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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|||
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|||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|
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|||||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|
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||||||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)|
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|||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|
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|b.|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|
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|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|
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|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|
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||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|
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||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|
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