Charity registration number 312162 WHITECHAPEL GALLERY CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity re8i8tration number 312162 WHrrECHAPEL GALLERY CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 WHITECHAPEL GALLERY LEGAL AND ADMINISTRATIVE INFORMATION Charlty number 312162 Resiotered irfflee 7142 Whitechapel High Street London El 7QX Audltor Streets Audit LLP clo The Old Exchange 64 West Stoekwell Street Colchester E88ex Coi IHE Banker8 Uoyds 15B Bank PLC 25 Gresham Street London EC2V 7HN Investn*nt Manasers JP Morgan International Bank Ltd l Kni8htsbrid8e London SWIX 7LX Insurance Brokers Gallasher Heath 133 Houndsditch London EC3A 7AH )licitors Bates Well8 & Braithwaite 24 Cannon Street London EC4M 6YH WHrrECHAPEL GALLERY CONTENTS Trustees, report 1-21 Statement of tru&tee8' re8ponsibilitie8 tndependent auditor's report Con801idated statement of financial activitles 26-27 Con801idated balance sheet QTharity balance sheet 29 Consolidated statement of cash flow8 Notes to the financia] statements 31-47 WHITECHAPEL GALLERY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Board of Whitechapel Gallery Trustee Limited. which is thc sole trustee of the Whitechapel Gallery charity present their annual report and financial ststements for the year ended 31 March 2024. Board of Tru6tees Thcfvllowing htwe sertEd on the Board thnjughoul the period to the dote of this report.. David Dibosa. thair Erin Bell Jonathan Kanagasooriam Melanie Manchot Sarah Miller lan Pleace Alexander Sainsbury (to Dec-23) Nicola Kerr (to Dec-24) Samantha Hill (to Aug-24) Jeremy Achkar (from Jun-24) Myfanwy Barrett ((rum Dec-23) kngela de la Cruz (from Dcc-23) Debashi8 Dry (from Dec-23) Anya Gallaccio (from Dec-23) Ebele Okobi (from Dec-23 to Jun-241 Marie McPartlin (from Jun-24) William Mann (from Oct-24) Frances Morris (from Oct-24) Executive Team Gilane Tawadros (from Oct-22) D]rL￿tOr Tom Wilcox (to Oct-23) Deputy Director Luke Grt'gory-joncs (from Nov-23) DL'puty Dirc¢tor Ellie aowes {from Apr-23) Director of Finance and Cornpany Secretary Dr Richard Martin (from Apr-21) Director of Participation Rummana Naqvi (from Feb-23) Director of Development ' Mark Hone (to JAn-24) Head of OwatioD¥ & Building Projectr4 Pedro da C05ta (from Jan-24) Head of OperatiorL8 & Visitor &rviee8 Jennifer Lea (tu Jun-23) DArectur of Comtnunicationt Natasha Plowright (from Jul 23) Director of Audiences and Communications Helen Sainsbury (to Oct-23) Interim Head of Exhibition8 Elena Crippa (to Apr-24) Head of Exhibitions Sophie Clark (to Sep-24) Interim Head of Exhibition6 LEila Haglham (from Sep-24) Head of Exhibitions MaTtin Reyes (to Nov-241 Head uf People and Culture Selma Basic Dowling (from Jan-25) People and Culture Managcr Jane McGowan (Frorn Jan-25) Director of Finance WHITECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure Governance and Mana ernent Whitechapel Gallery is a charitable trust governed by a Scheme of the Charity Commissioners dated 10 November 1981, as amended by &hemes dated 10 May 1988 and 9 March 2(Mll. The Gallery is registered for charitable puryoses with the Charity Conmi￿10n, Charity Registration No 312161 The Gallery is governed by a corporate trustee: Whitechapel Gallery Trustee Limited. The Directors meet quarterly and are assisted by various convnittees. described below. There are four standing suknmmittees of the Board which each typically meet between 2 and 4 times per year.. Finance and Operationy Committee (Chair- Ian Pleace); Ethics Committee (Chair- Sarah Miller); Programme and Audiences Committee {Chair- Alex Sainsbury): and PeuplL' and Culture Committee (Chair- Nficola Kcrr). There is al80 a Nominatlons Committcc which 18 eonvened as necessary to consider appointments to the Board. The day-to4ay activities of the Gallery are controlled by the Dlrector, Gilane Tawadros, who commenced employment as Director in October 2022. Key management perBonnel, referred to aA the Senior Management Team. run departments and fiupport the Director. Remuneration for kLy mana8ement personnel is set by thL. Board, Dircetor and Deputy Director within bands that are deterniined by sector benchmarks. experience and level of Tesponsibility within the management structure. Governance Code The Trustees arc aware of the Charity Commission's Govcrnance Code for Larger Charities (published July 2017). The Code is based on seven principles of good governance: Organisational Purpose; Leadershipi Integrity.. Decision-makAn& Risk and Control; Board Effectiveness; Diversity, and Openness and Accountability. The charity ¥trivLbS1 to meet the principle8 and outcomcA of the Code by applying the TecommcndL.d practicL.. The Trustees have reviewed the Whitechapel Gallerfs Governance Code and are confident that it ali8ns with the Charity Commission's rccommcndLxI practise. Recrnitment Induetion and Trainin of Trustee8 New Trustee5 are recruited acci)rdin8 to the Trustees, and Directofs on-going asscssments of the overall sklll8 required to be repTL'¥L'nled on the Board of Trustees and what additional Rkill8 are needed to complete the rL'quired portfolio. Prospective new Trustees are recommended by the Nominations Committee to thc Chair who will asse85 the candidates and decide. in consultation with the Director, whether to propose their appointment. The Trustee5 take the final decision on the Chair'5 proposal. Newly appointed Trustee￿ receive briefings Erom the Chair, Director and Deputy Director and are provided with relevant Charity Commi55ion guidance. Training is considered by the Chair on a case-by-case basis. WHITECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Public Benefit The Board confiTms that it has siven due consideration to the Charity Comrni55ion's published guidan￿ on the Public Benefit requiTement under the Charities Act 2011, including the guidance on public benefit and fee chargin when rcviewins the Charity's aims and obj'ectives and in plannin8 future activities. The ChariWs activities clearly relate to its legal objective5 of advancins education in the arts and the provision nf a gallory for the enhancement of the cultural welfare of the local conimunity and the wider public. The activities undertaken 8nd achievements described enable the reader to assess the contribution made by these activities towards furtherinb. the Charity's 0￿.eCtiVeS. The Charity's strategy 8tresses the importance of ensuring the accessibility of its exhibitions and activities to all members of the public and ofEers free entry to exhibitions year-round. Specific ¢onlinnation 18 also provided that Tru&tees roceived no rernuneration or benefits for thesr contribution to tho Charity and that no Trustee wa8 connected to any artist or exhibitor professionally ensased by the Charity. Objectlves and Activities Charitable Objectives The oLJ'ectives for which the Whilechapel Gallery was established are stated in the governing document of 10 November 1981 a6.. The prou$iopi and iiiaintcpttmce of an art gallery fur exhibition lu the public of modern ond historicol fixe art,. modmi and hislorical desixn and applied art,. work done by SCIN￿[ children llnd locol communilies. Promoting and encor4rA%ing the education of the public in the orts both in the Gallery and elsewhere. These objectives tsre met by the operAtson of Ax arl sallery on Mileckapel High Street tn London, by relaled educalionol other activities. Mi88ion, Vision and Approach Vlslon The Whitechapel Gallery will occupy a distinetlve and radical pngJition in the social and cultural landscape. We will build on vur pioneering history as a place for eontemporary art and ideas, translatins and anim3tins it for our time. Mi8sion The Whitechapel Gallery is a gruund-breaklns art institution that has l￿A$ted for mure than 100 yLSarg. Wc make contL'mporary art and idea5 accessible to local and slobal audience5 in thL. East End of London, recosniying the critical role that art can play in firins up our ima8inations, reflecting our lived expcTiences and openin8 up new possibilities for thinkin& Eeelins and dreaming. Approach l. We are pr()ud to be a cultural InSti￿tIon that is locally embedded and slubally connected. Whitechapel is a gallery and a geographical destination, positioned accessibly on the high street (with a tube station in our basementl). 2. We want our building to be a soulEul and xntimate destinatian for local, national and international viBitor6'. a 84xial and civic ￿￿paCe that is free and open to all. 3. Education sits at the heart of the Whitechapel Gallery. Our prosramme empha5ises close collaboration with local families, schools and communities, who we value as key stakeholders in our organi5ation. 4. We take risks in programmins le55er known and neglected artists and in making challenging artwork8 and ideas accessible to all our audiences. puttins artists and ideas at the centre of everytkung we do. 5. We focus proudly on the work of women artists and artists of colour. championing their contribution to contemporary art and society and forging connections with new audiences. partners and participants in the gallery's programmes. WHrrECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 6. We are committed to making the Whitechapel Gallery a pemieable cultural institution that spills beyond its gallery walls, actively seeking partnerships beyond the gallery, and creating opportunities for artists and audiences to shape and infiuence what we do. 7. We are unafraid to have a social and political agenda, working with artists and idea8 that addre88 the key issues and concerns of our times. 