THE V&A FOUNDATION
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Charlty Number: 1144508
Company Number: 07788681

THE V&A FOUNDATION
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
CONTENTS
Pa£e
Reference and administrative details
Trustees, Report
IndeFYndent Auditors. Repgrt
7-10
Statement of Financial Activities
11-12
Balance sheet
13
statement of Cashflows
14
Notes to the Financial Statements
15-24

THE V&A FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS
Trustees
Heather Acton Ichairl
Lady Deborah Buffini (appointed 7 May 20241
Sir Nicho135 Coleridge CBE (to 31 October 2023- resigned)
Andrew Hochhauser KC
Dr Catherine Hogel lappointed 7 May 20241
Lady Jill Shaw Ruddock Ito 23 October 2023- resigned)
Alireza Sarikhani
Bernard Selz Ito 25 May 2023 resignedl
Caroline Silver
Peter Williams
Nigel Webb (appointed 9 February 20241
Re8i5tered offl¢è
Victoria and Albert Museum
Cromwell Road
London SW7 2RL
Audltor5
Moore Kingston Smith LLP
9 Appold Street
London EC2A2AP
Bankers
National Westminster Bank
18 Cromwell Place
South Kensington
London SW7 2LB
Solicitor5
Farrer & Co
66 Lincoln's Inn Fields
London WC2A 3LH
Company number
07788681
Charfty num￿1
1144508

THE V&A FOUNDATION
TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees, who are also direttors of the charity for the purposes of the Companies Act 2006, have pleasure in
submitting their annual report and the audited financial statements for the year ended 31 March 2024.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governance
The V&A Foundation was incorporated as a company limited by guarantee on 27 September 2011 and re8lStered
as a charity on 2 November 2011. It is governed by its Memorandum and Articles which were updated on 9 January
2023 and aEain on 25 May 2023. The charitable company also acts as corporate trustee for the permanent
endowment fund$ Shown in note 10 to the financial statements.
Trustees
The Trustee5, who are a150 the directors for the purposes of company13w. who served during the period and since
theyearend are shown on page 3. None of the Trustees has any beneficial interest in the Foundation. New Trustees
are elected to the Board by existing members.
The Trustees are responsible for the Foundation's overall management and control. including the implementation
of policies. The Board meets re8ularly. They have certain legal. financial and fiduciary duties under charity law.
Trustee5 Indurtlon and Trainlng
New Trustees receive the latest Annual Report and Accounts and all relevant Informatiot) relating to the
Foundation. All Tru5tee5 are kept informed about relevant developments within the charity sector.
STRATEGIC REPORT
Rlsk Management
TheTrustees are responsibleforthe management of the risksfaced bythe Foundation. Risks are identified, assessed
and controls established 35 appropriate.
As a grant-making body, the major risk to the Foundation's ability to deliver its objectives is a failure to secure
sufficient income for distribution. This year investments have returned to growth, following a modest decrease in
value in the prior year. The overall financial position of the Foundation remains strong and this. combined with the
returns on investments gives the trustees confidence that they can continue to make distributions and deliver on
the charity's objectives. The level of unrestricted funds held will also allow the Foundation to carry on its work in
the event of a future slowdown in fundraising.
Objeds, Objectives and Actlvlti
The objects of the Foundation are for the benefit of the public, to further, in so manner as the Trustees of the
Foundation see fit, all or any of the objects ftom time to time of the V&A and art, design and performance
throughoutthe world in any manner incidental, conduciveto or compatiblewith the charitable objects of the V&A.
The Foundation achieves these objects through the award of grants.
The Foundation ha5 had iegard to the guidance from the Charity Commission to ensure that its objects and
activities are undertaken for the public benefit.
Achle¥ement5. Performance and Financlal Review
During the year, the Foundation received donated income of £92.68612023.. £20,009,874). All of thi5 was
unrestTlCted lin the prioryeai a restricted donation of £20,000,000 was received). Investments overall made an
unrealised gain of £4,911,65712023..1oss of £959,490). Trustees made grants of £657,10012023.. £819,079).

