Annual Report LLlhitechapel Gallery Forthe year ended March 2023 LLhtèthapel Gallery Whitechapel Gallery Annual Report and Consolidated Financial Statements for the year ended 31 March 2023 Whitechapel Gallery.. Registered Charity Number 312162 Contents Pa Tru8t888' Report...................................................................................................................................... Al Administration and Rèference details. Bl Objective5 and Activities........................................................................................................................ Cl Achievements and Performance........................................................................................................... DI Plans for Future Periods. .18 El Financial Report for the Year / Trustees, Re$ponsibilities..................-............................................19 Ind•p•nd•nt Audltor'• R•porttoth• M•mb•r8 of th• Whltschawl Gall•ry............................................. 24 CONSOUDATED STATEMENTOF FINANCIALACTNMES......................................................................... 27 CONSOUDATED BAL4NCE SHEEf.......................................................................................................... 28 CHARITY BALANCE SHEET..................................................................................................................... CONSOLIDATED STATEMENTOF Q4SH FLOWS....................................................................................... 32 NOTESTO THE FINANCIALSTATEMENTS...............................................................................................33 Trustees. Repjrt A) Admnistration and Reference detals Name ofcharity: Whitechapel Gallery Charity registration number. 312162 Re8lstered Offl¢e: 77-82 Whiiechapel High Street London El 7QX Audltors.. Streets Audit LLP Tower House LucyTower sireet Lincoln, Lincolnshire, LNI IXW Bankers.. Uoyds TSB Bank PLC 25 Gresham Street London EC2V 7HN Investment Managers: JP Morgan International Bank Ltd l Knightsbridge London SWIX 7LX Insurance Broker5'. Gallagher Heath 133 Houndsditch London EC3A 7Am Sollcltors: Bates We118 & Br8ithwait& 2-6 Cannon Street London EC4M 6YH Whitechhpel SilleryAnnual Report 2022 Board of Trustees The following have served on the Board throughout the period to the date of this report.. David Dibosa. Chair Samantha Hill Jonathan Kanagasooria Nicola Kerr Melanie Manchot Sarah Miller lan Pleace Alexander Sainsbury Myfanwy Barret Ifrom Dec-231 Angela De La Cru2 (from Dec-231 Debashis Dey (from Dec-231 Anya Gallaccio (from Dec-231 Ebele Okobi (from tle(-231 Executlve Team Gilane Tawadros (from Oct-221 Tony Steven50n (to Nov-221 Luke GreBory-Jones Ilrom Nov-231 Ellie Clowes Ilrom Apr-231 Dr. Richard Martin Janine Catalano Ito Nov-221 Rummana Naqvi Ilrom Feb-231 Dirertor Acting Director Deputy Director Director ol FinaThce & Cornpany Secretary Daskalopoulos Director ol Education & Public Prograrnme5 Director of Development Director of Development Director of Operations & Visitor Services Head of Operations & Bvildin8 Projects Direttor of Communications Chief Curator Interim Head of Exhibitions Head of Exhibitions Head of People & Culture Mark Hone Ilrom Sep-221 Jennifer Lea Ito Jun-231 Lydia Yee (to Mar-231 Helen Sainsbury (May-23 to Oct-231 Elena Crippa (from Oit-231 Martin Reyes (from Apr-231 Whitechhpel SilleryAnnual Report 2022 Strurture. Governance and Management New Trustees are recruited according to the Trustees., and Directorfs on-going assessmènts 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 Chair who will assess the candiijates and decitle. in consultation with the Director, whether to propose their appointrnent. The Trustee5 take the final decision on the Chairfs proposal. Whitechapel Gallery is a charitable trust governed by a Scheme of the Charity Commissioners dated 10 November 1981. as arnended by Schemes dated 10 May 1988 and 9 March 2001. The Gallery 15 registered lor charitable purposes with the Charity Cornrni5sion. Charity Registration No 312162. The Gallery is governed by a corporate trustee.. White(hapel Gallery Trustee Limited. The Director5 meet quarterly and are a5515ted by various committees. described below. Whitechapel Newly appointed Trustees receive briefings frorr the Chair, Gallery Ventures Limited was incorporated on l April 2￿5 to Directoi and Deputy Director and are provided with relevant carry out the commercial tradin8 activities of the Gallery. Charity Cotnmi$5ion guidance. Trainin8 IS Considered by the Whitechapel Gallery Estates Trust Limited was incorporated Chairon a Ca$e-by￿Se basis. on 9 May 2011 to maintain the Gallery's property. Publk Benefft There are five standing sub-commitrees of rhe Board which each typically meet between 2 and 5 times per year.. Finance and Operations Committee Ichair lan Pleacel.. Ethics Committee (Chair Sarah Millerl.. Pro8ramrne and Audiences Committee Ichair Alex Sainsburyl., and People and Culture Committee (Chair Nicola Kerr). There is also a Nominations Committee which is convened as necessary to consider appointments to the Board. The Board confirms that it has given due consideration to the Charity Commission's published guidance on the Publii Benefit reouirement under the Chariries Act 2011, includin8 the guidance on public benefit and fee charging. when reviewing the Charity's aims and objective5 and in planning future artiwties. The Charit¢s activities clearly relate to its legal objertives ol advancing education in the arrs and the provision of a gallery for the enhancement ol the cultural welfare of the local community and the wider public. The artivities undertaken and achievements described enable the reader to assess the contribution rnade by these activitie5 towards furtherin8 the Charity's objectives. Details ol attendances are included in the report. The Charity's strategy 5tre55es the importance of en5urin8 the accessibility of its exhibitions and attivities to all members tsf the public and offers Iree entry to exhibitions year round. Specific tonlirmation is also provided that Trustees received no remuneration or benefits lor their contribution to the Charity and that no trustee was connected io any artist or exhibitor professionally engaged by ihe Charitv. The day io day aciivitles of the Gallery are controlled by Dlrector appointed by the Trusiees. Gilane Tawadros commenceil employmeni as Director in October 2022. takin8 over from long-5erving Director Iwona Blaiwick. wilh a six month interregnum overseen by Managing Direaor Tony Stevenson. Key management personnel. referred ro as the Senior Management Team, run departments and support the Director. Remuneration for key management personnel is set by the Director and Deputy Director within banijs that are determined by sector benchmark5, exper¢ence and level of responsibility within the management structure. Govemance Code The Trustees are aware of the Charity Commission's Governance Code lor Larger Charitie5 (published July 20171. The Code is based on seven principles of good governance= Organisational Purpose,. Leadership., Integrity,. Decision- making, Risk and Control., Board Effectiveness., Diversity, and Openness and Accountability. The charity sirives to meet the principles and ovtcomes of the Code by applying the recommended prattice. TheTrustees have recently reviewed rhe Whitechapel Gallerfs Governance Code and are confident that it aligns with the Charity Commission's recommended prattise. Recruitment, Induction and Training of Trustees Whitechhpel SilleryAnnual Report 2022 B) Objectues Actiuties Charitable Objertives and a geographical destination. positioned ac£e55ibly on the high street (with a tube station in our basernentll. The objective5 for which the Whitechapel Gallery 15 tablished are stated in the 8overnin8 document of 10 Novernber 1981 as.. 2. We want our builtlin8 to be a soulful and intitn3te destination for local, national and international visitor5.' a social and civic space that is free and open to all. Theprovision ond moiN>tentsnce ofort ort golleryfor exhibifion ro the public of modern ond historic¢ylfine ort,- modern ond historicol design ondoppliedort,. ond work done by schoolchildren ond locolcommuniifftes. 3. Edvtation sirs at the heart of ihe Whitechapel Gallery. Our programme emphasises close collaboration with local families. schools and communities, who we value as key siakeholders in our organisation. Promoting ond encouroging the educoritm of the publtc in the orts both in rhe Gollery ond elsewhere. 4. We take risks in programming lesser known and neglected artists and in making challenging artworks and idea5 acce55ible to all our audiences, putting 3rtist5 and ideas at the centreof everything we do. These objectives are met by the operation ol an art gallery on Whitechapel High Street in London. and by related educational and other activities. Mlssion, Vlslon znd Value5 S. We focus proudly on the work ol women artists and artists of colour, charnpionin8 their contribution to contemporary art and Society and for8inB connections with new audiences. partners and participants in the gallery's prograrnrnes. Vlslon The Whitechapel Gallery will occupy a distinctive and radical POSltion in the Social and cultural landxape. We will build on our pioneerin8 history as è place lor tonternporary art and ideas, translatin8 and animatin8 It for our time. 6. We are committed to makin8 the Whitechapel Gallery a permeable cultural institution that spills beyond its 8allery walls, actively seekin8 Partnerships beyond the 8allery, and creatin8 Opportunities for èrtists and audiences to shape and influence what we do. Mls$lon The Whitechapel Gallery is a ground-breaking art institvtion that has existed lor more ihan 100 years. We make contemporary art and ideas accessible to local and 8lobal audiences in the East End of London. reco8nisin8 the critical role that art can play in flrin8 up our ima8inations, rellettin8 our lived experiences and opening up new wssibilities fof thinking, feeling and dreaming. 7. We are unafraid to have a soclal and politlcal a8enda, workin8 Wlth artists and ideas that adijress ihe key issues and concems of our times. 