8. We are dedicatéd to safeguarding the long-terni future of the Whitechapel Gallery by building its cultural. s(Kial and political capital and ensurins its 8u8tainability - artistically, environrnentally and economically. Achievements and Perfornunce An Overview Whitechapel Callery's new Director Gilane Tawadros has brou8ht a wealth Of experience An leadins pioneerRng arts organisations and has been working with Trustees and staff to renew Whitechapel Gallery's foundlng mi88ion for the present day, makins contemporary art and ideas relevant and ac￿5$1b1e to all. Having e8tablithLxI a new strategic direction for the or8ani8atioTh WhitechapLI Gallery has begun to roll out new programmey acri)ss the Gallery including L￿hIbItionS and participatiun. alun88ide building-based inltiatives related to acceys and environmental &u&tainability. Like many other arts in8titutions, Whitechapel Gallery is facing a challengins financial environment, with increased CO8ts, the impact of the cost of living crisis on earned income, and an increasingly cornpetitive funding landscape across the sector. In order to combat these challenges, the Gallery 18 reassessirL8 Its bu8ine*s model in terms of income and expenditurL'. Asainst this back8round, we presented an ambitlOU5 and critically-acclaimL.d programme of exhibitions. events and activities throughout the year, engaging new and diverse audiences in our work. Whitechapel Gallery welcomed approximately 215,000 vi8itor8 in 2023-24, with an average monthly attendan￿ of 17,915 visitors and an avLbragL• weekly attendan￿ of 4.135 vitSiti)rs. Admission income for thL' year was £239,147. This represents a dL￿rc.ase on the previous year whLYe admission income totalled £276,419. However, around 56% of people surveyed during Our Summer season were first-time vi8ltors. with a substantial proportion cvmins from our local area, supporting one of our key strategic aims. Our di8ital engasement across key platforms reflects a similar growth pattern to the previous year. The Gallery Web￿>lte recLltved 2.2m total page views while our lead ￿181 media channel, In8tagram, achleved a eolloctlve reach OE 521,000 accounts. Exhibltlons Prosramme Summer Season 2Tr23 Uune - September 2023) Lrfe 16 More Important than Art was a summer-long season of exhibitions, installations. perforniances. talks and film screenings that explored the interface between art and everyday life taking place across multiple spaces acr055 the institution. The group exhibition included work by Rana Besuni. William Cobbin& Sarah Dobai, Susan Hiller. Jerome, Matthew Krishanu. Janette Parrib, John Smith, Alia Syed, Mitra Tabrizian, Mark Wallinser and Osman You8efzada. WHITECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 As part of the project. we hosted Whitechapel Radio Station which broadcast live and online. hosting a series of talks with artists, collectives, writers and musicians. Somali Museum ￿Came in-house residents providing a virtual and physical space for the varied stories of Somalia and Somali people based globally and in the UK. Cornbining an art gallery, library, archive, museurn, dance and music studio in one space, the museum reimagined what a 'museum' is and what it can do. Throushout the summer. performances, tskeovers and public talks brought together contributors fmm across creative di5¢iplines di5cussin8 key contemporary questions around hou5in& health, migration and democracy. Highlight event partners and contributors included Bow Arts, Chi8enhale Gallery, Healing Justice London, 2023 Writer-in-Residence Martin O'Brien and writer Lauren Elkin. ArtisLs and play spccialists Sarah Mar8h and Stephanie Jefferie8 were commiysionod to create an immerBive and tactile installatiun for the public to engage with L%ntitled Sculpting Conversations and in the Zilkha Auditorium. we screened thL. Artl8t's Film International pro8rarnme featuring contemporary moving imases works by artists on the theme of diaspora. In August, the 2023 cohort OE Whitechapel Gallery and iSBU'A MA in Curatlng Art and Public Pro8rammes pre¥ented It All Started With o Thread. an cxhibition exploring the notion of a thrcad as a method and MC￿taPhor for connection, collaboration and conversation. Autumn Season 20W24 (October 2023- January 2024) Nlcole Ei8enman: What Happened brou%ht tOgL%ther over l(M) work8 from acroNN the artl8Vs th￿e-decade career featuring large-scale p.aintinss, sculpturey, m(muprint9J, animation and drawin895. Johanna Billln8 presented her moving imase work Each Moment Prebent5 (2023) exploring idea8 of collaboration, Chan￿ and education. Realised over several years, the film was produced in aS￿￿latiOn with Bristol City Council and commissioned by Bristol Grammar School. The work of poet, writer and arti8t Anna Mende1880hn was presented for the first tlme in a public institution. Bringing together a selection of Mendels50hn'5 poetry and works on paper which examined how war, faseism and incarceratxon influence the ways we expres8 and give form to hi8tory and social experience. Ed8e Effects was a participatory project that took inspiration from nature to shape an ongoing serie5 of artist residencies with primary and secondary schoo15 in Newham, Fast London led by artist Iohanna Ta8ada Hoffbeck. featuring contributions by writer and sardener Sonya Patel Ellis and artist Sam Ayre. Edse Effects was a project bout stewardship of the planet and promotion of a mindful under%tanding of our placc in nature. This exhibition took place from January until May. Spring Season 2024 (Febrnary- April 2024) Artist Zineb Sedlra transformed the Gallery's exhibition space into a series of film sets. Originally conceived for the French Pavilion at the 59th Venice Biennale in 2022, Dreams Houe No Tilles was an immerxive installation comprising film. sculpturei photography and performance, that intcrweaved the artisvs biography with activist film￿> produced across France. Alseria and Italy in the 19605 and 19705. A free daily screening prograrnme selected by Sedira accompanied the exhibition focusing on films that inspired and influenced her practiee. L4)ndon-bayed inteTdi5ciplinary artist and experimental tnusic producer Andrew Pierre Hart was commissioncd to creatc a new work which reflccted on on INhitechapel's lonsstanding history as a home for misrant and diasporic conurLunitie5. WHITECHAPEL GALLERY TRUSTEES, REPORT (CONfINUED) FOR THE YEAR ENDED 31 MARCH2024 Galleries 1, 8 & 9 Life is More Important Than Art: 14 June- 3 September 2023 Nicole Ei8enman.' What Happened: 11 October 2023- 14 January 2024 Zineb Sedira.. Dreams Have No Titles: 15 February - 12 May 2024 Gallery 2 Susan Hiller. J Street Project (Index), 2(Ki24)5: 14 June- 3 September 2024 Johanna Billing". Each Moment Presents What Happens: 11 October- 4 February 2024 Zineb Sedira Pre%L*nts: 15 February - 9 June 2024 Gallery 4 Somali Museum: Any-space-whatever. 14 June- l October 2023 ATma Mendelsyohn: SpcaL Poetess: 11 October 2023- 21 January 2024 Edge Effects.. 30 January - 6 May 2024 Gallery 5 rt All Starts with a Thread: 18 AuguBt 2023 - 14 January 2024 G•llery 7 Sculpting Conversations.. 14 June - 14 Septernl￿r 2023 Nicole Eisenman: What Happened: 11 October 2023- 14 January 2024 Andrew PAerre Hart BiovData FIowL3 and Other Rhythms- A Local Story: 15 February- 7 July 2024 Auditoiium and s￿dI0. Arti8ts' Film Internatlonal Artists, Film International.. 13 June - 17 September 2023 Whiteehapel Radio Station.. 14 June- 16 September 2023 Partlcipation Pro8ramme During 2023-24, the Gallery undertook a strategic review of the Department of Education and Public Prograrnmes de8i8ned to build upon a history of pioneering educational practiceB. ThL first Atagc involved comMit￿lOning cxternal researchLirx to complete" a reviL'W of the current programmo, benchmarking it with cumparable organisations. This review way prebented and discu8scd with all staff and Trustccy leading to a series of workshop5 and meetings to develop a new strate8y for the Department. The new strategy defines the pro8ramrnc as a testing ground for art and ideas,. shifts the language used to describe the programme from the more traditional term 'education' towards creativity, participation and ¢ollaboration (including renaming the Department a8 ParticipBtir)n)' strongly emphasi8e8 a commitment to local communities and socially-engaged practices; and collate8 ambitions lor the periud 2024-27 acro83 an intcrsL'nerationaL artist-led, multi-disciplinary pro8ramme spanning a wide range of lifo 8tages. Programmlng Hishlishts 20￿24 Familieg Prosramrne Sculptrng Conversalions Uune-kptember 2023) offered a participatory drop-in Spa￿ wlth interactive sensory objects aimed at familie8 and younger audience5, created by artists Sarah Marsh and Stephanie Jefferies. Regular programming throughout the year included Family DayB and creative workshops aimed at intergenerational audiences. WHITECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 S¢hoo15 and Teacher6 The participatory exhibition Edge Efrcts Uanuary-may 2024), focusing on Urban ecologies. was developed in partnership with student5 and teachers at Vicarage Primary School and Plashet School in Newham, where 300 pupi15 t()ok part in workshops in Autumn 2023, folli)wed by EuTther creativo workshops during the exhibition run. The proioct wa5 led by artist Juhanna Tagada Hoffbeck and CUTator Kirsty Luwry. and also featured work by writcr Sonya Patcl Ellis and artist Sam Ayre alongside students from the participating schools. Regular programming included professional development sessions foT networks of local teachers in Tower Hamlets and Newham. artist-led creative workshops held at the Gallery and in local schools, supported exhibition visits for school￿. and digital re80urces. Youth Pro8ramrne8 The participatory exhibition Escape the Slick, developed by the Gallerfs youth collective Duchamp & Son8 with artist Gaby Sahhar, was extended from January to Augu8t 2023 in Gallerie8 5 & 6, supported by additional IivL' prosramming and a podcast L'pisodL. An oxternal Lvaluation report on the projL*t emphasi%Ld thL' POSitiVLi resp()nses it receivcd Erom audiences and paTtieipants, and particularly the setL%e of a8ency and conumunity it generated within thc youth collectfve. 