TrIE V&A FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charty Number: 1144508 Company Number: 07788681
THE V&A FOUNDATION REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Page Reference and administrative detai15 Trustee5' Report Independent Auditors, Report 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 (Chairl Lady Deborah Buffini (appointed 7 May 20241 Andrew Hochhauser KC Dr Catherine H08el13ppointed 7 May 20241 Alireza Sarikhani (resigned 13 May 20251 The BaToness Shafik DBE (appointed 13 May 20251 Caroline Silve Peter William5 Nigel Webb Iresi8ned 13 May 202SI Registered office Victoria and Albert Museum Cromwell Road London SW7 2RL Auditors Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Bankers National Westminster Bank 18 Crornwell Place South Kensington London SW7 2LB Solicitors Farrer & Co 66 Lincoln's Inn Fields London WC2A 3LH Company number 07788681 Charity number 1144508
THE V&A FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustee5, who are also directors of the charity for the purposes of the Companies Act 2006, have pleasure in submitting their annual report and the audited financial statement5 for the year ended 31 March 2025. Objerts, Objertives and A<tivities The objects of the Foundation are for the benefit of the public, to fvrther. in so manner as the Trustees of the Foundation see fit, all or any of the objects from time to time of the V&A and art, design and performance throu8hout the world in any manner incidental. conducive to or compatible with the charitable objects of the V&A. The Foundation achieves these objects through the award of grants. The Foundation has had regard to the guidance from the Charity Commission to ensure that its object5 and activities are undertaken for the public benefit. STRUCTURE, GOVERNANCE AND MANAGEMENT Governance The V&A Foundation was incorporated as 3 company limited by guarantee on 27 September 2011 and re81Stered as 3 charity on 2 November 2011. Ft is governed by its Memorandum and Articles which were updated on 9 January 2023 and again on 25 May 2023. The charitable company also acts as corporate trustee for the permanent endowment funds shown in note 10 to the financial statement5. Trustee5 The Trustee5, who are also the director5 for the purposes of company law, who served durin8 the period and since theyear end are shown on page 3. None of the Trustees has any benefici31 interest in the Foundation. NewTrustees are elected to the Board by existing members. The Trustee5 are responsible for the Foundation's overall management and control, including the implementation of policies. The Board meets regularly. They have certain le8al. financial and fiduciary duties under charity law. Trustees Inductlon and Tralnlng New Trustee5 receive the latest Annual Report and Accounts and all relevant information relatin8 to the Foundation. All Trustees are kept informed about relevant developments within the charity Sector. STRATEGIC REPORT Risk Management The Trustees are responsibleforthe management of the risksfaced bythe Foundation. Risks are identified, a55e55ed and controls established as appropriate. As 3 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 an increase in value in the prioryear. The overall financial p051tion 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 objective5. The level of unrestricted funds held will also allow the Foundation to carry on its work in the event of a future 51owdown in fundraising. Achievements, Performance and Flnanclal Revlew Durin8 the year, the Foundation received donated income of £251,27012024: £92,686). Of this, £IOO,000 was a restricted donation with the remaindeT unrestricted, lin the prior year all income was unrestrictedl. Investments overall made an unrealised gain, net of investment managers fees, of £1,030,89312024'. £4,766,691). Trustees made grants of £l,011.00012024= £657.1001.