THE V&A FOUNDATION
TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024
Total Return
Following the launch of the Foundation's successful endowment fundraisin8 campaign. supported by the Heritage
Lottery Fund's Catalyst.. Endowment initiative. the Trustees have exercised their power under Section 104AI21 of
the Charities Act 2011 to invest on a total return basi5. The initial values of the trust for investment and unapplied
total return were established as at l April 2016.
At l April 2016 and subsequently as donations were received under the endowment fundraising campaign, the
value of these donations were allocated to the trust for investment. At the end of each year, except where donor
agreements stated otherwise, 3n amount of up to 3.25Yo of the trust for investment is allocated to income from
the unapplied total return at discretion of the trustees. An amount sufficientto maintain the real value of the trust
for investment, based on CPI, is allocated from the unapplied total ieturn to the trust for investment.
This year, returns were positive and all permanent endowments bar the Jarneel endowment are no lon8er in a
negative unapplied total return position. It is hoped that future investment returns wi11 further increase the value
of the endowments to ensure their ability to continue to fund a consistent level of activity over the long term.
Reserves Policy
The Trustees have agreed that as it has very low running costs, £10,000 of unrestTlCted reserves should be retained
to cover administrative and compliance costs. At the balance sheet date, the Foundation's unrestricted reserves
were £7.9m12023: £6.7ml,. the excess will be distributed in line with the Foundation's charitable objeds as suitable
grant requests are received.
Plans for the F￿Ure
The Foundation will continue to raise funds in line with existing priorities, while keeping a close eye on the
performance of the endowments relative to the level of activity that they are required to fund.
Howwe Fundraise
Fundraisin8 for the Foundation is supported by the V&A's Development team. The V&A's Development team has
an exceptional reputation in the sector for fundraising professionally. responsibly and sensitively. Many of the
V&A's fundr31singteam are members of the Institute of Fundraising and the V&A is registered with the Fundraising
Regulator. whose Code of Fundraising Practice and Fundraising Promise set a standard for fundraisin8 activity in
the UK. The Legacies team are members of the Institute of Legacy Management, and the V&A is also re8lStered with
Remember a Charity. a consortium of 200 charities based at the Institute of Fundraising that encourages legacy
giving in the UK.
The Foundation's approach to fundraising is highly personalised. The Foundation operates almost exclusively on a
one-to-one basis with its supporters and partners. ensuringtommunications are not excessive or intrusive and that
the individuals contacted do not feel under any undue pressure to donate.
When feedback is received from supporters on how the Foundation could improve. it is taken very seriously, and
the Foundation is pleased that it has had no complaints related directly to how itfundraises in the last year.
When fundraising is carried out on behalf of the Foundation it is with a small group of trusted partners who help
it secure sponsorship from organisations, or individu31s who promote the Foundation through their personal and
Professional connections. The Foundation works c105ely with these partners to ensure their approach consistently
meets the hi8h standards of its own fundraising.
Grant.making poliry
The Trustees consider applications from the V&A and other bodie5 for grants and make such grants as seem best
calculated to advance the charitable objects of the Foundation, ensuring always that the requests and stipulations

THE V&A FOUNDATION
TRUSTEES, REPORT FOR THE YEAR ENDED 51 MARCH 2024
of donoTS are 5tTlrtly met. The Trustees monitor 8rant5 through reviewin8 update5 from recipients on how money
has being spent and the outcome5 and impact of the projert.
TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
Charity law requires the TTUStees to prepare financial statements for each financial year which give a true and fair
view of the State of affairs of the Foundation and of the incoming resources and applicatiot) of resources of the
Foundation forthat period. In preparin8 these financial statements, the Trustees are required to..
Select SLlltable accounting policies and then applythem consistently,.
Observe the methods and principles in the charities SORP.,
Makejudgements and estimates that are reasonable and prudent,.
state whetherapplicable UK Accounting standards have been followed. subjectto any material departures
disclosed and explained in the financial statements..
Prepare the financial statements on the going concern basis unless it is inappropriate to presume thatthe
tharitable company will continue in business
The Trustees are responsible for keeping proF￿r accounting records that disclose with reasonable accuracy at any
time of the financial posltion of the Trust and enablè them to ensure that the financial statements comply wtth
the Companieg Act 2006. They are also responsible for safeguarding the assets of the Foundation and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees confirm that..
lal so far a5 each trustee 15 aware, there is no relevant audit information of which the charitable company's auditor
is un3w3re." and
Ibl the Trustees have taken all the steps that they ought tts have taken as TIu5tees in order to make themselve5
aware of any relevant audit information and to establish that the charitable company's auditor is aware of that
information.
The Trustees are responsible for the maintenance and inte8rity of the corporate and financial information included
on the ch3Tltable company's website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in otherjurisdictions.
Audltors
Moore Kingston Smith LIP were appointed as auditors during the year and. having expressed their willingness to
continue in office, will be deemed reappointed for the next financial year in accordance with section 487121 of the
Companies Act 2006 unless the company receives notice under section 48811) of the Companie5 Art 2006.
The Trustees, Report. incorporatin8 the Strategic Report. was approved by the Board of Trustee5 on 16 October
2024 and signed on its behalf by..
ea
, Trustee

THE V&A FOUNDATION
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF V&A FOUNDATION
Oplnlon
We have audited the financial statements of V&A Foundation I'the company'l for the year ended 31 March 2024
which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance
Sheet, the Cash Flow Statement and notes to the financial 5taternents, including significant accounting policies.
The financial reporting framework that has ￿en applied in their preparation is applicable law and United Kingdom
Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of
Ireland, (United Kingdom Generally Accepted Accounting Practicel.
In our opinion the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its
incoming resources and application of resources, includin8 Its income and expenditure, for the year then
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.,
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and applicable
law. Our responsibilities underthose standards are further described in the Auditor's Responsibilities forthe audit
of the financial statements section of our Teport. We are independent of the charitable company in accordance
with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the
FRC'S Ethical Standarij, and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5
for our opinion.
Concluslons relatlng to golng wniern
In auditing the financial statements. we have concluded that the trustees. use of the going concerr basis of
accounting in the preparation of the financial statements IS aPPTopriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collertively, may cast significant doubt on the charitable company5 ability to
continue as a going concern for a period of at least twelve months from when the financial statements are
authorised for issue.
Our responsibilities and the Tesponsibilitie5 of the trustees with respect to going concern are described in the
relevant sections of this report.
Other Informatlon
The other information comprises the information included in the annual report, other than the financial
statements and our auditor's Teport thereon. The trustees are responsible for the other information contained
within the annual Teport. Ouropin￿On on the financial statements does not coverthe other information and, exiept
tothe extent otherwise explicitly stated in our report, we do not expres5 anyform of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or
othemise appears to be materially misstated. If we identify such material incon5iStencies or apparent mateiial

