales occur. Touring exhibitions organised by the Gallery which tour to other venues are accounted for in the year in which the exhibition occurs.
Whitechapel Gallery Annual Report 2022
**31**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **e) Tangible fixed assets**
Expenditure on items in excess of £1,000 are capitalised and recorded at historic cost in the accounts. Except for freehold land and assets in the course of construction, tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives as follows:
Buildings - 50 years Plant and Machinery - 4 years Equipment, Fixture and Fittings - 3, 4 and 11 years Web Site - 3 years
## **f) Pension costs**
The pension plan for the employees is a defined contribution scheme. Consequently, the annual instalments charged to the Statement of Financial Activities are fixed under the terms of the schemes and the Gallery has no potential liability other than for the payment of those contributions.
## **g) Fund accounting**
Permanent endowment funds are where funds have been donated and restrictions are placed on the conversion of the original capital sum into income.
Restricted funds are those funds subject to donor-imposed restrictions as to their use.
Unrestricted funds are where no restrictions have been placed on the use of the monies received as long as they are spent within the charitable objectives of the organisation. This includes designated funds where Trustees have set aside the funds for a particular purpose.
## **h) Total return investment policy**
The Trustees have adopted a total return approach to investment of the Transform Future Fund and spending as permitted under a direction received from the Charity Commission. A base date of 31 March 2012 has been adopted for the applying the total return.
## **i) Investments**
All fixed asset investments are stated at market value.
Realised and unrealised gains and losses on fixed asset investments, based on year-end market values, are credited or charged through the SOFA.
Current asset investments are stated after impairment calculations that take into account moving annual total sales.
## **j) Stock**
Stock is stated at the lower of cost and net realisable value. Net realisable value is the price at which stock can be sold in the normal course of business after allowing for marketing, selling and distribution costs. Provisions are made where necessary for obsolete, slow moving and defective stock.
## **k) Operating lease commitments**
Rentals payable under operating leases, where substantially all risks and rewards of ownership remain with the lessor, are charged to income on a straight-line basis over the lease term.
## **l) Financial Instruments**
Whitechapel Gallery has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors, and accruals.
Whitechapel Gallery Annual Report 2022
**32**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
Investments, including bonds held as part of an investment portfolio are held at fair value at the Balance Sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at cost less impairment.
Whitechapel Gallery Annual Report 2022
**33**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
|**3 INCOME**
**(a) Voluntary Income**
Arts Council England
Exhibition funding
Education funding
Benefit events and general donations
Patrons and corporate donations
Whitechapel members
Coronavirus Job Retention Scheme
Capital renewal funding
**(b) Trading activities**
Sale of publications
Sale of Limited Edition art works
Sale of posters and postcards
Hire of gallery
Art Consultancy
Catering franchise
Royalty Income
Other Income
Bookshop franchise
**(c) Investment income**
Bank interest
Investment income
**(d) Income from charitable activities**
**Exhibitions:**
Touring fees
Admission fees
