REGISTERED CHARTTY NUNIBER: 1173132 Report of the Trustees 2nd Unaudited Financial Statement5 for the Year Ended 31 October 2024 for Graduate Fashion Foundalfion Botting & Co (.4uditors) Ltd 41 b Beach Road Littlehampton West Sussex BN17 5JA
Graduate Fashion Foundation Contents of the Fln2ncial Statements for the Year Ended 31 October 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to the Cash How Statement 10 Notes to the Financial Statements Detailed Statement of Financial Activities 19 to 20
Graduate Fashion Found2tion Report of the Trustees for the YeAr Ended 31 October 2024 The trusrees present th¢ir report ivith the financial 5tatetn¢nts of ihe chariry for the year ended 31 Octob¢r 20?4. The Irusiees have adoptcd th¢ provisions of Accounting and Reporting by Charitics- Stht¢m¢nc of Recommeiided Practic¢ applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Stsndard applicable in the UK and Republic of Ir¢land (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives 2nd aims The objective5 and activities are through the establishment in life of ncivly graduated aDd current undertrr2du2te fashion and fashion related students, by (he organising and the running of events, to provide cmployment opportunities ai)d experienc¢, related to worktng in ihc fashion and fashion ielated indusuies, inclusive of the annual Graduaie Fashion Week and Graduat¢ Fashion Week international ei'ents. Th¢ advancement of education for the public benefLI of persons who are or will be employed in the fashionlfashion related industries, in particular but not limited to the subjects of fashion design, textiles, accessories, marketing, business, media and communications. The updated mission statement as of October 2024: WHAT WE DO.. As a charity, the Graduate Fashion Foundation fosters collaboration and strengthens relationships beThveen higher education and the fashion industry to forge new opportunities for the next generatlOD of talent. WHY WE DO IT.. Our mission is to bring iogether fashion educators and Indus leaders 10 enable graduates to achi¢v¢ their fidl poiencial on graduacion. HOW WE DO IT: We share good practice and knowledge with opportunlties for conncctivity and ben¢hrnarking within the art and dcsign ¢onununity. W¢ organis¢ ¢vcnts ¢.g. Graduate Fashion WeeK indusiry-led projects and menioring. to ensure that on graduation. graduates worldwide are supported in gaining meaninuful ernployment and enable them to contribute responsibly to thc tUre of the global fashion industry. GFF each year launch award5 to inspire sDJdents to become innovators, environmental leaders. employees. and educaiors. alonJo ide the prornotion of cultural diversity and inclusivity within an internaiional plaifomi. Public bellefit The trustees have paid due regard to guidance issued by the Charity Commtssion in deciding what activities the charity should undertake. Page I
Graduate Fashion Foundation Report of the Trustees for the Year Ended 31 October 2024 ACHIEVEMENT AND PERFORMANCE Charitable 2¢tiviÉies The main activiry for ihis period was the ongoing annual evenl of Graduaic Fashion Week in Jwie 2024. The chariry's significani achievements wcre to hold (he GFW ?024 cvent ai the Truman Brewery iii Shoreditch between l Oth and 14th June 2024. The event welcomed 20.000 guesis Ihrough its doors and across four days. made up of graduates. their family and friends. industry members and the general public. At Graduaie Fashion W¢ek 2024, there iveie 16 uniiiersiry catw'alk shows includin(r I brand partner shoiv. A toial of 14 caNvalk awards were aLinounced and 22 portfolio awards iverc handed oui 10 outsrandiiig graduates from each category. GFW24 also hosied 16 live talks across the eveni. featuring industy guest5 Ivho spoke on topics such as circularity in fashion, srarting a brand, manufacturing, findino employment and much more. Th¢ 2024 eveni also Saw th¢ return of Graduat¢ Fashion Inlernalional catwalk show to the London June ¢veni. Twenty