THE V&A FOUNDATION
misstatements. we are required to determine whetherthere is a material misstatement in thefinancial statements
themselves. If, based on the work we have performed, we conclude that there is 3 material misstatement of this
other infoymation, we are required to report that fact.
We have nothing to report in this regard.
Oplnlons on other matters prescrlbed by the Companles Ad 2006
In our opinion. based on the work undertaken in the course of the audit..
the information given in the strategic report and the trustees. annual reportforthe financialyearforwhich
the financial statement5 are prepared 15 consistent with the financial statements. and
the strategic report and the trustees, annual report have been prepared in accordance with applicable legal
requirements.
Matters on whlch we are requlred to report by ex<eptlon
In the light of the knowledge and understanding of the company and its environment obtained in the course of the
audit, we have not identified material misstatements in the strategic report orthe trustees. annual report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires u5 to report
to you if. in our opinion..
adequate accounting records have not been kept, oi returns adequate for our audit have not been received
from branches not vlsited by us,. or
the financial statements are not in agreement with the accounting records and returns; or
certain ijisclosures of trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit.
Re5pon51bllltles of trustees
As explained more fully in the trustees, responsibilitie5 ststement set out on page 6, the trustees Iwho are also the
director5 of the charitable company for the puFposes of company lawl are responsible for the preparation of the
flnJncial statements and for being satisfied that they give a true and fair view, and for such internal control as the
trustees determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fTaud or error.
In prepaiingthe financial statements, the trustees are responsible for assessing the charitable company's abilityto
continue as a going concern, disc105in& as applicable. matters related to goingconcern and usingthe going concern
basis of accounting un5ess the trustees either intend to liquidate the charitable company or to cease operations, or
have no realistic alternative but to do so.
Audltorfs Responslblllties for the audit of thefinanclal statements
Ourobjertives aretoobtain reasonable assurance about whetherthe financial statements as a whole arefree from
material misstatement. whether due to fraud or error, and to issue 3n auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with ISAS IUKI will always detect a material misstatement when it exists. Misstatement5 can arise from fraud or
error and are considered material if. individually or in aggregate, they could reasonably be expected to influence
the economic decisions of users tsken on the basis of these financial statements.
As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional
sceptiCi5m throughout the audit. We also..

THE V&A FOUNOATION
Identbfy and 35se5S the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our tspinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting ftorn error, as fraud may involve
collusion, forgery. intentional omissions. misrepresentations. or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedure5 that
are appropriate in the circumstance5, but not for the purposes of expresstng an opinion on the
effectiveness of the charitable company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the trustees.
Conclude on the appropTiateness of the trustees, use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the charitable company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to
the related disclosures in the financial statement5 or, if such disclosures are inadequate. to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the charitable company to cease to continue as a going
concern.
Evaluate the overall presentation. structure and content of the financial statements, including the
disclosures. and whether the financial statements represent the underlying transactions and event5 in a
manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timin8 of the audit and significant audit findings, includin8 any si8nificant deficiencres in inteinal control that we
identify during our audit.
E¥planatlon as to what extent the audlt ¥As a>nsldered capablè of dètertlnÉ Irre8ularltSes, Includlng fraud
IrregulaTltie5, including fiaud, are instances of non-compl(ance with laws and regulations. We design procedure5
in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities,
inclLsding fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detaileij below.
The objectives of our audit in fespert of fraud, a￿.. to identify and assess the risks of material misstatement of the
financial statements due to fraud,. to obtatn sufficient appropriate avdit evidence regarding the assessed risks of
material misstatement due to fraud. through designing and implementing appropriate respon5estoth05e assessed
risk5; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However.
the primary responsibility for the prevention and detection of fraud rests with both management and those
charged with governance of the charitable company.
Our approach was as follows=
We obtained an understanding of the legal and regulatory requirements applicable to the charitable
company and considered thatthe most significant are the Companies Att 2006. the Charities Act 2011, the
Charity SORP. and UK financial reporting standards as issued by the Financial Reporting Council.
We obtained an understanding of how the chaTltable company complies with these iequirements by
di5cussion5 with management and those charged with governance.

