2021-03-31-accounts - The V&a Foundation

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CONTENTS			Page
Reference and administrative		details
Trustees' Report			4 —6
Independent Auditors'	Report		7-9
Statement ofFinancial	Activities		10
Ra lance sheet
Statement ofCashflows			12
Notes tothe Financial Statements			13-21

Trustees		Heather Acton (Chair)
		The Rt Hon Sir Timothy	Sainsbury	(to 21October 2021)
		Nicholas Coleridge CBE
		Dr Genevieve Davies (to 21October 2021)
		Mrs Lydia Gorvy (to21October 2021)
		Mr lvlanfred Gorvy (to21October		2021)
		Andrew Hochhauser
		Lady Jill Shaw Ruddock
		Sir Paul Ruddock (to21October 2021)
		Dame Theresa Sackler	(to 21October 2021)
		Alireza Sarikhani
		Bernard Selz
		Nicholas Snowman OBE
		Dr Susan Weber (to21	October 2021)
		Peter Williams
Registered	office	Victoria and Albert lVluSeurn
		Cromwell Road
		London
		SW7 2RL
Auditors		Moore Kingston Smith	I.LP
		Devonshire House
		60Goswell Road
		London ECthil 7AD
Bankers		National Westminster
		Knights bridge Business	Centre
		186Brompton Road
		London SW31XJ
Bolidtors		Farrer ikCo
		66lincoln's inn Fields
		London WC2A 3CH

		Unrest ricted	Restricted	Endowment	Total	Tote I
		2021	2021	2021	2021	2020
Notes		6		1
INCOIVIING RE5OURCES
Income and endowments
from:
Donations and legacies	2	60,096	74.000		134,096	33,883
Investment income	3	2,638			2,638	13,526
Totalincome		62,734	74,000		136,734	47,409
Expenditure on:
Chadtable activities
Grants payable		20,000	336,489		356,489	849,964
Gave mance costs		11,791			11,791	10,977
Investment lvtanage ment				90,675	90,675	8,187
Costs
Total resources expended		31,791	336,4$9	90,675	4S8,955	869,128
NET INCONIE/(EXPENDITURE)
BEFOREGAINS AND tOSSES
ON INVESTNIE NTS		30,943	(262r4$9)	(90,675)	(322,221)	(821,719)
Gains/(Losses) on Investments		970,635		6,168,275	7,138,910	(1,323,315)
NET INCOIVIE/(EXPENDITURE)		1,001,57S	(262,489)	6,077,600	6,S16,689	(2,145,034)
Transfers between funds		25,820	276,1S5	(302,005)
Net movement in funds		1,027,398	13,696	5,775,595	6di16,6S9	(2,145,034)
Funds brorrght forward as at 1		5,629,714	207,654	18,409,013	24,246,381	26.391,415
April
FUNDS ASAT 31IVIARCH		6,657,112	221,350	24,184,60S	31,063,070	24,246,381

				2021	2020
			Notes		E
NON CURRENT ASSETS
Investments				28.160,030	21,346,795
CURRENT ASSETS
Debtors
prepayment				691	653
Cash at bank				2,908,241	2,909,138
				2,908,932	2,909,791
CREDITORSc	amounts	falling
due within one year				t5,892)	(10,205)
NET CURRENT ASSETS				2,903,040	2,899,586
TOTALASSETSLESS CURRENT
LIABllITIES				31,063,070	24,246,381
NET ASSETS
Represented	by:
Unrestricted	funds			6,657.112	5.629,714
Restricted funds				221,350	207,654
Endow ment	fun ds			24,184,608	18,409.013
				31,063,070	24,246,381

					2021		2020
				liotes	6		6
Net cash used in operating	activities			A	(238,333)		(828,677)
Cash flows from investing	activities:
Purchase ofinvestments
Drawdown ofinvestments					233,000		673,000
Interest from investments					2.638		13,326
Net cash provided by investing		activities			237,638		686,532
Change in cash and cash equivalents				in the	(897)		(142,151)
reporting period
Cash and cash equivalents ofthe year	atthe beginning				2,909,138		3,051,289
Cash and cash equivalents	at the end			ofthe	2,908,241		2,909,138
year
A:Reconciliation ofnet mrwement			ln	funds to net cash flaw from operating		activities
					2021		2020
							6
Net income/(expenditure)					6,816,689		(2,145,034)
(Gain)/Loss on rnvestments					(7,138,910)		1,323,321
Interest from investments					(2,638)		(13,326)
Investment fees (deducted	from	portfolio)			90,675		8,187
(Increase)/Decrease in pre	payments				(38)		400
Decrease in creditors					(4,313)		(2,023)
Net cash provided by operating		activities			(238,335)		(828,677)

