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|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||||
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|||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|
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|||||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|
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|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|
##
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##
|||||||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|
##
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