global univ¢rsities were tn attendanc¢ showcasing wiihin the exhibition and catwalk with new awards being handed oul. The event h05led a Sustainability Hub and a portfolio day for hiring talent. The charity also offers ongoing educational opportunities for (wraduates (hrouoh the s(agino of its nacion'ide webinar masterclass and mentoring programmes. A mentoring programme for JO graduates ran throughout 2024. with industry mentors supporting students in their first year out of university- In addition to the June GFW. the chariry delivered a partnership with Pure London.Trade Show in July 2023 and F¢b 2024, which saw graduates WO on display in a recutring catwalk sbow across the 3-day ¢v¢nt. Competitive projects were open to all UK members and a smaller percenlage of international members were a150 included throughoui the year. including the commencemeni ol th¢ second year of Ihe print design competition in partnership with Kornit, which saw winning student's print designs produced for their final collections. While foottvear retailer, Siz¢? hosted a Home-Grown T-shirt focused competiiion in the lead up to GFW24. Ellesse. cornmenced the hosiing of a design compctition which iwds showcased on the caiivxlk ai GFW?4. un(aed hosied year EIVO of an upcycling competition for studenis to submit io. while footwear retailer. Size? hosted a sportswear and heritage focused competiiton in the lead up to GFW24. KLOSS Films hos*d a Fashion Film comp¢(iiion that graduates could enter to showcase their work at GFW24. N'EXT commenced a new competition for Trend Design Capsule Collection and D¢benharns.com joined GFW24 a5 Catwalk Hall Sponsor. An additional elemeni the Graduale Fashion Foundaiion commenced to deliver was the second year of partnership 'ith GFF x Z21ando Circular Fashion Design Project. a five-lesson educa(ional programme which was d¢velop¢d to fill a knowledge gap in fashion school5. Additionally, the Foundation cornmenced the second year of a partnership with PVH Group to dcliver opportunities to under-represented ¢ommw)ili¢s, including a Nationwide Senior School and Colleges Design Competition, a Business Incubator Scheme for l O new businesses Ullder 5 years out of universiiies and an Educaiion Schools Day at Graduaie Fashion Week for 750 students. The charity was able lo attain the above achievements and meei lis performance iargets having been able to both main(ain and attract sponsorship income and donaiions fiotn r¢tailcr5 and major fashion and social media brands. Page 2
Graduate Fashion Foundation Report of the Trustees for the Year Ended 31 October 2024 FTh'AICIAL REVIEW Financial position The charity raised £917,832 (?023: £954.884) from all sources of income in the period. in¢luding £354,432 (2023: £380,070) dir¢¢tly from the operation of the 2024 event. The charity generated a surplus during the period of £3.924 (2023.. £294.068). The charities priiicipal funding sources ar¢ sponsorship and donation rcccipts from reiailers and otlicr parties connected to the faslll.on and digiial technology industries. This support from the LIK fashion iector allows the charity to stage tl)c annual graduat¢ fashion week event. Thhich proi'id¢s ihe sponsors with acces5 to new ialent and generally promoies the UK fashion industry. After the passing of the charity's presidenL Hilary Alexander, the Graduate Fashion Foundation wa5 named as the beneficiary of a legacy of £iO,000. The Trustees actively review lh¢ major risk5. which ihe chariry faces on a regular basi5 and believe that maintaiiiing the free reserves will provide sufficient resources in the ¢vcnt of adverse circumstsnccs. The Tn[eeS have a150 examined other operational and business risks which they face and confirrn that they have established sys(ems to miiigate the significant risks. e.g. iigbi budgetary control over alR expenditure. Reserves policy It is th¢ policy of Ehe charity to maintain sufficient unres1Cled fimds. which are free reserves of the charity. ai a level to provide su1clellt fidS to cover donations. managemeni and administration costs for Ihe foreseeable ture. At th¢ balance sheei date the charity held unrestr1cd reserves of £390.905 (2023'.