8. We are dedicated io safeguarding the long-term future of the Whitechapel Gallery by building its cultural, social and political capital and ensuring ils SUStainability- artisticallv, enviroTrmeTrtally and ecoThornically. Values l. We are proud to be a cultural instilulion thai is IcKally embedded and globally connected. Whitechapel is a gallery Whitechhpel SilleryAnnual Report 2022 C) Rchieuements arpj Performance An Overview Organised by trans and non-binary curators, the exhibition We Get To Choose Our Fzmilies brought together artworks. archival materials, resources and participatory element5 to explore the idea ol'chosen farnilies. in relation to LGBTQAI+ communitie5. In the Archive Gallery, Galleries in the Groove looked at three pioneering commercial galleries in London, New York and Antwerp frorn the 19605 to 19805. HuNln Anderson's selertion from the Christen Sveaas Art Foundation was titled The Unseen, with a focus on ima8inary spaces and depictions of black figures. The 2022-23 financial year was one of the most challenging vears in whit￿hapel Gallery's hisiory. Gilane Tawadros started as ihe new Director in October 2022 wirh the Gallery facing è very significant financial deficit. Following a difficult restructure and significant changes to the Gallerfs business model. Whitechapel Gallery has returned to a position of lin3ncial stability in the 2023-24 financial year. The Gallery 3dopted a new vi510n, rn155ion. value5 and strategy in early 2023, working toward5 3 stronger. more inclusive, more financially and environmentally sustainable future. The Artlsts, Fllm Internatlonal programme throughout 2022-23 featured works reswnding to the theme of climate change. ABain5t a background of change and or8a1115ational challenges, Whitechapel Gallery presented an ambitious programme ol exhibitions, events and activities throu8hout the year. mn2 22 22- The main exhibition Movlng Bodles. Movlng Images showcased recent films by artists exploring intersection5 01 dance, choreography and moving image. The Archive Gallery exhibition Out of the Marglns explored performance practices in London institutions from the 1990s to 2010$. Whiiechapel Gallery welcomed 214,053 visitors in 2022-23, with an average monthly attendance of 17,837 and an average weekly attendance of 4,116. This was an increase 0140% on the previous year, 2021-22. This included selling 61,200 tickets across the programme. zad￿ Xa created a major new comrni55itsn, entitled House Gods, AnimolGuides und Five Woys 2 Forgivene55. Featurin8 sculptures. installations. paintin85 and audio, it centred around a lar8e-scale fabric house inspired by a traditional Korean home. The commission continued through the Sprin8 2023 season. Our digital reach increased steadily throughot>t ihe year. The Gallery website received 2,226.202 total page vie￿. while our Instagram and Facebook reach conliTrued to climb. Summer 2022 June-se tefflber 2022 Tra¢ln8 Absen¢e, a show curated by students on the Whitechapel Gallery and London South Bank University MA pro8rèmme featurin8 works from the Christen Sveaas Art Foundation. Donna Muanca's selection from the Sveeas collettion involvinB a multi-sensory environment transforming the gallery into a space of intimaiy and reflettion. The London Open 2022 featured 46 contemFrf)rary London- based artists working acr055 painting, sculpture. moving irnage, installation and performance. Winner of the Max Mara Art Priie for Women, Ernma Talbot created a new C0rnrn155ion entitled TheAge/L'Eto exploring gender. power and representation through personal and historic perspe£tives. rin 2023 Februa 2023 Emma Talbot and London Open artist5 Baff Akoio, Pairl¢k Goddard, Janeue Parrls ané HenrylBrag8 joineil ad> Art Atlion, organised with Gallery Climate Coalition, was a two-(Jay symposium held at Bi5hop58ate Institute with additional late-night programming at Whitechapel Gallery. It leatureLI voices from leading visual art5 and environmental or8anisations and an ongoing online digital resource hub. The Blg Ideas speaker series continued with th￿e events, featuring Sarah Shln and Nlsha Ramayya discussing magic. ritual an(J power,. Katherlne Angel exploring contemporary sexual polilics,. and Grlselda Pollock examining gender histories and politics. Other high-profile talks included the final Gerrard ￿Carr01 MemorSal Lecture delivered by Flona Raby,. discussions featuring Alberta Whittle, Zadie Xa, Shiraz Bayioo. Ekow Eshun, Hurvin Anderson, Duro Olowu. and Emma Tzlbot.. and 3 launch event lor the Documents of Contemporary Art: Cute book. The Writer in Residence programme featured performance5, talks and published writinBS by Phoebe B05well120221 and Martin ￿BrIe￿{2023l. Whitechhpel SilleryAnnual Report 2022 Full list of Newham schools and educational providers engaging with the progr8mme". Cleves Primary School Colegrave Primary School Curwen Primary School Eko Pathways Ellen Wilkinson Primary School Elmhurst Primary Essex Primary School Godwin Junior School Hallsville Primary Kaizen Primary School Keir Hardie Primary School Little Illord Secondary Ne150n Primary School North Beckton Primary School Plashet School for Girls Ranelagh Primary School Salisbury Primary School St. Edwards RC Primary School Vicarage Prirnary School Winsor Primary School Youth Programming led by the Duchamp & Sons youth collective (IS-24 year olds) included developing the exhibition Escape the Slick with supporting events and a Takeover event rnapping studio spaces. Taster evenings for the collective encouraged Thew members to join. Creative workshops lor young people have included.. a three-day painting workshop with artist Slkelela Owtn., a day devoted to introducin8 YOUn8 people to architecture led by tutor5 from the R¢)yal Colle8e of Art,. a workshop on poetry led by writer Jamal Mehmood,. and a Special session focusing on farnily portraiture for LG8TQ+ young people, led by curator Pa¢heanne Andeison and artist Bernke Mulenga. A week-long programme exploring contemporary an with 15-18 year olds focused on the London Open Z022 artists, while Yulln Huani- the gallery's inaugural Young Wrlter In Resldence- developed texts and events throu8hout ihe year. Famllles The programme's Crealfve Careers strand included Young Creatfves Nlghts aimed at 5UPPOrting 21-28 year-olds with 8ues1 speakers and space for Sharing experiences. and the chance for young people to meet Whitechapel staff. Summer 2022 pro8rammin8 particularly focused on the exhibition We Get To Choose Our Famllles, e¥iendin8 activities and conversations related to the idea of 'chosen families,. Broader programming ihroughour the year has Included.. artlsi-led Under 5$ sessions.. Famlly Days involving workshops, performances and other activities.. Reèding Is Fundamental siorytelling sessions focusing on BAME and LGBTQ+ narratives: printed and digital resources lor all ages. Whitechhpel SilleryAnnual Report 2022 Exhibitions alleries 1 8 & Wictor Petit as Galle Outset Pro'eu Galle Galle 176 Zabludowlu Collettlon ert Galle Galle A Century of the Artlsvs Studlo 24 February- 5 June 2022 The London Open 2012 30 June- 4 September 2022 Moving Bodies. Moving Ima8e5 12 October 2022- 8 January 2023 Action. Gesture, Paint: Women Artists and Global Abstraction 1941F70 9 February- 7 May 2023 Pro The Llvlng Studlo 12 January- 8 May 2022 We Get to Choose Our Familles 20 May- 7 August 2022 Tracing Absence 20 August- 31 December 2022 Escape the Slick 13 January- 6 August 2023 Slmone Fattal: Find5n8 A Way 21 September 2021- 12 June 2022 Max Mara Art Prlzt lor Women Emma Talbot: Tht l L'Et 30 June- 4 September 2022 Zadle Xa.. Housè Gods, Anlmal Guldes and F￿ Ways 2 For8lvtntss 20 September 2022- 30 April 2023 Galle Chrlsten Sveaas Art Foundatlon: The Travel Bureau, Sekcled by Paulina Olowska 12 January 2022 8 May 2022 Chrlsten Sveaas Art Foyndallon: The Unseen Selecled bv Mywvln Anderson 20 May- 7 August 2022 Chr15ten Svea35 Art Foundatlon: PORTAL DE PLATA, Sekded by Donna Huan(a 26 August 2022- 31 December 2022 Artlon, Gtsturt, Pèrftsrmantè: Fèmlnlsm, the Body and Abstrartlon 17 January- 22 May 2023 t Matthews Galle Galle Gallèrlès In Tht Groove 21 December 2021- 21 Au8USt 2022 Out of the Marglns: Performance in London's Instltutlons 1990s- 2010$ Zllkha Audltorlum: Artlsts, Fllm Iniernatlonal 30 August 2022- 15 January 2023 The House of Le Bas 24 January- 4 June 2023 A Century of the Artlsvs Studlo 24 February- S June 2022 Bassam Aksabah; Phumulani Ntull; Ewellna Jarosz and Justyna Gorowska; Prantlk Narayan Basu; Anca Benerè and Amold Estefrdn 29 June- 4 Septernber 2022 Ruth Macltnnan; Emilija Ikarnulyté; Flatform 27 September 2022- 5 March 2023 Whitechhpel SilleryAnnual Report 2022 Publicatlon Cat310 Emma Talbot: The Age l L'Eta Published by Whitechapel Gallery 2022 The Unseen.. Hurvin Anderson selects from the Christen S¥eaa5 Art Foundat*)n Published by Whitechapel Gallery 2022 The Travel Bureau: Paullna Olowska selerts from the Chrfsten S¥eaas Art Foundatlon Published by Whitechapel Gallery 2022 The London Open Publighed by Whitechapel Gallery 2022 Movlng 6odles. Movlng Ima8e5 Published by Whitechapel Gallery 2022 Portal Dè Plata: Donna Huanca klttts from the Chrbstèn Svèaa5 Foundatbjn Published by Whitechapel Gallery 2023 Zadle Xa.. Housè Gods, Anlmal Guldès and Fl¥* Ways 2 Foryfveness Published by WhitÈthapel Gallery 2023 Artlon Gesture Palni.. Women Artlsts and Global Ab￿rattl0￿ Published by Whitechapel Gallery 2023 Documents of Contempor•ry Art.. The Cute Edited by Sianne Ngai Published by Whitechapel Gallery 2022 Documents of Contemporary Art: Oreons Edited by Pandora Syperek and Sarah Wade Published by Whitechapel Gallery 2023 Documents of Conttmporary Art.. Speculrtio Edited by Marina Vi5hmidt Published by Whitechapel Gallery 2023 Whitechhpel SilleryAnnual Report 2022 Public Events Education and Commun PTO rammes Listin ril 2022- 31 March 2023 Date Title Strand 07-Apr-22 07-Apr-22 12-14-Apr-22 14-Apr-22 28-Apr-22 28-Apr-22 0S-May-22 07-May-22 Making Spaces Audio Description Tour.. The Art15t'5 Studio Painting Workshop with Sikelela OweTh Discussion-. On Supported Studios Henry Glassie- Field Work Audio Description Tour.. The Art15Vs Studio Fieldnotes.. Writing Workshop Youth Takeover.. Mappin8 the Studio Public Programme Acce55 Youth Programme Publii Programme Film Acce5S Public Programme Youth Pro8ratntnel/ Publit Programme Public Programme Film 14-May-22 1S-May-22 19-May-22 26-May-22 8115122-Jun- 22,. 