Charity registration number 1142142
Company registration number 07626934 (England and Wales)
WHITECHAPEL GALLERY ESTATES TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
WHITECHAPEL GALLERY ESTATES TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
C Dunnett
K Mcguiness
D Palfreyman
Secretary
E Clowes
Charity number
1142142
Company number
07626934
Registered office
77-82 Whitechapel High Street
London
E1 7QX
Auditor
Streets Audit LLP
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
Bankers
Lloyds Bank PLC
25 Gresham Street
London
EC2V 7HN
Solicitors
Bates Wells & Braithwaite
2-6 Cannon Street
London
EC4M 6YH
WHITECHAPEL GALLERY ESTATES TRUST
CONTENTS
Page
Trustees' report
1 - 2
Statement of trustees' responsibilities
3
Independent auditor's report
4 - 7
Statement of financial activities
8
Balance sheet
9
Notes to the financial statements
10 - 14
WHITECHAPEL GALLERY ESTATES TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Companies Act 2006 and "Accounting and Reporting 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 102)" (effective 1 January 2019).

Objectives and activities

The Whitechapel Gallery Estates Trust is a company limited by guarantee and not having a share capital, and a registered charity. It is governed by a Memorandum of Association dated 24 May 2011.

 

The company exists for the provision and maintenance of an art gallery for exhibition to the public of:

 

The company is governed by its parent, Whitechapel Gallery Trustee Limited.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.

Achievements and performance
Significant activities and achievements against objectives

The results for the year are set out on page 8.

Financial review

Total income for the year stood at £4,600 (2023: £4,600) with expenditure of £328 (2023: £344). As at the balance sheet date the company had a total unrestricted fund balance of £39,337 (2023: £35,065).

 

In the opinion of the trustees, the market value of the property is substantially in excess of its book value in these financial statements of £1.

Reserves policy

Reserves are held by the charity for future application to the upkeep of the Whitechapel Gallery premises.

 

Free reserves at the year-end totalled £39,337.

Plans for future periods

For the next financial year, the trustees intend to continue to undertake the company's principle activities.

Structure, governance and management

The trust is a company limited by guarantee.

 

Whitechapel Gallery Estates Trust is a subsidiary of the Whitechapel Gallery Trustee Limited.

WHITECHAPEL GALLERY ESTATES TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

C Dunnett
K Mcguiness
D Palfreyman
Recruitment and appointment of trustees

New Trustees are recruited according to the Trustees on-going assessments of the overall skills required to be represented on the Board of Trustees and what additional skills are needed to complete the skills required portfolio. Training for existing trustees is arranged as needs arise.

 

None of the trustees has any beneficial interest in the company.

 

All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Auditor

In accordance with the company's articles, a resolution proposing that Streets Audit LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

C Dunnett
Trustee
31 January 2025
WHITECHAPEL GALLERY ESTATES TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The trustees, who are also the directors of Whitechapel Gallery Estates Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WHITECHAPEL GALLERY ESTATES TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHITECHAPEL GALLERY ESTATES TRUST
- 4 -

Opinion

We have audited the financial statements of Whitechapel Gallery Estates Trust (the ‘trust’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

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

 

We have nothing to report in this regard.

WHITECHAPEL GALLERY ESTATES TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHITECHAPEL GALLERY ESTATES TRUST
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the trust and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the trust for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

WHITECHAPEL GALLERY ESTATES TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHITECHAPEL GALLERY ESTATES TRUST
- 6 -

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR).

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Sub Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

WHITECHAPEL GALLERY ESTATES TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHITECHAPEL GALLERY ESTATES TRUST
- 7 -
Daniel Insley BA ACA (Senior Statutory Auditor)
for and on behalf of Streets Audit LLP
31 January 2025
Chartered Accountants
Statutory Auditor
c/o The Old Exchange
64 West Stockwell Street
Colchester
Essex
CO1 1HE
WHITECHAPEL GALLERY ESTATES TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Other trading activities
3
4,600
4,600
Total income
4,600
4,600
Expenditure on:
Charitable activities
328
344
Total expenditure
328
344
Net income and movement in funds
4,272
4,256
Reconciliation of funds:
Fund balances at 1 April 2023
35,065
30,809
Fund balances at 31 March 2024
39,337
35,065

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WHITECHAPEL GALLERY ESTATES TRUST
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1
1
Current assets
Debtors
10
9,122
4,685
Cash at bank and in hand
30,214
30,379
39,336
35,064
Net current assets
39,336
35,064
Total assets less current liabilities
39,337
35,065
The funds of the trust
Unrestricted funds
11
39,337
35,065
39,337
35,065

The notes on pages 10 to 14 form part of these financial statements.

The financial statements were approved by the trustees on 31 January 2025
C  Dunnett
Trustee
Company registration number 07626934 (England and Wales)
WHITECHAPEL GALLERY ESTATES TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
1
Accounting policies
Charity information

Whitechapel Gallery Estates Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 77-82 Whitechapel High Street, London, E1 7QX.

1.1
Accounting convention

The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting 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 102)" (effective 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.

 

The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the trust. 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. The Board of Directors 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
Charitable funds

The charity holds unrestricted funds - monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees.

1.4
Income

Rental income is recognised on a straight line basis over the length of the lease

1.5
Expenditure

Expenditure is included in the Financial Statements on an accruals basis.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Not depreciated

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

WHITECHAPEL GALLERY ESTATES TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
1.7
Financial instruments

Whitechapel Gallery Estates has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash and other debtors.

2
Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Other income
4,600
4,600
4
Support costs allocated to activities
2024
2023
£
£
Other costs
13
13
Bank fees
165
331
Governance costs
150
-
328
344
Analysed between:
Gallery
328
344
WHITECHAPEL GALLERY ESTATES TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
5
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
150
-
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
7
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

8
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

9
Tangible fixed assets
Freehold land and buildings
£
Cost
At 1 April 2023
1
At 31 March 2024
1
Carrying amount
At 31 March 2024
1
At 31 March 2023
1
WHITECHAPEL GALLERY ESTATES TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Tangible fixed assets
(Continued)
- 13 -

On 15 December 2011, under an order granted by the Charity Commission, the freehold land and property, previously owned by Whitechapel Gallery having a Net Book Value of £16,296,286 was transferred to this charitable company for £1. On the same day Whitechapel Gallery was granted a 999 year full repairing lease for an annual rental of £4,600.

 

Charges are held over the Leasehold of the property by the Mayor and Burgess of London Borough of Tower Hamlets, the Trustees of the National Heritage Memorial Fund, and the Arts Council of England.

10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amount owed by parent undertaking
9,122
4,685
11
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
35,065
4,600
(328)
39,337
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
30,809
4,600
(344)
35,065
12
Operating lease commitments
Lessor

The following rental income is due under a non-cancellable operating lease:

2024
2023
£
£
Within one year
4,600
4,600
Between two and five years
18,400
18,400
In over five years
4,515,764
4,520,364
4,538,764
4,543,364
WHITECHAPEL GALLERY ESTATES TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Operating lease commitments
(Continued)
- 14 -

The income relates to a 999 year lease granted by Whitechapel Gallery Estates Trust on 15 December 2011 to Whitechapel Gallery over the use of the Gallery building.

13
Related party transactions

During the year, the charity received rental income of £4,600 (2023: £4,600) from Whitechapel Gallery. At the year end, the charity was owed £9,122 (2022: £4,685) from Whitechapel Gallery.

14
Parent undertakings and controlling parties

The company is controlled by Whitechapel Gallery Trustee Limited (Company No. 4093862), registered office 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.

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