THE SCHOOL OF HISTORICAL DRESS LIMITED REPORT AND FINANCIAL STATEMENT8 30th Soptsmber 2024 COMPANY REGISTrATION NUM BER: 7017312 ¢WTY REGISTRAMON NUhlME2 1142181 Goldwins Limited Chartered A¢¢ountants 75 Maygrove Road West Hampstead London NW6 2eG THE SCHQJLOF HISTORIC*L CIRESS YE￿ ENOED 30TH SEPTEMBER 2024 LEOIL INDADMINISTRATIVE INFORMATION DIRECTORS & TRUSTEES: $￿a￿￿FIher¢w T￿￿tIe and DwecS)r Pft)fessor JennlferJan8 Tlramanl Dtector HaFriet Barsby Trustee Var*esa Hop￿n$ Trual¢e and D¥e¢tor Profesw Marfa Hayward Trustee Nabli El Nayal Twotoe Koy NVAd1ke-Sp¢￿r Trustee Claire Irapnell TryJstÉe Appokntéd 22nd September2024 Appointed 22nd SeplembEr 2024 SE¢RETARY.. Hwlot Bar¥by REGISTERED OFFICÉ.. 52 Lamk4th Floats L¢ndon SE1 7PP Audltors I>)1dv￿m& Umrttd CI0rtered A¢countant• 75 Maygn¥t Road W*Ét trtampstead London NVV6 2EQ CHARITY REQISTRATION Nu￿￿R.. 1142188 COMPIIIY REGISTRATI¢XI NUMBER.. 7017312 Page 1 THE SCHOOL OF HISTORICAL DRESS LIMITED DIRECTORS, ANO TRUSTEES. REPORT The threctorsltrustees present their report and the financial statements for the year ended 30th September 2024. Dir•ctors' Responsibllitles Company Law whi¢h is also applicable to ¢harltable companies in England and Wales requires the directors, vtho are also trustees of the company, to prepare financial ststements lor each financial year wthich give a true and fair view of the stats of affairs olthe company and of the ie8uIts of the company for that year. In preparing those financial 8tatements, the directorsltrustees are re￿llre￿ to.. select suitable accounting policles and then apply tt)ern consistenlly,. obsetve the melhods and principles in the Charlties SORP make judgements and estimates that are reasonable and prndent stste thelher applicable UK accounting stsndards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial ststements on the going concern b8818 unles811 is inappropriate to presume ihat the company wll continue in business. The (*rectorsltrustees are re5pon8ible for keeping proper accounting records which disclose with reasonable accuracy at any time the ffinancial position of the company and lo enable them to ensure that the financlal slatsments comply with the Companies Art 2r￿. They are also responsible for safeguarding the assets of the Company and hen¢e for taking reasonable steps for the Pfevention and detèction of fraud and other irregularitses. Dlsctosure of inftsmialion to auditor So far a$ each thrector at the date of approval of this report vs aware". there Is no relevant audit information of which the Company's auditor is unaware., an the directors have taken all steps that ttriey ought to have taken to make thèmselves awore of any relevant information and to establish that the eaminer 16 aware 01th8t information. Prlncipal aclivity and charitable obfjectiv• The objects of the c..harity are to advance edu¢atlon for the publio benefft by establishing a non-profit making school to teach all the aspL'¢ts of the design and niaking of hi8tori¢al clothing frjr theatre. cinema and the living history movement wth parti¢ular focus on developing skills in historical tailoring. Oryanisation and constikntion The company was incorporated on 13th September 2009 and is govemed by it8 Memorandum and Artic4es ol Association. The company became a Registered Charity on 1st June 2011, charity numbor 1142188. The company 15 limited by guarantee and has no share ¢apital. The guararttees of inthvidu41 members are Ilmtted to £1. ompany Registrabon number 7017312. Publi¢ benefit In shaplng the Ch81ity, the trustees have considered the Chartty Commissions Guidance on publlo benefft. Page 2 THE SCHOOL OF HISTORICAL DRESS LIMITED DIRECTORS. AND TRUSTEES. REPORT Courses A programme of short courses open for booklng