THE V&A FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Total Return Following the launch of the Foundation's successful endowment fundraising 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 basis. 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 fundraisin8 campaign, the valve of these donations were allocated to the trust for investment. At the end of each year. except where donor a8reements stated otherwise, an amount of up to 3.25% of the trust for investment is allocated to income from the unapplied total return at discretion of the trustees. An amount sufficient to maintain the real value of the trust for investment, based on CPI. is allocated from the unapplied total return to the trust for investrnent. This year, the five permanent endowments invested on the Total Returns basis delivered a net return of £0.3m. 12024.. £1.5ml After accounting for inflation this return was not sufficient to maintain a positive unapplied total return position. so no transfers were made from the permanent endowments, and each of the permanent endowments finished the year with ne83tive unapplied tot31 returns. It is hoped that future investment returns will further increase the value of the endowments to ensure their ability to continue to fund a consistent level of activity over the long term. Re5erve5 Policy The Trustee5 have agreed that 35 the Foundation has very low running cost5. £10,000 of unrestricted reserves should be retained to cover administrative and compliance costs. At the balance sheet dhte, the Foundation's unrestricted reseryes weie £8.3m 12024.. £7.9ml., the excess will be distributed in line with the Foundation's charitable object5 as suitable grant requests are received. Plans for the Future The Foundation will continue to raise funds in line with existing prioritie5. while keeping a close eye on the performance of the endowments relative to the level of activity that they are required to fund. How we Fundraise Fundraising for the Foundation is supported by the V&A'5 Development team. The V&A's Development team ha5 an exceptional reputation in the sector for fundraising professionally, responsibly and sensitively. Many of the V&A'5fundraising team are members of the Institute of Fundraisin83nd the V&A is re8lStered with the Fundraising Re8ulator, whose Code of Fundraising Practice and Fundraising Promise set a standard for fundraising activity in the UK. The Legacies team are membeTS of the Institute of Legacy Man38ement, and the V&A 15 also re8lStered with Remember 3 Charity, a consortium of 200 charities based at the Institute of Fundraising that encourages legacy 8ivin8 in the U 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, ensurin8 communications 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 15 pleased that it hès had no complaints related dirertly to how it fundraises in the last year. When fundraisin8 15 carried out on behalf of the Foundation it is with a small 8roup of trusted partners who help it secure sponsorship from organisations, or individuals who promote the Foundation through their personal and professional connections. The Foundation works c105ely with these partners to ensure their approach consistently meets the high standards of its own fundraising. Grant-making policy The Trustees consider applications from the V&A and other bodies for 8rants 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 ENOED 31 MARCH 2025 of donors aTe strictly met. The Trustees monitor grants through reviewing updates from recipients on how money has being spent and the outcomes and impact of the project. TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees are responsible for preparing the Tru5tees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 Iunited Kingdom Generally Accepted Accounting Practice). Charity law requires the Trustees 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 application of resources of the Foundation for th3t period. In preparing these financial statements. the Trustees are required to.. Select suitable accounting policies and then apply them consistently., Observe the methods and principles in the Charities SORP.. Make judgements and estimates that are reasonable and piudent., state whether applicable UK Accountingstandards 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 that the charitable company will continue in business The Trustees are Tesponsible for keeping Proper accounting iecords that disclose with reasonable accuracy