18 Million Minds was a major project on youth mental health, developed in partnership with artist the vacuum cleaner and Chisenhale Gallery, culminating in two live peTforrnance8 led by youn8 people in August 2023. RL'gular pro8rarnmin% includL.d collaboratlve seNsion8 fLsaturing Duchamp & S(]n￿ workins with artiEstt4 8uch a5 Kneed and MohammL.d Z. Rahman, ￿aSona1 Young Creative8 Nights, rnulti-disciplinary creative work¥hops fur youns people, and a weck-lon8 prosramme exploTing contemporary art. Community Fro￿aMme& The Somali Museum exhibition in Gallery 4 UuDe-SeptL'mber 2023) waff developL.d by Numbi Arts, a Somali- led, Pan-AFrican organisatic)n ba8L.d in Tc)wer Hamletfs. It featured film, phntC)gTaphy. music and Sound media, and was accompaniL.d by thL Gallcry hosting thc operuns celebration of Numbi Fest (attended by over 1000 people) and a series of Somali language cafe sessions. Elo Melo Festival, held in August 2023, was a ￿lebratIon of British-Bansladeshi culture developed in partnership with local collective Oitij-jo and attended by over 600 people. A larse new public mural by Shira7. Bajoo in Globc Town, Bethnal GreeTh npened in July 2023. DevLloped acroB5 tcamy at the Gallery in partnerghip with Tower Hamjety Council, the mural iy a colourful phvtographic collase of archival matLrials that speak to thLTr rich history of the local area, with an onlinL digital hub devoted to the project on the Gallerfs website. Other community partners engaging with the Gallery throushout the year included.. Healing Justi Londo￿ You Make It, Deaf Unity, Crisis. Freedom Press, Bow Arts, Queen Mary University of tA)ndon, and the Art Working Parent% Alliance. The gallcry's Access programme included BSL Tours, Audio De8cription Tours and Printed and di8ital rvaources. Notably, the new Participation stratesy - operational for 2024-25 - intcgrates local partnerships acro85 the programme and removes the di51inclion between'community Pro8ramme5' and 'Public Programmes,. P.ubllc Pro8ramme8 As part of the broader summer proiect Lifr is More Iinportartt Than Art, the Gallery hosted a wide-ransin multi-disciplinary public programme in Gallery 2 featuring performance. film, music. food and discussions. These events were develoFd with a range of local partners and many were livfrstreamed on the Whitechapel Radio Station. As Writer in Residence for 2023, the artist Martin O'Brien was cnnunissioned to make three new durational perforfflances with accompanying text5 published on the Gallery's website. Other Programme highlights included talks with the artists Zineb Sedira. Nicole Ei5enman and Johanna Billin& contributions from the short-listed artists for the 2023 JaTman Award lin partnership with Film London), event5 with WTlter6 Lauren Elkin and Adam Shalz. and a rLew perfonnance by Terry Smith. Digital pro8ramrnin8 included four new podcast episodes. WHITECHAPEL GALLERY TRUSTEES, REPORT (CONfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 Pllbjic Events Listin I A .1 2023 - 31 March 2024 ate itle Famil Da Esca e the Slick.. Youth Takeover Audio Descri tion Tour: Access, Gesture, Paint peculation.. Documents of Contemporary Art Strand amilicb Pro outh Pro ccess Pro blic Prosratnmes ramme amme mme -may-23 18-May-23 An Ambulance to the Future (rhe Second Chance).. arlin IYBrien Discussion.. Life ig More Important Than Art blic Programmes -Jun-23 ublic Prosrammes 9-Jun-23 07-Jul-23 Numbi FLbt Rehearsin8 Futures Part I: Life-Affirmin% Cornmuni PraclicL lia SyL.d's Fatima's LEtter'. 16mm ScreLnin&y ublic Pro ublic Programtne5 ammes l-Jul-23 & 24.. -23 5-Jul-23 ublic PTogramme5 Audio Description Tour: Lifo 18 More Important Tha Arl CCL'EpY PrugrammL' O-Jul-23 2-Jul-23 ()un Creatives Ni ht verture for the Future (An Ashen Place): Marli 'Brien Meet the Staff East London Art Prize x Whitecha 2.8 Million Minds.. A Sharin lorin CuntLIrn Art Week Audiu DL8cription Tour.. Life is More Imp()rtant Tha Art e Fight for FreL. TimL.: Hclen Hc8ter and Nick Srnicek outh Pro ublic ProgrammoB amme 7-Jul-23 3-Au -23 2-Au -23 15-18-Au 7-Au8-23 outh Pro blic Pro outh Pro outh Pru ccess Programme el Galle ammes ammes ra arnmcs 7-Aus-23 blic ProgrammLIM 8-Au 3-Au -23 -23 RS Grassrouttl SL'rie4: Musie Venue Trust Conversations: Sarah + Ste h in Situ RS Grassroots Series.. Dalston Su erstore L05 Angeles in Whiteehapel.. Book Launch and Group alk WRS Grassroots Series.. Geor Tavern Elo Molo Festival.. Oitij-jo x Whilechapel Gallery ublic Pro amilies ublic Pro ublic Programmes amrnes I-AU 1-Sep-23 amme8 ublic Pro ublic Programmc5 9-5ep-23 ucham & Sjns.. Tastcr Evenin e VoicL of tho Peo RS Takeover.. Theatrum Mundi narchist Bookfair eachers, Preview.. Nicole Eisenman Conversation: Johanna Billin& Judith Winter and ilane Tawadros Creative5 Ni ht Smith.. Mirror 2 outh Pru ublic Pro ublic Pro ublic Pro hools & Teacher5 blic Programmes ammes 7-Oct-23 2-Oct-23 3-Oct-23 9-Oct-23 4-Oct-23 oun outh Pro blic Pro ammes ammes WH￿ECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 6Qct-23 6-Oct-23 BSL Tour.. Nicole Ei8enman Loop by Loop, Stitch by Stitch: Knitting Workshops Acce55 Pro amilies ro rammey amme // Yout 2-Nov-23 02-Nov-23 l-Nov-23 Activism: Documents of Contem Audio Descri tion Tour.. Nicole Eisenman arman Nowl The Film London Jarnwi Award's New Pioneers Ideas: So hie K Rosa issuc 6.. W2024 financial year, the Gallery navigated cumplL'X CXtL'rnal circum81ances. The8L' include increases in utility costs, the ongoing impact of Covid-19 on audicncc bchaviours, cost increases for shippin8 and materials, poor investment performance, general inflationary pre55ure8 and increased staff costs. For thc 2023-2024 financial year, the Gallery ha8 been able to deliver the reduced deEiat through a number of different strate8ies and actions: Reducing direct exhibitions cxpenditure by having fewer international loans and curatins exhibitions Wlth fewer works Reducing the volume of smaller exhibitions Increasing commercial income from venue hires by investins in Spccialist staff and technical capacity Increosing commercial income by dedicating access to Gallery 2 for larser scale event bookinss Increasing commercial income. from Ilmited edition sales through increased art fair attendance and investment in frcommerce capacity Targeting reduction 0£ a ranse of other direct and overhead costs and the elimination of waste Demonstrable changes to the business model have been supported during this period by the Arts Council England's Transform funding programme which runs from 2023-2026. For the period 2023-2024 this directly supported investment in the commercial capacity of the Editions and Venue Hiro teams, as woll as overall support for reinvigorating the business model. This initiative will build year on year until 2026-2027. Whilst the Gallery achieved a reduced deficit of £207J77 for 2023-24 flnancial year operatAn8 cash out flow was £481,559. an increase of £160,954 on 2022-2023 primarily due to WOTking capital movements. -16- WHITECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 2024-2025 Financial year is also expected to produce a deficit and in response to this the Gallery has begun a further short terni prosramme of income generation and cost reduction. Additionally, the Gallery has received the necessary approvals t() drawdown £0.7m from one of its endowment funds. The Gallery is comniitted to achieving annual surpluses from the 2025-26 financial year onwards and has made e¥isnificant chanse5 10 its stratcsy and business mudcl in ordcr to adhi)re to this. During 2025-2026 year there will be ? new fundraisins campaign for the 125-year anniversayy which is expected to generate significant fund5 for capitsl inve8tsnent and bolster the Galle￿S reserves. Sub8ldiary Comp#nle8 Whitechapel Gallery Ventures Limited was incorporated on 1 April 2005 as a private limited company, wholly owned by WhilechaFI Gallery Trustee Limited on behalf of Whitechapel Gallery. Whitechapel Gallery Ventureb LimitL.d was Lytablishod lo mana8C the commercial trading activities OE INhitechapel GallLry ineluding bales of limited L.diliDn%, Gallery hirLTr5. catali)gucs, publications, mcrchandi5e and caterin8 services. The rnain aim5 of the trading subsidiary are to ensender the development of entrepreneurial practice at the Whitechapel Gallery and generate proflts that contribute to the Gallery's charitable objectives. Ediltons sale8 proved onee again to be the strongest income stream. Venue hires and publtcation sales offer cnn8iderable opportunitiots for improved financxal pcrformance,. delivering this is a key part of Whitochapcl Gallerfs new Einancial strategy. WhitLrhapel Gallery EstatL¥ Trust Limited is a company limited by guarantee and eharity Tesistered in Engl￿d & Wales. Its principal fun¢tion is owning the freehold to the Whitechapel Gallery building and leasin8 it to Whitechapel Gallery for the provTsion and maintenance of an art sallery for exhibition to the public of: - Modern and Hi8torical Eine art - Modern and Historical desi￿ and applied art - Work done by fychoul childrcn or students or by persons residcnt in the neighbourhood of the arL' and to promotc and enCoura￿e the education of the public in the arts. -17- WHITECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 RerAYve8 Policy Unrestricted Fund8 The General Fund represents the free reserves of the Charity and is an unrestricted regerve maintained to enable the Gallery to carry on its charitable activitiL%: The Trustees aim to hold an unrestricted fund balance equivalent, to at least one quarter of annual expenditure which would be equal to approximately in £1.2m for 2023-24. There were free reserves at the year-end of £168,517 (2022-23: £91724). The Gallery therefore holds unrestricted funds of approximately £1,107,000 less than the balance deemed necessary to operate 8UStainably at a reasonable level of risk. The Trustee8 are committed to achieving the target level of General Fundr4 Within the