01-Jul-22 09-Jun-22 Phoebe Boswell.. Residence Time Fadia's Tree In Conversation= Shiraz Bayjoo with Ekow Eshun In Conversation.. Hurvin Anderson wilh Doro Olowv Public Programme Public Programme Community Pro8ramme Translation Circle with British Bilin8ual Poetry Collettive What We Shared Film 11-Jun-22 Farnily Portraiture with Pacheannt Anderson and Bernice Mulen Young Creatives Night Emma Talbot.. In Conversètion with Laura Smith Youth Pro8ramme l/ Families 30-Jun-22 Youth Programme Public Pro8ramme Youth Programme Publlc Pro8ramme 30-Jun-22 02-Jul-22 Poetry Workshop with Jamal Mehmood An Afternoon of CuteTress.' The Cute.. Documenis of Coniemporary Arr Queering the Gallery.. Tran5 Voice5 Summer Families and Community Day 09-Jul-22 14-Jul-22 Public Pro8ramme11 Families Community Pro8ramme l/ Families Public Programme Access 16-Jul-22 23-Jul-22 Notturnal Creatures 28-Jul-22 Audio Dexription Tour.. The London Open BSL Tour.. The London Open Audio Dexription Tour.. The London Open Exploring Contemporary Ari Week 04-Au8-22 06-Aug-22 09108122- 12108122 01-Sep-22 07-Sep-22 17-Sep-22 Acce5S Aciess Youth Pro8ramme Young Creatives Night Duchamp & Son5 Taster Evening The Anarchist Bookfair Youth Programme Youth Programme Community Prograrnme l/ Public Programme Filtn 24-Sep-22 01-Oct-22 ORFEA52021 Strangers Within.. Documentary as Encounter Big Ideas.. Sarah Shin with Nisha Ramayya Performance Now Film 06-O> An Action Symposium 23-Feb-23 25-Feb-23 02103123- 03103123 02-Mar-23 Public Programme Clirnate Crisis >> Art Action Takeover Publi£ Pro8ramme Public Programme Community Pro8ramme l/ Publlc Pro ramme Film 09-Mar-23 Making Sense of Abstraciion Soul 8ag 16-Mar-23 18-Mar-23 Public Gallery.. Whitechapel Staff Artists Body Politi£.' The Films of Natalia LL The Celluloid Body.. Women's Art15ts' Film5 at the Limit BSL Tour.. Action, Gesiure, Paint 23-Mar-23 Public Pro8ramme Film 30-Mar-23 30-Mar-23 Aicess Whitechhpel SilleryAnnual Report 2022 Encoura in Attendante and Partici ation During 2022-23 we welcomed 214.OS3 visitors. with an average monthly attendance of 17.837 and an average weekly attendance 014,116. This was an increase from the 158.909 vi5Ttors that were welcomed across the previous year, 2021-22. Thi5 included selling 61.200 tickets across the programme. Our digital reach increased Steadily throughout the year. The Gallery website received 2.226.202 total page views, while our Insta8rarn and Facebook reach continued to climb. A srnall10s5 of our Twtier followin8 reflects the 518nili£ant drop off of their Usership base Since 2022. Vlslts l Aprll 2022- 31 March 2013 Gallery Attendees Webslte Reach Soclal Reach Total Page Views: Instagram Iyear Stat51'. 31 March 2022.. 261,666 31 March 2023.. 277,133 1+15.4671 2.226.202 Twltter Iyear Stats): 31 March 2022.. 269,000 31 March 2023.. 267,LhX) 1.2.CKIOI YouTube Iyear ststsl l April 2022.. 4,529 31 March 2023.. 5.023 1+4941 Sprln811 Aprll- 12 June) General Attendznce: 38.310 Page Vlew5: 38S.370 Twltter: (archival data unavailable'l l April to 26 June Gallery 4.. Gallerie5 in the Groove Ntw Users: 114.594 ACAS tlcktts: 8,881 Insta8ram'. larchival data unavailable) l April to 8 May Gallery 7.. Christen Sveaa5 Art Foundation.. The Travel 8ureau, Selected by Paulina Olowska Gallery 5&6.. The Living Studio Fatebook: 1+2871 l April to 5 June Galleries 1, 8 & 9.. A Century ol the Artist's Stvdio- 1920- 2020 l April to 12 June fjallery 2.. Simone Faital.. Finding a Way 20 May to 26 June Gallery 7.. Christen Sveaas Art Foundation: The Unseen Selerted by Hurvin Anderson Gallery 5&6.. We Get to Choose Our Families Whitechhpel SilleryAnnual Report 2022 Summer126 June-4 September) General Attendan￿. 51.142 Page Wiew5: 451,411 New Users: Twitter: larchival data unavailable) 30 June to 4 September Gallery 1, 8 & 9.. The London Open 2022 Gallery 2.. Emma Talbot he Age / L'Eta 120.350 Instayam.. larchival data unavailable) 26 June to 4 Sept Gallery 7.. PORTAL DE PLATA Seletted by Donna Huan£a Facebook: 1+3261 26 June to 21 Aug Gallery 4.. Galleries in the Groove 30 June to 7 Aug Gallery 5&6.. We Get to Choose Our Families 16 Aug to 20 Sept Gallery S&6.. Christen Sveaas Art Foundation selected by MA Students Autumn120 September to 15 Janl General.. 62.575 Pa8e Vlews: 694,390 New Users: 194,254 Twltter- larchival data unavailable) 26 June to 31 Dec Gallery 7.. Christen Sveaas Art Foundation.. PORTAL DE PLATA Selected by Donna Huanca Insia8ram'. (archival data unavallablel 20 Sept to 15 Jan Gallery 2.. Zadie Xa House Gods, Animal Guides and Flve Ways 2 Forylveness Facebook: 1+3011 30 Au8 to 15 Jan Gallery 4.. Out of the Margins.. Performance in London's Institutions 1990s- 2010$ 12 Oct to 8 Jan Gallery 1, 8 & 9.. Moving 8odies. Moving Ima8e5 20 Sept to 2 Jan Gallery S&6.. Christen Sveaas Art Foundation selected by MA Students Spring115 January- 31 Marchl General Attendance: 62,4 Paee Views- 695.031 New Users: 187,874 Twitter 1.2581 9 Feb to 31 March Gallery 1, 8 & 9.. Action, Gesture, Paint Inmayam.. 1+8,456) Artlon. Gesture, Palnt: 14.888 17 Jan to 31 March fjallery 7.. Action, Gesture. Performance Facebook: 1+3011 13 Jan to 31 March Gallery S& 6.. Escape the Slick 24 Jan to 31 March Gallery 4.. House of Le Ba5 l January to 31 March Gallery 2.. Zadie Xa House Gods. Animal Guides and Five Ways 2 Forgiveness 'Instagram and Twitter Platforms do not retain digital analyticsfor more thafj three months in the past. All new digital analytics have been recorded and logged since January 2023 for future reptsrtitl8. Audlence Surv The Gallery undertook two surveying plans across the 2022-23 programme. This included surveying on demographics with the Audience Agency, and evaluative surveying of selected events and exhibitions with Culture Counts. Both Annual Reports have been attached as appendices. Whitechhpel SilleryAnnual Report 2022 Develo ment 2022-23 A tot31 of £2,946,914 of voluntary income was raised in the year12021-22.. £3.333.9381. The Whitechapel Gallery is a registered charity that relies on the philanthropic support of individuals. companies. charitable trusts and foundations, and statutory lunders. The Gallery has active and growing circle5 of Patron5 and Commissioning Council supporter5, Wlth annual contribution5 ranging from £51N)to over EIO.CKIO per annum. The Exhibitions Prograrnme 15 supported by individual donor5, international founijations, galleries and corporate spon50r5hip. The Whitechapel Gallery'5 Education and Public Prograrnrnes are made possible through the generous 5UPPOrt ol a nurnber of charitable trusts and foundations, individua15 and companie5. These pro8rammes are also supported through our annual Art Ictsn Gala and Auction, held in January 2023, which 5urpa55ed fundraisinB tar8et5. We are also reliant on other income stream5 for core 5UPPOrt and capital renewal funding. The Whitechapel Gallery has a professional fundraisinR department led by Rummana Naqvi, The team is responsible for fundraisin8 from individuals. events, Irusi and foundations and businesses and works within the 8uidelines set out by the Fundraislng Re8ulator and Code of Fundraisin8 Prattice. In January 2023 an Ethics Committee was established to formalise due diligence processes at the Gallery. The Committee is chaired by Sarah Miller, Trustee Whitechapel Gallery and includes Trustees. external peers and internal staff members. The Whitechapel Gallery does not engage any external partners or fuThdraisin8 agencies to carry out fundraising on its behalf. nor do we engage in fundraising actiwties that would place vulnerable people at risk. No fundraising-related complaints were received in the period. Gallery Supporters 2022-23 The Whitechapel Gallery would like to thank its 511PPOrter5. whose 8ener051ty enable5 the Gallery to realize it5 pioneerin8 prograrnmè5, including those who wish to remain anonymous.. TowardsTornorrow Charn Ions Nicoletta Fiorucci Ru550 Julie & Debashis Dey GPE D. Daskalopoulos Michael and Nina Zilkha Collezione Maramotti Max Mara m￿nIstry of Culture, Republic of China ITaiwanl Helen Frankenthaler Foundation Henry Moore Foundation Hixox Alex Sainsbury Stanley Picker Trust Tower Hamlets Arts & Music Education Service ITHAMESI The London Borou8h of Tower Hamlets Ma or Oonors The AKO Foundation Asymmetry Art Foundation Bloomberg Philanthropies Collezione Maramottl Norwegian Embassy Omni Colour Polish Cultural Institure. London Pollock-Krasner Foundaiion Richard Saltoun Gallery San8hee Kirn Soo & Jonathan Hitchin The Swiss Arts Council Pro Helvetia The Whitechapel Gallery Commis5ioThing Council Max Mara Whlte¢ha l Galler Cor rat p trons Exhlbltlons Pro ramm Bloomberg Philanthropies Frasers Property UK Gazelli Art House B31ice Hertlin& Paris Be Flaneur Alison Bradley Project5 Brick Lane Regeneration Partnership High Commission of Canada in the United Kingdom The Christian Levett Collection The Circle5 of Art Simon Lee Gallery Li550n Gallery David Zwirner Education & Publit ETMts Whitecha l Galle Cor ratt Prts ramme orter5 Christen Sveaas Art Foundation City of London Corporation Dior Aldgate Connect BID Dorota & OlivierAudemars Capital Group Aldgate Connett BID Bl(M)tnber8 Philanthropies ".hhpel SilleryAnnual Report 2022 Champagne Castelnau Crozier Fine Arts Julie and Debashis Dev Rami Kim Frank Krikhaar Anais Lellouche Dior Bimpe Nkontchou Katie and Felix Robyns and those who wish to remain Xi Liu and Yi Luo FRAME London Kate McGarry Pat Maugué Mary E McNichola5 Heike Moras GPE Hiscox.. Artworks Insurance Partner anonymou5 Max Mara Collezione Mararrotti Omni Colour.. Si8na8e Partner Whitecha el Galle Curatorfs Circ Jacqueline Nowikov5ky Indi Oliver Cherry Chen8 Mark Harris Soo Hitchin Maureen Paley Dominic Palfreyman Darryl de Prei and Victoria Thomas Maria Cruz Rashidan Marina Ruii-colomer Jackie Russell Alex Sainsbury and Elinor Jansz Cherrill and lan Scheer Henrietta Shields Elisabeth von Schwarzkopf Bina and Philippe von Staullenberg Nayrou2 Tatanaki Christoph and Marion Trestler Vanessa Vainio Whhe¢ha Councll Dorota Audemars el Galle Commlsslonln Marcellejoseph Adrian and Jennifer O'carroll Oba NsvKbe Dasha Shenkman Audrey Wallrock and those who wish to remain Emily de Pauw Leili Hurh Irene Panagopoulos Nicole Saikalis Bav and those who wish to remain anonymous Wh anonymous Cedric Bardawil Keith and Helen Clark Sadie Coles HQ Beth and Michele Colocci Whllecha el Galle Franci5 Outred Patron5 Chalr Samantha Wain5tein Swantje Conrad Michael and Elizabeth Corlev Frantesca Consi811 Xia¢xhi Don8 Sarah Elson Eleanor Warnock Kirnberley Williarn5 Sharon Zhu and Michael Tian and those who wish to remain Whllecha el Galle Global cI￿le Elyse and L3wrence B. Benenson Charitarian Foundation Yan Du anonymous Elle Khouri Art Foundation Sian Emmison and those who wish to remain Belinda de Gaudemar Alan and Joanna Gemes James Green We remain 8rateful for the on8oln8 support of Whitechapel Gallery Members. anonymous Whllecha el fjalle Olrertorfs Cl￿1 Erin Bell and Miihael Cohen Sarah Griffin Pippy Houldsworth Crane Kalman Gallery Claudio Koeser The Whitechapel Gallery is proud to be a National Portfolio Organisation of Arts Council England Pilar Corrias Aud and Paolo Cuniberti Marie Krauss Whitechhpel SilleryAnnual Report 2022 D) Plans for F￿Ure Period5 Conlirtnation of Art5 Council England NPO fuThding until March 2026 is a strong basis for ensuring a resilient business tnodel at Whitechapel Gallery in the Short to medium term. A process of devising and articulating a new vision, mission, strate8y and business model at the Gallery was instl8ated in October 2022 by Gilane Tawadros upon heT appointment as Director aThd announced in early 2023. The new vision builLIs on