£386.981). FUTURE PLANS The trnstees are working closely with strategic parthers to ¢nsure the level of sponsorsbip kncome is sufficient to support the acriviti¢s of the charity and in partÈcular the 20?5 show and that adcquate workino capital l¢v¢ls are maintained. The principal sponsors in 2024 were major fashion and retail brdnds. The trustees are taking all necessary steps to rctain ¢Xi51ing sponsors for thc 2025 eveni and 10 continue 10 broaden Ihe sponsorship base ivith a view to incrcasing charity rese¢S. During this financial year, the Tnlee5 contRnued to emplo}, a Deiv but earlier tesied in house man&g¢m¢nt team, with loiver overhead costs to the charity aTJd ive iniend to coniinue with them. STRUCTURE, GOVERNANCE LYD IKANAGEMENT Governing document The charity is controlled by its governing constitution and constitutes a Charitable Incorpordted Orgainsation (CIO). The Grdduatc Fashion Foundation is governed by its conslitution adoptcd ?5th April ?017. It is a r¢gisiered charity with the Chariry Commission (No.117i132). Membership of the CIO is open io anyone who is interested in funhering its purposes and who by applying for membership. has indicated hi5. hcr or its agre¢m¢nt EO become a member 2nd acccptance of the dury of members sei out in th¢ constitution. Members are foreseen Én the main to be either universitie5 and colleges (repr¢scnied by Cour dircctors or tulorsl, industry members and education members. If thc chariry is wound up. the mcmb¢rs havc no liability to contribute to its assets and no personal responsibility for seiiling its debt or liabilities. Recruitment and appointment of new tru5tee5 Elected Trnstees are voted in by th¢ members annually. Nominated Trustees are appointed by the Elected Trustees for a thr¢e year term. Page 3
Graduate Fashion Foundation Report of the Trustees for the Year Ended 31 October 2024 STRUCTURE, GovER'AN,CE MANAGEThIEh'T Organisational structure Any decision may be taken either 3t a meeting of the char&ry trustees or by resolution in wriiing or electronic form agreed by all of the charity trustees. An elected trustee who has serv¢d for five or more years and stands down may not apply for re-election for a period of two years. The charity trustees may d¢l¢gate any of their powers or fvnciions io an ex¢cuiiv¢ conimiitee or COTnmittees. Induction and training of new trustee5 The trustces are aware of their responsibilities and their roles with th¢ organisation and thc urcai¢r fashion community- Various topics of relevance and ongoing oovernanc¢ are discussed as required to ¢nsure the appropriate level of undcrs(anding and knowledge. Trusiees are encourag¢d io attend external training gs appropriate for their and the organisation's needs. REFERENCE AND ADMINtSTRA TIVE DETAILS Registered Charity Thumber 1173132 Principal address 166 Osbome Road Jesmond Newcastle upon Tyne Tyne & Wear NE2 3LE Trustees D MacLennan Ms W Dagworthy Prew A Yakimov-Roberts (resigned 31.i.24) L Maurice Ms B od0-AlllS0n Ms E Calder A Brotheridge J M Mullen Ms T Littlehales Ms D Swain G Doug13S l Mclnnes J Roberts lappoinled l O.11.23) (resigned 12.10.24) Ms J Campbell J Chadprajong-smith Dr L Wri<Fht (resi¢Fned ?6.9.?4) Ms R Killick-calver (appointed 14.3.24) Independent Examiner Simon Wilkinson Bolling & Co (Auditors) Lid 41b Beach Road Liiilehanipcon West Sussex BN17 SJA Page 4
Graduate Fashion Foundation R¢port of the TnteeS for the Y¢ar Ended 31 October 2024 REFEREINCF AND ADMINISTRATIVE DEfAU Sobcitors R¢becca Pitt The Legal DilOr 107 Cheapside tL)ndon EC2V 6DN Bankers Barclays Bank UK PLC I Churchill Place London E14 5HP Approvcd by ordu of the board of tn on............................................. and signed on its behalf by: . Tn]stec Page 5