next 10 year8, and the turnaround process debcribed above was undertaken wlth thls obiectlve In mind. Endowment Funds The Gallery ha5 two permanent endowment funds. held in investment portfolios managed by JP Morgan and the returns they generate forni unrestricted income for the Gallery. The year to March 2024 8aw a ri6e in endowment fund valuationt5. The Trnnsform Fubjre Fund Is a permancnt cndowment fund of £2.6m bryantcd by Arts Council England in 2011, and operated on a total return basis. £450k of the capital wa8 drawn down in 2016 to be repaid in equal instalments over the following ten year8. At 31 March 2024 the fund had a value of t2.641,252 (31 March 2023: £2,498,744) and made unrealised gain on investment of £275￿24. (2022-13: loss of £120.369) in the year. The Catalyst Future Fund is a separate fund c(IngitJtin% of monie5 raised by the WhitL￿haPel Gallery and matched by Arts Council England. This is a permanent endowment expiring in November 2037, followin8 which the endowment bL*()mL¥ cxpcndable. This fund had a value of £650,970 as at 31 March 2024 (2022-23: £650501) and returned a £468 sain P022-23: £954 loss) 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 Eunds were held in cash pending reinvestment. A long-terni repayment plan ha8 been agreed with Arts Council England. Rcstrieted Fund8 The Capital Fund comprises funds received for the Whitechapel Proiect for refurbishment work undertaken on the Gallery's buildings. The fund value was £5,915,497 at 31 March 2024 (2022-23.. £6,154,664), which has all been invested in fixed Asthots. The Capital Renewal Fund is re8trictod to the rnaintenan￿ of the Gallcry'A current buildings and infrastructure in an agreed drawdown schedule to 2031. At 31 March 2024 the fund had a value of £416,523 (2022-23.. £520,002), comprising investments of £401,163 managcd by JP Morgarn £7,354 held An cash at Lloyd5 bank. and fixcd assets of £31,892. In the year it funded £21.655 in capital depreciation. The rc8tricted Bloombers Fund holds income received from Bloomberg Philanthropies as part of their Di8ital Accelerator Program, to a value of £144595 at 31 March 2024. -18- WHITECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Desi ated Funds The Building Fund represents money invested in building works not covered by the restricled Capital Fund. The fund value was £5,185,051 at 31 March 2024 (2022-23.. £5.278.060)- The balance ig all invested in fixed assets. The Des]￿ted Capital WL)rks Fund holds amount8 designated towards urgent capital works that arcn't covered by the restricted Capital Renewal fund, to a valuLJ OE £293B15 at 31st March 2024. Capital works to the value of £9,789. were funded in the year to 31 March 2024 and are held in the Designated Capital Works Asset Fund. Tho Designated Roof Repair Fund holds fur￿$ received to offset the cost of urgent roof Tepairs, to a value of £24.750 at 31 March 2024. The Desi￿ted CRM Development Fund holds funds to invest in a new customer relationship managemeDt system that was delayed from 2020-21, to a value of £15,0(M) at 31 March 2024. The nL%W CRM systern wa.4 implemented in September 2024. The Designated A55Lt Fund holdii fund5 debignatcd to cover thc c05t of variou5 a55Lt purchafjes, tu a value vf £105,141 ai 31 March 2024. The Do5Lgnated Catalybl Fund represent5 the sum de-r¢stricted for a fixed period from the Catalyst Endowment Fund with the permission of the funder, Arts Council England, lo a value of £805,617. The Designated Iwona Blazwiek Artistic Fund holds income which will be used lo fund projects that embody Iwona Blaz.wick's unwavering belief in creativity, and require extra resource to re81ise. to a value of £32,072. Investment Policy & Return8 An executive subacomrnittee has been e8tabli8hed to oversee the investment of the endawments and Capital Renewal Fund, and advi¥L the Director and Deputy DirLftor in researching new, more effeclivLi ways for thL% charity to inveAt. The TrusteLllI' policy is to balance the necd for rcvenuL and the grnwth of the equity of the invested fund8. An Order from the Charity Commisyion ￿'Ving 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 advi80r and fund manager in 2011 following a tender process. The Transforrn Future Fund and Catalyst FuturL% Fund endowments and the Capital RL￿eWal Fund have bL*n placed in managed fund9. The Inve8tment Subeommittee has becn charged with reviLwill8 the PLrforrnance of fundN and invL%tment 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 inforni the mix of investment portfolio. The Investment su committee will keep an ongoing overview of inve8tment performance and, with the investment advi40rs, make dju¥tmentM to Investment as8L.t allocation as needed. In line with the Total Return approach applled to the investment of the Transform Future Fund endowment. the Tru51ees will annually decide on the portion of the fund's returns lo draw for general revenue expenditure by the Gallery. Maintaining the Core capital endowment and ensurin8 its lons-term growth will be key factors considered in the draw-down deci810n. 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 TTU8tees continually reviewed the overall inve5trnent performance a8ainst knth the Whitechapel's investment objectives and the wider sector benchmarks since inception. The conclusion was that the Performan￿ of invesiments in 2023-24 wats reflective of ovetall markLlt factor5, and in the l()nser-tLirm the portfoli06 were providing a satisfactory return and they wore largely happy with JP Morgan's managemLnt of the funds. However, in October 2023 it was decided to retender for investment management services. This process resulted in the appointment of Investec Wealth & Investment (UK) to take over the investment mamagement service for the Whitechapel Gallery, with the transfer arransed to take place in the 2024-2025 financial year. -19- WHrrECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Any available unrestricted reserves are held in cash which is deposited to secure the i￿st possible return8 in short- term cash investments. Due to a confiict of interest arising from a connected person. the current Chair of the Finance and Owations Committee reeu8es himself from decisions regarding the selection of investment management Servi￿ provider, allocation of investment funds and choice of investrnents. Goln8 Concern In asseg8ins the charity8 fmancial position. the Trustee$ have congidered its plaD3 for the foreseeable future, the risk8 to which it is exposed and detailed cash proiections. In line with many charlties the forecast voluntary ineome 18 dependent upon continuing support from individuals, businesses, trll￿ts and foundations. and public bodics. Funding fvom Arts Council England 18 confirmed at a,437.955 PLY yL'ar until March 2026 and an exten4ion has been applied for until March 2027. In common with many other arts organisations across the United Kingdom, the Gallery will continue to face testing macro-economic and funding conditions heading into 2024-25. Detailed budgets for 2024-25 Show an expected deficlt for the year, a8 a ret4uIt of a multitude of Eactors.. including thL' impact of escalating costs and the impact of thc cost of living criyi8 on self-8enerated income including ticket income, edition sales, VLinuL. hire and caterin& as well as an expectL.d decrease in fundraising and dcvelopment incorne. In response to the detailed modelllng the Gallery has be8un overhauling its financial systems and PToce5se5 and implemented a short-term programme of income 8eneration and cost reduction. Additionallyi the Gallery has received the nece58ary approvals to drawdown £0.7m from one OE its endowment funds within the 202¥25 financial year. Whitcchapcl Gallery is working to achieve annual Burplu5cs from thc 2025-26 financial year onwardB and has made significant changes to its Btrategy and business model in order to adhere to this. Durin8 2025-2026 year there will be a new fundraising Campai￿ for the I￿year onniver8ary which is expected to generdte Bignificant funds for capital investment and bolster the Gallery's re8erves. A detailed 2025-26 budget and cash flow proiections have been prL'pared, Eorecasting positive cash balances through to March 2026. The Trustees are comrnitted to working to achieve the target level of reserves within the next 10 years t￿ough consistent unrestricted surpluses generated by the new stratesy and business model. -20- WHITECHAPEL GALLERY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ri8k Management The Trustees have a￿SSed thLS major risks to which the charity is exposL.d, in particular those relating to the specific operational areas of the charity, its investments and its finances. The principal risks include: Achievement of income and expenditure projections Recession and economic climate impact on revenue generatins activities Material reduction in fundraised income IT and digital infrastructore is not fil for purpose IT and data security is eompromi8ed Buildins infrastructurc / core services fail. Reccsbion and economic climate affects supplier8 ThÈ Trustees believe that they have established effective 3y3tems to mitigate these Specifie risks by regular examination of financial performance and other key indicators to identify any necessory corrective action. and by ensuring that robuyt controls exist over key financial and other system8. The strategic risk re8iSter ib reviewL.d quarterly by thL Senior Management Team, the Finance and Operation8 Cummittee and the Board of Trustees. The Gallery's applieatlon for 'Approval under Part 6, Section 136 of the Tribunals. Courts and Enforcement Aet 200r was 8ranted by the secretary of State on 21 June 2010. Approved statUB allows for 'immunity from Beizure for cultural obj'ects which have been imported into the UK for the purpose of exhibition, provided that reCO￿lSed due diligence procedures and provcnance checks have boon carried out. During 