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2023-03-31-accounts

COI4TENTS Page
Reference and administrative details
Trustees'
Report		 4—6
Independent
Auditors'		 Report 7-10
Statement of Financial Activities 11-12
Balance sheet 13
Statement ofCashflows 14
Notes tothe Financial Statements 15-24

Trustees Heather Acton (Chair) Heather Acton (Chair) Heather Acton (Chair)
Sir Nicholas Coleridge CBE
Andrew Hochhauser QC
Lady Jill Shaw Ruddock
Alireza Sarikhani
Bernard
Selz (to 2S		 May 2023 - resigned)
Caroline Silver (from 1July 2022)
Nicholas Snowman OBE (to02 March 2023 - deceased)
Peter Williams
Registered office Victoria and Albert Museum
Cromwell
Road
London SW7 2RL
Auditors Moore Kingston Smith LLP
9Appold Street
London
EC2A 2AP
Bankers National
Westminster		 Bank
18Cromwell
Place
South Kensington
London SW72LB
Solicitors Farrer JkCo
66 Lincoln's inn Fields
London WC2A 3CH
Company number 07788681
Chadity number 1144508

Unrestricted Restricted Endowment Total Total
Nlar-23 Mar-23 Mar-23 aller-29 91-Mar-22
Notes 5 c e C
INCOMING RESOURCES
Income and endowments
from:
Donations and legacies 2 9,874 20,000,000 20,009,874 1,128.087
Investment
income		 3 18,267 175,000 193.267 1,732
Tote
Iincome		 28,141 20,175,000 20,203,141 1,129,819
Expenditure
on.
Charitable
activities
Grants payable 195,000 624,079 819,079 647,965
Governance costs 17,164 17,164 19,666
Investment
IVIanagernent
costs		 30,011 39,381 106,173 175,565 234,923
Total resources expended 4 242,175 663~ 1W273 1,011.80$ 902.554
NET (EXPENDITURE) / INCOME
BEFOREGAINS AND LOSSESOH (214,034) 19,511,540 (106,179) 19,191,393 227,265
INIIESTNIENTS
(Losses)/Gainson
Investments		 (222,152) 321,165 (1,D58,5D3) (959,490) 1,755,123
NET (EX PEND ITU R E)/ INCOME (436,286) 19,$32,705 (1,164,676) 18,2312913 1,982,388
Transfers
between
fcrnds		 10 33,978 2,853,716 (2,887,694)
Net movement
in fcrnds		 (402,208) 22,686,471 (4,D52,370) 18,231,843 1,982,3$$
Funds brought forward as at 1 7,124,435 252,594 25,66&,429 33,045,458 31,D63,070
April
FUNDS ASAT31MARCH 10 6722~227 22~939)015 21~616~059 51~277 301 33045 45$

Unrestricted Restricted Endowment Total Total
2022 2022 2022 2022 2021
(restated)
5
Notes
INCOMING RESOURCES
Income and endowments
from c
Donations
and legacies		 128.087 1.000,000 1,128,087 134.096
Investment
income		 1,732 1,732 2,638
Tota I income 129,819 1,000,000 1,129,819 136,734
Expenditure
on:
Charitatde
activities
Grants payable 51,734 596,231 647,965 356,489
Governance costs 19,666 19,666 11,791
Investment lulanagement
costs		 234,923 234,923 273,835
Total resources expended 71,400 596,231 234,923 902,534 642,115
NET INCOME/(EXPENDITURE)
BEFORE GAINS gr LOSSESON
INVE STIIY NTS 58819 (596,231) 765,077 227,265 (505,3$1)
Gains on investments 351,397 1,403,726 1,755,123 7,322,070
NET INCOME/(EXPENDITURE) 409r816 (S96,231) 2r168803 1982388 6j$16r689
Transfers between funds 57,507 627,475 (684,982]
Net movement
in funds		 467,323 31,244 2~3,$21 1,9$2,3$$ 6,816,689
Funds brought forward
as at 1		 6,657,112 221,350 24,184,608 31,063,070 24,246,381
April
FUNDS A5 AT31AIIARCM 7,124,435 252,394 23,668,429 33~045VS58 31)063c070