at any time of the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies 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: (al so fhr as each trustee 15 3W3re, there is no relevant audit information of which the charitable company's auditor is unaware,. and Ibl the Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. The Trustees are responsiblefor the maintenance and integrity of the corporate and financial information included on the charitable Company's web51te. Legislation in the United Kingdom governin8 the preparation and di55emination of financial statements may differ from legislation in other jurisdictions. Auditor5 Moore Kingston Smith LLP were appointed as auditors during the year and. having expressed their willingness to continue in office. will be deerned 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 Companies Act 2006. The TTUStees' Report. incorporatin8 the Strate8ic Report. Was approved by the Board of Trustees on 14 October 2025 and signed on it behalf by.. eat rustee
THE V&A FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF V&A FOUNDATION Opinion We have audited the financi31 statements of V&A Foundation I'the companrfl for the year ended 31 March 2025 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 statements, incliJdin8 Si8nificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kin8dom Accounting Standards. including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). 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 incomin8 resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 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 Auditin8 IUKI IISAS IUKII and applicable law. Our responsibilities under those Standards are further described in the AuditOT'5 Responsibilities for the audit of the financial statements section of our report. 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 Standard, ant1 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basi5 for our opinion. Condu5ions relatin8 to golng concern In auditing the financial 5taternents. we have concluded that the trustees, use of the going concern basis of accountin8 in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may c35t significant doubt on the charitable company's 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 responsibilities of the trustees with Tespect to going concern are described in the relevant section5 of this report. other infarmation The other information comprises the information included in the annual report, other than the financial statements and our audltor's report thereon. The trustees are responsible for the other information contained within the annual report. Ouf opinion on the financial statements does not coverthe other information and. except to the extent otherwise explicitly stated in our report. we do not express anyfoTm of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconslstent with the financial statements or our knowledge obtained in the Course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
THE V&A FOUNDATION misstatements, we are required to determine whetherthere is a materi31 misstatement in the financial Statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of thls other information, we are required to report that fact. We have nothingto report in this re8ard. Opinions on other matters prescribed bythe Companies Act 2t)06 In our opinion, based on the work undertaken in the course of the audit: the information given in the strategic report and thetrustees. annual reportforthefinancial yearforwhich the financial statements are prepaied is consistent with the financial statements- and the strategic report and the trustees. annual report have been prepaied in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of the knowled8e and underst3ndin8 of the company and its enviionment obtained in the course of the audit, we have not identrfied material misstatements in the strategic report or the trustees, annual report. We have nothingto report in respect of thefollowing matters where the Companies Act 2006 requires us to ieport to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial Statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained morefully in the trustees. responsibilities statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the tru5tee5 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparingthe financial Statements, the trustees are responsiblefor assessin8the charitable company's abilityto continue as 3 8oing concern, di5closin& as applicable. matters related to going concern and usingthe going concern basis of accounting unles5 the trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's Responslbllltles for the audlt of the financial statements OurobJectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuiance is a high level of assurance, but Is not a guarantee that an audit condurted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements 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 taken on the basis of these financial statements. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional sceptlclsm throughout the audit. We also..