Sales of exhibition catalogues
Other income
Covid-19 Emergency Funding
Exhibitions Tax Relief
**Education:**
MA Curating the Contemporary
Admission fees and lecture tickets|**Unrestricted Funds:**
**Restricted Funds:**
**Total**
Total
**General**
**Designated**
**Revenue**
**Capital**
**Endowment**
**2022**
2021
**£**
**£**
**£**
**£**
**£**
**£**
£
1,744,287
-
-
-
-
**1,744,287**
2,221,955
-
-
549,313
-
-
**549,313**
430,786
-
-
95,127
-
-
**95,127**
108,763
623,416
-
-
-
-
**623,416**
562,020
248,993
-
-
-
-
**248,993**
391,194
34,036
-
-
-
-
**34,036**
12,848
32,579
-
-
-
-
**32,579**
461,008
-
6,187
-
-
-
**6,187**
18,563
**2,683,311**
**6,187**
**644,440**
**-**
**-**
**3,333,938**
4,207,137
128,354
-
-
-
-
**128,354**
109,047
246,940
-
-
-
-
**246,940**
243,566
945
-
-
-
-
**945**
484
5,680
-
-
-
-
**5,680**
-
24,999
-
-
-
-
**24,999**
-
23,377
-
-
-
-
**23,377**
-
3,836
-
-
-
-
**3,836**
-
4,282
-
-
-
-
**4,282**
-
20,600
-
-
-
-
**20,600**
8,020
**459,013**
**-**
**-**
**-**
**-**
**459,013**
361,117
120
-
-
-
-
**120**
23
-
-
-
-
-
**-**
-|
|---|---|
||**120**
**-**
**-**
**-**
**-**
**120**
23
50,185
-
-
-
-
**50,185**
5,000
201,062
-
-
-
-
**201,062**
46,786
60,014
-
-
-
-
**60,014**
10,018
139,270
-
-
-
-
**139,270**
118,572
4,196
-
-
-
-
**4,196**
49,100
204,591
-
-
-
-
**204,591**
83,919
**659,318**
**-**
**-**
**-**
**-**
**659,318**
313,395
38,197
-
-
-
-
**38,197**
2,750
5,466
-
-
-
-
**5,466**
295
**43,663**
**-**
**-**
**-**
**-**
**43,663**
3,045|
The Whitechapel Gallery is proud to be a National Portfolio Organisation of Arts Council England.
Whitechapel Gallery Annual Report 2022
**34**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
|**4 RESOURCES EXPENDED**
Exhibitions
Education
Costs of generating voluntary
income
Fundraising trading
Investment management costs
Support costs|**Total**
Total
**Staff Costs**
**Direct Costs**
**Support Costs**
**2022**
2021
**£**
**£**
**£**
**£**
£
611,051
1,490,633
1,044,337
**3,146,021**
2,458,418
181,184
85,284
246,186
**512,654**
476,249
792,235
1,575,917
1,290,523
**3,658,675**
2,934,667
-
-
657,636
**657,636**
592,315
172,012
191,364
-
**363,376**
384,322
-
43,683
-
**43,683**
26,564
1,368,501
579,658
(1,948,159)
**-**
-
2,332,748
2,390,623
-
**4,723,370**
3,937,868|
|---|---|
|**5 GOVERNANCE COSTS**
Legal and professional
Audit fees
Subscription
**6 SUPPORT COSTS**
Staff and related costs
Property costs
Telecommunications and postage
Photocopying and stationery
Development cost
Governance costs
**7 AUDIT COSTS**
Charity
Whitechapel Gallery Ventures Limited
Whitechapel Gallery Estates Trust
Under-accrual in previous year
Overrun cost in previous year||**2022**
2021
**£**
£
**5,171**
3,823
**25,800**
56,000
**133**
655
**31,104**
60,478
**2022**
2021
**£**
£
**1,368,501**
1,249,254
**416,425**
288,580
**10,973**
13,663
**6,926**
12,265
**121,531**
75,804
**23,804**
60,478
**1,948,160**
1,700,044
**2022**
2021
**£**
£
16,250
15,000
7,850
7,250
1,700
1,550
**-**
17,200
**-**
15,000|
|---|---|---|
|||**25,800**
56,000|
Whitechapel Gallery Annual Report 2022
**35**
**WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
|**8 STAFF COSTS**
Wages and salaries
Social security costs
Pension costs
Other staff costs
Employees with total employee benefits (excluding
employer pension costs) of £60k and above
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£110,001 - £120,000|**2022**
2021
**£**
£
**2,045,197**
2,021,304
**179,501**
176,778
**80,924**
78,823
**27,126**
21,199
**2,332,748**
2,298,104|
|---|---|
||**2022**
2021
**Number**
Number
**-**
-
**1**
1
**-**
-
**1**
1
**-**
-|
Two employees (2020-21: 2) receiving remuneration of £60,000 or more participated in the charity’s pension scheme. Total employer contributions in the year totalled £20,661 (2020-21: £20,376).