to the public were held in October arid November 2023, coverfng 18th century women's dress. ruffs and bur hundred years of stitching. In 2024 we offf'n:d a series of courses in the Spring and Summer on a variety of subjects ¢overing women's 18th and 19th centttry dres3, men's tsiloring and waistcoats. fibre weave, daming arid farthingales. These were folowed in July by 8 free wtek4ong oourse for 6 sludeftts to recon$trucl a potychrome caraco or jacket from QUT School collection. A series of t5hort ¢our6es were held for ¢osbJme design and ¢onstruction sbjdenls from the Mason Gross Sthool of Art at Rutgers lJiiiversty, were in London for a study abroad semester. These took place in September and Octobef 2023. Our school also Continued its partnership wth Genesis Theatre Design vthich was founded in 2023 for students from the Global Majority. Six Genesis sludents stuty¢ng stsge and costume design look short series of cla$8es on the hislory Csf dres$ at our school iii October 2023. Conferwce and Fg¥tival of Fashlon. The festiv81 subjects were related to pattems publisP*d in the pasl, those being worked on and alsrj those planned for the future. A tsvo day confa'ence was held and theii days of displays and demonstratlons took pla¢e at the school premèsis. Exhlbitions In December 2023 and January 2024 held the third exhibthon 'Our Collection by Colour.. No.3 BROWN, open to the general publi¢ during holiday times of the year when our 8hort...our¥es are not so popular. 'Brown' feabjred three hbjndred years of men's tailoring. The fuurth exhibttion in the s•ries'No.4 RED, was held in September and the first half of October ?024. 'RED' featured led texliles from the Reniiitssance most olwhich have had th¢ir dyestuff5 analyEed and Identified. Each exhibbtion ?ttTacted several hundred visitors from dNerse ba¢kgrounds inclufjing museum professionals, iJres8 history, c0s￿rne and fashion students, dress and fashion enthu$ia$ts, curious local residents and passers by. 'fhe open-door policy to Ihe exhibition has iricreased our profile in IJ1￿ neighbourhood and added another way of edijcating by shar#7g our collection and knovledg* about the history of dress Ylth a wider audience. Collaborations During the year. ¢oUaboratitsn8 were held wilh The Royal Colleclwn Trust relating to thew exhibltions at the QuÉ,.en' Gallery, Buckingl)8m Palace. The exhibitttins were 'Holbein at the Tudor Courf from Novembw 2023 to April 21)24 and 'Royal Portraits= A Century of Pholograph¥ from May 2024 t.o October 2024. For each exhibi￿On the Schocil held one-day creative cr)urse, a dressing event and contributed to seiieral other exhibitson-focussed events at the gallery. Publicatlon$ The third print run of the revlsed Pattems of Fashion 3.. The Content, GUL construction and contsxt of Eur¢)pean men'$ and women's dre33 ¢.1561>1620 and the second print of the rtlvised Patterns of Fashion 4.. The content, cut, construction and ￿￿ntext of linen shirts, $mocks, neckwear. hejdwear and accessories for men and women c.l 54 1660 affived al 1)Lli school in London ￿ November 2023. Initial wrk was begun on Pattems of Fashion 7.. The content, ojt, construclion and context of men8, tailored garmeiits c.1600- 1700. Finan¢¢ Increased $ales of our publications have lead to a ptssibve change in the school finances during the year. On 30 Janury 2024. the Tltle to Ihe freehold property at 85 St Dunstan's Road. London was transferred to the School of HistC*rical Dre&s from Ihe estate of the late Wendy Hefford. The property was sold on 19th December 2024. Page 3 THE SCHOOL. OF HISTORICAL DRESS LIMITED DIRECTORS. AND TRUSTEES, REPORT (contlnuedl Rlsk manogemwt The company undertakes periodic reviews lor dTFferenl areas of ri$k includiro insuranee cover,heallh and safety PoI￿leS in the workplace atvj whilst tea¢hiTYJ, ￿th young thildren,financial affairs.. per¥onnel wactices., ICT technology. Re8orves policy The Board of Trustees have established a policy whereby the unre,.tricted fund5 held by the Charity should cover a minimum of six months runniry cDsts1galaries and Over￿¢.