COMPANY NUMBER: 3127226
REGISTERED CHARITY NUMBER: 1055853
GILBERT TRUST FOR THE ARTS TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
GILBERT TRUST FOR THE ARTS TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2024
REGISTERED OFFICE Victoria and Albert Museum AND PRINCIPAL ADDRESS ~— Cromwell Road London SW7 2RL SOLICITORS Taylor Wessing LLP 5 New Street Square London EC4A 3TW AUDITORS Saffery LLP Chartered Accountants 71 Queen Victoria Street London EC4V 4BE BANKERS Coutts & Co Strand Branch London WC2R 1EE INVESTMENT Partners Capital LLP MANAGERS & 5 Young Street ADVISORS London Ws 5EH J.P. Morgan Private Bank 60 Victoria Embankment London EC4Y OJP
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GILBERT TRUST FOR THE ARTS
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS
| Page | |
|---|---|
| Trustees’ Report | 4-9 |
| Independent Auditors’ Report | 10-13 |
| Statement of Financial Activities | 14 |
| Balance Sheet | 16 |
| Cashflow Statement | 17 |
| NotestotheFinancialStatements | 18-28 |
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GILBERT TRUST FOR THE ARTS TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
The directors, who are also the Trustees, have pleasure in presenting their report under the Companies Act 2006 and Charities Act 2011 and the Charities SORP 2015 together with the audited financial statements for the year ended 31 March 2024.
OBJECTIVES
The Gilbert Trust for the Arts (“the Gilbert Trust”) was formed primarily to act as guardian for the Gilbert Collection and to provide a museum in the United Kingdom to house the Gilbert Collection. The Gilbert Collection was Rosalinde and Arthur Gilbert's collection, and consists of silver, gold, micromosaics and gold boxes.
In 2008 the Gilbert Trust for the Arts entered into a Loan Agreement with the Victoria and Albert Museum (‘the V&A"), the Gilbert Collection Trust, Gilbert Public Arts Foundation, and The Trustees of the National Heritage Memorial Fund (“NHMF”), whereby the Gilbert Collection was placed on loan with the V&A.
The Endowment Fund originated with the NHMF as a grant towards the costs of housing and displaying the Gilbert Collection to the public. Under the terms of the Loan Agreement the Endowment Fund was transferred at market value to the Gilbert Trust from the Gilbert Collection Trust.
The other objectives of the Gilbert Trust are:
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e to raise the artistic taste of the general public by acquiring, maintaining, preserving and exhibiting artistic work of all types;
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e to educate and inform the general public about art and artistic works generally and in particular about the works of art acquired by the Gilbert Trust for the Arts by exhibition and interactive displays, by preparation of catalogues and inventories, by research and by publication and by such other means as are appropriate.
REVIEW OF THE PAST YEAR
In the year to 31 March 2024, the Gilbert Trust for the Arts made a grant to the V&A of £389,000. This funded the activities conducted by the V&A on behalf of the Gilbert Trust Board of Trustees as described below.
Sophie Morris was promoted to Curator in July 2023 for the duration of the galleries project (three years). Isabella Warnham joined the Gilbert curatorial team as Assistant Curator in November 2023 (for three years) and Aisha Tahir joined as Research Assistant in December 2023 (for 18 months), both to support the team for the completion of the Gilbert Galleries expansion project.
The Gilbert Collection loan objects in the collaborative exhibition with the Los Angeles County Museum of Arts (LACMA) entitled Eternal Medium: Seeing the World in Stones (21 August 2023 - 11 February 2024) were returned to the V&A in February 2024. The accompanying Gilbert publication entitled: The Art of Stone, Highlights from the Rosalinde & Arthur Gilbert Collection produced by Alice Minter was published in August 2023. Meanwhile, the programme of short-term loans has been maintained, and the exhibition Masterpieces in Miniature: Treasures from the Rosalinde and Arthur Gilbert Collection completed its tour in December 2023. The exhibition toured to 8 venues in total (7 in China), the final destination being the World Expo Museum, Shanghai. Overall, the tour attracted over 1 million visitors (1,007,924), making it one of the most successful V&A international touring exhibitions to date. Four silver items by the celebrated silversmith Paul Storr (1771-1844) travelled to The World of Tea: Tea Culture Special Exhibition (1 September - 30 November 2023), at the Palace Museum Beijing. A Chelsea porcelain snuffbox featured
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GILBERT TRUST FOR THE ARTS
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2024
in The Cult of Beauty at the Wellcome Collection, London (26 October 2023 - 28 April 2024). Two objects are currently on display at The Al Thani Collection in the Hétel de la Marine on the Place de la Concorde in Paris for the V&A exhibition, Le gotit de la Renaissance. Un dialogue entre collections. A Taste of the Renaissance (13 March 2023 — 11 August 2024). Seven Gilbert objects are currently on display at the Musée Cognacq-Jay, Paris, for the exhibition, Luxe de Poche (Pocket Luxury)(28 March — 29 September 2024).
