Company registration number 05410846 (England and Wales)
WHITECHAPEL GALLERY VENTURES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WHITECHAPEL GALLERY VENTURES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WHITECHAPEL GALLERY VENTURES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
4
219,492
249,763
Debtors
5
654,834
555,877
Cash at bank and in hand
5,001
5,001
879,327
810,641
Creditors: amounts falling due within one year
6
(879,326)
(810,640)
Net current assets
1
1
Capital and reserves
Called up share capital
7
1
1
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
G Tawadros
Director
Company registration number 05410846 (England and Wales)
WHITECHAPEL GALLERY VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Whitechapel Gallery Ventures Limited is a private company limited by shares incorporated in England and Wales. The registered office is 77-82 Whitechapel High Street, London, E1 7QX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The Board of Directors have considered the funding position and the risks to which the organisation is exposed. true
2023-24 financial year profit before tax of £180,482 is an improvement on 2022-23 £34,152. This has been driven by the strategy to reengineer the Gallery’s business model and financial risk profile by increasing commercial income for venue hire and limited edition sales.
The Board of Directors therefore has a reasonable expectation that the company has adequate resources to continue its existence for the foreseeable future. The Board of Directors believe that there are no material uncertainties that call into doubt the company’s ability to continue to exist. The accounts have therefore been prepared on the basis that the company is a going concern.
1.3
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts. It includes an amount of £603,900 which is a management fee from the parent charity, Whitechapel Gallery, for the production and deinstallation of exhibitions for the Gallery.
1.4
Stocks
Stock is stated at the lower of cost and net realisable value. Net realisable value is the price at which stock can be sold in the normal course of business after allowing for marketing, selling and distribution cost. Provisions are made where necessary for obsolete, slow moving and defective stock.
1.5
Taxation
No provision is included for any potential tax liability arising on the company’s profits for the year because the directors propose that a gift aid donation to the parent charity will be paid within nine months of the balance sheet date at an amount sufficient to reduce any such potential tax liability to Nil and because the company has early implemented FRS102 para 29.14A.
WHITECHAPEL GALLERY VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Museums and Galleries Exhibitions Tax Relief
Whitechapel Gallery Ventures Limited and Whitechapel Gallery have entered legal agreements in respect of each exhibition to be produced whereby Whitechapel Gallery commissions Whitechapel Gallery Ventures Limited to produce and deinstall the exhibitions and Whitechapel Gallery Ventures Limited has in turn contracted Whitechapel Gallery to provide appropriate resources and skills to enter into the relevant third party contracts.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Taxation
There is no corporation tax liability for the period. A claim for £320,772 has been made as a cashable credit under the HMRC Museums and Galleries Exhibitions Tax Relief scheme.
4
Stocks
2024
2023
£
£
Stocks for resale
219,492
249,763
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
50,194
70,805
Social Security and accrued income
600
(2,800)
Other debtors
3,240
11,556
Prepayments and accrued income
600,800
476,316
654,834
555,877
WHITECHAPEL GALLERY VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
145,977
251,195
Amounts owed to group undertakings
692,207
512,059
Other creditors
2,264
2,354
Accruals and deferred income
38,878
45,032
879,326
810,640
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Insley BA ACA
Statutory Auditor:
Streets Audit LLP
Date of audit report:
31 January 2025
9
Related party transactions
The company is a wholly owned subsidiary of the Whitechapel Gallery. The consolidated accounts of the group are publicly available and accordingly, the company has taken advantage of the exemption in Financial Reporting Standard 102 from disclosing transactions with Whitechapel Gallery.
WHITECHAPEL GALLERY VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
10
Parent company
The company is controlled by Whitechapel Gallery Trustee Limited on behalf of Whitechapel Gallery, a registered charity. Whitechapel Gallery produces consolidated accounts, incorporating the results of the company.
The company's immediate parent undertaking and controlling party and the smallest and largest consolidation group is Whitechapel Gallery, a charity registered in England and Wales (Charity No. 312162).
The consolidated accounts of the Whitechapel Gallery may be obtained from 77-82 Whitechapel High Street, London, E1 7QX
In the opinion of the directors Whitechapel Gallery Trustee Limited is the company's ultimate parent company and ultimate controlling party.