2023-24, the Gallery did not di8play any ubiects which required immunity frorn seizure. ThL trusteem, rLTOrt wa25 approved by the Board of TrustLiLI%. D DibuBa Trnstee 31 January 2025 -21- WHITECHAPEL GALLERY STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for prLpaTill8 the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aceepted Accounting Practice). The law applicable to eharitie8 in England and Wales requireB the trustccs to prepare financial statements for each financial year whith give a true and Eair triew of the statLb of affairs of the charity and of the incoming resource8 and application of resources of the charity for that year. In PTepaTin8 these Einancial statements, the trustees are required to: - select suitable accountins policies and then apply them consistently; - observe the methods and principlos in the Charities SORP. - make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, gubiect to any material departures disc108ed and explained in the Einancial NtatementB; and preparL. the financial statements on the solns concern ba8is unless it is inappropriate to presume that the charity will continue in operation. The trusteeB are responsible for keeping sufficient accounting records that di8c105e with reasonable accuracy at any time the financial position OE the charity and enable them to ensure that tho financial qtatomentA comply with the Charitie25 Act 2011, the Charity (Accounts and Report8) Re8ulations 2008 amd thc provisions 0£ the tru.gt deed. They are also responsible for 5afLguardin8 the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. WHITECHAPEL GALLERY INDEPENDENT AUDITOR'S REPORT TO'THE TRUSTEES OF WHITECHAPEL GALLERY Opinion We have auditrd the financial 5tatement8 of Whitechapel Gallery (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, thL' slaternent of cash fluws and notes to the financial statements, including significant aecounting policies. The financial reporting framework that has i￿n applied in their preparation is Jpplicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finaiiciftl Reporting Standllrd ftpplicable irt the UK Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opiniun. the financial statements.. sive a true and fair view of the stale of the charity's affair5 as at 31 March 2024 and of its incoming resources nd application of resources, for the year then ended- have bcen properly prepared in accordance with United Kinsdom Generally Accepted Accountins Practice. and have been prepared in accordancc with the rcqulrernents of the Charities Act 2011. B￿16 for opinlon We conductL.d our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities undcr those standards are furthcr described in thc Audltvr's responsibilities fur Il* oudit uf the finoncial staleinemts section of our report. We are independent of the charity in accordanee wlth 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 EulEilled our other ethical re8ponsibilities in accordance with these requirements. We believe that the audit Lividence we have obtained IN sufficient and appropriate to provide a basis for our opinion. Conclu8ionJ relatins to soin8 concern In auditing the Financial statements, we havc concluded that the trustees, use of the goins concern bo8i8 of accaunting in the preparati()n of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast Si￿lfIcant doubt on the charity's ability to continue as a 80ing concern for a period of at least twelve month8 from when the financial statements are authoribed for issue. Our resporLgibilities and the resp(mgibilities of thL' trustl￿ Wlth rc5pect to going concern are deycribed in the relevant sections of this report. Other infotmation The other infortnation compriNes the information included in the annual report other than the flnanciol statements and our auditor's report thereon. The truslces arLI responsiblc for the other ADfurmatiun contained within the annual report. Our opinion on tho financial statements doe5 not cover the othcr in£ormalion and we do not express any form of assurance conelusion thereon. Our reBponsibility is to read the other information and, in doins so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsisteDcies or apparent material misslatL%menL8, we are requiTLd to dL.termine whi'ther this gives rige to a material mi.%fjtatemLint in the financial slaternLnts themselves. If, based on the work we have PL'rformLd, we conclude that thLre is a aterial rni55tatement of this other infonnation, we are required to report that fact. We have nothing to report in this resard. WHrrECHAPEL GALLERY INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE TRUSTEES OF WHITECHAPEL GALLERY Matter8 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 aiarities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsxstent in any material respect with the trustees, report,. or sufficient accounting record5 have not I￿) kept. or the financial statements are not in agreernent with the accounting records; or we have not received all the infomiation and explanations we require for our audit. Responsibilltle8 of trustees As explained more fully in the statement of trustees, responsibilities, the trustees are responsible for the preparatlon of the financial statements and for beins satisfied that they 8ive a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of financial 6taternents that are free from material mi88tatement, whL.ther due to fraud or error. In preparing the financial statemcntl>, thc trustees aro reAponsiblL. for as8essin8 thL' charity's ability to continue ai> a going concern, di8closin& a¥ applicable. mattL¥f8 related to going concem and utiins the going cuncem basis of accounting unlL'b5 the trustee5 eithcr intend to ￿a￿L. operatio￿, or have no realistic alternative but to do go. Auditor'8 re8pollBibilitle& tor the audit of the financial Btaternents Wc have been appointed as auditur undeT section 144 of the Charities Act 2011 and report in accordancc with the Act and relevant regulations made or having effect thereunder. Our obicctives are to obtain reasonable a88urance about whether the financial statements as a whole are free from matcrial misstatemLnt, whether duL to fraud or L%rror, and to i8Bue an auditOT'8 TL¥ort that includL'.¥ our opinion. Reasonable aysurance is a high level of assurancc but is not a guarantee that an audit conducted in accordance with ISA8 (UK) will always detect a material rnisstatement when tt exists. Misstatements can arise from fraud or error and are considered material if, individually or An the aggregate, they could reasonably be expected to influence the economic decision5 of user5 taken on the basis of these financial statements. The extent to which ()ur procedurcs are capable of dLStL'cting irregularities, including fvaud, is detailcd bclow. Irregularities, including fraud, are instances of non•CDmpliance with laws and regulations. We identified and assessed the risks of materi81 misstatement of the financial statements from inegularities, whether due to fraud or error, and discusfied these between our audit team members. We then desisned and performed audit procedures respon$ivL' to those riskg. includins obtainin8 audit evidLin¢c sufficient and appropriate to provide a basis for our opinion. We obtained 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 aTnounts and disclosures in the financial statement5. Thc laws and regulations we conqidered in this context were the Charitie5 Act 2011, together with the Charities SORP (FRS 102). We assessed the required cijmpliance with these laws and regulations a5 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 Tnight be fundamental to the charity'5 and the 8roup's ability to operate or to avoTd 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 Employrnent legislation -24- WHITECHAPEL GALLERY INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF WHITECHAPEL GALLERY Auditing standards limit the required audit procedures to identify non-complian￿ with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. if any. WLI identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to within the timing of recogmition uf income and the override of controls by management. Our audit procedures to respond to these risk5 included enquirie5 0( management, and the Finance Sub Committee about their own identification and assessment of the rlsks of irregularities. sample leslins on the posting of journals, reviewins accounting estimates for biases. reviewing resulatory correspondence witli the Charity Commission and reading minutes of rneetings of ihose charged with governance. Because uf the inherent limitations of an audit, there is a risk that we will not detLrt all irregularitiL'$, including those leading to a material rni55tatement in the financial statements or non-compliance with regulation. Thi5 risk increase8 the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, a8 we will be less likely to become aware of instances of nonwcomplianee. The risk is also greatLY re8ardin% irregularitie8 occurring due to fraud rathLY than error, as fvaud involves intentional concealment, forsery, collusion, omis¥*ion ur misropresentation. A further description of our responsibilities is available on the Financial Reportins Council's website at: https'.