In July 2023 the Gilbert Trust for the Arts acquired a new object for the Gilbert Collection: the Stone Specimen Table by Giacomo Raffaelli (LOAN:GILBERT.1-2023), was installed in the gallery for the remainder of 2023 on the East display plinth in Gallery 73. The table was bought from Sotheby’s and in order for bidding to remain anonymous Martin Levy (trustee of the Gilbert trust) of the art dealership, Blairman & Sons kindly offered to bid in his name. Blairman & Sons invoiced The Gilbert Trust afterwards, taking no commission for this transaction.
Following investment by the V&A in new curatorial offices, some space adjacent to the current Gilbert galleries is now vacant. A proposal to occupy that space, and therefore expand the Gilbert galleries, was made in May 2022. The project, and financing for the £5.2m budget, was formally approved at the November 2022 board meeting. The delivery of the new galleries is planned for the end of 2025. Since 2022 Alice Minter has been actively working on developing a narrative with the V&A's interpretation team, revising object lists and identifying the key steps of the project for the next few years, with the help of the project manager Sophie Parry.
Throughout 2023 and 2024 the project for the new Gilbert Galleries has been progressing at a fast pace. Over the past 12 months the Gilbert Curatorial team have worked with the 3D and graphic designers, a range of consultants and V&A project and interpretation teams on finalising the concept of the new galleries. They have held research and study sessions with specialists, doing in depth mockups to finalise the object selections, and draft labels for all seven galleries. The collection decant from the existing galleries was largely completed in the first quarter of 2024 with remaining complex large objects to be removed by Technical Services throughout May/June 2024.
Finally, the curatorial team maintained a high level of public engagement with the collection delivering lectures, handling sessions and guided tours, as well as the Annual Lecture which welcomed Taco Dibbits, Director of the Rijksmuseum, in November 2023.
FUTURE PLANS
The gallery expansion project continues to be the main focus of the Gilbert team. The team will continue to finalise the design, narrative and object list up to July 2024. Work with V&A Conservation and Technical Services regarding object treatment and mount-making is ongoing and will continue throughout 2024 and 2025 until delivery. The final text and interpretation will be mainly complete by October 2024. The final design of the new galleries will be presented to members of the V&A Executive board in Summer 2024. The enabling works will be complete in Autumn 2024 and main building works will start at the end of 2024, once the planning permission is granted, and is due to complete in early Summer 2025. The cases will be installed by September 2025 and object installation will follow with completion in November 2025.Alongside this, Alice Minter will continue to work with Dr Simona Valeriani to deliver the proceedings of the 2017 Gilbert conference entitled Micro & Other Mosaics. The manuscript will be delivered by in Autumn 2024 for publication in 2025.
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GILBERT TRUST FOR THE ARTS TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEE APPOINTMENT AND INDUCTION
Under the Memorandum and Articles of Association of the Company, the V&A may nominate up to four Trustees (including the Director and Chair of the V&A who are appointed ex officio) and the Gilbert Public Arts Foundation may appoint up to three. Further Trustees are nominated by the Board as a whole, so neither V&A nor Gilbert Directors are a majority. Trustees are appointed for a period of three years, after which time they must stand for re-election.
Trustees are briefed on appointment by the Company Secretary.
Trustees during the financial year 2023-24:
Dr Antonia Bostr6m (resigned 30 September 2023) V&A Nominee Martin H Blank Jr. Gilbert Nominee Dr Melissa Buron (appointed 14 May 2024) V&A Nominee Sir Nicholas Coleridge CBE (Chairman, resigned 01 V&A Nominee November 2023) Lady Marjorie Gilbert Nick Hoffman Gilbert Nominee Dr Tristram Hunt V&A Nominee Martin Levy, FSA Erica Boyer Dr Helen Jacobsen (appointed 7 November 2023) Edmund de Waal OBE (resigned 14 May 2024) V&A Nominee Dr Heike Zech (resigned 11 May 2024) Richard Ziman Gilbert Nominee
Secretary Anthony Misquitta
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GILBERT TRUST FOR THE ARTS TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
The main source of income for the Gilbert Trust is its investment portfolio. During the year, the Gilbert Trust received £212,647 Investment Income (2023: £nil). There was a £764,143 gain on investments including foreign exchange after all fees (2023: loss of £647,225). As part of the transition of the investment portfolio to JP Morgan noted below, the V&A extended a loan of £2,900,000 to the Gilbert Trust in the previous financial year to ensure continued market exposure while investments held with Partners Capital were being liquidated; the repayment of this loan in the year resulted in a decrease in the value of sums invested. At 31 March 2024 the market value of Trust investments was £13,207,435 (2023: £15,821,972). The total net return (income + gain - management fees) was a gain of £880,488, or 1.5% of the average portfolio value.
By agreement with the Victoria & Albert Museum, the transfer from Endowment Funds to meet charitable activities in the year and future renovation of the gallery was set at £460,000 (2023: £458,000).
Expenditure on charitable activities consisted of a grant to the V&A of £389,000 (2023: £225,000) and an allocation of support costs.
The net assets of the Gilbert Trust were £53,460,411 (2023: £52,980,393). The repayment of the £2,900,000 loan from the V&A moved the Trust into a net current asset position of £28,898 (2023: net liabilities of £2,933,257). The value of the Gilbert Trust's Heritage Assets increased with the purchase of a pietre dure and marble table top attributed to Giacomo Raffaelli.