THE Vl4A FOUNDATION Identify and assess the risks of material misstatement of the financial statement5, 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 opinion. The risk of not detecting a material misstatement resultin8 from fraud is hi8her than for one resulting from error. as fraud may involve coIIu5ion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtaln an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purposes of expTe55ing an opinion on the effectiveness of the charitable company's inteinal control. Evaluate the appropriateness of accounting policies used and the reasonableness of 3ccountingestimates and related disclosures made by the trustees. Conclude on the appropriateness of the tru5tees' use of the 8oing 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 a5 3 going concern. If we conclude that a material uncertainty exi5t5, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosure5 are inadeguate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. Howevei, future events or conditions may cause the charitable company to cease to continue as a 8oin8 concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlyin8 transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matter5, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what extent the audit was considered capable of detectsng irregularitie5, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi55tatements in respect of irregularities. including fraud. The extent to which our proceduTes are capable of detecting irregu13rities, including fraud is detailed below. The objectives of our audit in respect of fraud, are., to Identify and assess the risks of material misstatement of the financial statements due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due tofraud, through de5i8ning and implementingappropriate responses tothose assessed risks,. and to respond appropriately to instances of fraud or susperted fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud Tests with both management and those charged with governance of the chaTltable company. Our aPPfoach was as follows.. We obtained an understanding of the le8al and reg(Jlatory iequirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial repoiting standards a5 issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
THE V&A FOUNDATION We assessed the risk of mateiial misstatement of the financlal statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and Tegulations. Based on this understanding we designed specific approprlate audit procedures to identify Instances of non-compliance with laws and Tegulations. This included makin8 enquiries of mana8ement and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detectin8 one resulting from error, as fraud may involve deliberate concealment by, for example, for8ery or intentional misrepresentations, or through collusion. Use of our report This report is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our auditwork has been un(Jertaken so thatwe might statetothe company's members those matters we are reqLbired to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members 35 a body, for our audit work, for this report, or for the opinions we have formed. opre l/?n Date.. 31 October 2025 Samir Chandoo (Senior statOry Auditor} 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 FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unre5trirted Mar-25 Restrl¢ted Mar-ls Éndowment Mar.IS Total Mar-25 Total 31-Mar.24 Notes INCOMING RESOURCES Income and endowments from: Donatlons and legacies 151.270 100,000 251,270 92,686 Total Income 151.270 loo,( 251.270 92,686 Expenditure on: Charitable a¢tivitles Grants payable Governance costs Investment Management Cost5 34,000 25,163 63,369 977.000 1,011,0 25,163 271,437 657,ICrf) 24608 144,966 90,724 117,344 Total resources expended 122.532 1.067.724 117.344 1,307,600 826,674 NET INCOMEIIEXPENDITURE) BEFORE GAIfrIS AND LOSSES ON INVESTMENTS 28,738 1967.7241 1117.3441 11,056.3301 1733.988) Gains on Investments 302.543 436,465 563,322 1,302,330 4.911,657 NET EXpENDuRE 331.281 1531.2591 H5.978 24fj,lJ(Kl 4177,669 Transfers between funds 33,232 530,007 1563.2391 Net movernent in funds 364,513 11.2521 1117,261} 246,01)0 4.177.669 Funds broughtfor¥Yard as at l April 7,924.524 24,450.368 23,080,079 S5.454.971 51.277.301 FUNDS AS AT 31 MARCH 8.289.037 24A49,116 22.962.818 55.71JO,971 55A54.971 All activities a continuing. There afe no other gains or105ses other than those shown above. li
