Appendices

Financial Review    

After a very busy year of public programmes and new gallery openings, the financial results for the year show a small surplus of £64,000.

Ambitious visitor targets were set at the beginning of the year and have been exceeded at both Museum sites. The Museum of Childhood had its most successful year ever with nearly 400,000 visitors. At South Kensington the anticipated draw of the new Medieval & Renaissance Galleries was augmented by the success of the Maharaja: the Splendour of India's Royal Courts and Decode: Digital Design Sensations exhibitions.

The success of the exhibition programme is reflected in the outturn for admissions income and in particular in the profit generated from retail trading for the year. Income from courses and workshops has been buoyant reflecting the ongoing success of the Sackler Centre.

Despite a challenging fundraising environment, the Museum completed its FuturePlan Phase I fundraising ahead of schedule . As anticipated, the 2009/10 figures reflect the cycle of capital project completions. Support from the corporate sector remained strong, helped by major partnerships with Ernst & Young for Maharaja: the Splendour of India's Royal Courts and SAP for Decode:

Digital Design Sensations. Donations from the Friends of the V&A and the Director's Circle exceeded targets and the reinvigorated legacy programme resulted in some welcome gifts during the year.

Tight cost control across the Museum contained running costs at much the same level as last year. In particular controls over recruitment and an overall review of staffing levels have enabled the Museum to open a number of major new galleries without a marked increase in costs.

£15.82m was spent on FuturePlan projects and other fixed assets. As well as the completion of the Medieval & Renaissance Galleries, Ceramics Galleries, The Robert H. N. Ho Family Foundation Gallery and The Rosalinde and Arthur Gilbert Galleries, a project has also commenced to clean the Museum façades on Exhibition Road. The refurbishment of galleries is mainly funded by private donors. The Heritage Lottery Fund has contributed £9.75m in total to the Medieval & Renaissance Galleries.

Spend on objects for the Collection amounted to £2.95m with a significant portion being funded from private donations. In addition objects with a value of £3.2m were donated to the Museum in the year.

  2009/10 £m 2008/9 £m

Income

Grant in aid
Exhibition admissions, touring and loan fees
Fundraising
Lottery income
Trading income
Other income

44.76
3.12
10.92
3.31
10.54
2.33

44.86
2.74
14.68
4.30
8.89
2.34
  74.98 77.81

Expenditure

Collections and Visitors
Exhibitions and Contemporary
Education Learning and Interpretation
Trading Costs
Acquisitions
FuturePlan and other fixed assets
Use of restricted reserves

33.71
9.31
6.69
8.85
2.95
15.82
(2.41)

34.55
8.14
7.56
8.18
1.26
27.22
(9.17)
  74.92 77.74

Surplus

0.06 0.07
Visit Figures 2005/06 2006/07 2006/07 2006/07 2006/07
Total number of actual visits 2,195,500 2,874,700 2,623,000 2,490,700 2,746,000
V&A South Kensington
Museum of Childhood*
Theatre Museum**
Blythe House
1,902,600
123,400
166,700
2,800
2,573,100
154,200
144,500
2,900
2,280,800
332,800
6,800
2,600
2,128,400
359,400
-
2,900
2,351,300
391,800
-
2,900
Number of visits to V&A touring exhibitions 917,500 (20 venues) 536,100 (23 venues) 1,137,800 (37 venues) 2,730,700 (46 venues) 1,356,100 (43 venues)
Number of website visits 11,580,600 19,397,700 24,277,300 20,250,100 20,582,800
Number of visits by children to Museum sites 250,900 299,800 371,900 380,900 402,000
Number of visits by school pupils to museum sites 68,800 70,600 106,000 112,000 101,300

Percentage of UK black and ethnic minority visitors attending Museum sites

* The Museum of childhood closed from 31 October 2005
and reopened on 9 December 2006 as part of its Phase 2
re-development programme.

** The Theatre Museum's Covent Garden site closed to the
general public on 6 January 2007, though education programmes
and guided tours continued until August 2007.

13% 12% 14% 15% 16%
Visitors Graph
Board of Trustees  

Board of Trustees
of the V&A 2009/10

  • Paul Ruddock
  • David Adjaye OBE
  • Edwin Davies OBE
  • Tom Dixon OBE
  • Professor Sir Christopher Frayling (until 31 August 2009)
  • Betty Jackson CBE
  • Professor Lisa Jardine CBE
  • Steve McGuckin
  • Erin O'Connor
  • Michelle Ogundehin
  • The Rt Hon Sir Timothy Sainsbury
  • Dame Marjorie Scardino DBE
  • Samir Shah OBE
  • Bob Stefanowski
  • Dr Paul Thompson (from 1 September 2009)

Director

Sir Mark Jones

V&A

Cromwell Road
South Kensington
London SW7 2RL
+44 (0)20 7942 2000

V&A Museum of Childhood

Cambridge Heath Road
Bethnal Green
London E2 9PA
+44 (0)20 8983 5200