Whitechapel Gallery's pioneering history as a place for contemporary art and ideas and its distinctive and radical position in the social and cultural landscape, translatink and onimatinR It for our time. The new Strategic Plan 2023-25 sets out objectives for safeguarding the long-ierm future of the Whirechapel Gallery by building irs cultural, s(Kial and political capital and ensuring irs sustainability-artistically. environmentally and economicallv. Pr mm pi -24 Gallerles 1 8 & Vl¢tor Petlt as Galle Attlon, Gesture, Palnt 9 February 2023- 7 May 2023 Llfe 1$ More Important Than Art 14 June- 3 September 2023 Nlcole Elsenman.. What Happened 11 October 2023- 14 January 2024 Zlneb Sedlra.. Dreams Have No Tltles 14 February- 12 May 2024 Outset Pro ert Galle Galle Zabludowlcz Collectlon Galle Gall 176 Escape the Sll¢k 13 January- 6 Au8USt 2023 It All Stsrts Wlth a Thread 18 Au8USt 2023- 14 J8nu8ry 2024 Zadle Xa.. House Gods, Anlmal Gulde$ and Ffve Ways 2 Foryfveness 20 September 2022- 30 April 2023 Llfe Is More Important Than Art 14 June- 3 September 2023 Johanna 81111n8'. Eath Moment Presents What Happen5 11 October 2023- 14 January 2024 Zlneb Sedlra.. Dreams Hzve No Tltles Acilon, Gesture, Performance 17 January- 22 May 2023 Sculptln8 Conversatlons 14 June- 3 September 2023 Nkole Elsenman: What Happened 11 October 2023- 14 January 2024 Andrew Plerre Hart 14 February- 7 July 2024 14 February- 12 May 2024 Pat Matthews Gallt Galle The House of Le Bas 24 January- 4 June 2023 Somali Museum: Any-space-whatever 14 June- 01 October 2023 Anna Mendelssohn.. SpeaK Poete55 11 October 2023- 21 January 2024 Edge Efferts 30 January- 2 July 2024 Whitechhpel SilleryAnnual Report 2022 E) Financial ReP￿t f￿ the ye￿ l Trustees. Responsibilities Increa5in8 commercial incorne frotn limited edition sales through increased art fair attendance and investment in ever the cost of various asset purchases, io a value of £80,120 at 31 March 2023. The Des￿￿o$ed Cotolysr Fund represents the sum de-restricted ror a fixed period from the Catalyst Endowment Fund with rhe permission ol the funder, Arts Council England, to 8 value of £805.617. The Designored Iwono Bloiwick Artisric Fund holds income which will be used to fund projects that embody Iwona Blazwick's unwavering belief in creativity. and require extra resource to realise. to a value of £35,972. Endowrnent Fund The Gallery has two ptrmantnt endowrntnt funds, htld in investment portfolios managed by JP Morgan and the return5 they Benerate form unrestricted income lor the Gallery. The year to March 2023 saw a fall in endowment fund valuations. The Transfvrm Future Fund is a permanent endowment fund of £2.6m 8ranied by Arts Council England in 2011. and operaied on a total reiurn basis. £450k of the capital was drawn down in 2016 to be repaid In eoual instalmenis over the following ten years. At 31 March 2023 the fund had value of £2,498,744131 March 2022.. £2.619,1131 and made unrealised loss on invesiment of1£120,3691,12021-22.. gain of £137.3171 in the year. The Corolysr 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 endowmenr becomes expend8ble. This fund had a value of £650.501 as at 31 March 202312021-22.. £651.4551 and incurred a £954 Ios5 12021-22.. £1,S89 Ios51 lor the Gallery in the year. In July 2020 the Gallery obtained permission from Arts Council England and the Charity Commission to d￿restriCt and draw down the 50% of this fund that they had initialty raised. total of £805,617, in order to addre55 historic debt5 and the irnpact of the Covid-19 pandernic. The rernaining funds were held in cash pending reinvestment. A IoD8-tertn repayrnent plan ha5 been agreed with Art5 Council EDglaTrd. Invèstment Poly & Rtturns ATr executive sub-committee ha5 been e5tabli5hed to oversee the investment of the endowments and Capital Renewal Fund, and adw5e the Dirertor and Deputy Director in re5earchin8 new, more effective way5 for the charity to invest. The Tru5tee5' policy is to balance the need lor revenue and the grovrth of the equity of the invested funds. An Orderfrom the Charity Commission giving the charity the Whitechhpel SilleryAnnual Report 2022 power to use a total return approach to investment of the Transform Future Fund w8s obtained in April 2012. which it is exposed and detailed rash projections. In line with many charities the forecast voluntary income is dependent upon continuing support from individu31s, businesses, trusts and foundations. and public bodies. Funding from Arts Council England is confirmed at £1.437.955 per year from 2023- 2026. JP Morgan Ltd. was appointed as investment advisor and fund rnanager in 2011 following a tender process. The Transform Future Fund and Catalyst Future Fund endowrnents and the Capital Renewal Fund have been placed in managed funds. The Investment Subcornmittee has been charged with reviewing the performance of funds and investment risk profile. Whitechapel Gallery and f(s new leadership is working to achieve annual surpluse5 from the 2023-24 financial year onward5 and ha5 made Significant chJn8es to it5 Strate8y and business model in order to adhere to this. The Trustees will review annually the level of risk most appropriate lor 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 ongoinÉ overview of investment perlormance and. with the investment advisors. make adjusiments to investment asset all¢xation as needed. The current 2023-24 budget forecasts a srrall surplus, remarkable turnaround from the 2022-23 deficit, demonstratinR the effects of the new strategy and business M(￿￿e1. A detailed 2024-25 budget and cash flow projections have been prepared. foreiasting stable cash balances rhrovgh to Marih 2025. The Trustees are committe(J to working to achieve the rarget level of reserves within the next 10 years ihrough consistent unrestricted surpluses generated by the new strategy and business model. In Ilne with the Toral 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 endowmeThr and ensuring its long-term growth will be key factors considered in the draw-down decision. Under new leadership. there has been an overhaul of Whirechapel Gallery'5 governance Structure including and the recruitment ol new Board members from Decernber 2023 and a review of Board members, terms. Three new sub- committees have been created.. Ethic5 Cornmittee (Chair Sarah Millerl,. Pro8ramme and Audiences Committee (Chair Alex Sainsburyl,. and People and Culture Committee (Chair Nlco18 Kerr) To8ether with the Finance and Operaiions Comrnitiee and wider Board the revised governance structure provides e￿ernal expertise. guidance and oversight io allowfor timely identification and mitigation of risks. Drawdown from the Capital Renewal Fund is rèstricttd totht maintenance ol the Gallery's current buildin8s and infrastructure and used atcording tts an agrttd schedule ol work5. Over the course ol the year the Trustees continuallv reviewed the overall investment performance a8ainst both the Whitechapel's investment obje(tives ènd the willer sector benchmarks since inception. The conclvsion was that the performance of invesiments in 2022-23 was reflettive ol overall market factors, and in ihe lon8er-term ihe portfolios were providin8 a satisfactory return and they were largelv happywith JP Morgan's management of thefunds. However. in October 2023 ir was decided to retender for investment management services. Following these steps, the Trustees continue to be satisfied that they will have sufficient funds to meet operational needs lor at least 18 months from the date of signing these rinancial statements and accordin8ly it continues to remain appropriate to prepare the financial statement5 on the going concern basis. Any available unrestricted reserves are held in cash which 15 deposited to secure the best possible returns in short-term cash investments. Risk Manaeement The Tru5tee5 have a5se5sed the major ri5k5 to which the charity is exposed, in particular those relating to the specific opefational areas of the Iharitvi Its investments and its finances. The principal risks include.. Achievernent of general and project-specific fundraisin8 targets Achievement of earned income targets Investment performance Energy tosts Inflation Due to a conflict ol interest arising from a connected person. the current Chair of the Finance and Operations Cornmittee recu5e5 hirnsell from decisions regarding the selection of investment mana8ement service provider. allocation of investment fund5 and choice of investments. Goin8 Concern In a55e55ing the charity'5 financial p051tion. theTTUStee5 have considered its plans for the foreseeable future. the risks to C05t of reactive maintenance Whitechhpel vAnnual Report 2022 The Trustees believe that they have established effertive systems to mitigate these specific risks by regulac examination of financial performance and other kev indicators to identify any necessary corrective action. and bv ensuring that robust controls exist over key financial and other 5yStem5. The strategic risk regi5teris reviewed annually by the 803rd ol Trustees and quarterly by the Finance and Operations Committee. Select suitable accounting policie5 and then apply them consistentlv- Observe the rnethods and principle5 in the Charities SORP- Make jud8ernents and estirnates that are reasonable and prudent,. srate whether applicable UK Accounting standards have been lollowed, subjert to any material departures disclosed and explained in the financial statements., Prepare the financial staternents on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Gallerf5 application ftsr'Approval under Part 6, Section 136 of the Tribuna15, Courts and Enforcement Act 2007. wa5 8ranted by the Secretary of State on 21 June 2010. Approved status allows for'irnmunity from seiiurelor cultural objects which have been imported inio the UK for the purpose of exhibition, prowded that re(ognised due diligence procedures and provenance che(ks have been carried our. During 2022-23, the Gallery did not display any objects which reouired immunity from seizure. The Trustees are responsible for keeping proper accounting recordsthat disclose with reasonable accuracy at any tirne of the financial position ol the charity and 8roup and enable themtoensure that the financial statements comply with the Charities Art 2011, the Charities Atcounts and Reports Re8ulation$ 2008 and the provisions of the charity's ttsnstitution. They are also responsible for safe8uardin8 the assets ol the charity and group and hence for takin8 reasonable steps for the prevention and detection ol fraud and other irre8ularities. STATEMENT OF TRUSTEES, RESPONSIBILMES The Trustees are responsible for preparing the Trustee5' Report and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accounting Practicel. In so lar as we are