REGISTERED CHARITY NUMBER:
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 October 2021
for Graduate Fashion Foundation
Botting & Co (Auditors) Ltd 41b Beach Road Littlehampton West Sussex BN17 5JA
Graduate Fashion Foundation
Contents of the Financial Statements for the Year Ended 31 October 2021
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|---|---|---|---|---|---|---|
|Page|
|Report of the Trustees|1|to|4|
|Independent Examiner's Report|5|
|Statement|of Financial|Activities|6|
|Balance|Sheet|7|
|Cash Flow Statement|8|
|Notes|to|the|Cash Flow|Statement|9|
|Notes|to|the Financial|Statements|10|to|16|
|Detailed|Statement|of Financial Activities|17|to|18|
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Graduate Fashion Foundation
Report of the Trustees for the Year Ended 31 October 2021
The trustees present their report with the financial statements of the charity for the year ended 31 October 2021. The trustees have adopted the provisions of Accounting and Reporting 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives and activities are through the establishment in life of newly graduated and current undergraduate fashion and fashion related students, by the organising and the running of events, to provide employment opportunities and experience, related to working in the fashion and fashion related industries, inclusive of the annual Graduate Fashion Week event.
The advancement of education for the public benefit of persons who are , or will be employed in the fashion/fashion related industries, in particular but not limited to the subjects of fashion design,textiles, accessories, marketing, business, media and communications.
In 2020 the Board of Trustees revised the charity's Mission Statement:
WHAT WE DO: The Graduate Fashion Foundation is a charity that bridges the gap between education and employment.
WHY WE DO IT: Our mission is to bring together fashion educators and industry leaders to enable graduates to achieve their full potential on graduation.
HOW WE DO IT: We share good practice and knowledge with opportunities for connectivity and benchmarking within the art and design community. We organise events e.g. Graduate Fashion Week, industry-led projects and mentorship, to ensure that on graduation, graduates worldwide are supported in gaining meaningful employment and enable them to contribute responsibly to the future of the global fashion industry. GFF each year launch awards to inspire students to become innovators, environmental leaders, employees, and educators, alongside the promotion of cultural diversity and inclusivity within an international platform.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
In this fourth year of the charity's activities, the main activity was the ongoing annual event at Graduate Fashion week, staged in June 2021.
This year due to government imposed social distancing a static exhibition was presented with an emphasis placed on digital promotion alongside a series of digital masterclasses and a scheduled live streamed fashion show.
The event this year, set against the global challenge of the Covid-19 pandemic, attracted top industry professionals, press and recruiters from within the UK and abroad who use this opportunity to discover talent, as well as offer graduate employment and placement opportunities. The event consisted of a Showroom, LFW film, Live Talks, Industry Portfolio Day, Fashion Exhibition, Live Streamed Catwalk Show and a Live Streamed Award Show.
At Graduate Fashion Week 2021, there were 30 award winners, across 24 awards, all received cash prizes and trophies from major brands in recognition of the quality of their proven talent.
The charity also offers ongoing educational opportunities for graduates through the staging of its' nationwide masterclass programme and competitions including the GFF partnership with the social media giant Tik Tok. The partnership provided the Class of 2021 with the opportunity to design the official Tik Tok merchandise. Graduates attended a two week residency at a commercial factory in London to produce their designs. The selected winners from the partnership went on to have their designs professionally manufactured.
The charity was able to attain the above achievements and met its performance targets having been able to attract sponsorship income and donations from retailers, major fashion and social media brands.
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Graduate Fashion Foundation
Report of the Trustees for the Year Ended 31 October 2021
FINANCIAL REVIEW
Financial position The charity raised £501,514 (2020:£411,346) from all sources of income in the period, including £278,220 (2020: £188,595) directly from the operation of the 2021 event.
The charity generated a surplus during the period of £32,024 (2020:£50, 136).
The charities principal funding sources are sponsorship and donation receipts from retailers and other parties connected to the fashion and digital technology industries. This support from the UK fashion sector allows the charity to stage the annual graduate fashion week event, which provides the sponsors with access to new talent and generally promotes the UK fashion industry.