INVESTMENT POLICY
The Trustees’ Investment Policy is governed by the Trustees Act 2000 and based on a consideration of the future financial commitments of the Trust. Following a tender process in the previous financial year, 2023-24 saw the majority of investment assets held by Partners Capital LLP liquidated and funds transferred to JP Morgan for reinvestment; all holdings, with the exception of Private Equity, will be transferred by January 2025. The portfolio has an investment timeframe of 10 years, and a target rate of return of 3.25% above inflation.
The performance of the portfolio is reviewed against the target and relevant benchmarks by the Trustee Investment Committee of the V&A, on which a representative of the Gilbert Trust sits. Investment performance is measured against a composite benchmark designed to measure the performance of the strategic asset allocation agreed in the investment policies, as this is the best test of our investment manager's performance. The asset allocation profile is agreed for each fund and reviewed at least annually. Exchange rate risk is managed through currency hedges for the fixed income element of the portfolio. Equity holdings are not hedged, given that these are generally held over a longer-term time horizon meaning the impact of exchange rate volatility on short-term liquidity requirements is limited.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RESERVES POLICY
The Gilbert Trust’s aim is to retain sufficient reserves to enable it to cover its administrative costs and make grants from time to time that further its charitable objectives. The nature of the entity is such that it is not necessary to hold free reserves.
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GILBERT TRUST FOR THE ARTS
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2024
RISK MANAGEMENT
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the Trust and are satisfied that systems are in place to mitigate exposure to the major risks identified.
As a grant-making body, the major risk to the Gilbert Trust’s ability to deliver its objectives is a failure to secure sufficient income for distribution through growth of the investment portfolio.
FUTURE PLANS & GRANT-MAKING POLICY
The Trustees have reviewed their grant-making activities and in future the Gilbert Trust will focus on supporting the V&A’s day to day running of the Rosalinde and Arthur Gilbert Galleries and on providing capital grants from time to time for the refurbishment of these galleries. The grant-making policy is set out in the Loan Agreement dated 18 March 2008.
PUBLIC BENEFIT
The Trustees can confirm that in planning their activities they have given due regard to the Charity Commission’s guidance on public benefit. By supporting the display of the collection at the V&A, the Gilbert Trust has made the collection available to the V&A South Kensington’s 3.3m annual visitors free of charge (2023: 2.7m annual visitors). Additionally, information about and images of the collection are available on the museum’s website, and pieces from the collection are made available for loan to other institutions, both nationally and internationally.
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GILBERT TRUST FOR THE ARTS
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF DIRECTORS’ AND TRUSTEES’ RESPONSIBILITIES
The Trustees (who are also directors of Gilbert Trust for the Arts for the purposes 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:
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e select suitable accounting policies for the company's financial statements and then apply them consistently;
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e observe the methods and principles in the Charities SORP;
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e make judgments and accounting estimates that are reasonable and prudent;
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e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts;
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e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
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e there is no relevant audit information of which the charitable company’s auditor is unaware; and
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e the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the auditor is aware of that information.
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
A resolution to reappoint Saffery LLP will be put to the Annual General Meeting.
Approved by the Trustees on 30 October 2024 and signed on their behalf by:
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Anthony Misquitta .
Company Secretary |
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GILBERT TRUST FOR THE ARTS INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2024
OPINION
We have audited the financial statements of Gilbert Trust for the Arts for the year ended 31 March 2024 which comprise the statement of financial activities, balance sheet, cashflow statement 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:
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e give a true and fair view of the charitable company’s state of 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;
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° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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e have been prepared in accordance with 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 charitable company 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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.
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GILBERT TRUST FOR THE ARTS INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 MARCH 2024
We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
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® the information given in the Trustees’ Annual Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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° the Trustees’ Annual Report which includes the Directors’ 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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° adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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° the financial statements are not in agreement with the accounting records and returns; or
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° certain disclosures of trustees’ remuneration specified by law are not made; or
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e we have not received all the information and explanations we require for our audit; or
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° the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees’ Annual Report and the Strategic Report.
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees’ Responsibilities Statement set out on page 9, the trustees (who are also directors of the charitable company for the purposes 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 charitable company’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 to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.
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
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GILBERT TRUST FOR THE ARTS
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2024
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities: We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with management and updating our understanding of the sector in which the charitable company operates.
Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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SSS GILBERT TRUST FO! SSS _
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2024
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.
Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery LLP
71 Queen Victoria Street
Statutory Auditors
London
Date: EC4V 4BE
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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GILBERT TRUST FOR THE ARTS
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes | Unrestricted | Restricted | Endowment | Total Funds | Total Funds | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2024 | 2023 | ||
| 2024 | 2024 | 2024 | ||||
| £ | £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM: | ||||||
| Income from donations | ||||||
| Donations, legacies and similar income | 8 | - | - | - | - | - |
| Donated objects | 8 | - | - | - | - | - |
| Investment Income | ||||||
| Investment Income | 8 | - | - | 212,647 | 212,647 | - |
| Bank Interest | 8 | 637 | - | - | 637 | 42 |
| Total Income | 637 | - | 212,647 | 213,284 | 42 | |
| EXPENDITURE ON: | ||||||
| Expenditure on raising funds | ||||||
| Investment management costs | 2 | (2,402) | - | (59,426) | (61,828) | (77,591) |
| Loan interest payable | - | - | (36,876) | (36,876) | - | |
| Charitable Activities | 2 | (398,705) | - | - | (398,705) | (232,070) |
| Total expenditure | 2 | (401,107) | - | (96,302) | (497,409) | (309,661) |
| NET EXPENDITURE BEFORE GAINS | (400,470) | - | 116,345 | (284,125) | (309,619) | |
| & LOSSES ON INVESTMENTS | ||||||
| Gain or (loss) on investments | 8 | (1,276) | 37,212 | 728,207 | 764,143 | (647,225) |
| NET (EXPENDITURE) / INCOME | (401,746) | 37,212 | 844,552 | 480,018 | (956,844) | |
| Transfers between funds | 8 | 399,288 | 60,761 | (460,049) | - | - |
| NET (EXPENDITURE) /INCOME | (2,458) | 97,973 | 384,503 | 480,018 | (956,844) | |
| BEFORE OTHER GAINS AND | ||||||
| LOSSES | ||||||
| (Loss) or Gain on heritage assets | 4 | - | - | - | - | (275,000) |
| NETMOVEMENT IN FUNDS | (2,458) | 97,973 | 384,503 | 480,018 | (1,231,844) | |
| Fund balances brought forward | 8,490 | 43,082,682 | 9,889,221 | 52,980,393 | 54,212,237 | |
| As at 1 April | ||||||
| FUND BALANCES CARRIED | 8 | 6,032 | 43,180,655 | 10,273,724 | 53,460,411 | 52,980,393 |
| FORWARD | ||||||
| Asat31March |
The notes on pages 18 to 28 form part of these financial statements.
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GILBERT TRUST FOR THE ARTS
PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Notes | Unrestricted | Restricted | Endowment | Total Funds | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | ||
| 2023 | 2023 | 2023 | |||
| £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM: | |||||
| Income from donations | |||||
| Donations, legacies and similar income | 8 | - | - | - | - |
| Donated objects | 8 | - | - | - | - |
| Investment Income | |||||
| Investment Income | 8 | - | - | - | - |
| Bank Interest | 8 | 42 | - | - | 42 |
| Total Income | 42 | - | - | 42 | |
| EXPENDITURE ON: | |||||
| Expenditure on raising funds | |||||
| Investment management costs | 2 | (2,364) | - | (75,227) | (77,591) |
| Loan interest payable | - | - | - | - | |
| Charitable Activities | 2 | (232,070) | - | - | (232,070) |
| Total expenditure | 2 | (234,434) | - | (75,227) | (309,661) |
| NET EXPENDITURE BEFORE GAINS | (234,392) | - | (75,227) | (309,619) | |
| & LOSSES ON INVESTMENTS | |||||
| Gain / (Loss) on investments | 8 | (412) | (42,032) | (604,781) | (647,225) |
| NET (EXPENDITURE) / INCOME | (234,804) | (42,032) | (680,008) | (956,844) | |
| Transfers between funds | 8 | 233,000 | 225,000 | (458,000) | - |
| NET (EXPENDITURE) / INCOME | (1,804) | 182,968 | (1,138,008) | (956,844) | |
| BEFORE OTHER GAINS AND | |||||
| LOSSES | |||||
| Gain on heritage assets | 4 | - | (275,000) | - | (275,000) |
| NET MOVEMENT IN FUNDS | (1,804) | (92,032) | (1,138,008) | (1,231,844) | |
| Fund balances brought forward | 10,294 | 43,174,714 | 11,027,229 | 54,212,237 | |
| As at 1 April | |||||
| FUND BALANCES CARRIED | 8 | 8,490 | 43,082,682 | 9,889,221 | 52,980,393 |
| FORWARD | |||||
| Asat31March |
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GILBERT TRUST FOR THE ARTS BALANCE SHEET
AS AT 31 MARCH 2024
| Notes | 2024 | 2023 | ||
|---|---|---|---|---|
| £ | £ | |||
| FIXED ASSETS | ||||
| Investments | 3 | 13,207,435 | 15,821,972 | |
| Heritage Assets | 4 | 40,224,078 | 40,091,678 | |
| CURRENT ASSETS | ||||
| Debtors | - | - | ||
| Cash at bank | 228,950 | 31,633 | ||
| 228,950 | 31,633 | |||
| CREDITORS: amounts falling due | 5 | (200,052) | (2,964,890) | |
| within one year | ||||
| NET CURRENTASSETS | 28,898 | (2,933,257) | ||
| NET ASSETS | 53,460,411 | 52,980,393 | ||
| FUNDS | ||||
| Unrestricted funds | 6,032 | 5,249 | ||
| Revaluation reserve | 9 | - | 3,241 | |
| Total Unrestricted Funds | 8 | 6,032 | 8,490 | |
| Restricted funds | 42,916,681 | 42,697,361 | ||
| Revaluation reserve | 9 | ‘ | 263,974 | 385,321 |
| Total Restricted Funds | 8 | 43,180,655 | 43,082,682 | |
| NHMF Endowment funds | 9,349,300 | 9,241,531 | ||
| NHMF Endowment Revaluation | 9 | 924,424 | 647,690 | |
| reserve | ||||
| NHMF Endowment- Total | 8 | 10,273,724 | 9,889,221 | |
| 53,460,411 | 52,980,393 |
Company No: 3127226
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006.
