2022-03-31-accounts - The V&a Foundation

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.


CONTENTS			Page
Reference and administrative		details
Trustees' Report
Independent nuditOra'	Repart		7-9
Statement ofFinancial	Activities		10-11
Balance sheet			12
Statement ofCashflows			13
Notes tothe Financ Ia I Statements			14-23

Trustees		Heather Acton (Chair)
		Sir Nicholas Coleridge	CBE
		Dr Genevieve Davies (to21October 2021)
		IVIrs Lydia Gorvy (to21October 2021)
		IVIr Manfred Gorvy (to	21October 2021)
		Andrew Hochhauser QC
		Lady Jrll Shaw Ruddock
		Srr Paul Ruddock (to21October 2021)
		Dame Thereea Sackier	(tO21OCtober	2021)
		The Rt Hon Srr TrmethySarnebury(te		21OCteber 2021)
		Afireza Sarikhani
		Bernard Selz
		Caroline Silver (from 1July 2022)
		Nicholas Snowman OBE
		Dr Susan Weber (to 21October 2021)
		Peter Williams
Registered	ofkce	Victoria and Albert Museum
		Crom we IIRoad
		Lendan SW7 2RL
Auditors		Moore Kingston Smith	LLP
		9 Appold Street
		London EC2A 2AP
		National Westminster	Bank
		18Cromwell Place
		South Kensington
		London SW7 2LB
Solicitors		Farrer BrCo
		66trncoln'sinn Fields
		London WC2A BCH

		Unrestrfded	Restricted	Endowment	Total	Total
		2022	2022	2022	2022	2021
						(restated)
						E
	Notes
INCOMING RESOURCES
InCOme and endOWmentS
from:
Donations and legacies	2	128,087		1,000,000	1,128,087	134,096
investment income	3	1,732			1,732	2,638
Total income		129,819		1,000,000	1,129,819	136r,734
Expenditure onr
Charitable activities
Grants payable		51.734	596,231		647,965	356,489
Governancecosts		19,666			19666	11,791
Investment allanagement				234,923	234,923	273,835
Costs
Total resources expended		72r400	596r231	234,923	902,SS4	642,11S
NET IlscoNIE/(ExPEN DITURE)
&EFORE GAINS Fa tOSSESON
INVESTNI'ENTS		5&r429	(S96,231)	76S,&77	227+65	(505,381)
Gains on investments		351,397		1,403,726	1,755,123	7,322,070
NET INCOMEQEXPENDITURE)		409,816	(S96,231)	2,16&,803	1,982,388	6,816,689
Transfers between funds		57,507	627,475	(684.982)
Net movement in funds		467,323	31,244	2~3821	1982)388	6r&26r689
Funds brought forward asat1		6,657,112	221,35D	24,184,608	31,063,D70	24,246,381
Apr&
FUNDSASAT318IIARCH		Tet24r435	2S2 594	25 668429	33045)45$32r063)070

		Unrestricted	Restricted	Endowment	Total
		2021	2021	2021(restated)	2021(restated)
Notes		5	E	1	6
INICOBIIING RESOURCES
Income and endowments from:
Donations and leSacies	2	60,096	74.000		134,096
investment inrome	3	2,638			2,638
Totallncome		62,734	74,000		136,734
Expenditure on:
Charitable actlviltles
Grants payable		20,000	336,489		356,489
Governance costs		11,791			11,791
Investment IVia nape ment Costs				273,835	273,835
Total resources expended		31,791	336r4$9	273,835	642,115
NET INCOIVIE/(EXPENDITURE)
BEFOREGAINS AND LOSSES ON
INVESTMENTS		30,943	(262re&9)	(2732I35)	(505,381)
Gains on Investments		970,635		6,351,435	7,322,070
NET IIKOBLE/(EXPENDITURE)		1+01,57$	(2&2+89)	6,077,600	&,816,689
Transfers between funds		25,820	276,185	(302,005)
Net movement in funds		2/I27,39$	13,696	5,775,595	6,816,689
Fuels brought fonuard as at 1		5,629,714	207,654	18,409,013	24,246,381
April
FLINDS AS AT31MARCH		6,647,112	221,350	24,1$4,60$	31,063,070