THE V&A FOUNDATION PRIOR YV4R STATEMENTOF FINANCIALAcllviTIES Unrestricted 2024 Restricted 2024 Endowment 2024 Tot•1 2024 Notes INCOMING RESOURCES Incorne and endowrnentsfrom: Donations and legacies 92.686 92,686 Total Inwme 92,686 92,686 Expendrturt on: Charitable activities Grants payable Governance costs Investment Management COSt5 83,100 24,608 32,129 574.000 657.100 24.608 144,966 48.269 64,568 Total resots$ txptndtd 139.838 622.269 64.568 826.674 NET INCOME / IEXPENDtruRO BEFORE GAINS AND LOSSES ON INVESTMENTS {47,1521 {622,2691 164.5681 1733.9881 Gains on Investments 1,218,261 1,509.875 2.183,522 4,911,657 NET INCOME 1.171.109 887.606 2.118.954 4.177,669 Transfer5 between funds 31,188 623,747 1654,9351 Net movement in funds 1.202.297 1.511.353 1,464,019 4,177,669 Fund5 brou8ht forward as at l Aprll 6,722,227 22,939,015 21.616,059 51,277,301 FUNDS AS AT 31 MARCH 7.924.524 24.450.368 23,080,079 55,454.971 All actiwtie5 are continuing. There are rno othergains or10sses Otherthan those shown above. 12
THE V&A FOUNDATION cofflpany number: 07788681 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes NON-CURR£NT ASSETS Investments 54,419,948 53,289.056 CURRENT ASSETS Debtors Cash at bank 146.559 1,146.842 90.395 2,142.739 1,293.401 2.233,134 CREDITORS: amounts falllng due wlthln oneyear 112,3781 167.2191 ET CURRENT ASSETS 1,281,023 2.165,916 TOTAL ASSEfs LESS CURRENT UABIIITIES 55,700,971 SS,454,971 NET ASSETS Represented by.. Unrestricted funds Restricted funds Endowmentfunds 8,289,037 24.449,116 22,962,818 7,924,524 24,450,368 23.080,078 55.700,971 55.454.971 The accounts were approved and authorised for issue by the Board of Trustees on 14 October 2025 and signed on its beha by.. er Chair of the Board The notes on page$ 15 to 24 form part of theseflnJn¢lal Statements. 13
THE V&A FOUNDATION STATEMENTOF CASH FLOWS AS AT 31 MARCH 2025 2025 2024 Notes Net cash Iu5ed by) I provided by operating activities 1895,8971 1620,543} Cash flow5 from InStIng activities: Purchase of investments Sale of Inve5trnent5 Interest from investments Iioo,0001 574,000 Neta5h (used Inl I provlded by Imiestlng art5vltles 1100,0001 574,000 Change in cash and cash equivalents in the reporting period 1995,8971 146,5431 Cash and tash èquivaltnts at the be8lnnlngof theyear 2.142,739 2,189,282 Cash and cash equlvalents atthe end of the ytar 1.146.842 2,142,739 A: Rtctsnciliatlon of net movement In funds to net cash figw from operatin8 activities 2025 2024 Net iniome L0551lGainl on investments Interestfrom investments Investment fees Ideducted from portfolio) Iincreasel / Decrease in debtors Increase / (Decrease) in creditors Net tash provlded by operatlng artlvltles 246.000 11.302,3301 4.177,669 14,911,657) 271.437 156,1641 154,8401 1895,8971 144.966 189,6871 58,167 {620.5431 14
THE V&A FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERK)D ENDED 31 MARCH 2025 ACCOUNTING POLiaES Basi5 of preparation The financial Statements have been prepared in accordance with Accountins and Reportin8 by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20151- ICh3ritie5 SORP IFRS 10211, the Financial Reporting Stand3rd applicable in the UK and Republit of Ireland IFRS 1021 and the Companies Act 2006. The V&A Foundation meets the definition of a public benefit entity under FR5 102. Assets and liabilities are initially recognised at historical cost ortran5artion value. Thefinancial statements are prepared in sterling, which isthe funrtional currency of the company. Monetary amounts in these financial statements are rounded tothe nearest pound. Going Con¢ern Thetrustees con5iderthatthere3re no material uncertainties aboutthe Found3tion'5 abilitytoctsntinue as a going concern for 12 months from the date of Signing these financial Statements. Accordingly. the going concern basi5 continues to be