￿￿$). Dlreclors and trusts9S The dIrector￿trust￿ set out below have hetd office during the vthole year unless otherwrse indicated on page 1 of these a¢(J)unts'. Susan Wilherow Professor Jennifer Jane Tiram*nl Vanessa Hopkins Professor Maria Haward Narrlet 8.31sby Dr Nabil El Nayal Koy Nwadike-spencei Claire Tra[￿11 Golng con¢grn The directors and trustees confirm that a gtirvJ concern ba8is is appropriate for the preparation of these accounts. They also confirm that in their oF¢'nIC￿ the company wll be #￿e to ￿ntinue trading for at least 12 months from the dale of IIN"s report The rnovement in ￿eNe8 is shown in Tr)te 7 to Ihe accounts. This rep)rt has been prepar￿ in accordance wih the provi$h)ns in Part 15 of the Companies Ac* 20C6 appllcatAe to companie$ 6ut4.ert to the 8mall comwanies fegime. This report was aFprovel by the board on 74fiJaLL 2olf aTrS signed on rts behalf by Professor Jennifer Tiramani Professor Jennifer Tirafftani DirectQT Page 4 THE SCHOOL OF HISTORICAL DRESS LIMITED Independent audilors, report To the member5 of The School of Hi5tori¢•l Dress Limited For the yèar ended 30 September 2024 Opinion We have audited the financial statements of The School of Hlstorlcal Dress Limlted (the 'CharitY) for the year ended 30 September 2024 thich comprise the Statement of Financial Acliviknes, the Balance Sheet, ststemenl of cash ffows and notes to the financial statements, including a Summary of significant a¢counling policies. The financial reporting framework that has been applied in their preparatlon 15 4)plicable law and United lfjngdom Accounting Standards, including Financial Reporting Stat)dawd 102.. The Financial Reportrng Stsndard applicable in the UK and Republic of Ireland {United lQngdom Generally A￿epted A¢¢ounting Praclicel. In our opinion, the finan￿81 statsmenls.. ve a true and fair view ofthe state of the char￿,$ affairs as at 30 September 2024 and of its income and expenrthture for the year tt)en ended: have been properfy prepared in accovdance wfh United thydom Generalty Accepted A¢countlng Practice., have been prepared in a¢cordance with the requirements ofthe Companies A¢t 2008. 138si$ for opinion We conducted oui audr( in ac¢ordance Intemational Standards on Auditing {UK) {ISAs {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibil￿eS for the audit of the financial ststements section of our report. We are indppendent of the Charlty in ac¢ordance with the ethical requiremerts Ihat are relevanl to our audit of the financial statements in the UK, inclu(ling the FRC'S Ethical Standard and we have fulffilled our olher ethical responsibilities in accordance ￿•th these requirements, We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. l•onclusions relating lo going concem In auditing the financial statements, we have concluded that the trustsos, use of the going con¢ern bas18 of a¢counting In the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any rriaterial uncertainties relating to events or con¢fytions that, individualty or oolleelivety, may cast significant doubt on the ch&Tity's ability to continue as a golng concern for a peiiod of al least months from bthen the finai)¢ial ststements are authorised for Issue. Our responsibilibes and the responsibilities of the directors respect to going concem are des¢ribed in the relevant sections of this report. i)ther infornialion The trustee$ are responsible for the other informatlon. The