			2022	2021
		Notes
NDN CURRENT ASSETS
Investments			29,050,229	28,160,030
CV ERE NT ASS ET5
Debtors			1,439	691
Cash at bank			4,053,452	2,908,241
			4,054,$91	2,90$,932
CREDITORS: amounts	falling dua within one	8	(59,662)	(5,892)
year
NET CVRRENT A55ETS			3,995v229	2,903,040
TOTAL ASSETS LESS CVRRENT VABILITIES			33,045+5$	31,063,D70
NET ASSETS
Represented by.
Linrestricted funds			7,124,435	6,883,285
Restricted funds			251,594	221,350
Endowmentfunds			25,668,429	23,958,435
			33,045j458	31,063,D70

								2022	2021(restated)
							Notes	E	6
Net cash prowded byf(used				in)	operating			513,479	(238,535)
activities
Cash flows from investing	activitiesc
Purchase ofinvestments
Drawdown of investments								630,000	235,000
Interest from investmcnts								1,732	2,638
Net cash provided by investing		activities
								631,732	237,638
Change in cash and cash equivalents					in the			1,145,211	(897)
reporting period
Cash and cash equivalents	at the			beginning		of		2,908,241	2,909,138
the year
Cash and cash equivalents	at the end				ofthe	year		4,033,432	2.908,241
A; Reconciliation ofnet movement				ln	funds	to net	cash flow from operatifng	activities
								2022	2021
									E
Net income								1,982,388	6,816,689
Gain on investments								(1,755,123)	(7,322,070)
Interact from investments								(1,732)	(2,638)
Investment fees (deducted from			portfolio)					234,923	2732I35
Increase in debtors								(748)	(38)
Increase / (Decrease) in creditors								53,771	(4,313)
Net cash provided by operating			activities					513/79	(238,S33)

2.		VOLUNTARY INCOME	VOLUNTARY INCOME	VOLUNTARY INCOME
							Unrestricted	Restricted	Endowment	Total
							2022	2D22	2D21	2022
							E	F.	F.	E
	Donations						128.087			1,128087
							12$r087		1EI00,000	1,128,0$7
							Unrestrkted	Restricted	Endowment	Total
							2011	2021	2021
							E
	Donadons						60,096	74,COO		134,096
								TAEIDD
3.		INVESTMENT INCOME
					Unrestrkted		Restricted	Endowment	Total	Torsi
						2022	2022	2022	2022	2021
						E	E	E	E	E.
		Interest Received				1,732			1,732	2,638
						1,732			1,132	2,63$
		All inveatment		income	received	in 2021-22	and 2D2021waS	unreStricted.
4,		EXPENDITURE
	a.	Charitable	activities				Unrestricted	Restrkted	Endowment	Total
							2022	2022	2022	2022
								E		F.
		Cmnts pesroble:
		Capital	Projects				51,734			51.734
		Curatonal		and Exhibitions				596,231		596,231
		Governance		msts	audit	and tax	11,515			11,515
		return fees
		Insurance					909			909
		Bankcharges					42			42
		Accounting		and	administrative		7,200			7,200
		services
		Investment		managementfees					234.923	234,923
							72r400	596,231	234,923	902,554

Charitable	adivl ties			Unrestricted	Restricted	Endowment	Total
				2021	2021	2021	2021
						(restated)	(restated)
						E	6
OronU psryn&fer
Capita)Projects				20,00D	96.4$9		116,489
Curatorial and Exhibitions					240,0IXI		240,000
Governance	costs - audit	fees		3,706			3,706
Insurance				883			883
Sank charges				2			2
Accounting	and administrative		services	7,200			7,200
Investment	management	fees				273,835	273,835
				31,791	33tv4$9	274835	642,115