2023 2022
Notes E
NON-CURRENTASSETS
Investments 49,096,367 29,050,229
CURRENT ASSETS
Debtors 706 1,439
Cash at bank 2,189,279 4,053,452
2,189,985 4&054r891
CREDtTORS: amounts falling due (9,051) (59,662)
within one year
NET CURRENT ASSETS 2,180,934 3,995,229
TOTAL ASSETS LESS CURRENT 51,277,301 33,045,458
LiABIUTIES
NET ASSETS
Represented by:
Unrestricted funds 6,722,227 7,124,435
Restricted funds 22,939,015 252,594
Endowment funds 21,616,059 25,668,429
51,277&301 33,04S,458

2023 2022
Notes E E
Net cash provided
by operating		 activities 19,123,753 513,479
Cash flows*am
investing		 activities:
Purchase ofinvestments (21,181,193)
Drawdown
of investments		 630,000
Interest from investments 193,267 1,732
Het cash (used in) / provided by investing activities (20,987,926) 631,752
Change
in cash and cash equivalents		 in the reporting period (1,864,173) 1,145,211
Cash and cash equivalents at the beginning ofthe year 4,053,452 2,908,241
Cash and cash equivalents at the end ofthe year 2,189,279 4,053,452
A:Reconciliation of net movement in funds tonet cash flow from operating activities
2023f 2022
E
Net income 18,231,843 1,982,388
Loss/(Gain)
on investments		 959,490 (1,755,123)
Interest from investments (193,267) (1,732)
investment
fees (deducted		 from portfolio) 175,565 234,923
Decrease/(Increase)
in debtors		 733 (748)
(Decrease)/Increase
in creditors		 (50,611) 53,771
Het cash provided byoperating activities 1.9,123,753 513,479

2. VOLUNTARY INCOhlE VOLUNTARY INCOhlE VOLUNTARY INCOhlE VOLUNTARY INCOhlE VOLUNTARY INCOhlE
Unmstrlcted Restrkted Endowment Total
2023 2023 2023 2023
E 1 E
Donations 9,874 20,000,000 2D,DO9,874
9,874 20,000,000 20,009p874
Unrestricted Restricted Endowment Total
2022 2022 2022 2022
E E E f
Donations 128,D87 1,000,000 1,128,087
128,087 1,000,000 1,128,D87
3. INVESThllENT INCOhlE
Unrestskted Restricted Endowment Total Total
2023 2023 2023 2023 2022
E E E
Interest Received 18,267 175,000 193,267 2,638
18,267 173,000 193,267 2,638
All investment income received in 2021-22 was unrestricted.
4. EXPEHDITURE
a. Charitable activities Unrestrkted Restrkted Endowment Total
2023 2023 2023 2023
f, E E
Cvonfs poyahter
Capital Projects 115,000 115,000
Curatorial and Exhibitions 624,D79 624,079
General Activities 8O,OOO Bo,ooo
Governance costs 9,041 9,041
Insurance 889 889
Bank charges 34 34
Accountingand administrative services 7,2DO 7,200
Investment management fees 30,012 39,381 106,172 175,565
242r176 106,172 1&011,808

4.EXPENDITTIRE (continued) 4.EXPENDITTIRE (continued) 4.EXPENDITTIRE (continued)
b. Charitable acrivltles Unrestrkt»d Restricted En do wan ant fatal
2022 2022 2022 2022
F. E
Grants pay»9/e.
Capital pro)ects 51,734 51,734
Curatorial
and Exhibitions		 596,231 596,231
Governance costs 11,515 11,515
Incurance 909 909
Bank cha rges 42 42
Accounting and admi ~istrative services 7,200 7,200
Investment management fees 234,923 234,923
71r400 596,231 234,923 902r554