These accounts-were approved by the Trustees on 30 October 2024.
Signed AQ.dS-H,ef) Nick Hoffman Trustee
The notes on pages 18 to 28 form part of these financial statements.
Page 16
GILBERT TRUST FOR THE ARTS
CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
| Notes | 2024 | 2023 | ||
|---|---|---|---|---|
| £ | £ | |||
| Net cash outflow from operating | a | (3,261,610) | 2,578,381 | |
| activities | ||||
| Cash flows from investing activities: | ||||
| Returns on investments | 212,647 | - | ||
| Purchase of property, plant and equipment | (132,400) | - | ||
| (inc. heritage assets) | ||||
| Purchase ofinvestments | 3 | (212,647) | (2,900,000) | |
| Proceeds from the sale of investments | 3 | 3,591,327 | 265,778 | |
| Proceeds from the sale of heritage assets | - | - | ||
| Net cash provided by investing | 3,458,927 | (2,634,222) | ||
| activities | ||||
| Increase / (decrease) in cash and cash | c | 197,317 | (55,841) | |
| equivalents | ||||
| a) Reconciliation of net income to net | ||||
| cash inflow from operating activities | ||||
| Net income/ (loss) Investment income |
480,018 (212,647) |
(956,844) - |
||
| Donated assets | - | - | ||
| Loss on disposal of heritage assets | - | - | ||
| Loss / (gain) on investments | (764,143) | 647,225 | ||
| Increase in debtors | - | - | ||
| Increase / (decrease) in creditors due | (2,764,838) | 2,888,000 | ||
| within one year | ||||
| Net cash outflow from operating | (3,261,610) | 2,578,381 | ||
| activities | ||||
| b) Reconciliation of net cash flow to | ||||
| movement in net funds | ||||
| Increase / (decrease) in cash in the period | 197,317 | (55,841) | ||
| Movement in net funds in the period | 197,317 | (55,841) | ||
| Net funds at 1 April | 31,633 | 87,474 | ||
| Net funds at 31 March | 228,950 | 31,633 | ||
| c) Analysis of netfunds | At 1 April | Cashflow | Non-cash | At 31 March |
| 2023 | changes | 2024 | ||
| £ | £ | £ | £ | |
| Cash at bank and in hand | 31,633 | 197,317 | - | 228,950 |
| Short Term Investments | - | - | = | - |
| Netfunds | 31,633 | 197,317 | - | 228,950 |
All cash in bank is held in commercial bank accounts.
Page 17
GILBERT TRUST FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2024
- ACCOUNTING POLICIES
a) Basis of Accounting
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. |t also requires management to exercise judgment in applying the company's accounting policies.
The Gilbert Trust for the Arts meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value.
The Trustees have considered the financial position of the charity and consider it a going concern despite the impact of Covid-19. The accounts have been prepared on this basis.
b) Income
Donations and other voluntary incoming resources are accounted for when the amount of the entitlement is measurable and there is reasonable certainty of ultimate receipt. All other income is accounted for on an accruals basis.
Cc) Expenditure
All expenditure is accounted for on an accruals basis. Expenditure incurred in connection with the specific objectives of the charity is included under the heading of Charitable Activities.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Governance costs have been allocated proportionally across expenditure.
d) Unrestricted Funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust.
e) Restricted Funds
These funds include all Heritage Assets and the V&A Transfer Fund. These are subject to specific restrictions stipulated by the terms of the Loan Agreement. In accordance with the Loan Agreement, an amount is calculated each year and transferred from the Endowment fund to a restricted fund to fund the periodic refurbishment of the Rosalinde and Arthur Gilbert Gallery.
Page 18
GILBERT TRUST FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2024
f) Endowment Funds
These comprise funds donated on condition that the capital value of the donation is held in perpetuity, or in the case of expendable endowment, for the long term. The Endowment Fund consists of the endowment that originated with the National Heritage Memorial Fund (NHMF) adjusted for any gains, losses and transfers since then. Under the terms of the agreement signed by all stakeholders (NHMF, the Gilbert Public Arts Foundation, the Gilbert Collection Trust, the Victoria and Albert Museum and the Gilbert Trust for the Arts) both income and capital can be spent on the charity’s objectives.
g) investments
Listed and quoted investments (of which there are very few) are shown at market value. Unlisted collective funds (which comprise the majority of the portfolio) are valued by the fund manager, and regularly audited by a third party auditor. Where we invest in these funds through Pooled Vehicles, our third party administrator will combine the underlying valuations to provide a vehicle valuation. Private funds are included at the most recent valuation received from their respective manager (adjusted for any cash called or distributed since the last statement). Where the manager has yet to provide a valuation or the Gilbert Trust is unable to obtain a reliable net asset value, the investment will be held at cost less any known impairment or at a value advised by the investment manager.
h) Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are valued at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities. Simple forward currency contracts are used within the investment portfolios to minimise the effect of currency fluctuations. These are valued according to market prices for matching contracts at the balance sheet date.
i) Heritage Assets
In 2011 the Gilbert Trust adopted FRS 30 which recommends recognising the value of Heritage Assets where valuation is reasonably obtainable. The collection was fully valued in 2008 as part of the Loan Agreement with the V&A and was recently revalued in 2018. These values are disclosed in the accounts. Heritage Assets are not depreciated as they are deemed to have indefinite lives. To date no impairments have occurred of capitalised items. No changes to accounting for Heritage Assets have been required in the transition to FRS 102.
j) Financial instruments
The Gilbert Trust only 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 their settlement value.