E STABS NTS
			2022	2021
			E	E.
Market value ofinvestments		at 1April	28,160,030	21,346,795
Additions atcost
Disposals at market	value		(630,000)	(235,000)
Gains on investments	(net offeesj		1.520.199	7,048,235
Market value of investments		at 31March	29,050,229	1$,16D,030
BTORS
			2012	2021
Accruedincome			7$6
Prepayments			653	691
			li439

					1022	2021
Accruals					7.928	5,892
Other creditors					51,734
						3+92
NET ASSETS8ETWEEN FUNDS
		Vrrrest IIcted		Restricted	Endownient	Total
			2022	2022	2022	2022
			6	E		6
Fund balance» at 31INarch are		represented	by:
Non-Current	assets		3,266,005	115,795	25,668,429	29,050,229
Current assets			3,918.092	136,799		4,054,891
Current Rabilities			(59.662)			(59,662)
Netassets			7,124»435	252,594	25,668,429	33,045g58
		Unrestricted		Restdcted	EndOwment	Total
			2021	2021	2021	2021
			E	6	4	6
Fund balances at 31March are		represented	by:
Non-Current	as sets		3,847,492	127,930	24,184,608	28,160,030
Currentassets			2,815,512	93,420		2.908.932
Current liabilities			(5,892)			(5,892)
Net assets			6,697,112	221,330	24,184,608	Slr063,070

	At	1April	Interne	Expenditure	Transfera	Irrvestment	At 31March
		2021				gains	2022
						E
Restrkted funds
Curatorial and	221,350			(596,231)	627,475		252,594
Exhibitions
Expendable endowment	funds
Jewelleiy curator	1,608,487			(17,044)	(136,041)	105,D52	1,56D,454
post
lgustration award				(2,565)	(9,243)	15,811	246,071
Catalyst —Art Jameel				(33,968)	(468,431)	209,358	2,882,548
Catalyst - Fashion				(896)	(3.524)	5,520	85,632
Catalyst - Iranian				(6,890)	73,174	42,465	758,319
Treasures
Catalyst - Porter				(2,522)	14,887	15,545	241,154
Catalyst - General				(1,507)	(5,930)	9,289	144,106
fund
Jameel Endowment	2,175,442						2,175,442
Refurbishment Fund
Elizabeth Gage			1,000,000				1,000,000
Curator ofJewell cry
Endowment
Permanent endowment	funds
Art Jam eel	11,237,688			(120,204)		740,871	11,858,355
Fashion	350,273			(3,711)	(11,276)	19,547	354,833
Iranian Treasures	2,442,466			(25,878)	(78.626)	136,302	2,474,264
Porter	973,252			(10,311)	(31,330)	54,312	985,923
General fund	889.743			(9,427)	(28,642)	49,652	9D1,327
Unrestricted funds	6,657,112		129,819	(71,400)	57,507	351,398	7,124,435
	31,063,070		1,129,819	(902,554)		1,755,122	33,045,458

. FUND5 (	continued) (Restated)
		At 2 April	lnorme	Expenditure	Transfers	Investment	At 31Nl arch
		2020				gains	2021
						E
Restricted	funds
Capits I Projects		22,489	74,000	(96,4$9)
Curatorial	and Exhibitions	1$5,165		(24O,DOO)	276,185		221,350
Expendable endowment
funds
Iewellery	curator post	1,219301		(6,006)	(15,000)	41D,192	1,608,4&7
Illustration	award	1$1,802		(695)		61,161	242,068
Catalyst -	Art Iameel	2,29$,176		(11,320)	115,589	773,143	3,175,589
Catalyst -	Fashion	65.D75		(321)	(2,115)	21,892	84,532
Catalyst	iranian Treasures	441,956		(2,177)	61,109	148,681	649,570
Catalyst -	Porter	183,262		(903)	(5,956)	36,841	213,244
Catalyst ~	Genera)fund	109,512		(539)	(3,559)	36,$41	142,254
Iarneel Endowment					2,175,442		2,175,442
Refurbishment Fund
Permanent	endowment
funds (note 11)
Art iameel		10,325,811		(50,$60)	(2,511,031)	3,473,768	11,237,688
Fashion		269.650		(1,32$)	(S,764)	90,715	350,273
Ir~nian Treacures		1,880,280		(9,261)	(61,109)	632,556	2,442,466
Porter		749,238		(3.690)	(24,350)	252,055	973,252
General fund		684,950		(186,534)	(22261)	413,58$	869.743
Unrestricted funds		5,629,714	62,734	(31,791)	25,820	970.635	6,657,112
		24,246,381	136,734	(642,113)		7,322,0TO	31,063,070