Independent Examiner's Report to the Trustees of Graduate Fashion Foundation Independent ex2miner'5 report lo the trustees of Graduate Fasbion Foundation I report to the charity Injslees on my examinaiion of the accounts of Graduaie Fashion Foundaiion (the Ttust) for the year ended 31 October 20?4. ReSPOT15ibilities and b25is of report As the charity trustees of the Trust you are responsible for the preparation of th¢ accounts in accordance with the requir¢mcnts of the Charities Aci 2011 ('the Act.). I report in respect of my examination of ihe Trusl's accounts carried out under Seciion 14) of the Act and in caryin(F Out tny examination I have followed all applicable Direcrions givcn by the Chari(y Cominission under Section 145{5)Ib) of the Act. Independent examiner's statement Since your chariW5 gross income exceeded £250.000 your examiner mu51 be a Tnember of a listed body. I can confimi that l am qualified to undertake the examination bccause l am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. I hiv¢ completed my examination. I confimi that no maierial rnaiitrs have come lo my attcnlion in connectioii with the exatnination giving me cause to beli¢ve that in any material rcspcci: accounting records were not kept in respect of the Trust as required by Section 130 of the A¢l' or the accounts do not accord with those records. or the accounts do not comply the applicable requirements concerning the forni and conleni of account5 set out in the Charitics (Accollnls and Reports) Regulations 2008 other ihan any rcquiremeni that the account5 give 2 true and fair viJv which is noi a matter considercd as part of an independcn( examinaiion. I have no con¢¢rns and have come across no other matters in connection with the examination to which aiieniion should be drai in this report in older 10 enablc a proper understanding of the accounis to be reached. Sirnon Wilkinson The A&sociation of Chartered Certifjcd Accountants Bottintt & Co (Auditors) Ltd 41b Beach Road Liiilehatnpton West Sussex BN17 5JA Dale: gl,6. 2e Page 6
Graduate Fashion Foundation Sta¢emeDt of Financial Actiiitie5 for the Year Ended 31 October 2024 31.10.24 Unreslricted fund 31.10.23 Total funds Notes INCOME ANI'D EN'DOWMEIITS FROM Donaiions and legacies 550.140 573.65? Charitable activities Operaiion of fashion event 354,432 380.070 Inv¢stmenl income 13,?60 1.16? Tot21 917,832 954,884 EXPENDITURE ON Raising rtds 70,693 49.907 Charilable activities Operation of fashion event 843,215 610.909 Total 913.908 660,816 NET INCOME 3.924 ?94,068 RECONCILIATIOI), OF FUNDS Total fidS brought forward 386,981 92.913 TOTAL FUNDS CARRIED FORWARD 390,905 386,981 The notes fomi part ofthese financial ststcments Page 7
Graduate Fasbion Foundation Balance Sheet 31 October 2024 31.10.24 Unrestric*d fund 31.10.23 Totsl FIXED ASSETS Intangible a&8eL8 Tangible 13 14 7920 728 15.840 1.133 8,648 16,973 ctJluiEr ASSETS Debtors Cash at bank 15 211.882 352,493 32,980 538,441 564,375 571.421 CREDTTORS Amounts falling due witbin one year 16 (182.118) (201.413) 382257 370,008 TOTAL ASSETS LESS CURRTh 390,905 386.981 390,905 386,981 FLThDS 390905 386,981 TOTAL VUNDS 390,905 386.981 "al srmemethts were approved by the B(wd of Tn]stees and authorised for issue .. and were signed on its Irljalf by. Dma twi. TnL8tee The notes fonn partof these financial StateDts Page 8
Graduate Fashion Foundation Cash Flow Statement for the Year Ended 31 October 2024 31.10.24 31.10.23 Not¢s Cash floivs from operating activities Cash generated from operations (199.208) 497,800 Nel cash (used in)Iprovid¢d by operaling activities 1199,208) 497,800 Cash flows froTtJ investing activities Intcresi received 13.260 1,162 Nel cash provided by invesiing activiiics 13.260 1,16? Change in cash and cash equivalents In the reporting period Cash and cash equivalent5 at the beglnning of the reporting period {185.948} 498.962 538.441 i9.479 Cash and ¢2sh equivalents at the end of the reporting period 352.493 538.441 The notes forni pan of Ihese financial statcments