aware.. There is Tho relevant audit information ol which the charity and group's auditor is unaware,. and TheTrusteeshave 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 The law applicable to charitiès in England and Wales requires the Trustees to prepare financial statement5 for each financial year which 6ive a true and lair view of the State of affairs of the charity and group and of the incoming resources and application ol resources, includin8 the income and expenditure, of thecharity and the 8roup lorthat period. In preparin8 these financial statements the Trustees are required to.. Whitechhpel SilleryAnnual Report 2022 AUDITORS A resolution proposing the reappointment of Streets Audit LLP as auditors to the charity will be put to the Annual General Meeting. y Order Of The Board 16 January 2024 Dr. David Dibosè Ichairl Whitechhpel SilleryAnnual Report 2022 IndeFendent FtyJditor's Repcrt to the men*ers of the LLlhitech4el Gallery continue as a Koin8 concern for a period of at least twelve months fTom when the financial statements are authorised for issue. Oplnlon We have audited the financial statements of Whitechapel Gallery I'the charity'l and its sub5idiarie51'the group'l for the year ended 31 March 2023 which comprise the Consolidated Statement ol Financial Activitie5. the Group and Charity Balance Sheet5, the Con501idated Statement of Cash Flows and note5 to the financial statement5. including Sl8nificant accountln8 policie5. The financial reporting frarnework that ha5 been applied in their preparation is applicable law and United Kin8dom Acctsunttng Standartls, includin8 Financial Reportin8 Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kin8dom Generally Accepted Accountin8 Practice). 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 Trustee5 are responsible lor the other information ctsThtained withir5 the annual report. The other inforrration tomprise5 the inforrnation included in the annual report, other than the financial statements and our auditorf5 report thereoTh. Our opinion on the financial 5taternents doe5 not Cover the other information and, e¥cept to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In our opinion the financial statements.. Bive a true and lair View of the State of the 8roup's and the parent charity'5 affair5 35 at 31 March 2023 and of the 8roup's incorne and expenditure, lor the year then ended., have been properly prepared in accordance wlth United Kingdom Generally Aciepied Accountin8 Praitlce., and have been prepared in accordance with the requirements ol the Charities Act 2011. Our responsibility IS to read the other information and. in doing so, consider whether the other information is rnaterial￿ inconsistent with the financial st3ternents or our knowledge obtained in the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatement5, we are required to determine whether thi5 give5 rise to a material mi5Statement in the financial statement5 thernselves. 11, based on the work we have performed, we conclude that there is a rnaterial mi55taternent of thi5 Other information, we are required to report that fact. We have nothin8 to report in this regard. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our responsit)ilities under those standards are further described in the Audiior's responsibilities for the audit ol the financial statements section ol our report. We are ndependent of the group in accordance with the ￿hical requirements thai are relevani to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical resKX)nsibilities in accordance wilh these requiremenrs. We believe that the audii evidence we have obrained is sufficient and appropriate to provide a basis for our opinion. Matter5 gn whlth we are requlred to report by exceptlon We have noihing to report in respett of the following matters in relaiion to which ihe Charities (Accounts and Reports) Regulaiions 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 Tiustees, report., of sufficient and proper accounting records have not been kept by the pareni charity.. or the financial statements are not in agreement with the accounting records and returns,. or we have ￿0t received all the inforrnation and e¥planation5 we require for our audit. Conclusions relating to going concern In auditing the financial statement5, we have concluded that the trustee'5 use ol the going concern ba515 of accounting in the preparation of the financial statement5 15 appropriate. Based on the work we have performed. we have not identified any material uncertainiies relating to events or conditions that, individually or collettively, may cast significant doubt on the charity's or the group's abilityto Responsibilities of Trustees Whitechhpel SilleryAnnual Report 2022 As exp18inÉd more fully in the Trustees. resp)nsibilities st8tement set out on page 22, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and fof such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from rnaterial misstaternent. whether due to fraud or error. We obtained an understanding of the legal and regu18tory framèworks 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 staternents. The laws and regulations we considered in this context were the Charitie5 Act 2011. together with the Charities SORP IFRS 1021. We a55e55ed the requir￿ compliance with these laws and regulatlolls a5 part of our audit procedures on the related financial staternent items. In preparing the financial statements, theTrustees a responsible for assessin8 the 8roup and the parent chariWs ability to continue as a goin8 concern, disclosin8, as applicable, matters related to 8oin8 concern and usin8 the going concern basis of accouniinK unless the Trusiees either intend io liouidate ihe charity or to cease opeiaiions. or have no realistic alternative but to do $0. In addition, we Considered provisions of other laws and r￿ulatiOnS ihat do not have a dirett effect on the financial statements but compliance with which might be fundamental to the charity's and the group's ability to operare or io avoid a material penalty. We also considered rhe OPkN)rtunities and incentives that may exist within the charity and the group lor fraud. The laws and regulations we considered in this context for the UK operations were General Oata Protection Regulation IGDPRI, Health and safety legislation and Employment le8151ation. AuditlTh8 Standard5 limit the required audit procedures to identify non Designated Capital Works Fund De5i8n#ted Cèpital Works A55et Fund Designaied Roof Repair Fund Designated CRM Development Fund Designated A55et Fund Designated Iwona BlazwickArtistic Fund Designated Cètèly5t Fund 24.7SO 15,fiJD 16.594 805,617 &635.490 6.634.099 Unrestrkted Fund5= 16 General Fund 57.658 16.789.9n 1,226,205 18,¢)94,354 Whltechapel G3lleryAnnu31 Report 2022 30 The notes on pages 32 to 52 form part olthesefinancial statemen Approved and a￿h￿rised for issue bythe Trustee50n 16January 2024 and signed below on its behalf by.. David DI1￿3- ChaiT larb Heace- Tru5tÈe Whltechapel G3lleryAnnu31 Report 2022 31 WHITECHAPEL GALLERY CON5(IUDATED STATEMENT OF CASH FLOW5 A5 AT 31 MARCH 2013 31 Marth 2023 31 March 2022 Net cash provided by operatingacti 1320.6051 722.369 Ctsshflowsfrom Investlng ortivitles.. Dividend5, interest and rents from inve5tmerbts Purchase of property. ￿an1 and equipment Purchase of investments Withdrawa15from inve5trnents Net rash (used In) I provided by In¥estlr¥actl¥llle5 1160.59JI 1101.9571 1160.5931 1101,9571 Coshflows/romfinontln9 Ottivitie& Interest paid Repayments of borrowing Net t8sh used In fIn•fit1￿ •rt17Albes 14.3991 13,3851 14,3991 13,3851 Change In cash and cash equlvalerts In the reportlw pedod 1485.5971 617,027 Cash and e8sh equbv8lents atthe beilnnlw olthe reportl perlod L598.512 981.485 C4sh and cash equbvalents itthe end of the reportlh8 pevlod 1,111,915 1.598.512 2023 2022 Reconclllatlon of ￿$h Ilows from oper•t1Tr8 •al¥ltle5 Net (eXpend￿￿re) / In¢ome for the iewrtin8 period 11.300.L201 173,0161 Adjustmentsfor.. Depreclation charge5 (Gainsl I loss on investments Dividend5, interest and rents from investments Interest costs Impairment of turrènt a55Èt investments Ilncrea5el / decrease In stocks Decrease l increasel in debtors Increase / Idecreasel in creditors 379.732 154.616 115.1911 41.399 18.225 14.108 41x1,￿S 22,721 369.076 154,3021 3.385 113,4501 140.165 452,378 1310.6051 722.369 2023 2022 Analys15 of cash and cash e414￿Ier￿ts Cash In hènd Bank overdraft and dr3wdown facilitie5 repayableon demand Total cash and c35h equivalents 1.113.759 1,599.356 18441 1,598.512 1.112.915 Whhechapel GalleryAnnual Rer￿rt 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 I CHARITABLE STATUS Whitechapel Gallery Is a charitabletrusi Icharity Registratirm nUM￿r 3121621. The addressolthe registered offitr is 77-82 Whitechapel High Street. Z ACCOUNnNG POLICIES The following accounting polioes have been used consistentty in dealingwth items that arecon5idered rnaterial tothe Gallery's affair5. al A¢¢ounllng bas1$ The financial statements have been prepared underthe historical c05tconventK>n. as modified by the revaluation of fixed a$5et5 investments, and in accordance with the Statement of Recommended Practice - Accountin8 and Reportin8 by Charitie550RP IFRS 1021. The 3ccountslfinancial statementsl hève Prepar￿ togivèa'truÈ ènd fai¢ view and hbvèdepartèd from thè CharitiÈs IAccount5 and Reports) Re8ulation$ 20Q8 only to the extent required to pfovideb'true and fair view,. This departure has involved followin8 Accounting and Reportin8 by Chaiities preparing their accounts in ac£ordance with the Finèncial Reportin8 Stand3rd èpplicable in thè UK and Republic of Ireland IFRS 102) ISSU￿ on 16 July 2014 rather than the Accountin8 and Reporting by Charlties.. Statement ol RecommeNJed ￿aCtice effective fvom l April 2C¥)5 which has since been withdrawn. The principal accountin8 policies adopted Sn the preparation of the financial statemet)ts are set out below and are conslstent wilh those of the previous yeai. Whltechapel Gallery meets the deflnitlon of a publlc benehi ent￿ under FRSIO2. Assets and Ilabillties are initlallv recogn¢sed ai historical cost or transaction value unless otherwise stated In the relevant acceunting policy notes. The individual entity accounts of Whitechapel Gallery have tsken advantage of the d15c105ure exemption under FAS 102 to 5epar3tely disclosure cate8ories ol financial irbStrurnents and items of incorne. expenses, galns or losses relatin8 to instrument5 a5 these have been presented on a group basis in the note5 to the accounts. The accounts are presented in 5terlin8and rounded to the nearest £1. Conwlldatlon The consolidated financial statements ¢omprise Whiterhapel fjal￿ry, Ihe main entity. its sutssidiary. White¢hbpel Gallery Ventures Limited and rèlated