2023 2022
5 5
lularket value af investments at 1April 29,050,229 28,160,030
Additions atcost 21,181,193
Oisposals at market value (630,000)
(Losses) /Gains on investments (net offees) (1.135,055) 1,520,199
lularket value of investments at 31Anarch 492I96,367 29,050,229
BTORS
2029 2022
F.
Accrued income 786
Pre payments 706 653
1,439

8. CREDITORS: amounts falling due within one year amounts falling due within one year
2023 2022
f
Accruals S,051 7,928
Other creditors 51,734
9.031 59r662
9. IIETASSETS BENVEEN FUIIDS
Unrestricted Restricted Endowment TOtal
2023 2023 2023 2023
e f f f
Fund balances at 31March are represented by:
Non-Current assets 6,227,954 21,252,354 21,616,059 49,096,367
Current assets 503,324 1,686,661 2,189,985
Current liabilities (9,051) (9,051)
Net assets 6,722,227 22,9393(15 21,616,059 51,177,301
Unrestricted Restrkted Endowment Total
2022 2022 2022 2022
f f 5 f
Fund balances at 31IVlarch 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 liabilities (59,662) (59,662)
Net assets 7,124,433 252,594 25,668,429 33dm5,458

10. FUNDS
FUNDS At 1Aprg
2022		 Incoming
resources		 Resources
expended		 Transfers Investment
gainsfhnses		 At 3
March 202
Restricted
funds
Curatorial
and		 252,594 (624,D79) 678,274 306,78
Exh&b itious
Jameei Gallery 2,175,442 2,175,44
Refurbishment
Fund
Safeguarding
the		 20,175,000 (39.381) 321,165 20,456,78
Collection
Expendable
endowment
funds
Jewellery curator post 1,560,454 (7,052) (8LDDD) (70,308) 1,402,09
Illustration
award		 246,071 (1,112) (8,000) (11,087) 225,87
Catalyst-Art
Jarneel		 2,882,548 (13,027) (479,080) (129,877) 2,260,56
Catalyst- Fashion 85,632 (387) (14,315) (3,858) 67,07
Catalyst - Iranian 758,319 (3,427) (34167) 720,72
Treasures
Catalyst- Porter 241,154 (1,090) (39,8 BD) (ID,865) 189,31
Catalyst - General fund 144,106 (e50) (33,978) (6,493) 102,98
Jamecl Endowment 2,175,442 (2.175,442)
Refurbishment
Fund
Elizabeth Gage Curator 1,000.000 (4,519) (56,DQD) (45,056) 894,42
ofJewellery
Permanent
endowment
funds
Art Jameel 11,858,355 (53,593) (534,292) 11,270,47
Fashion 354,833 (1,e04) (J.5,987) 337,24
Iranian Treasures 2,474,264 (11,182) (111481) 2,351,60
Porter 985,923 (4,456) (44,422) 937,04
General fund 901,327 (4,073) (40,610) 856,64
Unrestricted
funds		 7,124,435 28,141 (242,175) 33,978 (222,152) 6,722,22
33,045,458 20,203,141 (1,011,808) (959~90) 51,27730