other information comprises Ihe information induded in the annual report other than the financial statem(&nts and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, ex¢ept to the extent Othe￿ISe explicitly staled in oui report. we do not express any form of as8ufance conc￿S1on thereon. In Connectlon with our audrt of the financial ststements, our responsibilty is to read the other informalion and, in doing 80, considei ￿ether the other information is malerialty in¢on$i$tent with the financial slalements or our knovledge obtalned in the audit or otheM¥e appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine %thether there 18 a material misslalement in the financial statements or material misstatement ofthe other information. If, based on the work we have performed, condude that there is 8 material misstatemerlt ofthi5 Other informatiDn, we are required to report that fact. We have nothing to report in this regard. Page 5 THE SCHOOL OF HISTORICAL DRESS Independent auditors, rEPOrt To the membors of Tlie School of Hislori¢81 Dress Limited lryor the year ended 30 Seplember 2024 l)pin5ons on other rn4.tsvs presLYibed by Companies Act 2006 In our opinlon, basèd on the work undertaken in the course of the audlt.. the inforination given in the trustiles, report (incorporalnll the directors, report) for the financial year for thich the financial statements ale prepared Trs consistent th ￿le financial statements., and the trustees, report (incorporating the director8, report) haye been prepared in arcordance ￿￿h appli¢able legal requirements. Matlgrs on which wè Forthe Year Ended 30th Septembfrr 2024 Total Funds 2024 General Totsl Funds 2023 Ncit•s General Income Lega￿e$ and donations Investment income 1.110,330 1,110,330 1,832 1032 42,337 1,180 42,337 1,180 Charitsble aCtiV￿e$ 325,918 326,918 284.530 284,530 Totsl in¢om• 1,438,080 38,080 328.047 J28 047 EXPendi￿re Charitable Activity Costs 291,314 291,314 262,329 262,329 Total oxpgnditure 291,314 291A14 262 329 262 329 Net income 1,146,766 1.146.766 65,718 66,718 Funds brought fO￿ard 986,703 986.703 920,985 020,985 Funds ¢arTied forward 2,133,469 2 133,469 986,703 986 703 The Statement of Financial Activttles refiects the re8uMs of continu￿g actsvltses for the year. There were no T¢cognised gains or losses other than the net outyoing re$our¢es for the year. The net outgokng resources for the year have been Calculatpd on the historical ¢ost basis. The notes on pages 1110 14 part ofthe$e accounts. Page 8 THE SCHOOL OF HISTORICAL DRESS LIMITED BalanGg Sheet at 30th Seplember 2024 Notss 2024 2023 Tangible Fixed Assets 1,891,926 770,379 Currnnt Assets Stock of Fashion Books Cash at bank and in hand 64,846 192,774 78.512 171,682 257,620 250.194 Cweditor5 . Amoun15 falling due within OL1 16,077 33,870 Net Currént As5etS Totsl Assets less C'urrent Liabilities 241,543 2.133,469 216,324 986,703 Funds Unrestricted Funds 2,133.469 986,703 2,133.469 986,703 Approved by the diroctors on and signed on their behalf by Professor Jennrfer Tiramani Professor Jennifer Tiiamani D￿e¢l0[ Page 9 THE SCHOOL OF HISTORICAL DRESS UMITED Cash Flow Statement for thè year endp￿ 30th Septsmber 2024 2024 2023 Nèt in¢ome for the reporting period 1.146.786 e5.718 Purchase offixed ass$ts (1,122.7561 (26,0741 D*pre¢iation 1,209 1,209 Interest received 11,8321 11.1801 Ilncrea$eO/d¢¢r¢ase in Merchandise 13,866 140,6791 In¢reasellDecr•a5el in credrtors 117,7931 115,3011 Nèt Cosh flow from op&ratsng actiV6tie5 19.260 Cash flows from investing actiMtie$ Interest 1,832 1,180 Net ¢ash provided by trnvestn￿nt actwities 1.180 Change in cash at bank in thè f*POrtlng p*rlod 21,092 115,1271 Cash al bank al the beginning of the reporting penod 171,682 186,809 Cash at bank at the ènd ol