		Unrestricted		Restricted	Endowment		Total
		2021		2021	2021		2021
		f		f	f		f
Don at	ions	60,096		74.000			134.096
		60,096		74,000			134,096
		Unrestricted		Restricted	Endowment		Total
		2020		2020	2020		2020
		f.		f	f		f
Donations		6,394		27,489			33.883
		6,394		27,489			33,883
INVESTMENT INCOhhE
		linre st dcted	Restricted	Endowment		Total	Total
		2021	2021		2021	2021	2020
			f		5	f	F.
Interest Received		2,638				2,638	13,526
		2,638				2,638	13,526

Charitable	activities	activities		Unrest	dcted	Restricted	Endow ment	Tote I
					2021	2021	2021	2021
Gmntsfroyobfeio		VRAhhuseumr					f	f
FutureP!an					20,000	96,489		116,489
Curatorial	and Exhibitions					240,000		240,000
General Activities
Governance	costs	- audit	fees		3,706			3,706
Insurance					883			883
Bank charges					2			2
Financial services					7,200			7,200
Investment	ma nagemerrt		fees				90,675	90,675
				31,791		336,489	90,675	458,955
								15

Charitable	activities		Vnrestrict ed	Restricted	Endowment	Tata I
			2020	2020	2020	2020
Grants payable to Victoria		grAlbert	F.	6	6
Alrneaarr
Futu rePlan				172,987		172,987
Curatorial	and Exhibitions			642,977		642,977
General Activities				34,000		34,000
Governance	costs - audit	fees	2,496			2,496
Insurance			1.271			1.271
Bank charges			10			10
Financial services			'7,200			7,200
investment	management	fees			8,187	8,187
			10,977	849,964	8,187	869,128

IESTMENTS
			2021	2020
			1	F.
Iviarket value	ofinvestments	at 1April	21,346.795	23,351,303
Additions atcost
Disposals at market value			(235.000)	(673.000)
Gains/(Losses)	on investments		7,048,235	(1,331.508)
Market value	ofinvestments	at 31March	2$,160,030	21,346,795
BTORS
			2021	2020
				6
pre payments			691	653
			691	653

8,	CREDITORS: a	mo		unts fa)0ng due	within one year
							2021	2020
							E	E
	Accrua Is						5,892	10.205
							5,892	10,205
9.	NET ASSETS BETWEEN FUFiD5
					Unrestricted	Restricted	Endowment	Tote I
					2021	2021	2021	2021
						E
	Fund balances at 31March
	are represented			by.
	Non-Current	assets			3,847,492	127,930	24,184,608	28,160,030
	Current assets				2,815,311	93,420		2,908,931
	Current liabilities				(5,892)			(3,892)
	Net assets				6,6S7,112	221,350	24,1S4,608	31,063,070
					Unrestricted	Restricted	Endowment	Tote I
					2020	2020	2020	2020
						6	E	6
	Fund balances	at		31March
	are represented		by:
	Non Current assets				2.833,276	104,507	18,409,012	21,346,795
	Current assets				2.806,643	103,148		2,909,791
	Current liabilities				(10,203)			(10,205)
	Net assets				5,629,714	207,655	18r409,012	24,246,381

	At1April	Income	Expenditure	Transfe ra	In vest me nt	At 31
	2020				gains	March 2011
	E					6
Restricted funds
Future Plan	22,489	74.000	(96,489)
Curatoria I and Exhibitions	185,165		(240,000)	276,185		221,350
Expendable endowment
funds
Jewe)lery curator post	1,219,301		(e,006)	(15,000)	410,192	1,608,487
illustration award	181,802		(895)		61,161	242,068
Catalyst - Art Jameel	2,298,176		(11.320)	115,589	773,143	3,175,589
Catalyst -Fashion	65,075		(321)	(2,115)	21,892	84,532
Catalyst —Iranian	441,956		(2,177)	61,109	148,681	649,570
Treasures
Cata ly st - Por ter	183,262		(903)	(5,956)	36,841	213,244
Catalyst -Gene ra I fund	109,512		(539)	(3,559)	36,841	142,254
Jameel Endowment				2,175,442		2,175,442
Re fur bishme nt Fund
Permanent endowment
funds (nole 11)
Art Jameel	10,325,811		(50,860)	(2,511,031)	3,473,768	11,237,688
Fashion	269,650		(1,328)	(8,764)	90,715	350,273
Iranian Treasures	1,880,280		(9,2el)	(61,109)	632,556	2,442,466
Porter	749,238		(3,690)	(24,350)	252.055	973.252
General fund	684,950		(3,374)	(22.261)	230.428	889.743
Unrestricted funds	5,629,714	62,734	(31,791)	25,820	970,635	6,657,112
	24~,381	136;/34	(458,955)		7,13$,910	31,063,070