10. FVNP5 (con tinued)
At 1April Income Expenditure Transfers Investment At 31March
2021 gains 1022
6 6
Restricted funds
Curatorial
and		 211,350 (596,231] 627,475 252,594
Exhibition
s
Expendable
endowment		 funds
J*wellerycurator 1,608487 (17,044) (136,041) 105,052 1,560,454
post
illustration
award		 (2,565) (9,243) 15,811 246,D71
Catalyst -A*i am eel (33,968) (468,431) 209,358 2,882,548
Catalyst
—Fashion		 (896) (3,524) 5,520 85,632
Catalyst
—Iranian		 (6,890) 73,174 41,465 758,319
Treasures
Catalyst - Porter (2,522) 14,887 15,545 241,154
Catalyst
—General		 (1,507) (5,930) 9.289 144,106
fund
iameel Endowrnent 2,175,442 2,175,442
Refurbishment Fund
Elizabeth Gage 1,000.000 1,DOO, ODO
Curator oflewe liery
Endowment
Permanent
endowment		 funds
Art Jameel 11,237,688 (120,204) 740,871 11,858,355
Fashion 350,273 (3,711) (11,276) 19,547 354,833
lra nian Trees u res 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) 49,652 901,327
Vnrestricted
funds		 6,657,112 129,819 (71,400) 57.507 351,398 7.124,435
31,063,070 1,129JI19 (902,554) 1,755,122 33,045rs58

Art Iameel Fashion Iran Porter General Total
At1April 2022
Trust for Investment
Gift component ofthe 10,3DO,ODO 268,892 1,875,000 75D,DOD 683,823 13,877,715
permanent
endowment
Inftatronary
uplift		 1,634,424 46,081 321,323 125,172 116,255 2,243,256
Unappliedtotal
return		 (76,070) 39,859 277,941 110,751 101,243 453,730
Tatai 11,85$,354 354,833 1,474,264 985,923 902327 16,S74,701
aaovements
in the		 reporting
period
Gift ofendowment funds
Investment
return:		 realised (534,292) (15,987) (111,481] (44,422) (40,610) (746,793)
and unrealised
gains
Less: investment (53,593) (1,604) (11,182] (4,456) (4,073) (74,908)
management
costs
Tote I (587~885) (17i592) (222i663) (48i$78) (44~684) (821i701)
Income paid out to restricted
funds in the reporting period
Transfer to expendable
endowment
hkt movement
in the		 (587+85) (17,591) (122,663) (4$3I78) (44,684) (821,701)
reporting
pertrnf:
At 31March 2023
Trust for investment
Grft component ofthe 10,300,000 268,892 1,875,000 75O,ODO 683,823 13r877715
permanent
endowment
infiIationory
uplift		 2,689,818 77,662 541,533 212,919 196,473 3,718,405
Unapplied
total return		 (1,719,348) (9,312) (64,932] (25,874) (23,652] (ldt43&118)
Total 11,270,4TD 337&242 2 351&601 937dss5 $56644 15r753r002

Artsarneel Feshian Il'iin Porter General Total
At 1April 2021
Trust for investment
Gift component of 10,300,000 268,892 1,875,0DO 750,000 683,$23 13,877,715
the permanent
endowment
Inflationary
uplift		 937.688 24,571 171,329 65,403 61,615 1.260,6D6
Unapplied
total		 56,810 396,137 157,849 144,3D5 755,101
return
Tatirl 1lr237r6$8 350473 2.442,466 973,252 $89,743 15,893,422
Movements
in the
reporting
period
Gifter endowment
funds
investment
return:		 740,871 19,547 136,302 54,312 49,652 1,000,684
realised
and
unrealised
gains
Less: investment (120.2D4) (3,711) (25,878) (10,311) (9,427) (169,531)
management
costs
Total 620&667 15,$36 110824 44,001 40,225 831,153
income paid out to (11,276) (78,626) (31,330) (28,642) (149,874)
restricted funds
rn
the reporting
period
IVetmovement
in the		 620,667 4,560 31,79812,671 11,5$3 6$1,279
reporting periods
At 31Nia rch 2022
Trust for investment
Gift component of 10,300,000 268,892 1,875,000 750,000 683,823 13,877,715
the permanent
endowment
Inflationary
uplift		 1,6341425 46,081 321,323 125,172 116,255 2,243,256
Unapplied
total		 (76,070) 39,860 277,941 110,751 101,249 453,730
return
Total 1lr858r355 354,833 2,474,264 9$3,923 901327 16,574,701