The Trustees actively review the major risks, which the charity faces on a regular basis and believe that maintaining the free reserves will provide sufficient resources in the event of adverse circumstances. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks, e.g. tight budgetary control over all expenditure,
Reserves policy It is the policy of the charity to maintain sufficient unrestricted funds, which are free reserves of the charity, at a level to provide sufficient funds to cover donations, management and administration costs for the foreseeable future. At the balance sheet date the charity held unrestricted reserves of £194,677 (2020:£1 62,653).
FUTURE PLANS
The trustees are working closely with strategic partners to ensure the level of sponsorship income is sutficient to support the activities of the charity and in particular the 2022 show and that adequate working capital levels are maintained.
The principal sponsors in 2021 were major fashion and retail brands. The trustees are taking all necessary steps to retain existing sponsors for the 2022 event and to continue to broaden the sponsorship base with a view to increasing charity reserves. During this financial year, the Trustees continued to employ a new but earlier tested inhouse management team, with lower overhead costs to the charity and we intend to continue with them.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document The charity is controlled by its governing constitution and constitutes a Charitable Incorporated Orgainsation (CTO).
The Graduate Fashion Foundation is governed by its constitution adopted 25th April 2017. Iisa registered charity with the Charity Commission (No.1173132).
Membership of the CIO is open to anyone who is interested in furthering its purposes and who by applying for membership, has indicated his, her or its agreement to become a member and acceptance of the duty of members set out in the constitution. Members are foreseen in the main to be either universities and colleges (represented by course directors or tutors), industry members and education members. If the charity is wound up, the members have no liability to contribute to its assets and no personal responsibility for settling its debt or liabilities.
Recruitment and appointment of new trustees Elected Trustees are voted in by the members annually. Appointed Trustees are appointed by the Elected Trustees for a three year term.
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Graduate Fashion Foundation
Report of the Trustees for the Year Ended 31 October 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure Any decision may be taken either at a meeting of the charity trustees or by resolution in writing or electronic form agreed by all of the charity trustecs.
‘An elected trustee who has served for five or more years and stands down may not apply for re-election for a period of two years.
The charity trustees may delegate any of their powers or functions to an executive committee or committees.
Induction and training of new trustees The trustees are aware of their responsibilities and their roles with the organisation and the greater fashion community. Various topics of relevance and ongoing governance are discussed as required to ensure the appropriate level of understanding and knowledge. Trustees are encouraged to attend external training as appropriate for their and the organisation's needs.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
Principal address 3rd Floor 89-90 Paul Street London EC2A 4NE
Trustees Ms H Alexander D MacLennan Ms W Dagworthy Prew MsG Staples (resigned 1.7.21) A Yakimov-Roberts C A Higgins (resigned 1.9.21) L Maurice Ms B Odogwn-Atkinson (appointed 18.11.20) Ms E Calder A Brotheridge JM Mullen MsT Littlehales N Jones Ms D Swain (appointed 18.11.20) Mrs K Dracou G Douglas (appointed 18.11.20) Ms B Newman (appointed 18.11.20) J Earnshaw (appointed 26.11.21) I McInnes (appointed 26.11.21)
Independent Examiner Botting & Co (Auditors) Ltd 41b Beach Road Littlehampton West Sussex BN17 5JA
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Graduate Fashion Foundation
Report of the Trustees for the Year Ended 31 October 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Solicitors Rebecca Pitt The Legal Director 107 Cheapside London EC2V 6DN
Bankers Barclays Bank UK PLC 1 Churchill Place London E14 5SHP Approved by order of the board oftrustees on Is)o»\2022.. and signed on its behalf by:
Page 4
Independent Examiner's Report to the Trustees of Graduate Fashion Foundation
Independent examiner's report to the trustees of Graduate Fashion Foundation I report to the charity trustees on my examination of the accounts of Graduate Fashion Foundation (the Trust) for the year ended 31 October 2021.
Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination T have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because J am a registered member of Association of Chartered Certified Accountants which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section !30 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Simon Wilkinson Association of Chartered Certified Accountants Botting & Co (Auditors) Ltd 41b Beach Road Littlehampton West Sussex BN17 5JA Date:[[2220] 2072[|]
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Graduate Fashion Foundation
Statement of Financial Activities for the Year Ended 31 October 2021
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|---|---|---|---|---|
|Period|
|1.8.19|
|Year Ended|to|
|31.10.21|31.10.20|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|INCOME|AND ENDOWMENTS|FROM|
|Donations and|legacies|2|222,969|222,580|
|Charitable|activities|4|
|Operation|of fashion|event|278,220|188,595|
|Investment|income|3|325|17]|
|Total|501,514|411,346|
|EXPENDITURE ON|
|Raising|funds|5|52,262|61,791|
|Charitable|activities|6|
|Operation of fashion event|417,228|299,419|
|Total|469,490|361,210|
|NET INCOME|32,024|50,136|
|RECONCILIATION|OF FUNDS|
|Total|funds brought forward|,|162,653|112,517|
|TOTAL FUNDS|CARRIED FORWARD|194,677|162,653|
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The notes form part of these financial statements
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Graduate Fashion Foundation
Balance Sheet 31 October 2021
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|---|---|---|---|---|---|
|31.10.21|31.10.20|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|FIXED ASSETS|
|Intangible|assets|14|31,680|-|
|CURRENT ASSETS|
|Debtors|15|78,628|12,263|
|Cash|at bank|189,596|324,600|
|268,224|336,863|
|CREDITORS|
|Amounts|falling|due within one year|16|(105,227)|(174,210)|
|NET CURRENT ASSETS|162,997|162,653|
|TOTAL ASSETS LESS CURRENT|
|LIABILITIES|194,677|162,653|
|NET ASSETS|194,677|162,653|
|FUNDS|17|
|Unrestricted|funds|194,677|162,653|
|TOTAL FUNDS|194,677|162,653|
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The financial statements were approved by the Board of Trustees and authorised for issue on :a DMacLennan - Trustee
The notes form part of these financial statements
Page 7
Graduate Fashion Foundation
Cash Flow Statement for the Year Ended 31 October 2021
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|---|---|---|---|---|---|---|---|
|Period|
|1.8.19|
|Year Ended|to|
|31.10.21|31.10.20|
|Notes|£|£|
|Cash|flows|from|operating|activities|
|Cash|generated from|operations|I|(95,729)|206,124|
|Net cash (used in)/provided|by operating|activities|(95,729)|206,124|
|Cash|flows|from|investing|activities|
|Purchase of intangible|fixed|assets|(39,600|)|-|
|Interest received|325|171|
|Net cash (used in)/provided by investing|activities|(39,275)|171|
|Change|in|cash|and|cash|equivalents in|
|the reporting period|(135,004)|206,295|
|Cash|and|cash|equivalents|at|the|
|beginning|of the reporting period|324,600|118,305|
|Cash|and|cash|equivalents|at|the|end|of|
|the reporting period|189,596|324,600|
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The notes form part of these financial statements
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Graduate Fashion Foundation
Notes to the Cash Flow Statement for the Year Ended 31 October 2021
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Period | ||||
|---|---|---|---|---|
| 1.8.19 | ||||
| Year Ended | to | |||
| 31.10.21 | 31.10.20 | |||
| £ | £ | |||
| Netincomeforthereporting period (aspertheStatement ofFinancial Activities) |
32,024 | 50,136 | ||
| Adjustments for: Depreciationcharges Interestreceived |
7,920 (325) |
- (171) |
||
| (Increase)/decrease indebtors (Decrease)/increase increditors |
(66,365 ) (68,983) |
26,865 129,294 |
||
| Netcash (usedin)/providedby operations | (95,729) | 206,124 | ||
| 2. | ANALYSISOFCHANGESINNETFUNDS | |||
| At 1.11.20 | Cash flow | At 31.10.21 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash atbankand inhand | 324,600 | (135,004 } | 189,596 | |
| 324,600 | (135,004 } | 189,596 | ||
| Total | 324,600 | (135,004) | 189,596 |
The notes form part of these financial statements
Page 9
Graduate Fashion Foundation
Notes to the Financial Statements for the Year Ended 31 October 2021
I. ACCOUNTING POLICIES
Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting 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 (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Tncome All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Allocation and apportionment of costs Expenditure that can not be allocated directly to a specific activity are allocated to activity cost categories on a basis consistent with the use of the resources. For example, support costs, which include central functions, have been allocated on basis of floor area for property costs, or per capita for staff costs by the time spent and other costs by their usage.
Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specitied by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Going concern There are no material uncertainties about the charity's ability to continue as a going concern. The accounts have been prepared on a going concern basis as the charity is confident that it will retain the support of its sponsors and donors to allow it to continue funding its ongoing activities.
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Graduate Fashion Foundation
Notes to the Financial Statements - continued for the Year Ended 31 October 2021
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|---|---|---|---|---|---|---|
|,|
|2.|DONATIONS AND LEGACIES|
|Period|
|1.8.19|
|Year|Ended|to|
|31.10.21|31.10.20|
|£|£|
|Sponsorship & membership|fees|222,969|222,580|
|3.|INVESTMENT INCOME|Period|
|1.8.19|
|Year|Ended|to|
|31.10.21|31.10.20|
|£|£|
|Interest received|325|171|
|4,|INCOME FROM CHARITABLE ACTIVITIES|Period|
|1.8.19|
|Year Ended|to|
|31.10.21|31.10.20|
|Activity|£|£|
|Stand space|Operation|of|fashion|event|128,020|73,970|
|Catwalk fees|Operation|of fashion|event|150,200|114,625|
|278,220|188,595|
|5.|RAISING FUNDS|
|Raising donations and legacies|Period|
|1.8.19|
|Year Ended|to|
|31.10.21|31.10.20|
|£|£|
|Fundraising costs|52,262|61,791|
|6.|CHARITABLE ACTIVITIES COSTS|Direct|Support|
|Costs|(see|costs|(see|
|note|7)|note|8)|Totals|
|£|£|£|
|Operation of|fashion event|262,785|154,443|417,228|
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Graduate Fashion Foundation
Notes to the Financial Statements - continued for the Year Ended 31 October 2021
7. DIRECT COSTS OF CHARITABLE ACTIVITIES
Period
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||||||||
|---|---|---|---|---|---|---|
|1.8.19|
|Year Ended|to|
|31.10.21|31.10.20|
|£|£|
|Premises hire|17,647|7,970|
|Security costs|6,114|-|
|Insurance|1,902|6,292|
|Light and heat|1,800|1,163|
|Theatre|costs|93,867|15,813|
|Licences & subscriptions|415|-|
|Event office expenses|19,863|5,481|
|Exhibition|badges & passes|1,738|3,694|
|Cleaning|-|283|
|Advertising & promotion|94,295|47,757|
|Feature|areas &|catering|4,647|2,320|
|Award prizes|8,834|7,139|
|Activities|399|1,916|
|Staffing|at events|11,264|5,137|
|Promotional|events|-|19,888|
|262,785|124,853|
|8.|SUPPORT|COSTS|
|Governance|
|Management|Finance|Other|costs|Totals|
|£|£|£|£|£|
|Operation of|fashion event|137,228|460|7,920|8,835|154,443|
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Support costs, included in the above, are as follows:
Management
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|||||
|---|---|---|---|
|Management|Period|
|1.8.19|
|Year Ended|to|
|31.10.21|31.10.20|
|Operation|
|of|
|fashion|Total|
|event|activities|
|£|£|
|Office|expenses|98,745|125,633|
|Cost of trustees meetings|2,525|2,033|
|Travel &|subsistence|6,461|5,472|
|Postage and stationery|2,196|2,692|
|Bookeeping|27,000|30,000|
|Bank charges|301|329|