THE V&A FOUNDATION
We assessed the r￿sk of material misstatement of the financial statements, including the risk of material
misstatement due to fraud and how it might occur, by holding discussions with man38ement and those
har8ed with governance.
We inquired of management and those charged with governance as to any known instances of non-
compliance of suspected non<ompliance with laws and regulations.
Based on this understanding. we designed specific appropriate audit PTocedures to identify instance5 of
on-compliance with laws and regulations. This included making enquiries of management and those
charged with governance and obtaining additional COTroborative evidence a5 required.
There are inherent limitations in the audit Procedures described above. We are less likely to become aware of
instances of non-compliante with laws and regulations that are not c105ely related to events and transactions
reflected in the financial statements. Also, the iisk o>f not detecting a material mi55tatement due to fraud is higher
than the risk of not detecting one resulting from error. as fraL4d may involve deliberate concealment by, for
example, forgery or intentional misrepresentations. or throLtgh collusion.
Use of our report
This report is made solely to the charitable company's member5, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Ouraudit work has been undertaken sothat we might statetothe company's members
those matters we are required to state tothem in an auditorfs report and for no other purpose. To the fullest extent
permitted by law, we do not aciept or assume responsibility to any party other than the charitable company and
charitable company's members as a body, for our audit work, forthis report. or for the opinions we have formed.
Lzin £.,p4 LLP
30 October 2024
Samlr Chandoo {Senlor Statutory Audltor)
for and on behalf of Moore Kingston Smith LLP, Statutory Auditor
6th Floor
9 Appold street
London
EC2A 2AP
io

THE V&A FOUNDATION
STATEMENT OF FINANCIALAcrivrriES
FOR THE YEAR ENDED YI MARCH 2024
Unrestrlrted
2024
Reslrkted
2024
Endowment
2024
Total
2024
Total
2023
Notes
INCOMING RESOURCES
Inwrne and endowme#tsfmm:
Donation5 and legacies
Investment income
92.686
92,686
20,009,874
193.267
Total 5ncome
92.686
92,686
20.203.141
Expendlture on..
Charftable adi¥ities
Grants payable
Governance costs
Investment Managementcosts
83,100
24,608
32,129
574,0
657.100
24,608
144.966
819.079
17,164
175.565
48,269
64,568
Trtal ￿$Our(e$*xPended
139.838
612.269
64,568
826.674
I,011,U08
NET INCOME I IEXPENDITURE)
BEFORE GAINS AND LOSSES ON
INVESTMENTS
147.1521
16222691
164,5681
(733.988}
19,191,333
Cains/lLossesl on Investments
1,218.261
1,509,875
2.183,522
4,911,657
1959,4901
NET INCOME
1.171.109
887.606
2,118.954
4,177,669
14231.043
Transfers between funds
io
31,188
623,747
1654,9351
Net movement in fund5
1.201.297
1,511,353
1,464,019
4,177,670
18,23L843
Fund5 broughtft+hw•rd as at l Aprll
6,722,227
22,939,015
21,616,059
51.277.301
33,045.458
FUNDS ASAT 31 MARCH
io
7.924.524
24,450.368
2Y,080,078
55,4S4.971
51.277,301
All activities ale continuing. There are noother Bèins or10sses otherthan those shown above.
li

THE V&A FOUNDATION
PRIOR YEAR STATEMENT OF FINANCIAL AcfivlTIES
Unrestri¢ted
2023
Restrkted
2023
Endowment
2023
Total
2023
Note5
INCOMING RESOURCES
Incorne and endowrnent5 from:
Donations and le8acies
Investment Income
9.874
18,267
20.000.000
175,000
20,009.874
193.267
Total Incorne
Z8.141
20,175.000
20.103,141
Expendrlurt On:
Charitable actlvities
GNant5 payable
Governance costs
195.000
17,164
30.011
624.079
819.079
17,164
175,565
Investment Management costs
39,381
106,173
Total re50urtts expended
Z4Z,175
66J,460
106,171
011.808
NET INCOhlE/IEXPENDITUREJ BEFORE
GAINS & LOSSESON INVESTMEpirs
1214,0341
19,511,$40
1106,1731
19,191,33J
Gains/lL0s5e51 on Inve5trnents
1222.1521
321.165
11,058,501)
1959.4901
NEf114COVIE
1436,1861
19,832,705
11,164.6761
18,151,843
Transfers betvrfeen funds
53,978
2,853,716
12,887,694)
Net movement In funds
1402,2081
22.686,411
14,052.3701
1&231.843
Funds broughtfowwird as at l Aprll
7.124,435
252,594
25,668,429
33,045,458
FUNDS ASAT 31 MARCH
6,722,217
22,939,015
21,611059
51.277.301
All activtties are continuing. The¥e are no other gains oi losses other than those shown above.
12