Graduate Fashion Foundation 'otes to the Cash Floii Statement for the Year Ended 31 October 2024 RECONCILIATJOI% OF NET INCOME TO YET CASH FLOW FRO[ OPERATING ACTtVlTIES 31.10.24 31.10.?3 Net income for the reporting period {as per the Statement of Financi21 Activities) Adjustments for: Depreciation charoes Interest received (Increase)/decrea5e in debtors IDecreasc)lincr¢ase in creditors 3,924 294,068 8.326 {13.?60) (178,9021 119,296) 8.326 (1,16?) 17,7il 178,837 Net cash (used in)/provided by operations (199.208) 497,800 AII'ALYSIS OF CHANGES IN N'ET At 1.11.23 Cash flow AI31.10.24 Yet cash Cash at bank 538,441 (185,948) 352,493 538,441 {185.948) 35?,493 Total 538,441 (18i,948) 352,493 The noles form part of ihesc financial sthiemcnis Pauc 10
Graduate Fashion Foundation Ilotes to the Financial Statements for the Year Ended 31 October 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial 5taiemenis of ihe chariry, which is a public bcnefit enlity under FRS I O? hai'e been prcpared in accordance with the Charitics SORP (FRS 102) 'Accouniing and Rcporlino by Charities.. Siatem¢nl of Recommended Praciice applicable to ehariiies preparints their accounts in accordancc with the Financial Reponing Standard applicable in Ihe UK and Republic of Ireland IFRS 1021 {effeclivc l January ?019)', Financial Reporting Standard 102 The FiDancAal Reporting Standard applicable in ihe UK aiid Republic of Ireland, and the Charili¢s Act 2011. The financial staicmenis have b¢cn preparcd under the hisioiical cost convention. Income All iiicom¢ is recognised in the Statemcni of Financial Aclivittes once the charity has entiilement to Ihe funds. it is probable that the income will be received and the amounl can be measured reliably. Expenditure Liabilities are rccognis¢d as expendiwre as soon as there is a legal or coiistruclive obligation Committing the charity to that expenditur¢. il is probabl¢ that a Iran5f¢r of economic bencfiis ivill be required in scttlemeiit aiid the amount of the obligation can be m¢asured reliably. Expendiwre is accounted for on an accruals basis and has been ¢12ssified under headings that aggr¢gaie all cost related io the calcgory. Ivhere costs cannot be directly attributed io particular headings they hav¢ been allocated to aciivities on a basis consistent with the use of resources. AIIoc2tion asjd apportionment of cosls Expenditure thai can not bc allocaled directly to a specific aciivity are allocated to activity Cost categories on a basis consistent with the use of the rc50urces. For example, support costs. which include central funciions, have been allocat¢d on basis of floor area for propeny costs. or per capita for staff costs by the time 5PCDt and other costs by Iheir usage. Tan%ible fjxed assets Dcpreciation is provided at ihe following annual raS in order lo wtit¢ off each a55et ovcr its estimated uscful life. Plant and machinery Computcr equipmeni 200/0 on cost 200/0 on cosi TaxAtion The charity 15 exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at Ihe discretion of the trustees. Restricted ndS can only be used for particular restricted purposes within the objccts of the charity. Rcstrictions arise when specified by the donor or when funds are raised for particular restriclcd purposes. Further cxplanation of the nalurc and purpose of each fvnd is included in thc noies co thc financial statements. Hire purchase and leasing eommitments R¢nta15 paid under operaiing leases are charged EO th¢ Sthtcmcnt of Financial Aciivili¢s on a straight line basis over the period of thc Icase. Going concern The accounts have been prepared on a going concern basis as the charity is confidciit ihal li will relain the support of its sponsors and donors. plus secuic many new brand partners. partiierin(F on boih Ihe main ei'ent in Junc 2025 and a plethora of projects and compeiitions throuu houi ihc finaiicial ycar to alloiv it to continue fundinbv Ils ongoing activities. Pagell coniinued...