|Total remuneration for key management personnel|**2022**|2021|
|---|---|---|
||**£**|£|
|Key management personnel|**562,806**|567,479|
The Whitechapel Gallery operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Gallery in independently administered funds. Pension costs incurred in the year are shown above. The balance withheld at the year-end was nil (2020-21: nil).
||**Average No. of Employees**|**Average No. of Employees**|
|---|---|---|
||**2022**|2021|
|Exhibition|**13**|14|
|Education|**6**|7|
|Development and communication|**13**|16|
|Building, operations and visitor services|**12**|28|
|Whitechapel Gallery Ventures Ltd.|**5**|6|
|Administration, finance and Director’s office, including the|**8**|6|
|Director|||
||**57**|77|
|Casual Staff|**44**|43|
|Total staff (full-time, part-time and casual)|**101**|120|
The decrease in building, operations and visitor services staff is due to additional staffing requirements in 2021 to allow for a dual team structure during the Covid-19 pandemic.
Whitechapel Gallery Annual Report 2022
**36**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
|**9 INVESTMENTS (Charity and**|**Group)**|||**2022**|2021|
|---|---|---|---|---|---|
|||||**£**|£|
||**Endowed**|**Funds:**|**Restricted**|||
|**Quoted Investments:**|**Transform**|**Catalyst**|**Capital**|||
|Market Value at 1 April||||||
|2021|2,465,459|653,044|368,978|**3,487,481**|4,213,491|
|Additions|-|-|-|**-**|-|
|Disposals/ Withdrawals|-|-|-|**-**|(1,182,926)|
|Interest Earned|-|-|-|**-**|200|
|Unrealised gains / (losses)||||||
|and revaluations|137,317|(1,589)|18,574|**154,302**|456,716|
|**Market Value at 31 March**||||||
|**2022**|2,602,776|651,455|387,552|**3,641,783**|3,487,481|
|**Historical cost at 31 March**||||||
|**2022**|2,500,000|651,455|413,873|**3,565,328**|3,566,917|
The total market value of quoted investments is held in JP Morgan Chase International Equity and Bonds Funds and miscellaneous investment products. Historical cost represents the cost of the investments held in the portfolio at the date they were purchased.
Whitechapel Gallery Annual Report 2022
**37**
**WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **10 SUBSIDIARY COMPANIES**
## **Whitechapel Gallery Ventures Limited**
The investment in the trading subsidiary Whitechapel Gallery Ventures Limited (company number 05410846), which is registered in England & Wales, is held by Whitechapel Gallery Trustee on behalf of Whitechapel Gallery. The company’s principal activities are the sale of merchandising, catalogues and limited editions, the provision of catering services and gallery hires, and produce exhibitions for the Whitechapel Gallery for the purpose of claiming the new HMRC Museums and Galleries Exhibitions Tax Relief, all for the benefit of Whitechapel Gallery. The registered office for the company is the same address as for Whitechapel Gallery (see note 1). The subsidiary reported a profit for the year ended 31 March 2022 amounting to £300,228 after accounting for Museums and Galleries Exhibitions Tax Relief (2021: £95,358).
|**TURNOVER**
Cost of Sales
**GROSS PROFIT**
Administrative expenses
Other operating income
**OPERATING PROFIT**
**TAXATION**
**PROFIT AFTER TAXATION**
**STATEMENT OF CHANGES IN EQUITY**
Profit for the year
Equity at start of period
Gift aid donation
Equity at end of period|**2022**
**£**
**943,569**
**(871,004)**
**72,565**
**(29,022)**
**52,094**
**95,637**
**204,591**
**300,228**
**300,228**
**1**
**(300,228)**
**1**|2021
£
1,095,067
(1,092,591)|
|---|---|---|
|||2,476
(33,701)
42,664|
|||11,439
83,919|
|||95,358
95,358
1
(95,358)|
|||1|
Whitechapel Gallery Annual Report 2022
**38**
**WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **10 SUBSIDIARY COMPANIES cont’d**
## **Whitechapel Gallery Estates Trust Limited**
Whitechapel Gallery Estates Trust Limited is a company limited by guarantee (company number 07626934) and charity registered (1142142) in England & Wales. Its principal activities are the provision and maintenance of an art gallery for exhibition to the public of:
- Modern and Historical fine art
- Modern and Historical design and applied art
- Work done by school children or students or by persons resident in the neighbourhood of the art; and to promote and encourage the education of the public in the arts. The registered office for the company is the same address as for Whitechapel Gallery (see note 1).