Page 19
GILBERT TRUST FOR THE ARTS ,
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR TO 31 MARCH 2024
2. EXPENDITURE
| Expenditure on | Charitable | Governance | Totalresources | Total resources | |
|---|---|---|---|---|---|
| raising funds | activities | costs | expended | expended | |
| 2024 | 2024 | 2024 | 2024 | 2023 | |
| £ | £ | a | £ | £ | |
| Grant to | - | 389,000 | - | 389,000 | 225,000 |
| V&A | |||||
| Investment | 59,426 | - | - | 59,426 | 75,227 |
| manager | |||||
| fees | |||||
| Loan | 36,876 | - | - | 36,876 | - |
| interest | |||||
| payable | |||||
| Loss on | - | - | - | - | - |
| disposal of | |||||
| heritage | |||||
| assets | |||||
| Bank and | - | - | 635 | 635 | A434 |
| similar | |||||
| charges | |||||
| Audit fee | - | - | 11,472 | 11,472 | 9,000 |
| 96,302 | 389,000 | 12,107 | 497,409 | 309,661 | |
| Allocation | 2,402 | 9,705 | (12,107) | - | - |
| of support | |||||
| costs | |||||
| Total | 98,704 | 398,705 | - | 497,409 | 309,661 |
| resources | |||||
| expended |
Page 20
GILBERT TRUST FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2024
| PRIOR YEAR | EXPENDITURE | ||||
|---|---|---|---|---|---|
| Expenditure on | Charitable | Governance | Totalresources | Total resources | |
| raising funds | activities | costs | expended | expended | |
| 2023 | 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Grant to | - | 225,000 | - | 225,000 | 298,000 |
| V&A | |||||
| Investment | 75,227 | - | - | 75,227 | 115,136 |
| manager | |||||
| fees | |||||
| Loss on | - | - | - | - | 500,000 |
| disposal of | |||||
| heritage | |||||
| assets | |||||
| Bank and | - | - | 434 | 434 | 515 |
| similar | |||||
| charges | |||||
| Audit fee | - | - | 9,000 | 9,000 | 7,200 |
| 75,227 | 225,000 | 9,434 | 309,661 | 920,851 | |
| Allocation | 2,364 | 7,070 | (9,434) | - | - |
| of support | |||||
| costs | |||||
| Total | 77,591 | 232,070 | - | 309,661 | 920,851 |
| resources | |||||
| expended |
Direct expenditure in raising funds during the year consisted of £59,426 of Investment Management Fees (2023: £75,227). Direct expenditure on charitable activities during the year consisted of a £389,000 grant to the V&A (2023: £225,000) which contributed towards the upkeep and the curatorial work of the Gilbert Collection and refurbishment of the Galleries. There were no additional transfers from the restricted funds of The Gilbert Trust to the V&A (2023: There were no additional transfers from the restricted funds of The Gilbert Trust to the V&A).
Governance costs during the year consisted of Bank and Similar Charges and the fee paid to the external auditors as shown above.
Page 21
GILBERT TRUST FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR TO 31 MARCH 2024
The Gilbert Trust had no employees in either 2024 or 2023 and hence no salary costs. The Trustees did not receive any remuneration or have any reimbursed expenses in either 2024 or 2023.
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Net|expenditure|is|stated|after|charging:|
|2024|2023|
|£|£|
|Auditors’|remuneration:|
|Audit|of the|Trust|9,672|9,000|
|Reversal|of|Prior|Year Tax|compliance|
|services|/ Tax|compliance|services|1,800|-|
----- End of picture text -----
Page 22
GILBERT TRUST FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR TO 31 MARCH 2024
| 3. INVESTMENT ASSETS |
||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Market value of investments at 1 April | 15,821,972 | 13,834,975 | ||
| Additions at Cost | 212,647 | 2,900,000 | ||
| Disposals at Market value | (3,591,327) | (265,778) | ||
| Gains / (Losses) on investments | 764,143 | (647,225) | ||
| Market value of investments at 31 March | 13,207,435 | 15,821,972 | ||
| Investments at market value comprised | ||||
| 2024 | 2024 | 2023 | 2023 | |
| £ | ra | £ | £ | |
| Investment assets in the UK | ||||
| UK fixed interest securities | = | = | ||
| Credit funds | - | - | ||
| Multi asset funds | - | - | ||
| Equities | 4,596,745 | 1,443,759 | ||
| Global Fixed Income Securities | 1,874,249 | - | ||
| Private Investments | ~ | = | ||
| Commodity funds | - | - | ||
| Property funds | = | = | ||
| Currency Hedges | = | 2 | ||
| 6,470,994 | 1,443,759 | |||
| Cash | 73,189 | - | ||
| Cash at brokers | 70,342 | 2,903,005 | ||
| Cash in transit | - | 2,851,296 | ||
| Investment assets outside the UK | ||||
| UK fixed interest securities | - | # | ||
| Credit funds | : | = | ||
| Multi asset funds | 824,363 | 4,255,993 | ||
| Equities | 2,868,917 | 3,855,844 | ||
| Global Fixed Income Securities | - | - | ||
| Private Investments | 2,672,288 | “ | ||
| Commodity funds | - | - | ||
| Property funds | - | 8,030 | ||
| Currency Hedges | = | 82,357 | ||
| 6,365,568 | 8,202,223 | |||
| Cash | - | - | ||
| Cash at brokers | - | 233,096 | ||
| Cash in transit | 227,342 | 188,593 | ||
| Total Investments | 13,207,435 | 15,821,972 | ||
| Historicalcostofinvestments | 12,019,038 | 14,785,721 |
Page 23
GILBERT TRUST FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2024
4. HERITAGE ASSETS
During the year, there were there were no additions to and no disposals from the collection (2023: three additions to and one disposal from the collection).