adopted in preparing the financial statements. DonatlOnSJ grants and legacies Voluntary income is accounted for as and when entitlement arises.the amountcan be reliablyquantrfied and the economi< benefit to the Foundation is ionsidered probable, Pecuni3ry legacies 3re recognised once probate has been granted and notification of entitlement has been received. Residuary legacies are recognised when probate is granted and there is sufficient information to value them and any conditions attached to the legacy are either within the control of the charity have been met. An allowance is made against the arnounts receivable to reflect the uncertainty inherent in estate admini5twètion. Imiestment In<ome Investment income is accounted for on an accruals basis. Expendlture Expenditure is Iharged to the Statement of Financial Activities on an accruals basis and is charged as follows: Grants payable are charged in the year which the offer is conveyed to the recipient except where the grant is conditional, such grants being rogniSed a5 expenditure when the Conditions attached are fulfilled. Grants offered which are subject to conditionsthat have not been met at the year-end are noted ascommitments. Governance costs are those costs relating to the strate8i£ direction of the charity and of regulatory compliance. finznclal Instruments B3siI financial instruments are initialty recognised attran$3Ction value and subsequently measured at amortised c05t with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand,tO8ether with trade and other debtors. Financial liabilitie5 held at amortised £ostiomprise all creditors except social security and other taxes and provisions. Investments Investments arestated at marketvalue atthe balance sheetdate. Net8ains and losses arisingon revaluations and disposals are charged or credtted to the Statement of FSnancial Artivities. 15
THE V&A FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 I. ACCOUNTING POLICIES {continued) Debtor5 Tr3de and otherdebtors are recognised atthe settlement amount due. Prepayments are valued atthe amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand includes cash and shortterm highly liquid investments with a Short maturityof three months or le55 from the date of acquisition or opening of the dep051t or similar account. Creditors and provlsions Creditors and provisions are r08n1$ed where the charity has a present obli8atioll resulting from a past event that will probably result In the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and prtsvi5ions are normally recognised attheirsettlement amount afterallowingforanytrade discounts due. Funds Unrestricted funds these represent the initial investment in the Foundation available for distribution at the Trustees. discretion. A transfer is made to UnTestTlCted funds each year representin8 3.25% of the General Endowment fund capital allocated from the unapplied total return of the General Endowment. Restricted funds - these Present the different projects that the Foundation 5UPPOrt5. followin8 the receipt of income specifically restricted to these project5 detailed in note 10. Transfers are made each year repre5entin8 3.25% of the Restricted Endowment fund capital and allocated to income from the unèpplied total return of the Endowment Funds. Endowment funds- these are funds that the donor ha5 stated 3re to be held a5 capital or expended ovei the lon8 term. The charitable company acts as Corporate trustee of the permanent endowment funds and accordin8lythe5e are reflected in thefinancial statements. 16
THE V&A FOUNDATION NOTES TO THE FINANaAL STATEMENTS FOR THE PERIOD ENDED YI MARCH 2025 VOLUNTARY INCOME Unrestrlcted Restrfrted Endowment Total 2025 2025 2025 2025 Legacies Donations 150,250 1,020 151370 150,250 101,020 2SI,270 loo.000 ioo.oc Unrestr5rted 2024 Restrlcted 2024 Endowment Total 1014 2024 Le8acies Donations 89,628 3,058 92.686 89,628 3,058 92,686 EXPENDITURE Charitable artivitie$ Unrestrlrted 2025 Restrrded 2025 Endowrnent 2025 Total 2025 Grants pay•ble'. Cuiatorlal and Exhlbltk+n$ General Artivities Capltal Projects Governance cost5 477,000 477,000 34.000 500.IJOO 14,249 1,034 500.000 14,249 1.034 Insurance Bank char8es Accounting and admlnistrative servlc*s Investment management fees 9.879 63.369 9.879 171N37 90.724 117.344 122.532 1,067,724 117.344 1,307,600 Charitable artlvltles Unrestrided 2024 Restricted 2024 Endowrnent 2024 Total 2024 Grants poyuble.. Curatorial and Exhibitions General Activtties 574.000 574,000 83,ICrt) 83,100 Governance costs 16,398 961 16.398 961 Insurance Bank charges Accounting and administrative services Investment m3n3gement fees 50 so 7.200 32.129 7,200 144,966 48,269 64.568 139.838 622.269 64,568 826,675 17