The investment in the subsidiary company is also held by Whitechapel Gallery Trustee on behalf of Whitechapel Gallery. The subsidiary reported a surplus for the year ended 31 March 2022 amounting to £2,707 (2021: £2,947) and total funds carried forward of £30,809 (2021: £28,102).
|**INCOMING RESOURCES**
**Incoming resources from generated funds**
Voluntary Income
**TOTAL INCOMING RESOURCES**
**RESOURCES EXPENDED**
**Cost of generating funds**
Costs of generating voluntary income
Governance costs
**TOTAL RESOURCES EXPENDED**
**NET MOVEMENT IN FUNDS**
Funds brought forward at 1 April 2021
**Funds carried forward at 31 March 2022**|**2022**
**£**
**4,600**
**4,600**
**-**
**1,893**
**1,893**
**2,707**
28,102
**30,809**|2021
£
4,600|
|---|---|---|
|||4,600
-
1,653|
|||1,653|
|||2,947|
|||25,155
28,102|
Whitechapel Gallery Annual Report 2022
**39**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **11 FIXED ASSETS**
## **(a) Charity**
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Unrestricted|Restricted|Unrestricted|
|Capital|Funds|Funds|Funds|
|Funds|Equipment,|Equipment,|Web Site|
|Leasehold|Furniture &|Furniture &|& Other|
|Property|Fittings|Fittings|Fittings|Total|
|Cost|
|As at 1 April 2021|16,608,787|878,339|277,545|61,740|17,826,411|
|Additions|-|74,136|27,821|101,957|
|As at 31 March 2022|16,608,787|878,339|351,681|89,561|17,928,368|
|Accumulating depreciation|
|As at 1 April 2021|4,431,436|874,257|249,946|39,991|5,595,630|
|Charge|332,176|3,834|25,169|7,897|369,076|
|As at 31 March 2022|4,763,612|878,091|275,115|47,888|5,964,706|
|Net book value:|
|As at 31 March 2022|11,845,175|248|76,566|41,673|11,963,662|
|As at 1 April 2021|12,177,350|4,082|27,599|21,749|12,230,780|
**----- End of picture text -----**
On 15 December 2011, under an Order granted by the Charity Commission, the freehold land and property, previously owned by Whitechapel Gallery having a net book value of £16,296,286, was transferred to the Whitechapel Gallery Estates Trust for £1. On the same date Whitechapel Gallery was granted a 999-year full repairing lease for an annual rent of £4,600.
Charges are held over the freehold and the leasehold of the property by the Mayor and Burgesses of the London Borough of Tower Hamlets; the Trustees of the National Heritage Memorial Fund; and the Arts Council of England.
## **(b) Group**
On a group basis the leasehold property with the net book value of £11,845,175 shown above is a freehold property as it is owned by Whitechapel Gallery Estates Trust.
**12 CURRENT ASSET INVESTMENTS**
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Group|Group|Charity|Charity|
|20|2|2|2021|2022|2021|
|£|£|£|£|
|134,201|132,334|134,201|132,334|
**----- End of picture text -----**
Limited edition artworks gifted to the Whitechapel Gallery in previous years have been recognised as a current asset investment on the balance sheet as at 31 March 2022 including editions by Joan Jonas, Sarah Lucas, Roni Horn, Michael Landy, Matthew Barney and Rachel Whiteread.