tharty, Whlteth•pelGal￿ryEs1￿Ies Limited. The•¢counts are¢onsolidatÈd on a line by line The ultimate contrellin8 pèrty is Whitschapel Gallery Trustee timiied. As this entity acts as Corporète Trustee only and does not trade, consolidated accounts are not required at this level. G•ln8 Contem In 255e55in6 thÈ chariWs financi31 position, the Trustees have considered Tts plènsforthe fereseÈablÈ future, the risks to which it is exposed and detsiled cash prolert￿n$. In line with many charitses the forecast voluntary income is dependent upon continuin6 SUPPOrt frem indNiduals, businesses, trust$ and foundatthis. and public bodies. Fundin8 from Arts Councll England is confirmed at £1.437.955 peryeèr from 2023- ZOZ6. Whltechapel 6311ery and its new leadership is woiking to achieve annual surpluses from the 20Z>24 financial year onwards and has made signfficant changes to itsstrateg¥and business model in order io adhereto ihis. The current 2023-24 budEet forecasts a 5rnall surplus. a remar*able turnaround from ihe 2022-23 deficit, demonstrating the effetts of the new strategy and bu&ne$5 model. A detailed 2024-25 budget and cash flow projection5 have been prepared, forecasting stable rash balaTrces thro￿ to March 2025. The Trustee5 are committed to working to achieve the target level of reserves within the rext 10 years through con5i5tent unrestricted surpluses generated by the new strategy and business rnodel. Whitechapel GalleryAnnual Rewrt2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 Under new leadership, there hès been an overhaul of Whitechapel Galkrrfs Eovernance structure including ènd the recruitment of new Board members from December 2023 ènd a review of Boèrd members, terms. Three new sub- commlttees have been created.. Ethics Committee (Chair Sarah Millerl.. Programme and Audiencescomminee (Chair ￿eN 5Jinsburyl." and People and Culture Committee (Chair w￿01a Kerr) Together withthe Financeand OperationsCommittee3ndwider Board therwsedBovernantrstructure provide5external expertise, 8uid3nce and oversight to allowfortimely ￿entifiCation and mitigation of risks. Followingthe5e steps, theTruStee5Contin￿ to be satysfiedthattheyvidl have sufficientfunds to meet0perat￿nal needs for 3t least 18 months from the date of Signing these fina￿la1 statements and accordingly it continue5 to remain appropriate to prepare the fin3ncial ststementson theg•ngconcem basis. Crltlcal accountln8lud8emtnt5 and keysourct5 clesllmatlon uncertalnty In the application of the Charity'5 accounting policie5, whKh are described in note 2, Tfustees are requirèd to mbke judgement5, estimates and assumptions abDUt the ¢arryin8 values of a55et5 and liabilitie5 that are not readily apparerit from other sources. The estimates and underlyingassumptions are based on historical experience ènd other factors thèt are considered to be relevant. Actual results may differ from these estimate The estimates and underlying èssumptlons afe reviewed ¢)n an on-goin8 basis. Revisions to accounting estimètes ère recognised In the period in which the tstimate is revised if the fe¥ision affetts only that peiiod or in the period of the revision and future periods if the revlslon affects thecurrent and future periods. The key sources of estlmatSon uncertalnty that have a ￿gnIfIcant effert on the amounts reco8nised in the financial statements are descrlbed in the acctyJntSng wlScles andare summarlsed below.. CurrentL755et invesrmenrs- are initially Valued at theli exr*cted marketvalue. which is subject to an annual adjustment and impairment based on sales in the year. Depre￿atron - flxed 355ets are depreciated over the course of their useful economlc life. In order to calculate the depreciation charse, judgements are required on lerWh ol the likely useful life and the likely proceeds lif anyl of the asset If sold at the end ol Its Ilfe. bl Income l incorne is included in the Statemenl of Financial ktivities ISOFAI when the Ch4rity is legally entitled to the income, receipt 15 probable and the èmount ¢an be quantified with reasonable accuf•cy (See Note Iltll belowl. Vo1unt3ry income cornprising 8rants and don*ion5 is al￿ated to e•¢h ¢aie8oryof income 5tream5 in the yearthat there is receipt 15 probably and the amount is quantrfiable. Tradin8 inceme comprises catalo8ues, publications. editions. p0￿erS, rental and gallery hire. Investment income is included within the5tatementof Financial Actmt￿s in theyearin whKh it is receivable. Glfts in kind are reco8nised on receipt at the full value to the or8anisation. GovÈrmment 8rants are recognised on the pÈrfomiance model. when the Chaiity has com￿led wfth any condit￿n$ ttaching to the grant and the grèntwll be received. I Empendiiure Expenditure 15 included within the financial5tstemeThts￿ anacuuals basis. Expendiiure incurred one¥hibitionsforfuture years 15 Included on the balance sheet as deferred expenditure. Cost of Jctivities in the furtherance of the Charivs s)biertives includes the direct COSt of the activities. Where such costs relate to morethan onefunctional costcategory. they havebeen allocated on eitheran estimate oltime oron floor spa b35i5, a5 appropriate. Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 FundrèisinE costs are those incurred in seeking voluntsry contributions and do not include the costs of disseminètinE information In supp)rt of charitsbleactThfities. Governance costs are those incurred in C￿neCtIon with administration of ihe Charity at)d compliance with constitutional and statutory requirements. dl Exhlbhlons Income relating to exhibitions which 5PaTh the yeac end are accounted for in the year in which the ticket sale5 occur. Touring exhibition5 organised by the Gallery which tour to other venues aTe accounted for in the year in which the exhitytion occurs. Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 el Tanglble fixed assets Expenditure on itemsln eKess of £l,Lyxiare capitalised and recorded ai historic£ost inthe accounts. E%￿p1 for freehold land and assets in the course ef construction. tan&ble fixed assets are depreciaied on a straight-line basis over thelr estimated useful Iwes as follows-. 6uildinES- 50 years Plant and Machinery- 4 year5 Equipment. Fixture and FittinRS- 3. 4 and 11 years Web Site- 3 years 11 Pen51on costs The pension plan for the ernployees is a defined Contrib￿lon 5cheffle. Consequently, the annual in5ts1ment5 charged to the Statement of Financial Artwitie5 are fixed under the term5 of the 5cheme5 and the Gallery h35 no potential liability other than for the payment of th05e contribution% Bl Fund accountln Permènent endowment funds are where lunds have beefi donated afid iestrictKsns are ￿3¢ed on the conversion of the original capital Sum into income. Restrirted fundsare those funds subiect to donor-imposed restrictionsasto their use. Unrestrlcted funds èrewhereno restrirtions have been ￿aced on the useof the moniesrecdved as long èsthey ère spent wlthln the charitable objectNes of the organisation. This Includes desi8fiated funds where Trustees have set aside the fund5 for a partlcular puipose. h) Totsl return Investment poll¢v The Trustees have adopted a total return approach to Investment of the Tfansfom) Future Fund and spendlng as permltted under 3 dlrertlon recelved Irom thechaiity Commission. A basedate of 31 March 2012 has been adopted for the applying the total return. 11 In¥e5tments I fixed asset investmentsare Stated at marketvalue. Realised and unreali5ed gains and1055e5 on fixed a55et investments, based on year-end ffla￿et Values, are credited or charged throu8h the SOFA. Current asset investmentsore stated after irnpaivment ¢¥l¢vlat#>ns thal take into¥¢¢ount movin8 annual totol sales. 51 Stock Stotk is stated at the IL>wer of cost ènd net rÈalisèblevaluE. Met realisablE value is thÈ prite at which stotk can be wld in the nom)al ceurse of business after allowin8 for marketin& sdlin8 and distribution costs. Prowsions ère mèdo where necessary fcr ob501ete, Slow moving and defe£tive 5totk. kl operati￿ lease commitments Rentals payable under operatingleèses, wheresubstantially all risksand rewards of ownershlp remain withthe lessor, are charged to inceme on a strai8ht-line basis over the leaseterm. 11 Flnanclal Instruments Whitechapel Gallery has financial assets and financial fiabiliiies of a kind that qualify as basic financial instruments. Ba51C financial instruments are Initially recogni5ed at transaction value and sub*quently measured at amortised cost usingthe effective interest method. Financial assets held at ¥morti5ed c05t comprise cash at bank and in hand, together with trade and other debtor5. Financial liabilitie5 held at amoni5ed c05t comprise Erade and other creditors. and accrual5. Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 Investments, including bonds held as partof an investment portfolKJ are held at tsirvalue èt the Balènce Sheet date, with gains and losses beingrecognised within incomeand expenditure. Investments in subsidiaryuThJertèkingsare held at cost less impairment. Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 3 INCOME ilnrestricred Funds: General De￿gnIted Restrirted Funds.. Revenue Cawtsl Endowment Totsl 2021 Total 2022 lalvoluntary Income Arts Council England 1,537,955 1.537.955 431.835 42.249 75.toj 639,169 179,391 24.587 16.728 1.744.287 Y9.313 95.127 431.835 42.249 75.(￿) 125.L Education funding Whitechapel Project Incomè Benefit events and general donations Patrons and corporate donarions Whitechapel rnembers Kickstarter income Coronavirus Job Retention S¢heme Capital Renewal Funding 478,197 179.391 24,587 16,728 35.972 623,416 248,993 34.036 32,579 6,187 2,236,858 35,972 674,OB4 2,946,914 3.333,938 Ibl Tradlrbs artlvltl•s Sèle of publitatlons Sale of Limited Edition art work5 Sole of posters and postcards 103,712 193.804 3,IY31 68,564 8,8 103.712 19J.804 3.091 68,564 128.354 246.940 945 5,680 24.999 23,377 3,836 4,282 20.600 Art Consultancy Caterin8fr•n¢hise Royèlty Income other Income Bookshop franchise 3,413 20 26.836 3,413 26,836 443,148 443,148 459.013 Icl In¥es¢rnent Income Bank interÈst Investment income 2,751 2,751 120 2,751 2,751 120 Idl Income from ch•rltable •al￿￿e5 Emhlbltlws.. Touring fees Adrni55ion fees and lecture ttkets Sale5 of exhibition c3talogue5 Other income Covid-19 Emer8ency Fundin8 Museums & Galleries Exhibitknns Tax 8.875 276.419 60,754 1,816 8,875 I76￿15 60.754 I￿16 50,IB5 201.062 60.014 139.270 4.196 104,591 272,681 172,681 620545 620,545 659,318 Edu(atlon: MACuratingtheCDntefnpor3ry Adrni5sion fees and lecture tKkets 79,173 16,208 79.171 16.20B 38.197 5.466 95381 95.381 43,663 The Whitechapel Gallery 15 proud to be a National Portfolio Ov8aThi5ation of Art5 Council England. Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 4 RESOURCES EXPENDED Totsl 2023 Total 2022 stsff Costs Oirtrt Costs Supportcosts 621,814 199,767 1.565,156 134,841 1,265,462 270,761 3.452.432 605.369 3.146.021 512,654 Education 821,581 1.699,997 1,536,223 4.0s7.￿l 3,6S8,67S Costs of 8enÈratin8voluntary incorne FundraisinÉ trading Investment management costs Support costs 777.707 11.828 777.707 4ZO.824 13,103 657,636 363.376 43.683 181.438 227.558 13,103 861,367 1,464,391 12,325,758) 2,467,410 2.802,025 5,269,435 4.723,370 5 GoveANANCE COSTS 2023 2022 Legal and profe55ional Audit fees- current year 30.601 20,125 2,720 36,672 5,171 25,800 133 Restructure support and governance costs Authorised push payment fraud Idis¢k** to the Charity Cornrnissionl 110.158 31,104 6 SUPPORTCOSTS 2023 2022 Stafl and related costs Propertycosts Telecommunications and posts8e Photocopyin8 and stationery Development cost Governance costs 1,464,391 510,968 8.238 6,058 IZO,594 105.509 2.325.758 1.368,501 416.425 10,973 6.926 121.531 23,804 1,948,160 Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 7 AUD￿ COSTS 2023 2022 15.625 4,5 16.250 7,850 1.700 25.800 Whitethapel GallÈryVentures Limited Whitechapel Gallery Estate5Trust 20.115 STAFF COSTS 2023 2022 WaEe5 and 5alarie5 2,155,425 189,961 74.964 67.060 2,467,410 2.045.197 179,501 80,924 27.126 2.332,748 Pension ttrsts Other staff costs Employees with total employee benefits (excludin8 employer pension costs) of £60k and above 2023 2022 Number Number £60,001. £70,0 £70,001- £80,OTrJ £80,001- £90,¢JDJ £90,001- £IOO,C(KI £110,001- £120.C#)J Two employees12021-22." 21 receiwn8 remuneration of £60,OJJ or more ￿rtIcipated in the charity's pension scheme. Total employer contributlons in the year totalled £3.15612021-Z2.. £20,661). The two employees receivln8 remunerètion over £60.tyJO received staturory redundancy payments. i)ve to the t*nln8 of ihe Director's appointmenL nelther the Actln8 Director or Deputy Director are Included in the above table. Included In staff costs are payments made in relat￿n to redundantiesforthefollowkn& Statutory redundancy payments Payments in lieu of neti£e Accrued holiday SettlemenVex-Bratia payments Total 24.Z68 59.976 13.332 Is.( 112,576 Total rÈmuneratien for key mana8emert personnel 2023 2022 Key management personnel 04.41Z 562,W6 Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 The Whitechapel Gallery operates a defined contribution pen￿on stheme. The assets of the scheme are held separately from those of the Gallery in independently administered lunds. Pensim wsts incurred in theyeèr ère shown above. The bal3nce withheld at the year-end wès nil1202¢>ZI.- nil). 2023 2022 Education Development and cornrnunicatiorb Buildln& operations and vlsStor semces Whitechapel Galleryventures Ltd. Administration, finance and th"rectorfs oifice. irKhJdingthe 59 57 C35ual Stsff 43 Totèl staff Ifull-tlme, part-time and cèsuall 102 ioi Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 A¥ewaEe of EMpl￿ee$ 9 INVESTMEP￿r5 Icharlty and Group) 2023 2022 Endowed Funds.. Restrirted Quoted Investments: Market Value at l April 2022 Additlons Tran5forni 2,602,776 651.455 387.552 3,641,784 3.487.481 0i5P05a151 Withdrawa15 Interest Earned Unreali5ed galnsl Ilossesl and revaluations 13.532 15411 2.2(M) 15.191 1133,9011 14131 120.3011 1154,6161 154.302 Market Value ot 31 Mar¢h 2023 2,482.407 650.$01 369,451 3.502.359 3,641.783 H15torlc41 c051 at 31 Marth 2023 2.SCKI.CO) 650.501 413,873 3.564.374 3,565,328 The total market value of quoted Investments ig held JP Mor8an Chase Internat*Jnal Equlty and 8onds Funds and mlscellaneous investment yodtscts. Nistoricalcostfek¥esentsthe cosi of the investments held inthe portfollo at the date they were purchased. Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 10 SUBSIDIARY COMPANIES Vlhltethapel Galleryventures Umiied The Investment in the tradinÉ subsidiary whiteC￿pe1 Gallery Ventures Limited (company number 054108461. which is registered in England & Wales. is held by Whitechapel Gallery Trustee on behalf of Whiiechapel Gallery. The companvs principal attivities are the ￿le of merchandisin& catalogues and limired editions. the provision of catering services and gallery hires. and produce exhibitions for the Whitechapd Gallery for ihe pury)ose of claiming the new HMRC Museums and Galleries ExhibitionsTax Relief, allfor the benefit olwhiterhapel G311ery. The registered office forthecompany isthe same address as for Whitechapel Gallery Isee note 11. The subsidiary reported a profit for the year ended 31 March 2023 amounting to £316,480 after accountin8for Museums and Gallerie5 Exhibiti¢)ns Tax Relief12022.. £3(K),2281. Z023 202Z TURNOVER Cost of Sales 964.103 1968,9421 943,569 1871,0041 GROSS PROFIT 14.5391 72,565 Administrative expenses Other operatSng income 126M61 65,177 129.0221 52,094 OPERAnNG PROF 34.152 95,637 TAXATION 277.149 204,591 PROFIT AFTER TAMTION 31L301 3CIJ,228 STATEMENT OF CHANGES IN EQLIITY Profit for the year Equity at stsrt of period Gift aid donation 31L301 3ryJ,228 1311,Xlll I3￿.228) Equlty at end of perlod Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 10 SUBSIDIARY COMPANIES convd Whltethapel Gallery EsthtesTrnst knmiied WhStechapel Gallery Estates Trust Limited is a CC4npany limited by guarantee Icompany number 076269341 and charSty registered111421421 in EnEland & Wales. Its prinopal actniities are the provision and maintenance of an art gallery for Modern and Historical fine art Modern and Historical design and applied art - Work done by 5th001 children or students oc b¥ Fersws resident in the neighbourhood of the art; and to promote and encourage the educ3tion of the public in the art5. The registered office for the company is the Same address as for Whitechapel Gallery (see note 11- The investment in the subsidiary company is a150 held by Whitechapel GalleryTru5tee on behalf of Whitechapel Gallery. The 5ub5idiary reported a surplu5for theyear ended 31 March 2023 amountingto £4,25612022.. £2,707> and total funds ¢arried fo￿ard of £35.(￿sI2022.. E30,8tY41. 2023 2022 INCOMING RESOURCES Incomln8 reso¥￿e$ from generated fw Veluntary Income TOTAL INCOMING RESOURCES RESOURCES expENDED Cost ol 8ener4tlns lund5 Costs o18eneratin8voluntary Income Goveman¢e ¢osts 1.893 TOTAL RESOUR￿5 EXPENDEO 1.893 NET MOVEMENT IN FLINDS 4.256 2,707 Funds brought forward 31 1 April 2022 28,102 Funds tathedfornTard at 31 Marth 2023 35,065 30.809 Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 11 FIXEDASSETS lal Charlty Restrlcied Umestsirted Funds Funds Equipmen¢ Web Slte Furniiure & & Other FIWnKS Flldn8s Capknl Funds ieasehdd Property Funds Equipment. FllllnRs Totsl Cost As at l April 2022 Addition5 16.608.787 878.339 351.681 3,550 89.561 157.043 17.928.168 160.593 Asat 31 March ZOIJ 16.608.n7 878.339 355.131 Z46.604 18.088.961 Attumutstln8 dÈpretkntl As at l April 2022 Charge 4.763.612 332.176 8n.091 27S.115 31.369 47.888 15.939 5.964.706 379,731 Asat 31 March 2023 5,095,788 878.3J9 6J.827 6,344,4J8 Net book value.. Asal 31 March 2023 11.512.999 48.?47 182.777 11.744.513 As at l Aprll 2022 11,845,175 76,566 41.673 11,963,662 On 15 Decernber 2011, under an Order yanted by the Charity Comm15yon, the treehold land and property, previously owned b¥Wh￿echopel Galleryh3wn8a net bookvalueof É16.296,286. wastransferredto thewhitechapel Gallery Eststes Trust for £1. On the Same date Whitechapel Gallery was Eranted a 999-year fvll repairing lease for an annual rent of £4,6CQ. Ch3rge5 are held over the freehold ond the leasehold of the property bythe Mayor and Bur8e55es of the London Borough of Tower Harnlet5' the Trustees of the National Herita8e Memorial Fund.. and the Arts Council of En813nd. Ibl Group On è 8roup ba515the leè5ehold propprtywith the ret botskvalue of £11.512.999sh¢)wfi abo¥e isb freehold property as it is owned by WhitethapEI Gèllery EstatesTrust. 12 CURRENT ASSET INVESTMENTS Group 2022 Charlty 202J Charty 2022 115,975 134,201 115,975 134.201 Llmited edition artworksgrfted to rhe Whitechapel Gallery in preweus years have been recognised asa current asset investment on the balance sheet as at 31 March 2023 inclutling edit￿n5 by Joan Jonas. Sarah Lucas, Roni Horn. Michael Landy. Matthew Barne¥ and Rachel Whr(eread. Whbtechapel GalleryAnnual Report 2022 45 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 13 STOCK Group Z¢J23 Group 2022 Charity 2023 Charity 2022 295.SSJ 309,662 45.791 44,136 The closing stock is made up of catslo8ue5. PUtAicatKbns and limited editions. which are valued at the lower of cost and net reali53ble value. 14 DEBTOAS Group lo Group Charfty 202J Charity 2022 2022 Trade debtor5 Other debtors Amounts due from SUb￿diary Prepayments and work In progress Accrued income 211701 8,757 397,124 44,660 141.897 344,962 512.059 419,093 143.531 597.158 51,798 869,470 142.960 121.413 49,656 582,420 .148 1,363,052 918.329 1,396,L31 15 CREDITORS Gr￿P 2023 Group Chirfty 2023 Chèrlty 2022 2022 Amountsfallin8 due within oneyear.. Trade creditor5 Bank overdraft ond d¢aw down facility Social 5ecuritV3nd other taxes Other creditors Amounts due to subsidiary Accrua15 Deferred incorne 427.242 294.349 213,982 847 62,307 152,144 2,985 167,275 52,551 61.371 62,307 176.330 61.371 54.416 4.685 78.086 1.604 .920 163.Wi 167,275 52.551 ,273 886,552 615,378 652,091 Oelerred Income ncome has been deferred tofuture periodswherecosts have been thar8ed in advantt lor future expenses. Gr[￿P Group 2023 2022 Movementon defeThed incorrbe Income deferred from prevSous period Deferred income released frorn prwous pe￿￿ Income deferred from current period.. 52,551 152,5511 163,801 15,LNJO 115,iY)01 52.551 CloslnB balan 163AOi 52,551 Whbtechapel GalleryAnnual Report 2022 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMEfr¥rs FOR THE YEAR ENDED 31 MARCH 20Z3 16 MOVEMENT ON CONSOLIDATED FUNDS Translers between Fund5 Mo¥emerf Infvnds.. Income Expendriurt Galn Ilossl ( Irwe5trnents 01 Apr 2022 31 Mar 2023 Endowment funds Transform Future Fund Catalyst Future Fund T￿al endowmentfunds 2.619.113 651.455 3.270.S68 1120.3691 19531 1111,3221 2,498,744 650,502 3,149,246 Restrlrted funds Capital Renewal Fund Capital Fund Restricted Proyamme Fund Restricted Bloomberg Fund T￿al ie#ritted funds 569,473 6.394,IXP3 131,3691 1239,3451 1549.0841 IS,4051 1825,2031 118.1021 52D,rKJ2 6,154,664 153.323 119,595 6,947,584 549.084 125.