// www.frc.ors.uk/auditorsresponsibilities. This description forms part of our auditor's report. Other matter8 Your attention is drawn to the fact that the charity ha5 prepared finanaal statements in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accuunty in accordancLJ with the Financial RL'porting Standard applicable in the UK and RLpublie of Ireland {FRS 1n2)" lag amended) in prLferL'nce to thL Accountins and Rep()rting by Charitiet5'. StatLment of RecommL'nded Praclice ibtsued on l April 2005 which is referred lo in the cxtant resulationy but has now been withdrawn. This has been done in order for the financial statements to provide a true and Eair view in accordance with current Generally Accepted Accounting Ptactice. U8e of Ollr report This report is made solely to the charity's trustees. as a body, in accordance with pjrl 4 of the Charities (Accounts and Report5) Regulation5 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees thuge malterb we arL' required to State lo them in an auditor's rep()rl and for no uthor purpoye. Tu the fulle%t Extent permitted by law, we do not aecept or a&sume re5ponsil)ilily t() anyone other than the charity and the charity's trustees a5 a body, for our audit worl for this report, or for the opinlons we have formed. Daniel Insley BA ACA (Senior Statutory Auditor) for and on behalf of Streets Audlt LLF 31 January 2025 Chartered Aecountants Statutory Auditor c/0 The Old Exchange 64 West S￿￿kWell Street Colchester Es8ex COI IHE Streets Audit LLP is eligible Eor 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 CONSOLIDATED STATEMENT OF FINANc￿L A￿[VITIEs FOR THE YEAR ENDED 31 MARCH 2024 Current financial year Unre6trictod funds 2024 Re8tricted Endowment funds funds 2024 2024 Total Total 2024 Notes Income fro￿. Donations and lesacies Charitable activities Exhibitions Edueation 2.561,283 718.258 3.279.541 2,946,933 447,029 49,979 447,029 49,979 620.545 95,381 Other tradins activitieB Inve8tnwits 651031 651031 6,722 443,129 2,751 Total Income 3,n7,044 718,258 4A35,302 4,108,739 Expenditure on.. Rai8ing Eunds Charitable activities Exhibitson8 Education 1,058,948 1,058,948 1,037,125 1530.107 541,401 7T7,601 49,979 3,307,7U8 591280 3,626,941 605,369 Total charitable expenditure 3,071508 827,580 3,899,088 4,231310 Total expenditure 4,130A56 827,580 4,958,036 5,269,435 Net 8ains/Oos8e8) on investments 13 39,065 276,292 315J57 39,424) Net Income/l¢xpendlturel (413,4121 (70,257) 276.292 {207,377) 11,300,120) Transfers between funds 407,528 (274212) (133,3161 Net movement in fund& io (5,884) 1344,469) 142.976 (207.377) (1,3((J.120) Reconclliatlon of funds: Fund balan￿8 at l April 2023 6,728214 6,947,584 3.149,246 I6￿25.044 18,125.164 Fund balances at 31 March 2024 6.722J30 6,603,115 3,292.222 16,617,667 16,825,044 The statement of financial activitie5 indudes all gains and losse5 recO￿lsed in the year. All income and expenditure derive from continuing activities. -26- WHITECHAPEL GALLERY CONSOLIDATED STATEMENT OF FINANCIAL A￿1VITIEs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Prior financial year Unrestricted funds Reotricted Endowment fund8 funds 2023 2023 Total 2023 Notes Income from: Donations and legacies Charitable activities Exhibition8 Education 1272,849 674,084 1946.933 620￿45 95281 620,545 95,381 Other trading activities Investmcnts 443,129 2,751 443.129 2,751 Total Income 3A34,655 674,084 4,108,739 Expendlture Im: Rai8ing fund8 Exhibitions Educatinn 1,037,125 2.918,987 488.120 1,037,125 3,626,941 605,369 707,954 117,249 Total expendlture 4,444,112 825,203 5.269,435 Net 8aiDs/Oos8es) on investments 13 8,102) (121,322) 39,424) Net Income (1￿09￿77) {169,221) (121,322) P?(M),120J Trarn¥fers betweLin funds (153,323) 153,323 Net movement in fund8 io (1,162,900) (15,898) (121,322) (l,31￿.120) Reeoncillation of funds: Fund balances at l April 2022 7,891,114 6.963,482 3,270568 18,125.164 Fund balance6 at 31 March 2023 6,728,214 6,947584 3,149,246 16,825,044 -27- WHITECHAPEL GALLERY CONSOLIDATED BALANCE SHEET AS AT31 MARCH2024 20 Note8 Fixed aB8et8 Tangible assets Investments 15 16 11,410,725 3.817.717 I1.744￿24 3,502,358 15,228,442 15,246W2 Current 009th Stocks Debtors Investments Cash at bank and in hand 18 19 267,661 I,￿￿,288 115,934 585,129 295554 115,975 1,113,758 1272,012 2,497,131 Creditor8: amounts falling due wlthln oDe year (882,784 {918,969) Net current a98ets 1,389,225 1,578.162 Total a88et8 leB8 current Ilabllille8 16,617.667 16,8Z5,044 The fund8 of the charity Endowment funds Restricted income fundB Unrestricted funds 3,292,222 6,603,115 6,722,330 3.149246 6,947584 6,728,214 24 25 16.617,667 16,825,044 The financial ststcments were approved by the trustees on 31 January 2025 D Dibosa Trustee WHITECHAPEL GALLERY CHARITY BALANCE SHEET AS AT31 MARCH2024 2024 2023 Notes Fixed assets Tangible assets Investments 15 16 11,410.724 3,817,n8 11.744523 3502,359 15,228,442 15.246182 Current a86et8 Stocks Debtors Investment8 Cash at bank and in hand 18 19 48,169 1,340,661 115.934 54Y,914 45.791 925,227 115,975 1,078.378 1054,678 2,165,371 CTedltOT8: amounts follins due withln one year (704,791) (621274) Net current a88et& 1,349.11117 1,543,097 Total a8Bets le8J cuffent liabilitie 16.578,329 16.789,979 The fund8 of the charity EndowmL'nt funds Restricted income fund8 Urttstricted funds 3,291222 6,603,115 6,682,992 3,149.246 6,947,584 6,693,149 16,578,329 16,789,979 The financial statement8 were approved by thc trustees on 31 January 2025 D Dibo8a Trustee -29- WHITECHAPEL GALLERY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note6 Cash flows from operating activities Cash absorbed by operation5 29 (481.559) (320,6051 Inve8tins aetAvities Purchase of tansible fixed assets Net interest received / {paid) (53.830) 6,7fAI 1160,593) (4,399) Net cash used In Inve8tln8 actlvltleg (47.070) (164,9￿) Net ¢agh ujed in financing activitie6 Net decrease in ca8h and ca8h equivalent& (528,629) (4855971 Cash and cash equivalents at beginning of year 1,113,758 1,599255 Cash and cllBh equlvalent$ at end of year 585,129 1,113,758 WH￿ECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountins policies Charity information Whitechapel Gallery is a charitable trust {Charity Resistration number 3121621. The address of the re8iStered office is 77-82 Whitechapel Hish Stroet. 1.1 Accountins convention The financial statement5 have been prepared in accordance with the charity's Scheme of the Charity Commxssioners dated 10 November 1981, as amended by Scheme5 dated 10 May 1988 and 9 March 2001, the Charities Act 2011, FRS 102 "The Financial Reporting St8ndard applicable in the UK and Republic of Ireland" ("FRS 102") ajid the Charities SORP "Accounting and Repnrting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (effective l January ￿￿91. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements 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 the Statement of Recommended Practice for charitieB applying FRS 102 rather than the version of the Statement of RecI)mn￿nded Practicc which is refcrred tc? in thL. Resulativns but which ha5 8ince beLm WlthdTawn. ThL. Einancial 8tatLments are prepared in sterlinpy which IB the functional Currency of the charity. Monetary amounts in these financial statements are rounded tu the nL'are8t £. The Einancial statLmentN have been Prepared under the historical coejt convLmtiory modified to include the revaluation uf freehold propertie8 and to include investmLnt prupertiees and CLJrtain financial instruments at fair value. The prin¢lpal accountins policies adopted are set vut bL.Iuw. 12 Golns concern In asse55lnS the charitys financial pos1tio￿ thc Trustee5 havc considered its plans for thc foresecable future, the risks to which it is exposed and detailed cash proiectiong. In line with many charities the forecast voluntary income is dependent upon continuing support from individuals, businesses, trusts and Eoundation8, and public bodies. Funding frorn Art8 Council England is confirmed at £1,437,955 per ycar from 2023 - 2026. Whitechapel Gallcry and its ncw leadership is working to achieve annual suryluse5 frorn the 202>24 financial year onward5 and has made significant changes to its stratesy and business model in order to adhere to this. Under new leader.4hipi there ha8 been an overhaul of Whitechapel Gallery's governance strncture including and the recruitment ()f new Board rnembers from DccenthL*r 2023 and a review of Board members, terms. Three new sub-conimitteegj have been created.. Ethics Committee (Chair Sarah Miller). Programme and Audiences Committee (Chair Alex Sainsbury),. and People and Culture Committee (Chair Nicola Kerr) Together with the Finance and Operations Committee and wider Board the revised sovernance structure provides external expert15e, guidance and oveTsisht to allow for tiThely idcntification and rnitisation of risks. Following these steps, the Trustees continue to be satisfied that they will have sufficient funds to meet operational need5 for at least 18 months from the date of si￿7n8 these financial statements and accordingly it continues to remain appropriate to prepare the financial statements on the going concern bas1S. -31- WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 Accountin8 policie8 (Continued) 1.3 Charitable fund8 Unrestricted fund4 are where no restrictions have been placed on the use of the monies received as lon8 as they are spLmt within the charAtable obj'eetives of the organisation. This includes desi8nated funds where Trustees have set aside the funds for a particular purpose. Restricted funds are those funds suliect to donor-imposed restrictions as to their use. Pernvnent endowment funds are where funds have been donated and restrictions are placed on the conversion of the ori8]nal capital sum into income. IA Income Incomc is reeognised when the charity is legally entitled to it after any pcrformance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Voluntary incomL¥ comprising grantr4 and donations is allocated to each category of income Ntrcams in the year that thL' receipt is probable and the amount is quantifiable. Gifts in kind are recognised on receipt at the full value to the or8ani8ation. Guvernment grants arc reCo￿lsed on the pLYforniance modL.I, when the Charity has complied with any conditiunt4 attaching to the grant and the grant will be received, Tradin8 income comprises cataloguesr publications, editions, posters. rental and gallery hire. Investment income 18 included within the Statement of Financial Activitie￿ in the year in which it is receivablL. Income relating to exhibitions which 8pan the year end are accounted for in the year in which the ticket sales occur. Touring exhibitions organi8ed by the Gallery which tour to other venues are accounted for in the year in which the exhibition occurs. IS Expendlture Expenditure is included within the £Anancial statements on an accruals basis. Expenditure incurred on exhibitions for future years is included on the balance sheet a8 deferred expenditure. Cost of activities in thc furtheran￿ of the Charitys obiectives includes the direct cost of the actlvities. Where such costs relate to more than one functional cost category. they have been allocated on either an estimate of time or on floor spaee basi8, as appropriate. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating inforniation in 8UPPOrt of charitable activities. Governance e05ts are those incurrcd in connection with administration of the Charity and cornpliar￿e with constitutional and statutory requirements. -32- WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountin8 policies (Continued) 1.6 Tangible fixed assets Tangible fixed a8sets in excess of £1,000 are inilially measured at cost and subBequently measured at eo8t or valuatiory net of depreciation and any impairment losses. Depre¢iation is reeognised so as to write off the cost or valuation of assets less their residual values over their Useful lives on the Eollowins bases: Freehold land and buildings 50 years Unrestricted Funds Equipment, Furniture & 4 year5 Fitting5 Restricted Funds Equipment, Furniture & Fittin8S Restricted Funds Web8ite & Other FittinsB 3, 4 and 11 year5 3 years FreL,hold land and a88cts in the COUThL' of construction are not depreciated. The gain or Ioss arising on the dibposal of an a55et Is determined as the difference between the Sale proceeds and the carrying value of the asset. and i5 recognised in the statement of financial activities. 1.7 Fixed a88et Inve8tments All fixed a￿t invcBtments are stated at market valuL'. Realised and unrealised sain8 and 1085es on fixcd a85et investment8. based on year•end maTket valucs, arc credited or charged through the SOFA. Current asset investment8 are Btated after impairnient calculations that take into account moving annual total sale8 1.8 lmpa1rn￿nt 0£ fixed a&&et& At each reporting end date, the charlty rcview5 the carrylns amounts of ity tangible assets to deterniinc whether there is any indication that those a￿et8 have suffered an impairment loss. IE any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 Stocks Stock is ststed at the lower of cost and net realisable value. Net realisable value is the price at which Stock can be sold in the nonnal course of bu8inesB after allowing for marketing, selling 8nd di8tributson costs. Provisions are made where necessary for obsolete, slow moving and defective stock. Net reali8able value 15 the estimated selling wice less all estimoted c08ts of completion and co8tB to be incurred in marketin& selling and distribution. 1.10 Cash and cash equivalents Cash and cash cquivaients include cash in hand, deposits held at call with banks, other short-term liquid investments with ori8inal maturities of three month5 or less, and bank overdTafis. Bank averdrafts are shown within borrowings in current liabilities. WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountAn8 policies (Continued) 1.11 Financial instrnments Whitechapel Gallery has financial a&qets and financial liabxlities of a kind that qualify a8 basic financial instrumenty. Ba.$ic financial instruments are initially recognisLd at transaction value and subsequently measurLsd at amortiiled cost using the effective intL'rc8t method. Financial assets held at amortised cost comprise cash at bank and in hand. together with trade and other debtors. Financial liabilitiL% held at amortised cost comprise trade and other creditors, and accruals. Investments, including bonds held 88 part of an investment portfolio are held at fair value at the Balance Sheet datc, with gains and1055es beins reCO￿ls0d within income and expenditure. tnvestments in subsidiary undL'rtakings are held at cost le85 impairnKmt. 1.12 Employee benefits The c05t of any unu¥ed holiday entitlement is recognised in the PL'rAod in which the employee's servitt6 arc reccivcd, Termination bEnefit8 are reco￿lsed immediately as an expense when the ch￿lty is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Total return inveBtment policy The Trustees have ad()ptod a tatal return approach to investment uf the Tr8nNform Future Fund and spendin as permittL.d undLIT a direction received from the Charity Commission. A base date of 31 March 2012 hay bcL'n adopted for the applying thc total return. Critical accountins eBtimate& and judgements In thLi application OE the charity's accounting pulicie8, the trustees are required to make judsLYnL'nL¥, CAtimates and assumptions about the carrying amount of assets and liabilities that arLi nut rL'adily apparent from othèr sourceg. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from the8e estimates. The estimates and underlying assumptions are reviewed on an ongoins basis. Revisions to accounting estimates arL' recu8ni9ed in the period in which the eytimate i¥ rcvised where the revision aEfect8 only that pcriod. or In the period of the revision and future period5 where the revision affects buth currcnt and future period5. Key sour¢e8 of e$tlmation un¢ertainty Current a8&et investments Current asset investments are initially valued at their expected nwket value, which is subj'ect to an annual adjustment and impairment based on sales in the year. Depreciation Fixed a55ets are depreciated over the course of their useful economic life. In order to calculate the depreciation charge, judgements are required on the length of the likely useful life and the likely proceeds (if any) of the asset if sold at the end of its life. WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legaeles Unteatricted Restricted funds fund8 Total Unrestrieted Restricted £und8 fund8 2023 Total 2024 2023 Donations and sifts Grants 1,123,328 1.437,955 n8,258 1,841586 1,437,955 734,894 1,537,955 674.084 1.408,978 1,537.955 2,561.283 n8,258 3,279,541 1272.849 674.084 2.946.933 Donation8 and 8ift8 Exhibition fundins Education Eundins Whitechapel project income Benefits cventy and semeral donations Whitechapel patrons and cowrate donation Whitechapel membery/group and List Kick8tarter income Le8acy income Art8 Council England Other 516,779 49,979 516,779 49,979 431,835 42.249 431,835 41249 75,000 75,000 177,438 65,CMX) 242,438 514,188 125.000 639,188 437,294 437,294 179,391 179?91 18,465 18,465 24.587 16.728 24,587 16,728 133,058 133,058 86,500 357,n73 86J)O 357,073 1.123,328 718,258 1,841,586 734,894 674,084 1,408,978 In¢om¢ from eharltable aetlvltle6 Unre8trlcted funds 2024 UnreJtricted fuDd8 2023 Exhibition8 Sale of soods 447,029 620545 Edueation Sale of goods 49,979 95J81 497,008 n5.926 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from other trading activitieB Untestricted Unre8trACted lund8 funds 2024 Other income 652,031 443,129 In¢ome from Inve8tment8 Unrebtri¢ted Unrestrlct¢d fund8 funds 2023 Interest receivable 6.722 2,751 Expenditure on raising funds Unrebtrlcted Unre8trlcted fund8 funds 2024 Fundraisins and publiclty Seekin8 donatiDfL4i grants and legacies Support cost& 33,047 744,660 n2AOO 712,4 7T/.707 Tradins coats Other ttading activltles 311,139 246,315 Investment management 35,409 13,103 Total costs 1.058,948 1,037,125 -36- WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 L%penditure on eh&itable activitie8 Exhibltions 2024 Edueation Totsl Exhlbition8 2023 Edutation 2023 Total 2024 Direct CO8ts Staff costs Depreciation and impairment Direct C08t8 559.917 213.183 773,100 795.979 199.767 995,746 387,630 1,088,735 387,630 1,181,182 379.732 1,185,424 379,732 1320265 92,447 134.841 1036,282 305,630 2,341,912 2,361,135 334,608 1695,743 Share of Support and governance ¢o&ts (Jee note 9) Support 1,220,430 2T/,276 Governamce 50.996 8,474 1,497,706 59A70 1,199.711 66,095 259,745 11,016 1.459,456 77.111 3,307,708 591,380 3,899,088 3,626,941 605,369 4,232,310 ADalyJis by fund Unrestricted funds Restricted funds 2.530,107 777,601 541A01 49,979 3,Iy71508 827,580 2,918,987 707,954 488.120 117,249 3,407,107 825,203 3,307,708 591,380 3￿99,088 3,626.941 605,369 4,231310 Support CO8ts alloeated to actAVitle 2024 2023 Staff costs Property costs Telecommunication5 and postage i)hotocopying and stationery Devllopment costs Governance costs 1,437,832 626.114 8.610 13.043 99,071 84,906 1.464,391 520,921 8569 6,058 204,177 110,158 2.269.576 2.314.274 Analysed beiween: Fundraising Exhibitions Education n2,4C(I 1,2n,426 285,750 777,707 1,265,806 270.761 2.269,576 2,314274 -37- WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Net movement in fund8 2024 The net movement in funds 15 Stated after char8ing/(crediting): Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 19,930 387,630 20,125 379,732 11 TNotee8 None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity durin8 the year. 12 Employee8 The average rnonthly number of cmployees during the year was: 2024 Number 2023 Number Exhibition Education Development Building and comrnunication Whitechapel GallLry VLnturLis Ltd Adminiytration Casual 8taff Archive 13 12 14 11 35 Total 77 102 Employment eojts 2024 2023 Wage8 and salaries Sjaal security costs Other pension costs 1,980,235 161,625 69.072 2,2U2,485 189,961 74,964 1210,932 1467.410 -38- WHrrECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employee8 (Continued) The number of employee5 whose annual remuneration was more than £60,000 is as follows.. 2024 Number Nuthber £60,(MJI - £70.000 £70,001- £80,000 £80,001- £￿,(￿)0 10,IXll - £120,000 Remuneratlon of key mana8ement pezsonnel The remuneration ol key management personnel was as follows.. 