Whitechapel Gallery Annual Report 2022
**40**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
|**13**|**STOCK**|**Group**|Group|**Charity**|Charity|
|---|---|---|---|---|---|
|||**2022**|2021|**2022**|2021|
|||**£**|£|**£**|£|
|||**309,662**|296,212|**44,136**|44,890|
The closing stock is made up of catalogues, publications and limited editions, which are valued at the lower of cost and net realisable value.
|**14 DEBTORS**
Trade debtors
Other taxes
Other debtors
Amounts due from subsidiary
Prepayments and work
in progress
Accrued income
**15 CREDITORS**
Amounts falling due within one year:
Trade creditors
Bank overdraft and draw
down facility
Social security and other taxes
Other creditors
Amounts due to subsidiary
Accruals
Deferred income|**Group**
Group
**Charity**
Charity
**2022**
2021
**2022**
2021
**£**
£
**£**
£
**397,124**
554,016
**344,962**
535,258
**-**
-
**-**
-
**44,660**
32,181
**-**
13,689
**-**
-
**419,093**
516,356
**51,798**
48,617
**49,656**
46,476
**869,470**
869,339
**582,420**
626,901
**1,363,052**
1,504,153
**1,396,131**
1,738,680
**Group**
Group
**Charity**
Charity
**2022**
2021
**2022**
2021
**£**
£
**£**
£
**427,242**
130,683
**213,982**
115,869
**847**
847
**847**
847
**62,307**
59,935
**62,307**
59,935
**176,330**
161,296
**152,144**
154,313
**-**
-
**2,985**
3,045
**167,275**
67,352
**167,275**
67,352
**52,551**
15,000
**52,551**
15,000
**886,552**
435,113
**652,091**
416,361|
|---|---|
## **Deferred Income**
Income has been deferred to future periods where costs have been charged in advance for future expenses.
|Movement on deferred income
Income deferred from previous period
Deferred income released from previous period
Income deferred from current period:
**Closing balance**|**Group**
**Group**
**2022**
**2021**
**£**
**£**
15,000
218,343
(15,000)
(218,343)
52,551
15,000
**52,551**
15,000|
|---|---|
Whitechapel Gallery Annual Report 2022
**41**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
|**16 MOVEMENT ON CONSOLIDATED FUNDS**|**16 MOVEMENT ON CONSOLIDATED FUNDS**||||**Transfers**||
|---|---|---|---|---|---|---|
|||**Movement in funds:**||**Gain (loss) on**|**between**||
|**01 Apr 2021 (restated)**||**Income**|**Expenditure**|**Investments**|**Funds**|**31 Mar 2022**|
|**Endowment funds**|||||||
|Transform Future Fund|2,481,796|-|-|137,317|-|2,619,113|
|Catalyst Future Fund|653,044|-|-|(1,589)|-|651,455|
|**Total endowment funds**|**3,134,840**|**-**|**-**|**135,728**|**-**|**3,270,568**|
|**Restricted funds**|||||||
|Capital Renewal Fund|576,068|-|(25,169)|18,574|-|569,473|
|Capital Fund|6,636,333|-|(242,324)|-|-|6,394,009|
|Restricted Programme Fund|-|644,440|(644,440)|-|-|-|
|**Total restricted funds**|**7,212,401**|**644,440**|**(911,933)**|**18,574**|**-**|**6,963,482**|
|**Designated funds**|||||||
|Building Fund|5,465,375|-|(94,237)|-|-|5,371,138|
|Capital Works Fund|401,000|-|-|-|-|401,000|
|Roof Repair Fund|18,563|6,187|-|-|-|24,750|
|CRM Development Fund|15,000|-|-|-|-|15,000|
|Designated Asset Fund|-|-|-|-|16,594|16,594|
|Designated Catalyst Fund|805,617|-|-|-|-|805,617|
|**Total designated funds**|**6,705,555**|**6,187**|**(94,237)**|**-**|**16,594**|**6,634,099**|
|**General fund**|**1,145,384**|**3,845,425**|**(3,717,200)**|**-**|**(16,594)**|**1,257,015**|
|**TOTAL FUNDS**|**18,198,180**|**4,496,052**|**(4,723,370)**|**154,302**|**-**|**18,125,164**|
## **COMPARATIVE MOVEMENT ON CONSOLIDATED FUNDS FOR YEAR ENDED 31 MARCH 2021 (restated)**
||||||**Transfers**||
|---|---|---|---|---|---|---|
|||**Movement in funds:**||**Gain (loss) on**|**between**||