(KKJ 674,084 153,323 6.963.482 153,323 DesfjBnated fvnds Building Fund Designated Capital Works Fund Designated Capital Work5 Asset Designated Roof Repair Fund Designated CAM Fund Designated A55et Fund Designated IB Artistic Fund Designated Catalyst Fund Total desl8Mted lunds 5,371.138 193.0791 s,278,L￿O 293,315 102,656 24,750 15,CK)O 80,120 35,972 805,617 6,635,490 1107.6851 107,685 15,0291 24,750 16,594 110,9111 74,437 35.972 805,617 6,634,099 35,972 74037 General fund 1.257.015 3.398.683 14.J35.2141 1227.7601 92,724 TOTAL FUNDS 18.12S.164 4.IC4739 15.269A351 1139A241 16.825,044 COMPARATIVE MOVEMENT ON CONSOLIDATED FUNDS FOR YEAR EtIDED 31 MARCH 2022 Tr*n51ers betweerb Fund5 M¢)vefflerrt In fvnd5: Income EXpend￿￿e G•ln1195$1 on Irwestrntnts 01 Apr 2021 31 Mar 2022 Endowmentlund5 Transform Future Fund Catalyst Future Fund Totsl tndowment lunds 2,481,796 653,044 3,134WO 137.317 11,5891 135,728 2,619,113 651,455 3.270.568 Re51rlc¢ed fvnd5 Capital Renewal Fund Capital Fund Re5tritted Pro8ramme Fund Total restrirted funds 576,C68 6,636.333 125,1691 1242,3241 1644,4401 1911,9331 18,574 569,473 6,394,009 644,440 7212MOI 14574 6.963.482 DeslÉn8ted funds 5,465.375 401,LKK) 18.563 15.( 194,2371 5,371,138 401,OQJ 24,750 15,0 16,594 805.617 6.634.099 Capit31 Works Fund Roof Repair Fund CRM Development Fund Designated Asset Fund Designated Catalyst Fund Total desl8nated fund5 6.187 16.594 805.617 6.705.555 187 194.2371 16.594 General fvnd 1,145.384 3A45M25 13.n7.W*l 116.5941 L257.015 TOTAL FUNDS 18,198,IWJ 4A%,052 14,723,370> 154,302 18,125,164 wTr￿eCnapel tsaiieryAnnual Report 2ui 41 VHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Endowmertt Funds Titsnsfvrm Furure Fund- An Arts Council managed fund award in 2011 of £2.7(KI,(KKI as a permanent endowment to be invested and the Income used for unrestricted use by the Gallery. Under theTotal Return investment approach that has been gfanted forthis fund onty. 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 ihe endowment a5 at 31 March 2012. Endowment fund5 in excess ol the Core Endowment are known as the Unapplied Total Return. these are the accumulated returns frc>m which the Charity may make funds available and utili5e as Income. In 2015-16 the Trustee5 received permi55ion from Arts Council England, and in 201&17 from the Charity Commi5510n, for É450,iXKJ to be tr3n5ferred from the endowment fund to revenue. Thi5 sum 15 to be recouped to the inve5trnent over the following ten years, and the fund value has increased to refiect five in5ts1mentsof recow)ment as at 31 March 2022. The overdrawn w51t￿n of the Unap￿led total return at 31 March 2023 15 due to the extraordinary events of 2022-2023 affectin8 obal markets. The repayrnent of E45k has not beeTh madea5at 31 March 2023. Whilst this is a breach of the Ordergranted by the Charity Comrnission, the fund was £21,256 off the targèt value of £2,520,(KK> and had exteèded that value by Junè 2023. Investment returns for 2023-24 remain un¢ertèin and are being ¢losety monitored. The overèll movement in unapplied totsl ret￿) In 2022-23 was as follows.. Unapplled totsl return at l Aprll 2022 112.861 PIu5.' Investment gains and income 1120,3691 Le5s.' recoupment olfvrkls Le5s.' investment withdrawal Un*pplltd total r*tum ¥t 31 M¥rth 2023 17.5081 V•lue ol core emd¢Jwmtnt at l Aprll 2022 Recoupment of funds Value of core endowment at 31 March 2013 2.506.252 2,506,251 Net value olTransfomb Future Fund assets at 31 March 2023 2M98.744 Cottslyst Future Funé- An Èlement of the Future Fund wherein denations wefe matched by contributions from èn Arts Council Catalyst Endowment Grant, awèrded in Tr4ovember 2012. During thè pÈrmènent endowment pÈriod èxpiring in Nov@m￿r 2037, the investmentreturn will be usedto supportdi8lt31 artiv(ty' 5U5tain lon8-term educatK>n, communityand public pro8rammÈ work. en8a8È and retain skillÈd cur3tors,' and enable innovatK*n in exhibition pro8rammin8. Folbwin8 permission from ACE and the Chèrity Commission £805,616.50 was de-restritted in July 2020. The 2021 funds balances have been reststed to reflect this de- Remrfrted Funds Copittsl Renewol Fund- a comblnatlon of an Arts Council managed lund awarded in 2011 re5tricied to the maintenènce of the Gallery's current bvildin85 and infrastructure. diawn down over the next 20 years. a E75.(W fund awarded by the Headley Trust and £3.803 awarded by London Borough ol Tower Hamlets 2018-19. In ihe year they collectively funded £31,369 In capital depreciation costs to the Gallery. CopitGI Fund- the balance of the fund repreSer￿ the wess a5 at 31 March 2023 of income received toward5 the Whitechapel Project over expenditure incurred on depreciation of the355etfrom l April 2010. Restricted ProgromNneFund- this hold5 income restricted to PTO8ramme artniitie The restricted 8IoDrNJbery Fund hold5 incorne ie£Lyved from Woomber¥ PhilanthTopie5 a5 part oltheir Di￿tal Accelerator Pro8r3m. Whhechapel GalleryAnnual Rer￿rt 2022 VHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Deslznated Funds The designated Building Fundrepresents lunding spent on the Gallery building$3nd will be offset èEainst depreciation. The desiÉnated Progromme Fundholds irK(*ne designated to ProEramme actwities. The designated Copitol Works Fund holds amounts desig￿e0 towards urgeni capital works that aren't covered by the restricted Capital Renewal fund. The desi8n3ted Capitol Work5A55etFund hohls fvnds (*signatedtO W4erthec05t of 355ets purch35ed by the Copital WorksFund. The design3ted RooARepoirFundholds funds received to oftsetthe cost ol urgent roof repairs Thedesignated CRMDevelopfftentFundholdsfund5to irwe5tin a newcvstomerrelationshipmanagement5Y5tem thatwas delayed from 202￿?1. Thè dèsi8nated AssetFundholds lundsdès￿11t￿ totover thetostof various assèt pufthasès. The deslgnated Iwonts B102wick Artistic Funtl holds i￿ome which will be used to fund projects that embody Iwona Blèzwlck's unwaverlng bellef creètivity, ènd requireextfa resoutteto realise. The designèted Catolyst Fund represents the sum dtrrestrlcted lor a fixed period from the Catalyst Endowment Fund wlth the permission of the funder. Arts Council En￿and. Unrestritted Funds General Fund- thls is the Gallerfs8eTheral unrestrScted reser%*. Trwnslers betweenlunds The followln8fund transfers have been made.. £74,437 ha5 been transferred fromtheunrestrirtedGeneral Fundtothet)esiywtedAsset Fund tocowerthe costofvarlous asset purchases. £107,685 h35 been tron51erred from the Cawtal Works Fund tothe C¥pital Works A$5et Fund to cover the ¢0st of various a55et purchases. £153,323 ha5 transferred from the unrÈstrirted General Fund to the RestrirtÈd Pr4r¥mme Fund tts support programme artivity in 2023-24. J4ALYSIS OF NET ASSETS BETWEEN FUNDS Endowment Fund5 Restrlrted De4Krwted Funds Is Gener•1 Funds Total Leasehold property Other fixed assets Inve5trnent5 Cash 6.203.141 80.276 369.451 21.529 5,278,CfjO 182.776 11,481.471 261,052 3.502.3S9 L113.759 295,553 115,975 962,148 1909.2731 3.132,9J8 16,338 805.617 270,275 295,553 115,975 320,194 1gW.1731 Stock Current asset investmeTrts Debtors 272.917 369,037 Creditors Total Y.149.246 6.947.584 6.635.490 92.714 16.825.014 Whhechapel GalleryAnnual Rer￿rt 2022 VHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 COMPARATIVE ANALYSIS OF NEf ASSEfs BETWEEN FUNDS FOR THE YEAR E140ED 31 MARCH 2022 End￿￿￿eTrt Fuhds Restricted Desigrbated Funds General Funds Funds Tothl LÈa5ehold property Other fixed 855ets Investments Cash Stotk 6.470.575 105.355 387.552 5.371.138 16,594 11.841.713 121,949 3.641.783 L599,356 309,662 IY4,201 1,363,053 1886,5531 3.254.231 16,337 805,617 777,402 309,662 134,201 922,303 1886,5531 Currerit asset investments Debtors Creditors 440.750 Total 3.270.568 6.963.482 6.634.099 L157.015 18.125.164 17 FIWINOAL COMMfTMENTS At 31 March 2023 the Charity wa5committed to makin8the follovJin8minimurn lease payment5 underoperèting le35e5.' total operating le35e expense in 2022-23 wo5 £9,23312021-22.. £8.9WI'. i*hd & Bulldlnis 2022 oiher 2023 2023 2022 Operatin8 leases whlch explre.. Within one year Between two & five ye•rs Afterfive yeèrs 4.633 14,680 4.300 12.029 18.41X) 4.524.365 4.520,364 4.543,364 4.$47.365 19,313 16,319 18 PARENT UNOERTAXINGS ANocopifROLUNG PAAnES The charity is controlled by Whitechapel Gallery Trustee Limited, a re8lStered charity. In the opinion of the directors Whitechapel GalleryTrustee Limited isthe Charity's ultimate controllingparty. Asihisentityartsas CorporateTrustee only and does nottrade, consolldated accounts are not required at this Iv4el. 19 RELATED PARTY TfiANSAcfioN5 Neither the Trustees nor any persons connected with them have received arly remuneT3tyon during the current or preceding year. No Tru5tee5 were reimbursed for expenses incurred on behalf of the organisation 12021-22.. nill. The aggregate value of trusteedonationsto the chartyin the yearwas£28.92012021-22.. t29,(￿)1. The Whitechapel Galleryventvres limited inter-company balance wa5 a debtor of £512.05912021-22.. £419,(Y331. The Whttechapel Gallery E5tate5TnJst Limited inter￿or￿PanY balan￿ wa5a ueditor of E4.68512021-22.. £2,985). 20 FINANaAL INSTRUMENTS At the balance Sheet date, the ion501idated group held financial è55ets at btnorti5ed c05t comprami5in8 Cash and short term deposits. trade debtors, other debtors and attruÈd intome of £1,953.870 12021-22". £2,910,611> and financial wTr￿e(napel tsaiieryAnnuai £u2£ VHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 1Sabilities at èmortised COSL compromisingtradecreditors, bankoveidrarf other credrtorsandaccruals of £694,35212021- 22.. £779,798). The company also had financial assets held at fair value of £3,502,36012021-22.. £3,641,7831.Total interest Income received in respect of financial assets held ai fèir value tOtal￿d £nil12021-22.- Enil ZI P05T BALANCE 5NEET EVEpirs There are no p05t ba13nce sheet events 22 CONTINGENT LIA8ILtflES A leg31 claim ar05e in the prevlou5fina￿1aI year. The ovtcome of theclaim is uncvtsin andcannot be reliably estimated. Whhechapel GalleryAnnual Rer￿rt 2022 51 VHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 21 COMPARATIVE CONSOLIDATED STATEMENfoF FINANUALAcnvmES BY FUND FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted knds Restrfcted Fur EDdowmeTr zozz 2021 Note en Funds Total Income and endowments from.. Donatlons and le￿CleS 2,683,311 6,187 644,440 3,333,938 4,207,137 659,318 43,663 659,118 43.663 313,395 3,045 Education Other.. 459,013 459,013 361,117 Investments 120 120 23 Total 3¥5M25 6.187 644WO 4.496.052 4,884,717 Expendlture on: Rèising Funds 657,636 657,636 592,315 2,234,978 94.237 549,313 267,493 3,146.021 2,458,418 Educ3t10n 417,527 95,127 512,654 476,249 Other.. 363,376 43.683 363,376 43,681 384,322 26,564 Investment Mana8ement Costs 3.717.2fy) 94.237 644.440 267.493 4.723.370 3,937,868 Net 8ains/llossesl on Investments 18.574 135.728 154,302 456,917 Net Intome I lexpendlturel 128.225 108.0501 1218,9191 135.728 173,0161 1,403,766 Transfer between funds 16 116,5941 16.594 NET MOVEMENTIN FUNDS 111,631 In.4561 1248,9191 135.7Z8 173,0161 1.403.766 Funds brought forward As at l April 2021 1,145,384 6.705.555 7.212.401 3.134.840 18,198,180 16.794.414 Funds carrled forward as at JI March 2023 12S7.015 6.634.099 6.W.482 3.270.S68 18.125.164 18,198,180 Whhechapel GalleryAnnual Rer￿rt 2022