the reporting period 192,774 171,682 Page 10 THE SCHOOL OF HISTORICAL DRESS LIMITED Note$ to the Financial Statements Forlhe Year Ended 30th September 2024 1 AGcounllng Poli￿$ lal The ffinancial ststements have been prepared in a¢cordan¢e with AccI￿nting and Reporting by Charibes= Statement of Recommended Practi¢e applicable to ¢h&iits'es preparing their accounts Ml accordance ¥￿th the Financial Reporting Standard applicable irl the UK and Republic of Ireland IFRS 102) (effective 1 January 2019)- (Charities SORP {FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ifeland {FRS 102) and the Companies A¢t 2006. As a small company,The School of Historical Dress Limited has not presentsd a ¢ashflow in these accounts on the basis of the small company exemption under FSR102, section 7. The School of Historical Dress Limsted meets the defin￿on of a public benefft entity under FRS 102. Assets and liabilities are inthally recognised at historical cost o¥ transaction value unless otheThvise stated in the relevant accounting policy notels}. Ib) Incomo Income 1$ recognised When the ¢harity has entilement to the fvnds, any performance conditlons attached to the items of In¢ome have been met, it 18 probable that the income be receNed and the amount can be measuied reliably. In¢ome trom grants, whether capital Of revenue grants, is recognised ￿en the charty has entiuement lo the funds, any performance conditions attached to the grants has been met. it is probable that the in¢ome v￿1 b& received and the amount ¢an be mea$ured reliably and is not defetred. Icl Expend•￿1? l expenditure is accounted for on an a¢¢rua18 basis. Expenditure B recognised once there 15 a legal or ¢onstnJctfve obligation to make a payment lo a third party. 11 is probable that settlement b%ill be requlred and the amount of the obligation can be measured reliably. Costs are allocated lo a calegory either because such costs are direclly inCu￿ed in rela￿Oll to such category, or because Ihey are suppc¢rt ¢osts in respect of￿1¢h an apporlionment has been made belween the oalegories. Support costs consist of infrastructtjre costs for salaries. premises, office administration. Such costs are apportioned on a rea$onable and consistent basis to the various ￿tegorieS with a view to determining, as accurately as possible, the total resources expended lor each category. The ba$is of apporbonment used is ether a function of staff time applied lo a given activity. or an estimate of the proportion of costs associated Y￿th the Same. or a combination ofboth. Direct and Support costs are separately shown by nathral classification in Note 5 to these accounts for each category of cost. Id) Taxation The ¢ompany as a registered ¢harty { number 1142188) 18 exempt from tsxation on most investrnent income Insofar a8 it is applied for charttsble purposes. The company is abo ¢xempt from tsxation on capital gains. lel Deblors Trade and other debtors are recognlsed at the setuement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. (Q ¢redilors provlsi¢n$ Credltors and provisions are re￿gnised Ythere the charity has a present obligalion reSU￿ng from a pa51 evont that wll probably result in tho transfer of funds to a third party and the amount the to setue the obligation Can be measured or estimated reliably. Creditors and provisions are normally re¢ognised at their settlement amount after allowng for any trade discounts due. Ig) Fixed assets No depreciation 15 charged on the collection or freehold propeity as these are appreciating assets and the Charlty mainlains the8e on a regular basi5. Depreciation is ¢harg8d on equipment at the rale of 25% on ¢ost. Pago11 THE SCHOOL OF HISTORICAL DRESS LIMITED Notes to the Flnancial Statements For the Year Ended 30th