Five-year financial summary of heritage asset transactions
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Opening balance | 40,091,678 | 40,366,678 | 40,833,329 | 40,833,329 | 41,434,329 |
| Disposals | - | - | (500,000) | - | (616,000) |
| Acquisitions | 132,400 | - | 22,850 | - | 15,000 |
| Revaluation | - | (275,000) | 10,499 | - | - |
| Closingbalance | 40,224,078 | 40,091,678 | 40,366,678 | 40,833,329 | 40,833,329 |
The value of the Collection was determined by Heike Zech when the Collection was first loaned to the V&A in 2008. A full revaluation was carried out by Christie's, who are known to be experts in this field, in the 2018-19 financial year. A revaluation of select furniture and gold boxes was carried out by Christie's in the 2023-23 financial year.
Further information on the collection
The Rosalinde and Arthur Gilbert Collection Gilbert Collection is a collection of gold, silver, mosaics, gold boxes and enamel portrait miniatures. The Collection consists of 632 objects (2023: 631 objects). Notably it contains over 200 gold boxes, most of which were made as snuff containers. The highlights of the gold box collection are the brilliantly jewelled boxes made for Frederick the Great of Prussia, which are richly worked designs of gold, diamonds, and hardstones.
The collection of micromosaics is one of the world’s most comprehensive; in fact, even the very term micromosaic for fine glass mosaics made of minuscule pieces was invented by Sir Arthur Gilbert. Another important feature of the collection are hardstone mosaics, also known as pietre dure, where the finished effect is achieved by the careful combination of semi-precious stones to create a harmonious whole.
The silver contained within the collection is diverse, containing silver and gold from the late 15th to the 19th centuries from Britain, Continental Europe and India, including objects ranging from golden teaspoons to precious Schatzkammer objects to monumental silver-gilt monastery gates. English 18thcentury silver accounts for about a third of the collection with particularly strong holdings of rococo creations.
Preservation & Management
The V&A is entrusted with both the management and display of objects loaned to the V&A from the Gilbert Trust, including objects owned by the Gilbert Trust itself and on loan from the Gilbert Public Arts Foundation in Los Angeles. Under the terms of the Loan Agreement with the V&A, the collection is managed under the V&A’s management policies which are available on the V&A website. The valuation contained with these financial statements covers all the objects owned by the Gilbert Trust.
Page 24
GILBERT TRUST FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2024
5. CREDITORS: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals | 200,052 | 64,890 |
| Loan from V&A | - | 2,900,000 |
| Total | 200,052 | 2,964,890 |
The accruals comprise amounts accrued for the audit fee and the grant payable to the V&A. The shortterm interest-bearing loan from the V&A of £2,900,000 was repaid in full in 2023-24 with an interest charge of £36,876 (2022-23: nil).
6. TAXATION STATUS
The Company is a registered charity and no taxation is payable on its income arising in the United Kingdom as it is applied to wholly-charitable purposes.
