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 stat￿Ory 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 EXpEND￿uRE
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 In￿StIng 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 r￿ogniSed 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 r￿08n1$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
N￿AsSET5 BETWEEN FUNDS
Llnfestricted
2025
Rèsttlrted
2025
Endowmtnt
2025
Total
2025
Fund balan<e5 at 31 Mar<h are represented by:
Non-current a5set5
Current a55ets
7.946.195
355,220
112.3781
23,510,935
938.181
22,962.818
54.419.948
1.293.401
112,3781
Net assets
8.289.037
24.449.116
22.962.818
55,700.971
Unre5trl¢tsd
2024
Restricted
2024
Endowment
2024
Total
2024
Fund balances 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.>68
23,080,078
55.454971
19

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 h￿R(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