The Fund is provided by Arts Council England and is managed by the V&A as part of its national work. The grants budget for 2017/18 is £750,000. Demand is always very strong and funds are allocated to enable as many acquisitions as possible to be made. Each year the Fund considers about 150 applications and enables acquisitions of around £3 million to go ahead. The Fund, run by the V&A since 1881, retains an interest in the organisations and objects it supports and collections they join, and ensures that the terms of the grant offer continue to be met.