||**01 Apr 2020**|**Income**|**Expenditure**|**Investments**|**Funds**|**31 Mar 2021**|
|**Endowment funds**|||||||
|Transform Future Fund|2,320,880|-|-|390,916|(230,000)|2,481,796|
|Catalyst Future Fund|1,459,264|-|-|200|(806,420)|653,044|
|**Total endowment funds**|**3,780,144**|**-**|**-**|**391,116**|**(1,036,420)**|**3,134,840**|
|**Restricted funds**|||||||
|Capital Renewal Fund|526,010|-|(15,742)|65,800|-|576,068|
|Capital Fund|6,878,414|-|(242,081)|-|-|6,636,333|
|Restricted Programme Fund|-|539,549|(539,549)|-|-|-|
|**Total restricted funds**|**7,404,424**|**539,549**|**(797,372)**|**65,800**|**-**|**7,212,401**|
|**Designated funds**|||||||
|Building Fund|5,549,845|-|(94,143)|-|9,673|5,465,375|
|Capital Works Fund|-|-|-|-|401,000|401,000|
|Roof Repair Fund|-|18,563|-|-|-|18,563|
|CRM Development Fund|-|-|-|-|15,000|15,000|
|Designated Programme Fund|60,000|-|-|-|(60,000)|-|
|Designated Catalyst Fund|-|-|-|-|805,617|805,617|
|**Total designated funds**|**5,609,845**|**18,563**|**(94,143)**|**-**|**1,171,290**|**6,705,555**|
|**General fund**|**-**|**4,326,605**|**(3,046,353)**|**-**|**(134,870)**|**1,145,384**|
|**TOTAL FUNDS**|**16,794,414**|**4,884,717**|**(3,937,868)**|**456,916**|**-**|**18,198,180**|
Whitechapel Gallery Annual Report 2022
**42**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **Endowment Funds**
_Transform Future Fund_ - An Arts Council managed fund award in 2011 of £2,700,000 as a permanent endowment to be invested and the income used for unrestricted use by the Gallery.
Under the Total Return investment approach that has been granted for this fund only, the Charity is permitted to use any increase in the value of the investment as income. The Core Endowment is fixed at £2,731,252, representing the value of the endowment as at 31 March 2012. Endowment funds in excess of the Core Endowment are known as the Unapplied Total Return; these are the accumulated returns from which the Charity may make funds available and utilise as income. In 2015-16 the Trustees received permission from Arts Council England, and in 2016-17 from the Charity Commission, for £450,000 to be transferred from the endowment fund to revenue. This sum is to be recouped to the investment over the following ten years, and the fund value has increased to reflect five instalments of recoupment as at 31 March 2022.
The overall movement in unapplied total return in 2021-22 was as follows:
|**Unapplied total return at 1 April 2021**
Plus: Investment gains and income
Less: recoupment of funds
Less: investment withdrawal
**Unapplied total return at 31 March 2022**
**Value of core endowment at 1 April 2021**
Recoupment of funds
**Value of core endowment at 31 March 2022**
**Net value of Transform Future Fund assets at 31 March 2022**|**£**
**20,544**
137,317
(45,000)
-|
|---|---|
||**112,861**
2,461,252
45,000|
||**2,506,252**
**2,619,113**|
_Catalyst Future Fund_ - An element of the Future Fund wherein donations were matched by contributions from an Arts Council Catalyst Endowment Grant, awarded in November 2012. During the permanent endowment period expiring in November 2037, the investment return will be used to support digital activity; sustain long-term education, community and public programme work; engage and retain skilled curators; and enable innovation in exhibition programming. Following permission from ACE and the Charity Commission £805,616.50 was de-restricted in July 2020. The 2021 funds balances have been restated to reflect this derestriction.
