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|||||
|---|---|---|---|
|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|||
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|||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$|31,063,D70|
|NET ASSETS|||||
|Represented
by.|||||
|Linrestricted
funds|||7,124,435|6,883,285|
|Restricted funds|||251,594|221,350|
|Endowmentfunds|||25,668,429|23,958,435|
||||33,045j458|31,063,D70|
|||||||||2022|2021(restated)|
|---|---|---|---|---|---|---|---|---|---|
||||||||Notes|E|6|
|Net
cash
prowded
byf(used||||in)|operating|||513,479|(238,535)|
|activities||||||||||
|Cash flows from investing|activitiesc|||||||||
|Purchase ofinvestments||||||||||
|Drawdown
of investments||||||||630,000|235,000|
|Interest from investmcnts||||||||1,732|2,638|
|Net cash provided
by investing||activities||||||||
|||||||||631,732|237,638|
|Change
in cash and cash equivalents|||||in the|||1,145,211|(897)|
|reporting
period||||||||||
|Cash and cash equivalents|at the|||beginning||of||2,908,241|2,909,138|
|the year||||||||||
|Cash and cash equivalents|at the end||||ofthe|year||4,033,432|2.908,241|
|A; Reconciliation ofnet movement||||ln|funds|to net|cash flow from operatifng|activities||
|||||||||2022|2021|
||||||||||E|
|Net income||||||||1,982,388|6,816,689|
|Gain on investments||||||||(1,755,123)|(7,322,070)|
|Interact from investments||||||||(1,732)|(2,638)|
|Investment
fees (deducted from|||portfolio)|||||234,923|2732I35|
|Increase in debtors||||||||(748)|(38)|
|Increase / (Decrease) in creditors||||||||53,771|(4,313)|
|Net cash provided
by operating|||activities|||||513/79|(238,S33)|
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|2.||VOLUNTARY INCOME|VOLUNTARY INCOME|VOLUNTARY INCOME|||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Unrestricted|Restricted|Endowment|Total|
||||||||2022|2D22|2D21|2022|
||||||||E|F.|F.|E|
||Donations||||||128.087|||1,128087|
||||||||12$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|
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|b.|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$9|274835|642,115|
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|E
STABS NTS|||||
|---|---|---|---|---|
||||2022|2021|
||||E|E.|
|Market value ofinvestments||at 1April|28,160,030|21,346,795|
|Additions atcost|||||
|Disposals at market|value||(630,000)|(235,000)|
|Gains on investments|(net offeesj||1.520.199|7,048,235|
|Market value of investments||at 31March|29,050,229|1$,16D,030|
|BTORS|||||
||||2012|2021|
|Accruedincome|||7$6||
|Prepayments|||653|691|
||||li439||
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||||||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|
##
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||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|
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