		Art J am eel	Fashion	Iran	Porter	General	Total
At 1April 2021
Trust for investm	ent
Gift component	of	10,300,000	266,892	1,875,000	750,000	683,823	13.877,715
the permanent
endowment
infiotronar)i uplift		937,688	24,571	171,329	65,403	61,615	1,260.606
Unapplied total			56,810	396,137	157,849	144,3DS	755.101
return
rotoi		11,237,688	350,273	2A42r466	973,252	889,743	15,893,422
Movements in the
reporting period
GrTt ofendowment
funds
Investment return:		740,871	19.547	136,302	54,312	49,652	1,000,684
realised and
unrealised gains
Less: investment		(120,204)	(3,711)	(25,878)	(10,311)	(9,427)	(169,531)
management costs
Total		620ds67	15,836	320~4	44,001	4D,225	831,153
Income paid out to			(11,276)	(78,626)	(31,33D)	(28,642)	(149,874)
restricted funds	in
the reporting pericnl
Net rnmiement in the		620,667	4,560	31,798	12,671	11,583	681+79
repornng pe~
At 31Alarch 2022
Trust for investment
Gift component	of	10,30D.OOD	268,892	1,875,000	75D,DDO	663,823	13,877,715
the permanent
endowment
Infiat)Onarr uplift		1,634,425	46,D81	321,323	125,172	116,255	2,243,256
Unapplied total		(76,070)	39,860	277,941	11D,751	101,249	453,'730
return
Total		llpr58, 355	354dt33	2rerer264	985r923	901,327	16,574,701

		Art iameal	Fashion	Iran	Porter	General	Total
At 1April 2020
Trustfor investment
Gift companent ofthe		10.300,000	268892	1875000	750.000	6$3,$23	13,877,715
perm onent endowment
InftationaDr uplift		834;430	21,874	152,526	57.911	54,766	1,121,S06
Lrnappliedtotai return		(80$,618)	II21116)	(147246)	(58,673)	(53.639)	(lvCRr9v292)
Total		10,325,811	269.65D	1,880,2$0	749238	6$4I950	13I909I929
Movements In the reporting
period
Gift ofendowmentfunds
Investment return: realised		3,473,76$	90,715	632,556	252,055	413,5884,862,6$2
and unreaiised gains
Less:investment		(50,$60)	(1,328)	(9,261)	(3,690)	(186,534)	(251,674)
management costs
Tatal		3,412,907	89,386	613,295	24$,365	227+54	eds11,00$
Income paid aut to restricted		(335,589)	(8,764)	(61,109)	(24,350)	(22,261)	(452dr73)
funds in the reporting	period
Transfer to expendable		(2,175,442)					(2,175r442)
endowment
hietmovement in the		911,$76	80,623	562,186	224415	104,793	1vr83I492
reporting peril:
At 31March 2021
Trust for investment
Gift component ofthe		10,300,000	268,892	1,$75,000	750,000	683,$23	13I$77I71S
permanent endowment
inflatronory uplift		937,688	24,571	171,329	65,403	61.615	1,260,6D6
Unapplied total retur ~			56,$10	396,137	157,849	144,305	75S,101
Total		llr237I688	350273	2I442I466	973252	889743	15I893I422