THE V&A FOUNDATION
ompany number: 07788681
ALANCE SHEEr
AS AT JI MARCH 2024
2024
2023
Notes
NON-CURRENT ASSETS
Investments
53,289.056
49.096.367
aJRRENT ASSEtS
Debtors
Cash at bank
90,395
2,142,739
706
2,189,279
2.133.134
2.189.985
CREDITORS: amountsfallin8 duewithin
one year
167,2191
19,0511
NET CURRENT ASSETS
2,165,915
2,180,934
TOTALASSEfs LESS CURRENT UABIUTtE5
55.454,971
51,277.301
NEfASSErs
Repiesented by..
Unrestricted funds
Restrirted funds
Endowmentfund5
7,924,524
24,450,368
23,080,078
6.722,227
22,939,015
21.616,059
55,454,971
51.277.301
Theaccounts We￿ approved and authof15ed ftsr issue bythe Board of Trustees on 16 Octtsber 2024 and signed on its behalf by..
Chalrof the B03yd
The ntstts p•ge$ 15 to 25ft+rm partof these fin•n¢i¥l st•temeDts.
13

THE V&A FOUNDATION
STATEMENTOF CASH FLOWS
AS AT 31 MARCH 2024
2024
2023
Notes
Net cash lused by) / provided by operating activitie5
1620,5431
19,123,753
Cash flow5 from investlnK adivrllts..
Purchase of investment5
Sale of investment5
Interestfrom investments
121,181,193)
574.000
193,267
Net fash (used inll provided by Investing adlvttles
574.000
120,987.9261
Change in cash and cash equivalents in the reportin8 period
146,5431
11,864.1731
Cash and <4sh equlvolents atthe beglnnlng of theyear
2,189,279
4,053.452
Cash and cash equivalents atthe end of theyear
2,142,736
2,189,179
A: Reconcili*ion of net movement In funds to net rash fiowfrom oper)tifjg art￿ltIeS
2024
2021
Net Income
Loss/lGainl on investments
Interest from investments
Investmentfees (deducted from kh)rtfolS01
Ilncreasel l Decrease in debtors
IntrÈase / IDecre3sel in treditors
Net ¢ash provlded by operatlfii artlvbtles
4,177,669
14911,6571
18,231,843
959,490
1193.2671
175,565
733
150.6111
19,IZ3,753
144,966
189.6871
58,167
1620.5431
14

THEV&A FOUNDATK)N
NOTES TO THE FINANCIALSTATEMENTS
FOR TrIE PERIOD ENDED 31 MARCH 1024
ACCOUNTING POUCIES
Bas15 of preparatlon
The finan<ial statements have been prepared in accordance wtth Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting
Standard applicable In the LJK and Republic of Ireland IFRS 1021 leffective ljanuary 20151- (Charities SORP IFRS 10211, the
Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 and the Companies Act 2006.
The V&A Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initially
recogni5ed at hislorical cost ortransactw)n value. The financial statements are prepared in sterling, which is thefunrtional
curTency of the company. Monetary amounts in these financial statement5 are rounded to the nearest pound.
Goln8 COn￿M
The trustees considerthatthereare no material uncertainties aboutthe Foundation's abilityto continue as a going concern
for 12 months from the date of si8nin8 these financial statements. Accordingty, the going concern basis continues to be
adopted in preparing thefinanci31 statements.
Don¥tiQn5p grant5 and le8acie5
Voluntary income is accounted for 3s and when entitleTnent arises, the arnountcan be reliablyquantified and the economic
benefit to the Foundation is considered probable. Pecunkiry legacies are reco8nised once probate has been granted and
notif1£3tion of entitlement h35 been received. Residuary legacie5 are Tecognised when PTobate 15 8ranted ènd theie ￿5
sU￿l(lent information to ¥ralue them and any conditions attsched to the legacy are either within the control of the charity
have been met. An allowance is made againstthe amounts receivable to reflectthe uniertèinty inherent in estate
administration.
Investment income is accounted for on an accruals basis.
Expendbture
Expenditure is charged to the Ststement of Financial Artlvkties on an accru31s basis and is charged as ftsllows..
Grants payable are charged in the year which the offer is conveyed to the recipient except where the grant is conditional.
su£h grant5 being reco8nised as expenditure when the Conditions attached are fulfilled. Grants offered which are sublert
toconditions that have not been metatthe year-end are noted ascommltments. Governancecosts arethose costs relatlng
tothe Strategic direction of the charity and of re8ulatory compliance.
Financial Instruments
8asicfinancial instruments are initially re£ognised at tr3n53Ction value3nd subsequently meastsred atamortised c05twith
the exception of inve5tment5 which are held at fair value. Financial a55ets held at amort15ed cost cornprise cash at bank
and in hand, tO8ether with trade and otherdebtors. Financial liabilities held atamortised costcompriseall creditors except
social security and othef taxes and provisions.
In¥estments
Inve5tment5arestated atrnarketvalue atthebalance sheetdate. Net8ainsand1055e5ari5ingon revaluation5anddisposals
are chafged 01 credited to the Ststement of Financial Activities.
15