	At1April	Income	Expenditure	Transfers	Investment	At 31
	2019				losses	IVlarch 2020
	6				6	E
Restricted funds
Future Plan	3,405	22,489	(172,987)	169,582		22,489
Curatorial and Exhibitions	134,847	5,000	(642,977)	688,295		185,166
Joan Jordan Bequest	202,933		(34,000)	(168,933)
Expendable endowment
funds
Jewellery curator post	1,379,457		(556l	(79,165)	(80,436)	1,219,301
Illustration award	202,028		(81)	(8,364)	(11,780)	181.802
Catalyst -Arl Jam eel	2,941,153		(1,185)	(470,295)	(171,498)	2,298,176
Catalyst -Fashion	81,851		(3 3)	(11,970)	(4,773)	65,075
Catalyst -iranian Treasures	559,988		(226)	(85,153)	(32,653)	441,956
Catalyst -Porter	230,120		(93)	(33.348)	(13,418)	183,262
Catalyst —General fund	146,526		(59)	(28.411)	(8.544)	109,512
Permanent endowment
funds(note 11)
Art Jam eel	10,969,881		(4,420)		(639.650)	10,325,811
Fashion	286,469		(115)		(26.704)	269,650
Iranian Tres surea	1,997,562		(805)		(116,477)	1.880,280
Porter	795,971		(321)		(46.413)	749.238
General fund	727,674		(293)		(42,430)	684,950
Unrestricted funds	5.731,S4'9	19,920	(10,977)	27,762	(138,539)	5,629,714
	26,391,415	47,409	(869,128)	-	(1,323,315)	24,246,381

ll. PERhhANEI&T	ENDOVVhhENT	ENDOVVhhENT	FUNDS —SUIVI&SARYOF TOTAL	FUNDS —SUIVI&SARYOF TOTAL	RETURN &SOVEhhENTS	RETURN &SOVEhhENTS
At1April 2010			Art Iameel	Fashion	Iran	Porter	general	Total
Trust for investment
Cift component of	the		10,30D,QDD	268,&92	1,&75,000	750,000	683,823	13,$77,715
permanent endowment
inflationary uplift			834,43D	21,874	152,526	57,911	54,766	1,121,506
Unapplied total return			(S08.618)	(21,116)	(147,246)	(58,673)	(53,639)	(1,0S9,292)
Total			10,325,811	269,650	1,88D,2$0	749,238	684,950	13,909,929
hhovements in the
reporting period
6IRofendowment		funds
Investment return:			3,473,768	90,715	632,556	252,055	230,428	4,679,522
realised and unrealised
gains
Less. investment			(50,&60)	(1,328)	(9,261)	(3.690)	(3,374)	(68,914)
mana gem en t costs
Total			3,422,9D7	89,386	623,295	248,36$	227,054	4,611,008
Income paid out to			(335,589)	(8,764)	(61,109)	(24,350)	(22,261)	(452,073)
restricted funds in the
reporting period
T ra n sf e r to expend a		hie	(2.175,443)					(2,175,443)
endowment
IVet movement ln the			911$76	80i623	562 1&6	224iD15	196344	1~983i492
reporting perlodr
At 31Nlarch 2021
Trust for investment
Gift component ofthe			10,300,000	268,892	1,875,000	750.DDD	6&3,823	13,S77,715
permanent endowment
Inffatronai)r uplift			937,688	24,571	171,329	65,403	61,615	1,260,603
Llnap plied total return				56.810	396,137	157,849	144,305	755,102
Total			11,237,688	&S0,273	2,442,466	973,292	889,743	1SW3,422