## **Restricted Funds**
_Capital Renewal Fund_ – a combination of an Arts Council managed fund awarded in 2011 restricted to the maintenance of the Gallery's current buildings and infrastructure, drawn down over the next 20 years, a £75,000 fund awarded by the Headley Trust and £3,803 awarded by London Borough of Tower Hamlets in 2018-19. In the year they collectively funded £15,742 in capital depreciation costs to the Gallery.
_Capital Fund_ - the balance of the fund represents the excess as at 31 March 2022 of income received towards the Whitechapel Project over expenditure incurred on depreciation of the asset from 1 April 2010.
_Restricted Programme Fund_ - this holds income restricted to Programme activities.
## **Designated Funds**
The designated _Building Fund_ represents funding spent on the Gallery buildings and will be offset against depreciation.
The designated _Programme Fund_ holds income designated to Programme activities.
Whitechapel Gallery Annual Report 2022
**43**
## **WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
The designated _Capital Works Fund_ holds amounts designated towards urgent capital works that aren’t covered by the restricted Capital Renewal fund.
The designated _Roof Repair Fund_ holds funds received to offset the cost of urgent roof repairs
The designated _CRM Development Fund_ holds funds to invest in a new customer relationship management system that was delayed from 2020-21.
The designated _Asset Fund_ holds funds designated to cover the cost of various asset purchases.
The designated _Catalyst Fund_ represents the sum de-restricted for a fixed period from the Catalyst Endowment Fund with the permission of the funder, Arts Council England.
## **Unrestricted Funds**
General Fund - this is the Gallery’s general unrestricted reserve.
## **Transfers between funds**
The following fund transfers have been made:
£16,594 has been transferred from the unrestricted General Fund to the Designated Asset Fund to cover the cost of various asset purchases
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|Leasehold property
Other fixed assets
Investments
Cash
Stock
Current asset investments
Debtors
Creditors
**Total**|**Endowment**
**Restricted**
**Designated**
**General**
**Funds**
**Funds**
**Funds**
**Funds**
**Total**
**£**
**£**
**£**
**£**
**£**
6,470,575
5,371,138
**11,841,713**
105,355
16,594
**121,949**
3,254,231
387,552
**3,641,783**
16,337
805,617
777,402
**1,599,356**
309,662
**309,662**
134,201
**134,201**
440,750
922,303
**1,363,053**
(886,553)
**(886,553)**
**3,270,568**
**6,963,482**
**6,634,099**
**1,257,015**
**18,125,164**|
|---|---|
## **COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS FOR THE YEAR ENDED 31 MARCH 2021 (restated)**
|Leasehold property
Other fixed assets
Investments
Cash
Stock
Current asset investments
Debtors
Creditors
**Total**|**Endowment**
**Restricted**
**Designated**
**General**
**Funds**
**Funds**
**Funds**
**Funds**
**Total**
**£**
**£**
**£**
**£**
**£**
6,663,932
5,465,375
21,980
**12,151,287**
79,493
**79,493**
3,118,502
368,979
**3,487,481**
99,997
805,617
76,719
**982,333**
296,212
**296,212**
132,334
**132,334**
16,338
434,563
1,053,252
**1,504,153**
(435,113)
**(435,113)**
**3,134,840**
**7,212,401**
**6,705,555**
**1,145,384**
**18,198,180**|
|---|---|
Whitechapel Gallery Annual Report 2022
**44**
**WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **17 FINANCIAL COMMITMENTS**
At 31 March 2022 the charity was committed to making the following minimum lease payments under operating leases; total operating lease expense in 2021-22 was £8,900 (2020-21: £8,900):
|Operating leases which expire:
Within one year
Between two & five years
After five years|**Land & Buildings**
**Other**
**2022**
2021
**2022**
2021
**£**
£
**£**
£
**4,600**
4,600
**4,300**
4,300
**18,400**
18,400
**12,029**
**12,029**
**4,524,365**
**4,529,260**
**-**
-
**4,547,365**
**4,552,260**
**16,329**
16,329|
|---|---|
## **18 PARENT UNDERTAKINGS AND CONTROLLING PARTIES**
The charity is controlled by Whitechapel Gallery Trustee Limited, a registered charity. In the opinion of the directors Whitechapel Gallery Trustee Limited is the charity's ultimate controlling party. As this entity acts as Corporate Trustee only and does not trade, consolidated accounts are not required at this level.