THE V&A FOUNDATION
NOTE5 70 THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
L ACCOUNTING POUCIES {cohtinu¢dl
Debttrr5
Trade and otherdebtors are recogni5ed atthe settlementamountdue. Prepayments are valued atthe amount prepaid net
of anytrade discounts due.
Cash at b*nk •hd In h•nd
Cash at bank and cash in hand include5cash and shortterm hi8hly liquid investmentswith a short maturityofthree months
or le55 from the date of acquisition or openiTr8 of the deposit or sirnilar account.
Cfeditors and provision5
Creditors and provisions are recognised where the charity has ? present obllgation resulting from a past event that wlll
probably result in the transfer of fvnds to a third party and the amount due to settle the obligation can be measured or
estim?ted relI3bly. Creditoisand provisionsare normalty recognlsed atthelr settlementamountafterallowSngforanytrade
discount5 due.
Funds
Unrestrided funds these represent the initial investment in the Foundation available for distribution at the Tru5tees'
discretion. A transfer 15 rnade to unrestricted funds each year representin8 3.25% of the General Endowment fund <apit31
allocated from the unapplied tot31 return of the General Endowrnent.
Restricted funds- these represent the different proje(ts that the Foundation supports, following the receipt of incorne
specifically restricted to these projects
detailed in note 10. Transfrrs are made each year representing 3.25% of the
Restrlcted endowmentftjnd capitsl aDd all(Kated to Iniome from the unapplled total retuin of the Endowment Fund5.
Endowment funds- these are funds that the donor has stated are to be held as capit310i expended over the long term.
The charitable company acts a5 corporate trustee of the permanent endowment funds and accordin8lythe5e3re iefiected
in the financial statements.
16

THE V&A FOUNDATION
NOTES TO THE FINANCIALSTATEMENTS
FOR THE PERIOD ENDEO 31 MARCH 2024
VOLUNTARY ITrKOME
UnYertYicted
Restrirted
Endowme
ZQ24
Total
2024
2024
2024
Legacies
Donations
89,628
3,058
89,628
3,058
92.686
92,686
Unrestrlrted
Restrirted
Endowrnent
Total
2023
2023
202J
2023
Legacies
Donations
4,667
5,207
4.667
20,005,207
20,009.874
20.000.000
20.¢MJO,000
9,874
INVESTMENT INCOME
Unvestrlcted
2024
Restrlcted
2024
Endowment
2024
Total
2024
Interest Received
Unrestvlrted
Z023
Restrlcted
2023
Endowment
2013
Total
2023
Interest Received
18,267
175.000
193,267
18,267
175.000
193.267
EXPENDifuRE
Charltable acll¥ltles
Unrestylded
2014
R¢strkted
2024
Endowment
3024
Total
2014
Gmntsp#yqble'.
Curatorial and Exhibitions
General Activities
574.000
574,000
83.IC
83,100
Govern3ncecosts
Insuranie
Bank chaT8e5
countin8 and administrative service5
Inve5trnent managementfee5
16,398
961
50
7,200
32,129
16.398
961
50
7,200
144,966
48,269
64.568
139,838
622.269
64.568
826,675
17

THEV&A FOUNDATION
NOTÉS TO THE FINANCV4LSTATEMENTS
FOR THE PERKID ÉNOED 31 MARCH 2024
4. ÈXPENDITIJRE Icontlnyedl
Ch•ril•ble •rtlvities
un￿5111(ted
2025
Restrirted
2023
Endowment
2023
Total
2023
Grnntspayable..
Capital Projects
Curatorial and Exhibltions
General Activitie5
115,000
115,000
624,079
80,000
624,079
80,000
Governance tosts
Insurance
9,041
889
34
9,041
889
34
Bank charges
Accounting and administrative services
Investment mana8ernent fees
7,200
30,012
7,200
175,565
39,381
106,172
242,176
663.460
106.172
I,011,B08
TRUSTEES
None of the Trustees lor any per50n5 connected with them) received any rernuneration or benefits from the Foundation
during theyear12022-23.' nil).
INVESTMENTS
2024
2023
Market value of Investments at l April
AdditlOn5 at£OSt
Disp05315 at market value
Gains/lLossesl on inve5trnents (net of fees)
49,096.367
29,050,229
21,181,193
1574,¢)001
766,687
11.135,0551
Market value of inve5trnerrts at 31 March
53,289.054
49.096,367
DEBTORS
2024
2023
Accrued income
Prepayments
89,628
767
706
90,395
706
18

THE V&A FOUNDATION
NOTE5 TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JI MARCH 2024
CREDITOR5: •mounts f•lling due within one ye•r
2024
2013
Accruals
67,219
9,051
67,219
9,051
NET ASSETS BMVEEN FUNDS
Llnrestrlcted
2024
Restrirted
2024
Endowment
2024
Trt*l
2024
Fund balance5 at 31 March are represented by..
Non-current assets
Current assets
7,394,365
597,378
167,2181
22,814.611
1,635,757
23.080,078
53,289,054
2,233,135
167.2181
Net assets
7.924.525
24,450.368
23.080.078
55.454.971
Unrestrlcted
2021
Restrirted
2013
Endowment
2023
Total
2023
Fund balance5 at 31 March are represented by..
Non-current a$5et5
Current assets
6.227.954
503,324
19.0511
21,252,354
1.686.661
21.616.059
49,096,367
2.189,985
19,0511
Net assets
6,722,127
22,939,015
21,61&059
51,277,301
19