THE V&A FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 TRUSTEES None of the Trustees lor any persons conne(ted with theml received any remuneration or benefits from the Foundation durin8theye3r12024-25.. nill. INVESTMENTS 2025 2024 Market value of investments at l April Addition5 at cost Disposals at market value Gains/lLossesl on investments Inet of fees1 53,289,054 100,000 49,096,367 1574,0001 4,766.687 1,030,894 Marketvalue of investments at 31 March 54,419,948 53,289.054 DEBTORS 2025 2024 Accrued income Prepayments 145.750 89.628 767 146,559 90.395 CREDITORS: èmounts falling due wlthin one year 2025 2024 Accruals 12,378 67.219 12.378 67.219 18
THE V8AA FOUNDAnON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
NAsSET5 BETWEEN FUNDS
Llnfestricted
2025
Rèsttlrted
2025
Endowmtnt
2025
Total
2025
Fund balan<e5 at 31 Mar
THE V&A FOUNDATION NOTES TO ThE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025 9. FUNDS At l April 2024 In£omlng resources Resoutt•s expended Transfers Intlestment 8ain51llossesl At31 March 2025 HJNDS Re$trlcted funds Curatorial and Exhibitions Jameel Gallery Refurblshment Fund 356,536 2.175,442 ioo,o 1477.513) 530.fy)7 3,396 512,426 2,175,442 Safeguardingthe Collection 21.918.390 1590.211) 433.069 21,761.248 Expendable endowment fund5 Jewellery curator pgst IIIustTation award Cataly5t- Artjameel Catalyst- Fashion Cataly5t- Iranlan Treasures Catslyst- Porter Cataly5t- General fund Ellzabeth Gage Curztorof Jewellery 1.470,538 242,013 2.045.160 71,438 867.603 17,4771 11.2aol 110,3981 13631 14NiII 35.892 S,907 49,917 1,744 21,176 1.498.954 246,689 1,654.679 58.818 8S6.368 1430,0001 114,11011 {28.iJooI 201,644 109,663 920.102 (1.02sI 15581 (4.6781 139.1x161 133.2321 119.000} 4.922 2.677 22,457 166.535 78,S48 918.881 Pemianent endowment funds Art Jameel Fashlon Iranian Treasures 12,375,279 359,369 2,50S,894 998,527 912.850 162.9191 {1.8271 (u.7401 {5.0771 {4,6411 302.048 8.771 61,162 24.371 22.280 12.614,409 366,313 2,554,316 1,017A21 930.489 Porter General fund Unrestrfrted funds 7,924,524 151,270 1122,5341 33,232 302.543 8.289.042 55.454.971 251,270 11,307,602) 1,302.332 55,71)0,971 20
THE V&A FOUNDATION NOTES TO THE FINANCIAL STA7EMENTS FOR THE PERIOD ENDED 31 MARCH 2025 9. FUNDS Icontinuedl FUNDS At l April 2023 Sncomin8 rey>ur£es Rewur¢es expended Transfers In¥estment 8ains/llossesl At31 Marth 2024 Restrirttd funds Curatorial and Exhibitions Jameel Gallery Refurbishment Fund 306.789 2.175,442 1574,0001 623,747 356.536 2.175,442 Safe8u3rdingthe Collertion 20,456,784 148.2691 1.509.875 21,918,390 Expendable endowmentfunds Jewellery curator post Illustration award Catalyst- Art Jameel Cataly5t- Fashion Catalyst- Iranian Treasures Catalyst- Porter Catalyst- General fund Elizabeth Ga8e Curator of Jewellery 1,402.094 225,872 2,260.564 67.072 720,725 189,319 102,987 894,425 14,1871 16751 16,7521 12001 12,1531 15661 13071 12.6721 I69,0> 16,0(x)I I437,0) 12,2091 76,228 16,2331 13,4201 162,0001 141,631 22,816 228,348 6,775 72,803 19.124 10,403 90.349 1.470,538 242,013 2,045,160 71,438 867,603 201,644 109,663 920,102 Permznent endowmentfunds Artjameel 11,270,470 133.6651 1,138,474 12.375,279 Fashion Iranian Treasures Porter General fund 337,242 2,351,601 937.045 856.644 11.0071 17,0241 12.7991 12,5591 110.9321 176,2271 130,3741 127.7681 34.066 237,544 94,655 86,533 359,369 2,505,894 998,527 912,850 Unrestrfrted funds 6,722,227 92.686 1139,8381 31.188 1,218.261 7,924,524 51,277,301 92.686 1826.671} 4.911.657 55,454,971 Curatorlal and Exhibitions These representfunds to be applied towards specific Cufatorial and exhibitions activrf(ies. Grants are madefollowing successful applications to the Trustees. Jameel Gallery Refurbishment Fund is set aside for the refurbishment of this gallery space. Safeguardln8 the Collectlon this donation was made to enable the ongoing safekeeping and acce55ibility of the V&A Museum's collectitsn Endowment Funds The endowmentfunds have been provided to support specific p05tS Wlthin the V&A, as well a5 the general activlties of the Ch3Tlty. The charitable company is the Corporate Trustee of the permanent endowmentfunds and the transactions and balances relatingto these funds are reflected in the financial statements accordingly. Transfer5 A portion of investment returns on Endowment funds are allocated to the relevant Restrirted funds and are zvailableto Spend. 21