7. ANALYSIS OF NET ASSETS
| Unrestricted | Restricted | Endowment | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Investments | - | 2,933,711 | 10,273,724 | 13,207,435 |
| Heritage Assets | - | 40,224,078 | - | 40,224,078 |
| Current Assets | 206,084 | 22,866 | - | 228,950 |
| Current Liabilities | (200,052) | - | - | (200,052) |
| Total | 6,032 | 43,180,655 | 10,273,724 | 53,460,411 |
| PRIOR YEARANALYSIS OF NETASSETS | ||||
| Unrestricted | Restricted | Endowment | Total | |
| £ | £ | £ | ra | |
| Investments | 49,485 | 5,883,266 | 9,889,221 | 15,821,972 |
| Heritage Assets | - | 40,091,678 | - | 40,091,678 |
| Current Assets | 23,895 | 7,738 | - | 31,633 |
| Current Liabilities | (64,890) | (2,900,000) | - | (2,964,890) |
| Total | 8,490 | 43,082,682 | 9,889,221 | 52,980,393 |
PRIOR YEAR ANALYSIS OF NET ASSETS
Page 25
GILBERT TRUST FOR THE ARTS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2024
| 8. STATEMENT |
OF FUNDS | |||||
|---|---|---|---|---|---|---|
| At 1 April | Incoming | Outgoing | Gains & | Transfers | At 31 | |
| 2023 | Resources | Resources | Losses | March | ||
| 2024 | ||||||
| £ | £ | £ | £ | £ | £ | |
| Unrestricted | 8,490 | 637 | (401,107) | (1,276) | 399,288 | 6,032 |
| Funds | ||||||
| Restricted | ||||||
| Funds | ||||||
| Heritage Assets | 40,091,678 | - | - | - | 132,400 | 40,224,078 |
| Acquisition Funds | 421,144 | - | - | 37,212 | (132,400) | 325,956 |
| V&A transfer | 2,569,860 | - | - | - | 60,761 | 2,630,621 |
| Fund | ||||||
| 43,082,682 | - | - | 37,212 | 60,761 | 43,180,655 | |
| Endowment | 9,889,221 | 212,647 | (96,302) | 728,207 | (460,049) | 10,273,724 |
| Fund | ||||||
| 52,980,393 | 213,284 | (497,409) | 764,143 | - | 53,460,411 |
Heritage Assets and Acquisition Funds are treated as restricted funds. The Acquisition Funds which includes funds from the sale of formerly held Heritage Assets are restricted for purchasing future Heritage Assets.
The V&A Transfer fund consists of funds held by the Gilbert Trust for the V&A to fund the future replacement or refurbishment of the Rosalinde and Arthur Gilbert Gallery.
Endowment funds consist of the endowment that originated with the National Heritage Memorial Fund (NHMF) adjusted for any gains, losses and transfers since then. Both income and capital can be spent on the charity's objectives.
Page 26
GILBERT TRUST FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2024
PRIOR YEAR STATEMENT OF FUNDS
| At 1 April | Incoming | Outgoing | Gains & | Transfers | At31March | |
|---|---|---|---|---|---|---|
| 2022 | Resources | Resources | Losses | 2023 | ||
| £ | £ | £ | £ | £ | £ | |
| Unrestricted | 10,294 | 42 | (234,434) | (412) | 233,000 | 8,490 |
| Funds | ||||||
| Restricted | ||||||
| Funds | ||||||
| Heritage | 40,366,678 | - | - | (275,000) | - | 40,091,678 |
| Assets | ||||||
| Funds held | 813,176 | - | - | (42,032) | (350,000) | 421,144 |
| from sale of | ||||||
| Heritage | ||||||
| Assets | ||||||
| V&A transfer | 1,994,860 | - | - | - | 575,000 | 2,569,860 |
| Fund | ||||||
| 43,174,714 | - | - | (317,032) | 225,000 | 43,082,682 | |
| Endowment | 11,027,229 | - | (75,227) | (604,781) | (458,000) | 9,889,221 |
| Fund | ||||||
| 54,212,237 | 42 | (309,661) | (922,225) | - | 52,980,393 |
9. REVALUATION RESERVE
Included within the funds explained in notes 7 and 8 are revaluation reserves with the following values
| Unrestricted | Restricted | Endowment | Total | |
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| £ | £ | £ | £ | |
| Heritage assets | - | - | - | - |
| Investments | - | 263,974 | 924,424 | 1,188,398 |
| - | 263,974 | 924424 | 1,188,398 |
Page 27
GILBERT TRUST FOR THE ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 MARCH 2024
PRIOR YEAR REVALUATION RESERVE
Included within the funds explained in notes 7 and 8 are revaluation reserves with the following values
| Unrestricted | Restricted | Endowment | Total | |
|---|---|---|---|---|
| Funds | Funds | Funds | ||
| £ | £ | £ | £ | |
| Heritage assets | - | - | - | - |
| Investments | 3,241 | 385,321 | 647,690 | 1,036,252 |
| 3,241 | 385,321 | 647,690 | 1,036,252 |
10. RELATED PARTY TRANSACTIONS
The Gilbert Trust has three common Trustees with the Victoria and Albert Museum (2023: four). While the V&A provides support services, the Gilbert Trust is run independently from, and not controlled by the V&A. During the year, a grant of £389,000 was made by the Gilbert Trust to the V&A (2022-23: £225,000). At the year end, £189,000 of this grant was owed to the V&A (2022-23: £56,250). In 202223 the Gilbert Trust received an interest-bearing loan from the V&A of £2,900,000 to ensure continued market exposure during the transition of the investment portfolio from Partners Capital to JP Morgan. The loan was repaid in full in 2023-24 with an interest charge of £36,876 (2022-23: nil).
In July 2023 the Gilbert Trust for the Arts acquired a new object for the Gilbert Collection: the Stone Specimen Table by Giacomo Raffaelli (LOAN:GILBERT.1-2023), was installed in the gallery for the remainder of 2023 on the East display plinth in Gallery 73. The table was bought from Sotheby’s and in order for bidding to remain anonymous Martin Levy (trustee of the Gilbert trust) of the art dealership, Blairman & Sons kindly offered to bid in his name. Blairman & Sons invoiced The Gilbert Trust afterwards, taking no commission for this transaction.
11. POST BALANCE SHEET EVENTS
There were no reportable events between 31 March 2024 and the date the accounts were authorised for issue.
Page 28