THE V&A FOUNDATION
NOTE5 TO THE FINANCIALsfATEMÉNTS
FOR THE PERIOD ENDED 31 MARCH 1024
IQ. FUNDS
At l Aprll
2023
In¢omlng
re50urcès
Re50iir¢e$
expended
Tiansfers
Investment
83ln5111055esl
At31
March
2024
FUNDS
RestrScted funds
Cur3tori31 and Exhibitions
Jameel Gallery
Refurbishmenl Fund
306,789
2,175,442
I574,0￿}
623,747
356,536
2.175.442
Safeguardlng the
Colle(tlon
20,456,784
148.2691
1,509,875
21.918,390
Expendableendowmtnt
funds
Jewelleiy curaloT P05t
Illustration award
Catsly5t- Artjarneel
Catalyst- Fashion
Catslyst- Iranian
Treasures
Catalyst- Porter
Cataly5t- General fund
Elizabeth Gage Curator of
Jewellery
1,402,094
225,872
2.260,564
67,072
720,725
14,187)
16751
16,7521
12001
12,1531
169,0001
16.0001
1437,0001
12,2091
76,228
141.631
22,816
228,348
6,775
72,803
1,470,538
242.013
2,045,160
71,438
867,603
189,319
102,987
894.425
15661
130n
12,6721
16,2331
13.4201
162,0001
19,124
10,403
90,349
201,644
109,663
920.102
Pennanent endowrnent
fund5
Artjameel
Fashion
Iranian Treasures
Porter
General fund
11.270.470
337,242
2,351,601
937,045
856.644
133.6651
11,0071
17,0241
12,7991
12,5591
1.138,474
34,066
237,544
94,655
86,533
12,375,279
359,369
2.505,894
998,527
912,850
110,9321
176,2271
130,3741
127,7681
Unrtstrl¢tsd fvnds
6,722.227
92.686
1139.8381
31,188
1.218261
7.924,524
51,277,301
92,686
1826,6731
4.911,657
55.454,972
20

THE V&A FOUNDAThON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JI MARCH 2024
10. FUNDS Icontirtuedl
At l AprH
2022
In¢¢mlng
re50ur(es
Resources
expended
Transfers
Investment
Ealns1{105ses}
At31
Mir<h 2023
FUNDS
Restwi(ted futhds
Curatorial and Exhlbltions
Jameel Gallery Refurbishment
Fund
252,594
1624,0791
678.274
2,175,H2
306,789
2,175,442
Safe8uardin8 the Collection
20,175.000
139,3811
321,165
20,456,784
Expendable endowmentfunds
Jewellery CLtrator post
Illustration award
Catslyst- Art Jameel
Catalyst- Fashion
Catslyst- Iranian Tre35ures
Catslyst- Porter
Catalyst- General fvnd
Jameel Endowment
Refurbishment Fund
Elizabeth Ga8e Curator of
Jewellery
1,560,454
246,071
2,882.548
85,632
758,319
241,154
144.106
2,175,442
17.0521
11,1121
113.0271
13871
13.4271
11.0901
16501
181,0(M)I
18.o¢x)I
1479,0801
114,3151
170,3081
111,0871
1129,8771
13,8581
134.1671
110.8651
16,4931
1,402,094
225,872
2,260,564
67,072
720,725
189,319
102,987
139,8801
133,9781
12.175.442)
1,000,000
14,5191
156,0001
145,0561
894,425
Permanetyt endowment funds
Artjameel
Fashion
11,858,355
354,833
2,474,264
985,923
901,327
153.5931
11.6041
111,1821
14.4561
14,0731
1534,2921
115,9871
1111.4811
144,4221
140.6101
11,270,470
337,242
2,351,601
937,045
856,644
Iranian Treasures
Porter
General fund
Unfe5trided funds
7,124,435
28,141
1242.1751
33.978
1222,1521
6,722,227
33,Q45.458
20,203.141
11.011,8081
1959,4901
51,277,301
Curatorial and Exhibrlions These represent funds to be applied towards specific curatoiial and exhibitions activities. Gfants
are madefollowing successful applicatlOn5 totheTru5tees.
Jameel G￿l￿ry Relurblshment Furtd rs set aslde for the fefurbishment of this gallery space.
Safe%uawding the Collertlon this donation was m3de to enable the ongoing safekeeping 3nd accessibility of the V&A
Museum's collertion
Endowment Funds The endowment funds have been provided to support specifii p05t5 Wlthin theV&K as well a5 the
8eneral activities of the Charity. The charitable company is the CorporateTrustee of the permanent endowment fund5 and
the transactions and balances relating to these funds are reflected in the finan£ial 5tatement5 accordingly.
Transfers A portion of investment returns on Endowmentfunds are allocated to the relevant Restricted funds and are
availableto spend.
21