September 2024 2 Legacks and donations UnrestriGtsd Funds Unrestrtcted 2023 2024 Donation of Property Donations including Gift Aid 1.096,695 13,635 1,096,695 13,635 42,337 1.110.330 1.110A30 42.337 3 Charitable Activity UnrestTiCted Funds 2024 290.601 3SA17 2023 Book sales Fe•$, ovenls, commi$sioTrs, teathing and hlres Sundry income ond recharye$ 290,501 35,417 269,300 25,080 180 325,918 325.918 4 Charltable Actlvity costs Supporl and Governance Charitable Costs Actlvity Costs Total 2024 Unrestricted Unrestrithd Support and Char4tsblo Governance tivity Costs Costs UTrreslrkted Unrestricted Totsl 2023 Event. proje￿ and It￿re costs Collaboration costs Building n7aintenance Administration fee and expenses Course materials and equipment 8ooks for resale Event and exhibibon costs Equipment expended Display and archNe costs Miscellaneous expenses Storage Insurance Utiliies and rates Volunteer expense5 Travel, motor and ￿Jb$18tenee Postage, courlei and packaging Audit fee Accountancy Legal, consultancy and professional fees Fundraising costs ststutory Costs Account charges Oepreciation Web6Jte and intemet ￿$ts 13,417 13,417 2,152 11,972 16,847 10,308 61,376 15,975 2,323 13.683 134 6,840 7,919 8.169 7,050 1,076 79,668 2,152 833 833 10,270 6,553 12.544 71,110 30,06S 11.972 16,847 10.270 6,553 10,308 61,376 15,975 2,323 13,683 12,544 71,110 30,065 2,887 8,329 8,329 509 6,739 6,222 6,581 6,221 134 509 6,840 6,739 7.919 8.189 6,222 S.581 7,050 6,221 1,076 2.540 79,668 76,OS4 76,064 4.500 1,100 1,100 1,970 1.970 2,658 9,814 125 70,508 1,209 2.491 2.6S8 9,814 126 10,508 1,209 2,491 571 571 113 10,208 1,209 1,801 113 10,208 1,209 1,801 Totsl 91.939 199 75 291.314 47.S47 214 782 262.329 Thè charity does not employ any staff. No remunera￿On 18 paid to any of the directors and Iru8tee$. Page 12 THE SCHOOL OF HISTORICAL DRESS UMITED Note$ to the Financial Statements For the Year Ended 30th Seplember 2024 6 Tangible Fixed Assets Costum•s, Exhiblts, Collection, Reference Freehold 8ook$ and Property Patterns Equipment Total Cost 1st October 2023 554,314 214,856 4.837 774,007 Addition$ 1,104,855 17.901 1.122,756 Cost 30th September 2024 1,659.169 232,757 4,837 1.896 763 Depre¢iation 1st October 2023 3,628 3,628 Charge for the year 1,209 1,209 Depreclation 301h September 2024 4,837 Net Book Value as at 30th September 2024 1 659,169 232 757 1.891,926 Net Book Val￿e as at 30th September 2023 554,314 214,856 770.379 6 Creditors - Amounts fallthg due within ona year 2024 2023 Loans Accruals Other Texes 12,669 5,600 (2,1921 32,669 1,900 16991 16,077 33,870 7 Movernnt in Funds Balance at 30th S•ptemb•r 2024 8alan¢e al 1 Oetob8r 2023 Income Exp&nditurn Transfgrs Unrestricted Fund¥ General 986,703 1,438,080 {291,314) 2,133869 1,438,080 291.314 2 133 469 Tho above fvnds ¢ompri$o: General Fund: are Mone￿ ¢an be used by the Tru$t¢e$ at their (thscretiOD for any purpose and whlch have nol been designated by them previousty Page 13 THE SCHOOL OF HISTORICAL DRESS LIMITED Notes to th* Flnancial Statements For the Year Endad 30th September 2024 8 Analysis of Net A$$ds between Funds Tangible Fixed Assets Net Current Total Assets Tots12024 2023 Unrestiicted Fund¥'. 1,891,926 1,891926 241,543 2,133,469 986,703 241543 2 133 469 986 703 9 Trn$tsos During the year, none of Ihe tru$tee$ received any remuneration from the trust and no expenses V•Ere relmbu￿ed or pakl to any of them. 10 Relatsd Party Transactions During the year th¥ c*arity paid Tiramani Limited £7,300 (2023 £11,000} in respect of pattem taking, dressing, materials arbd work on Pattem8 of Fashion. Tiramani Limited is ovmed by Professor Tiramanl a (liector of this charity. The work was at ￿ below the Commercial value and approyed by the ch8rWs trustses and directors. Page 14