THE V&A FOUNDATION NOTES TO THE FINANaAL STATEMENTS FOR THE PERIOD ENDED 31 hR(H 2025 io. PERMANENT ENDOWMENT FUNDS- SUMMARY OFTOTAL RETURN MOVEMENts Artjameel Fashlon Iran Porter General Total At l Aprll 2024 Trust for investment Gift cornponent of the permanent endowment Inflationary uplift Unapplied total return 10,300,000 268,892 1.875,000 750,IXIO 683,823 13,877,715 3,118,096 11,042,817) 90,477 630.894 248,527 229,026 4,317,020 11,042,8171 Total 12,375.279 3S9.369 2,505,894 998,527 856.649 17,151,918 Movements In the reportln8 perlod Gift of endowment funds Investment return= realised and unrealised gain5 Less.. investment management costs 302,048 8.771 61,162 24,371 22,280 418,633 162,9191 11,8271 112,7401 15.0771 14.6411 187,2041 Totsl 239,129 6,944 48,422 19.295 17,639 331.429 Income paid out to restricted funds in the reporting period Transfer to expendable endowment Net movement in the reporting period.. 239.129 6,944 48,422 19.295 17,639 331,429 At 31 Marth 2025 Trust for Investment Gift component of the permanent endowrnent Inflationary uplift Unapplied total return 10,300,000 268,892 1.875.000 750,0 683,823 13.877.715 3.538.855 11,224,447) 102,695 15,2741 716,095 136,7791 282.476 114.6551 260,064 4,900,185 113,3981 11,294,5531 Total 12.614,408 366.313 2.554.316 1,017,821 930,489 17.483,347 22
THE V&A FOUNDATION NOTESTO THE HNANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 io. PERMANENT ENDOWMENT FUNDS- SUMMARY OF TOTAL RETURN MOVEMENTS Icontrnuedl Artjameel Fashion Iran Porter General Total At l Aprfl 2023 Trust for investment Gift component of the permanent endowment Inflationary uplift Unapplied total ieturn 10.3(X),000 268,892 1,875,000 750,(KIO 683.823 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 11.843,118} rotol 11,270,470 337,242 2.351.601 937,045 856,644 15.753,002 Movements in the reporting period Glft of endowment funds Investment return., realised and unrealised gains Less.. investment mana8ement costs 1.138.474 34,066 237.544 94.655 86,533 1.591.272 133.6651 11.0071 17,0241 12.7991 12,5591 147,054) Total 1.104.8Q9 33,059 230.520 91.856 83,974 1.544,218 Income paid out to restricted funds in the reporting period Transfer to expendable endowment 110.9331 110,933) 176,2271 130.3741 127,7681 1134.369) Net movement In the reportingperlod.. L104,809 22.126 154.293 61.482 56.206 1.398,916 At 31 March 2024 Trust for investment Gift component of the permanent endowment Inflationary uplift Unapplied total return 10,300.000 268,892 1.875,000 750.000 683,823 13.877,715 3,118,096 11,042,817) 90,477 630,894 248,527 229,026 4,317,020 11.042,8171 Total 12.375,279 359.369 2,505,894 998.527 912.849 17.151,918 23
THE V&A FOUNDATION NOTESTO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 IMRCH 2024 10. PERMANENT ENDOWMENT FUNDS- SUMMARY OF TOTAL RETURN MOVEMENTS Icontlnuedl The Charity Trustee5 have exercised their powers to adopt a total return approach under section 104A of the Charities Act 2011 as amended by the Trust (Capital and Income) Act 2013. The terms of the Jameel Endowment require an inflationary uplift based on CPI to be added tothe value of the Trust for investment and this is not available for distribution. The inflationary uplift for the yeaf was £420,75912024.. £428.7281. In aicordance with the term5 of thejameel Trust deed. any surplus total return over and abovethe inflationary uplift and the 3.25% of the opening capital value spending rule is transferred tothejameel refurbishmentfund which istreated as a restricted income fund and shown in Note 10 tothe financial statement Theterms of the other endowments do not require an inflationary uplift,. however.the tru5tee5 have adopted a policy of maintaining the real value of thetrustsfor investment and therefore a similar treatment ha5 been applied. ii. RELATED PARTY TRANSAcnoNS The Foundation h35 one Trustee in common with the Victoria and Albert Museum. While the museum provides accounting and administrative services, these are charged for on an arm's length basis 3nd the Foundation is run independently from, and 15 not controlled by. the museum. During the year grants of £977.IK>O were payable by the Foundation tothe Museum12024.. £574,000). At year end no grant remained to be paid over to the museum.12024.. £nill 12. POST BALANCE SHE EVENT There were no post balance sheet events. 24