|137,228|166,159|
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Graduate Fashion Foundation
Notes to the Financial Statements - continued for the Year Ended 31 October 2021
| 8. | SUPPORT COSTS- continued | |||
|---|---|---|---|---|
| Finance | Period | |||
| 1.8.19 | ||||
| YearEnded | to | |||
| 31.10.21 | 31.10.20 | |||
| Operation | ||||
| of | ||||
| fashion | Total | |||
| event | activities | |||
| £ | £ | |||
| Sundries | 460 | - | ||
| Other | Period | |||
| 1.8.19 | ||||
| Year Ended | to | |||
| 31.10.21 | 31.10.20 | |||
| Operation | ||||
| of | ||||
| fashion | Total | |||
| event | activities | |||
| £ | £ | |||
| Amortisationofintangible fixedassets | 7,920 | - | ||
| Governance costs | Period | |||
| 1.8.19 | ||||
| YearEnded | to | |||
| 31.10.21 | 31.10.20 | |||
| Operation | ||||
| of | ||||
| fashion | Total | |||
| event | activities | |||
| £ | £ | |||
| Auditors' remuneration Legal fees |
3,000 5,835 |
3,820 4,587 |
||
| 8,835 | 8,407 | |||
| 9. | AUDITORS'REMUNERATION | Period | ||
| 1.8.19 | ||||
| Year Ended | to | |||
| 31.10.21 | 31.10.20 | |||
| £ | £ | |||
| Feespayabletothe charity's auditors fortheauditofthe charity's financial statements |
3,000 | 3,820 |
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Graduate Fashion Foundation
Notes to the Financial Statements - continued for the Year Ended 31 October 2021
- TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 October 2021 nor for the period ended 31 October 2020.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 October 2021 nor for the period ended 31 October 2020.
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE STATEMENT OF FINANCIAL ACTIVITIES THE STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES OF FINANCIAL ACTIVITIES FINANCIAL ACTIVITIES ACTIVITIES
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|||||
|---|---|---|---|
|COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES FOR THE STATEMENT OF FINANCIAL ACTIVITIES THE STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES OF FINANCIAL ACTIVITIES FINANCIAL ACTIVITIES ACTIVITIES|Unrestricted|
|fund|
|£|
|INCOME AND ENDOWMENTS FROM|
|Donations|and legacies|222,580|
|Charitable|activities|
|Operation of fashion event|188,595|
|Investment income|171|
|Total|411,346|
|EXPENDITURE|ON|
|Raising funds|61,791|
|Charitable|activities|
|Operation|of fashion|event|299,419|
|Total|361,210|
|NET INCOME|50,136|
|RECONCILIATION OF FUNDS|
|Total funds brought forward|112,517|
|TOTAL FUNDS CARRTED FORWARD|162,653|
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Graduate Fashion Foundation
Notes to the Financial Statements - continued for the Year Ended 31 October 2021
- GOVERNANCE COSTS
Governance costs include the costs of the preparation and independent review of the accounts and the costs of any legal advice to trustees on governance or constitutional matters.
- TAXATION
The charity is exempt from tax on its charitable activities.