THE V&A FOUNDATION
NOTES TOTHE FINANCIAL STATEMENTS
K>R THE PERIOD ENDED 31 MARCH 2024
ii.
PERMANENT ENDOWMENT FUNDS- SUMMARY OFTOTAL RETURN MOVEMENTS
Art lameel
Fashlon
Iran
Porter
General
rotal
At l Aprll 2023
Trust for investment
Gift component of the
permanent endowment
Inflationary uplift
Unapplied total rettjrn
10,300,0¢)0
268,892
L875,000
750,000
683,823
13,8n,715
2,689,818
11,719,348)
77.662
19,3121
541,533
164,9321
212,919
125.8741
196,473
3.718,405
123,6521 11.843.118)
Totol
11.270,470
337,242
2,351,601
937.045
856.644
15.753,001
Movements In the reportln¢
perlod
Glft of endowment funds
Investment return.. realised
and unrealised gains
Less.. investment management
Costs
1,138,474
34,066
237,544
94,655
86,533
591.272
133,6651
11,0071
17,0241
12.7991
12.5591
147,0541
Total
104.809
33,059
230,520
91,856
83,974
544.218
Ineome paid out to restrirted
fund5 in the reporting period
Transfer to expendable
endowment
110,9331
110,9331
176,2271
130.3741
127.7681
lia43691
Net movement In the
reptsrtin¢ perlod..
1.104,809
22,126
154293
61,481
56,206
398.916
At 31 March 2024
Trust for investment
Gift component of the
permanent endowment
Inflationary uplift
Unapplied total retum
10,300.000
268.892
1.875,000
750,000
683,821
13.877,715
3,118,096
11.042,8171
90.477
630,894
248,527
229,026
1,>17.020
11.042.817)
Totol
12,375,179
359.369
1505,894
998,527
912.849
17,151,918
22

THE V&A FOUNDATION
NOTES TOTHE FINANCIALSTATEMENTS
FOR THE PERIOD ENDED 31 MARCH ZO24
PERMANENf ENIX)WMENT FUNDS-5UMMARY OF TOTAL RÉTURN MOVEMENTS Icontinuedl
Artjameel
Fashknn
Iran
Porter
Geft•r•l
Totsl
At l Aprll 2022
Trust for investment
Gift component of the
permanent endowment
Inflationary uplift
Unapplied totsl return
10,300,000
26&892
L875,000
750.000
683,823
13,877.715
1.634,424
176,0701
46.081
39,859
321,323
277,941
125.172
110,751
116,255
101,248
2.24J.256
453.730
Total
11,854354
35485Y
2.474.264
985.923
901,317
16,574.701
Movtmènts in th¢ reportlnB
pevlod
Gift of endowment funds
Investrnent return.. rea1¢5ed
and un￿alised gains
Less.. investment
management costs
1534,2921
115,9871
1111,4811
144,4221
140,6101
46,7931
153.5931
11,6041
111,1821
14,4561
14,0731
{74,￿$)
Tot•1
1587.8851
{17,5￿)
lll2.6631
148,8781
144,6841
1811,7011
Incorne paid outto restricted
funds in the reporting period
Trallsferto expendable
endowment
Netmovement In the
reportlrtgperlod..
1587.8851
{17,591)
1122,663)
148,87BI
144,6841
1821,701)
At JI Ma￿h 2023
Trust for investment
Gift component of the
permanent endowrnent
Inflationary uplift
Unapplied totsl return
10,300,000
268,892
1,875,000
750.000
6B3,823
13.877,715
2.689,818
11,719.3481
77,662
19,3121
541,533
164,9321
212,919
125,8741
196,473
123,6521
3.718,405
11,043,118)
Totol
11,270.470
337,242
2,351,601
937,045
856.644
15,753,002
23

THÉ V&A FOUNDATION
NOTESTO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
ii.
PERMANENT ENI)OWMENT FUNDS- SUMMARY OFTOTALRETURN MOVEMENTS Icontinuodl
The Charity Tru5tee5 have exerclsed their poweTS to adopt a total return approach under sertion 104A of the Charities
Act 2011 as amended bytheTrust (Capital and Income) Act 2013.
The terms of thejameel Endowment require an inflationaiy uplift based on CPI to be added tothe value of the Trust for
investment and this 15 not availablefor distribution. The inflationary upliftfor theyearwas £428,72812023.. £1,055,394).
In accordance with the term50f theJameelTrustdeed, anysurplu5total return overand above the inflation3fy upliftand
the 3.25% of the openingcapital value spendin8 rule is transferred to thejarneel refurbishrnent fund whi£h is treated as
restiicted income fund and shown in Note lotothefinancial 5taternent5.
The terms of the otherendowment5 do not require an inflationary uplift,. however.thetrustees have adopted a policyof
maintaining the real value of the trusts for investment and therefore a similar treath)ent has been applied.
RELATED PARTY TRAN5ACTK)NS
The Foundation has one Trustee in common with the VictorI3 and Albert Museum. While the museum provides
accountin8 and administrative services, these are charged for on an arm'5 length basis and the Foundation is run
independently from, and is not tontrolled by, the museum. During the year grants of £574,000 were payable by the
Foundation tothe Museum12023.. £739,079). Atyear end no8r3nt iemained to be paid over to the museum.12023.. £nill
13.
POST BALANCE SHEET EVENr
There were no p05t balance sheet events.
24