## **19 RELATED PARTY TRANSACTIONS**
Neither the trustees nor any persons connected with them have received any remuneration during the current or preceding year. No trustees were reimbursed for expenses incurred on behalf of the organisation (2020-21: £nil). The aggregate value of trustee donations to the charity in the year was £29,000 (2020-21: £39,550).
The Whitechapel Gallery Ventures Limited inter-company balance was a debtor of £419,093 (2020-21: £516,356).
The Whitechapel Gallery Estates Trust Limited inter-company balance was a creditor of £2,985 (2020-21: £3,045).
## **20 FINANCIAL INSTRUMENTS**
At the balance sheet date, the consolidated group held financial assets at amortised cost compromising cash and short term deposits, trade debtors, other debtors and accrued income of £2,910,611 (2020-21: £2,334,467) and financial liabilities at amortised cost, compromising trade creditors, bank overdraft, other creditors and accruals of £779,798 (202021: £385,255). The company also had financial assets held at fair value of £3,641,783 (2020-21: £3,487,480). Total interest income received in respect of financial assets held at fair value totalled £nil (2020-21: £nil)
## **21 POST BALANCE SHEET EVENTS**
There are no post balance sheet events
## **22 CONTINGENT LIABILITIES**
A legal claim arose in the financial year. The outcome of the claim is uncertain and cannot be reliably estimated.
Whitechapel Gallery Annual Report 2022
**45**
**WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **21 COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES BY FUND FOR THE YEAR ENDED 31 MARCH 2021 (restated)**
|**Unrestricted Funds**
**Note**
**General**
**Designated**
**£**
**£**
**Income and endowments from:**
Donations
and legacies
**3**
3,649,025
18,563
Charitable activities:
Exhibitions
313,395
-
Education
3,045
-
Other:
Trading activities
361,117
-
Investments
23
-
**Total**
**4,326,605**
**18,563**
**Expenditure on:**
Raising funds**4**
592,315
-
Charitable activities:
Exhibitions
1,675,665
94,143
Education
367,486
-
Other:
Trading activities
384,322
-
Investment
management costs
26,564
-
**Total**
**3,046,352**
**94,143**
Net gains/(losses) on
investments
**-**
**-**
**Net income /**
**(expenditure)**
**1,280,253**
**(75,580)**
Transfer
between
funds
**16**
(134,870)
1,171,290
**NET MOVEMENT IN**
**FUNDS**
**1,145,384**
**1,095,710**
Funds brought
forward
As at 1 April 2020
-
5,609,846
**Funds carried**
**forward**
**as at 31 March 2021**
**1,145,384**
**6,705,555**|**Restricted Funds**
**Endowment**
**2021**
2020
**Revenue**
**Capital**
**Funds**
**Total**
Total
**£**
**£**
**£**
**£**
£
539,549
-
-
**4,207,137**
3,156,806
-
-
-
**313,395**
487,677
-
-
-
**3,045**
22,978
-
-
-
**361,117**
524,213
-
-
-
**23**
47,327
**539,549**
**-**
**-**
**4,884,717**
4,239,001
-
-
-
**592,315**
647,610
430,787
257,823
-
**2,458,418**
3,059,553
108,763
-
-
**476,249**
581,138
-
-
-
**384,322**
428,597
-
-
-
**26,564**
41,812
**539,550**
**257,823**
**-**
**3,937,868**
4,758,710
**-**
**65,800**
**391,116**
**456,917**
(172,456)
**-**
**(192,023)**
**391,116**
**1,403,766**
(692,165)
-
-
(1,036,420)
-
-
**-**
**(192,023)**
**(645,304)**
**1,403,766**
(692,165)
-
7,404,424
3,780,144
16,794,414
17,486,579
**-**
**7,212,401**
**3,134,840**
**18,198,180**
16,794,414|
|---|---|
Whitechapel Gallery Annual Report 2022
**46**