2024 2023 A88resate compensation 592,971 404,412 Key Management Per80nnel definition was extended to include two roles of Head of People and Culture and Head uf Visitur ServicLiS in 2023-2024. TherL' wa8 all￿ a 8ignifAcant impact interim cover in 2023-2024. 13 Gain8 and Io&Bed on Anve6tments Re8tricted Endowrnent fund8 fund8 2024 2024 Total Re8trlcted Endowment funds funds 2023 2023 Total 2024 2023 Gain81(losse8) ari5ins on.. Revaluation OE investments 39,065 276292 315257 (18,102) (121,3221 Q39.424) 14 Taxatlon The charity is exempt from taxation on its activities ￿cause all its income is applicd for charltable purpose8. -39- WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 15 Tan8lble fixed assets Group Freehold land Unre8tricted Restricted Restricted and bulldlnB• Fund& Fund Fund& Equipnient, Equlpmenl Webslte & Furniture & FllrnI￿re & Other Fitting8 Fittings Fittlng8 Total Cost At 1 April 2023 Additions 16,608,788 878.339 355,232 4,800 246,604 49,030 18,088,963 53,830 At 31 March 2024 16,608,788 878339 360,032 295,634 18.141793 Depreciation and impalnnent At l April 2023 Depreciation char8ed in the year 5,iW5.788 331176 1178D39 306,484 21,656 63,827 33,798 6,344,438 387.630 At 31 March 2024 5,427,964 878,339 328,140 97,625 6,732,068 CarryAn8 amount At 31 March 2024 11.180.824 31.892 198.009 11,410,725 At 31 March 2023 11,513.000 48,747 182,777 11,744525 Charity Freehold land Unre8trlcted Re8tri¢ted Restricted and bulldlny Fund8 Fund8 Funds EqulpmenL Equipmen¢ Website & Furniture & Furniture & Other Fittinss Fittin88 Fittin88 Total Co8t At l April 2023 Additions 16,608.788 878.339 355,232 4,800 246.604 49,030 18,088,963 s3￿0 At 31 Manh 2024 16,608.788 878,339 360,032 295,634 18,142,793 Depreciation and impairnient At l April 2023 Depreciation charsed in the year 5,095,788 332,176 878239 306A84 21,656 63,827 33,798 6J44.438 387,630 At 31 March 2024 5,427.964 878,339 328,140 97,625 6.732.068 Carrying amount At 31 March 2024 11.180.824 31.892 198,(M)9 11,410,725 At 31 March 2023 11,513,000 48,748 181777 11,744,525 -40- WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Fixed 288et inve8tments EF Catalyst EF Transform RF Capital Totsl Cost or valuation At l April 2023 Valuation changes Disp05als 650,501 2,482,407 249,360 26,464 369,450 36,006 3,060 3502.358 469 29,993 At 31 March 2024 650.970 2,758,231 408.516 3017,717 Carrylng amount At 31 March 2024 650.970 2,758,231 40B,516 3017.n7 At 31 March 2023 650,501 2,482,407 369,450 3.502J58 17 Financial in8trument8 2024 2023 Carrying amount of financlal JsBets Instruments measured at fair.value through profit or los8 766,904 766,476 18 Stocks Group 2024 Charlty 2024 2023 2023 Finished goods and goods Eor resale 267,661 295,554 48,169 45,791 19 Debtor8 Group 2024 Charlty 2024 2023 23 Amounts talling due withln one year: Trade debtors Amount5 owed by subsidiary underlakings Other dcbtor5 Prepayments and accrned incorne 373,605 212,703 323,410 691207 24.357 263.454 141.899 511059 6,896 264,373 65A29 864.254 18.452 740,689 1.303,288 9n,844 1,303,428 915227 -41- WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Current asset inveBtments Group 2024 Charity 2023 2024 Unlisted investments 115,934 115.975 115,934 115,975 21 Credltor$: amounts fallins due within one year Group 2024 Charity 2024 2023 2023 Other taxation and social security Deferred income Trade crediton> Amounts owed to subsidiary undertakings Other creditOT8 Accruals 73,652 121,604 545,544 44.660 96.683 188,195 9,122 69.764 296J67 70,852 121,NM 294,349 96,683 334,172 72,027 335,245 55.052 123.117 51698 882,787 918,969 704,791 621274 Deferred Income 2024 OthL'r dcfcrred Income 96,683 121,fAM Deferred income is included in the financial statements as followg: 2024 Deferred income 18 included within: Current liabilitie8 96.683 121,604 Movements in the year: Deferred income at l April 2023 Released from previous periods Resources deferred in the year 121,604 (121,6Q4) 96.683 51551 (52551) 121h04 Deferred incorne at 31 March 2024 96,683 121fj04 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONfINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Endowment funds Endowment fund5 represent assets which must be held permanently by the charity. Incomc arising on the enduwment Eunds can be used in accordance with the ob]'ectEJ c)f the charity and is included as unTestricted income. Any capital sains or Losses arising on the assets form part of the fund. At l April 2023 TranJfeT8 Gains and At 31 March 106se8 2024 Pernunent endowmentB Transfonn Future Fund Catalyst Future Fund 2.498,744 650,502 (133.3161 275,824 1641,252 650.970 3.149.246 (133,316) 276,292 3.291222 Prevlou8 year: At l Aprll 2022 Tranbfers Galn8 and At 31 March los$e8 Pennanent endowments Trnnsform FutUTL. Fund Catalyst Future Fund 1619,113 651,455 (120,369) (9531 2,498.744 650,502 3,270,568 (121,322) 3,149,246 -43- WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Re8trlrted funds The restricted funds of the charity comprise the unexpended balan￿ of donations and grant5 held on trust subieet to specific conditions by donors as to how they may be used. At l April 2023 Incomins resources Re80urees expended Tran6fer6 Galn8 and At 31 March IosBes 2024 Capital Renewal Fund Capital Fund Bloomberg Fund A￿ Transform Fund Cockayne Paul Mellun Freelands Future publications Pro8ramn Fund 520,002 6,154,664 Pi,6551 (239,167) 20,889) 39,065 416523 5,915,497 119,595 (54,548) 9i1,047 86,5(MJ 20,IXKI 40,OIXI 15.OLKI (77278) 9,122 20.(M)O 40.(M)O 15,(M)O 14,750 14,750 153,323 SI7,￿8 {434.8321 53,323) 81176 6,947,584 n8,258 (827.580) (274,212) 39,065 6,603,115 Prevlou8 year. At l April 2022 Incomin8 re80ur¢e8 Re60urce8 expended TranB£ers Gains and At 31 Marth Capital Renewal Fund Capital Fund Re4tricted Programme Fund Restricted Bloomberg Fund 569,473 6,394,009 (31.3691 (239.3451 {18,102) 520.(K12 6,154,664 549,084 (549,084) 153.323 153223 125,000 {5,405) 119595 6.963,482 674,084 825,203 153.323 (18,102) 6,947.584 WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Restricted funds (Conlinued) Copital ReFw(vAI Fund - a combination of an Arts Council manased fund awardcd in 2011 restrictcd to the maintenance of the Gallery's current buildings and infrastructure, drawn down over the next 20 years, a £75,IM)O fund awarded by the Headley Tru8t and £3,803 awarded by London Borough of Tower Hamlets in 2018-19. In the year they collect5vely funded £31,369 in capital depreciation cost5 to the Gallery. Cdpital Fund - the balance of the fund repre4ents the exce&9 as at 31 March 2024 of Incon￿ received towards thL. INhitechapeL Project over expenditure incurred on depreciatlon of thL asset from l April 2010. Restricted Programme Fuff d- this holds income restricted to Programme activities. The regtricted Bloomberg Fund holds income received from Bloomber8 Philanthropies as part OE their Digital Accelerator Program. Unre5trlcted funds The unreBtricted fund8 of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donorB and 8rantors as to how they may be used. These include designated funds which have been set aside out of urThtricted fund8 by the trustees for Specific purposes. At l April 2023 Incomins resource8 Rejourceo expended Tran8fern At 31 March 2024 Building Capital Works Fund Capital Works Asset Roof Repair Fund CRM Fund Assets Fund Iwona Blazwick Artistic Fund Catalyst Fund GenL•ral funds 5,278,060 293,315 101656 24,750 15,(M)O 80,120 35,972 81)5,617 91724 (93,0091 5,185.051 293,315 92,867 24,750 15,000 105,141 32,072 805,617 168,517 (9,789) (24,009) {11959) 49,030 9.059 3,707,985 13,99U,690) 358A98 6,728.214 3,717.044 (4,130,456) 407,528 6.722J30 -45- WHITECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 UnreBtricted funds (Continued) Prevlous year: At l AprAI %Y22 Incoming Re80urces re80urce8 expended Transfers At 31 March 21)23 Building Fund Capital Works Fund Capital Works Asset Roof Repaid Fund CRM Fund Asset Fund IB Artisite Fund Catalyst Fund General fund8 5,3n,138 401,000 (93,079) 5,278J)59 293215 102,656 24,750 15,IM)O 80.120 35.972 805,617 (107,685) 107,685 (5,029) 24.750 15.(MK) 16,594 (10,911) 74A37 35,972 805,617 1,257,015 3,398,683 (4.335,213) (227,760) 7A91,114 3,434,655 4,444,232 (153,323) 6,728,214 An•ly818 of net a88ets beiween funds Unrestricted funds Restricted Endowment fund8 fuDd8 2024 2024 Total 2024 At 31 March 2024: Tangible asset8 Investments Current assets/(liabilities) 5,036,080 133,316 1552,934 6.374,645 408,517 (180,047) 11,410,725 3.817.717 1289,225 3,275,884 16.338 6.722,330 6,603,115 3,292,222 16.617.667 Unrestrieted funds 2023 Re8trlcted Endowment fund8 fund8 2023 Total 2023 At 31 March 21J23: Tangible a￿ts Investments Current as8ets/OiabiiitieB) 5,46ll,837 (i) 1,267,378 6,283,687 369,451 294,446 11.744.524 3,502,358 1578,162 3,131908 16238 6,728,214 6,947,584 3,149.246 16,825,044 -46- WHrrECHAPEL GALLERY NOTES TO THE FINANCIAL STATEMENfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Operating lea8e Commitn￿nts Le88ee At the reporting end date the charity had oulslandins commitments for future minimum lease payments under non-cancellable operatins leases, which fall due as follows.. 2023 Within one year BetweLm two and five year8 In over five years 4.600 18,400 4515,764 9233 33,080 4,520,364 4,538,764 4,562.6T/ Related party tran8action8 There WLYe no disclosable rL.lated party transactions durAn8 the year (2023- none). 29 Cash generated from operation8 2024 . Deficit for the year (207,377) (1,300.120) Adjustments for: Investment income recogni8ed in statement of financial activities Fair value gains and losses on investments Depreciation and impairnient of tangible fixed assels (6.722) (315,357) 387,630 4,4(Kl 139,424 397,957 Movement8 in workin8 capltal: Decrease In 8tock8 {Increase)/decrease In debtor6 (Decrease) in creditors (Decrea8e)/increase in deferred income 27,893 {331,444) (11,261) (24,921) 14,108 400,905 (46.332) 69￿53 Cayh abborbed by operation (481,559) (320,605) 30 AnalyBig of changes in net fund8 The charity had no material debt during the year. -47-