Trustees 2011_Layout 1 - Victoria and Albert Museum

p28We have audited the financial statementsof The Friends of the V&A for the yearended 31 March 2011 which comprise theStatement of Financial Activities, theBalance Sheet and the related notes. Thefinancial reporting framework that hasbeen applied in their preparation isapplicable law and United KingdomAccounting Standards (United KingdomGenerally Accepted Accounting Practice).This report is made solely to the charitable company's members, as abody, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.Our audit work has been undertaken so that we might state to thecharitable company's members those matters we are required to state tothem in an auditors' report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyoneother than the charitable company and its members, as a body, for ouraudit work, for this report, or for the opinion we have formed.Respective responsibilities of Trustees and auditorsAs explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also thedirectors of the charitable company for the purposes of company law) are responsible for thepreparation of the financial statements and for being satisfied that they give a true and fair view.Our responsibility is to audit and express an opinion on the financial statements in accordance withapplicable law and International Standards on Auditing (UK and Ireland). Those standards requireus to comply with the Auditing Practices Board’s Ethical Standards for Auditors.Scope of the audit of the financial statementsAn audit involves obtaining evidence about the amounts and disclosures in the financialstatements sufficient to give reasonable assurance that the financial statements are free frommaterial misstatement, whether caused by fraud or error. This includes an assessment of: whetherthe accounting policies are appropriate to the charitable company’s circumstances and have beenconsistently applied and adequately disclosed; the reasonableness of significant accountingestimates made by the trustees; and the overall presentation of the financial statements. Inaddition, we read all the financial and non-financial information in the Trustees’ Report to identifymaterial inconsistencies with the audited financial statements. If we become aware of anyapparent material misstatements or inconsistencies we consider the implications for our report.the FRIENDS OF THE V&A REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2011