14. INTANGIBLE FIXED ASSETS FIXED ASSETS
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||||||
|---|---|---|---|---|
|INTANGIBLE FIXED ASSETS FIXED ASSETS|Computer|
|software|
|£|
|COST|
|Additions|39,600|
|AMORTISATION|
|Charge for year|7,920|
|NET BOOK VALUE|
|At 31|October 2021|31,680|
|At|31|October 2020|-|
|DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR AMOUNTS FALLING DUE WITHIN ONE YEAR FALLING DUE WITHIN ONE YEAR DUE WITHIN ONE YEAR WITHIN ONE YEAR ONE YEAR YEAR|31.10.21|31.10.20|
|£|£|
|Trade debtors|:|64,986|4,550|
|VAT|13,542|7,400|
|Prepayments|100|313|
|78,628|12,263|
|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR AMOUNTS FALLING DUE WITHIN ONE YEAR FALLING DUE WITHIN ONE YEAR DUE WITHIN ONE YEAR WITHIN ONE YEAR ONE YEAR YEAR|31.10.21|31.10.20|
|£|£|
|Trade|creditors|-|8,401|
|Other|creditors|105,227|165,809|
|105,227|174,210|
|MOVEMENT IN FUNDS IN FUNDS FUNDS|Net|
|At|movement|At|
|1.11.20|in|funds|31.10.21|
|Unrestricted|funds|
|General|fund|162,653|32,024|194,677|
|TOTAL FUNDS|162,653|32,024|194,677|
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15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR AMOUNTS FALLING DUE WITHIN ONE YEAR FALLING DUE WITHIN ONE YEAR DUE WITHIN ONE YEAR WITHIN ONE YEAR ONE YEAR YEAR
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR AMOUNTS FALLING DUE WITHIN ONE YEAR FALLING DUE WITHIN ONE YEAR DUE WITHIN ONE YEAR WITHIN ONE YEAR ONE YEAR YEAR
17. MOVEMENT IN FUNDS IN FUNDS FUNDS
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Graduate Fashion Foundation
Notes to the Financial Statements - continued for the Year Ended 31 October 2021
17. MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
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|||||||||
|---|---|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|Unrestricted|funds|
|General|fund|501,514|(469,490)|32,024|
|TOTAL FUNDS|501,514|(469,490)|32,024|
|Comparatives|for|movement|in|funds|
|Net|
|movement|At|
|Atl.8.19|in|funds|31.10.20|
|Unrestricted|funds|
|General fund|112,517|50,136|162,653|
|TOTAL FUNDS|112,517|50,136|162,653|
|Comparative|net movement|in|funds, included|in the above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|General fund|411,346|(361,210)|50,136|
|TOTAL FUNDS|411,346|(361,210)|50,136|
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- RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 October 2021.
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Graduate Fashion Foundation
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||||||
|---|---|---|---|---|
|Detailed|Statement|of Financial|Activities|
|for the Year|Ended|31|October|2021|
|Period|
|1.8.19|
|Year|Ended|to|
|31.10.21|31.10.20|
|£|£|
|INCOME AND ENDOWMENTS|
|Donations|and|legacies|
|Sponsorship & membership|fees|222,969|222,580|
|Investment|income|
|Interest received|325|171|
|Charitable|activities|
|Stand space|128,020|73,970|
|Catwalk fees|150,200|114,625|
|278,220|188,595|
|Total incoming resources|501,514|411,346|
|EXPENDITURE|
|Raising|donations|and legacies|
|Fundraising|costs|§2,262|61,791|
|Charitable|activities|
|Premises hire|17,647|7,970|
|Security|costs|6,114|-|
|Insurance|1,902|6,292|
|Light and heat|1,800|1,163|
|Theatre|costs|93,867|15,813|
|Licences &|subscriptions|Al5|-|
|Event office|expenses|19,863|5,481|
|Exhibition badges & passes|1,738|3,694|
|Cleaning|-|283|
|Advertising & promotion|94,295|47,757|
|Feature|areas & catering|4,647|2,320|
|Award prizes|8,834|7,139|
|Activities|399|1,916|
|Staffing|at events|11,264|5,137|
|Promotional|events|-|19,888|
|262,785|124,853|
|Support|costs|
|Management|
|Office|expenses|98,745|125,633|
|Cost of trustees meetings|2,525|2,033|
|Travel &|subsistence|6,461|5,472|
|Postage and stationery|2,196|2,692|
|Carried forward|109,927|135,830|
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Page 17
Graduate Fashion Foundation
Detailed Statement of Financial Activities for the Year Ended 31 October 2021
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||||
|---|---|---|
|Period|
|1.8.19|
|Year Ended|to|
|31.10.21|31.10.20|
|£|£|
|Management|
|Brought forward|109,927|135,830|
|Bookeeping|27,000|30,000|
|Bank charges|301|329|
|137,228|166,159|
|Finance|
|Sundries|460|.|
|Other|
|Computer software|7,920|-|
|Governance|costs|
|Auditors' remuneration|3,000|3,820|
|Legal fees|5,835|4,587|
|8,835|8,407|
|Total resources expended|469,490|361,210|
|Net income|32,024|50,136|
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Page I8