Graduate Fashion Found2tion i Otes to the Financial Statements - continued for the Year Ended 31 October 2024 DONATIONS AND LEGACTES 31.10.24 31.10.23 Donations & gift aid Sponsorship & membership fee5 50.000 500.140 ?97,?15 ?76.4j7 550,140 573,657 INVESTIIIENT INCOME 31.10.24 31.10.23 Interest received 13,260 1.162 INCOMI E FROJII CHAIUTABLE ACTIVITIES 31.10.24 31.10.23 Activity Stand spac¢ Operation of fashion event Catwalk fees Operation of fashion evenl Exhibition admissions Operation of fashion event Digital portfolio exira income Operation of fashion event 118,790 198,900 31,462 141.292 199,500 29,678 9.600 354.432 380.070 RAISING FUNDS Raising donations and legacies 31.10.24 31.10.23 Fundraising costs 70,693 49.907 CHARITABLE ACTIVITIES COSTS Direc( Costs (see note 7) Support cosis {see note 8) Totals Op¢rniion of fashion event 680.780 162,435 843.215 Pagc12 coniiiiued...
Graduate Fa5hlon Foundation 'otes to the Financial Statements - continued for the Year Ended 31 October 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES 31.10.24 31.10.23 PreIseS hire Security costs Insurance Light and heat Theatre cosis Licences & subscriptions Event office expenses Cleaning Advertising & promotion Featur¢ areas & catering Award prizes Activities Staffing al events 78,252 19.606 6.479 14.181 273,7?0 39 80.470 16.313 5.938 12,65? 198,137 156 I I 48,956 8.219 78.736 21,653 ?,932 16,9?7 11,080 41,313 4,476 74,03) 5,)85 877 1,450 16.178 680,780 457,i80 SUPPORT COSTS Goiiernanc¢ costs Management Finance Oiher TOlS Operaiion of fashion event 148,663 397 8.325 5.050 162,435 Support costs, included in the above. are as follows: Management 31.10.24 31.10.23 Opcration of fashion eveni Total activilics Offic¢ expenses Cost of trustecs meetings Travel & subsistence Postage and siationery Bookeeping Bank charges 10?,998 3.797 7,71) 580 33,000 i73 87,197 3.15? 20,780 1,628 25,iOO 415 148,663 138,67? Page 13 coiitinued...
Graduate Fashion Foundation Notes to the Financial St21ements- continued for the Year Ended 31 October 2024 SUPPORT COSTS- continued Finance 31.10.24 Operation of fashion even[ 31.10.23 Total activities Sundries 397 488 Information technology 31.10.24 Total activities 31.10.23 Total aciiviiies Exchange Rate Losses 877 Other 31.10.24 Operation 31.10.23 fashion event Total aciivilies Amortisation of intangible fixed assets D¢preciaiion of tangibl¢ fixed a&seLS 7.920 40) 7.920 40) 8,325 8.325 Governance costs 31.10.24 Op¢ration 31.10.23 fashion v¢nt Total activitie5 Auditors, remuneration Le21 fees 3,500 1,550 3.iOO 1,467 i,050 4,967 TRUSTEES. RENIUNERA TION AND BEIJ'EFITS There '¢re no trustee5' remuneration or other benefits for the year ended 31 Ociober 2024 nor for the year ended 31 October 2023. Page 14 continued...
Graduate Fashion Foundation 'otes to the FinaDciY41 StaterneDt5- Colltinued for the Year Ended 31 October 2024 TRUSTEES, REMUIS'ERA TION AND BENEFrrs - continued Trustees, expenses Thc tru5t¢¢s are paid basic travel and accommodation eNpenses in respecl of attending trusiec mee(ings and o(her charity events. These costs are Included wiihin travel and subsistencc cosis as part ofihe overall support costs. io. COMPARATIVES FOR THE STA TEMEINT OF FINAN'CIAL ACTtVlTIES Unr¢stricted fund INCOME AND ENDOIVThIENTS FROIII Donations and legacies 573,652 Charitable activities Operation of fashion eveni 380,070 Investment income 1.162 Total 954,884 EXPENDITURE ON Raising fvnds 49.907 Charitable activities Operation of fashion eveni 610,909 Total 660,816 ET INCOME 294.068 RECONCILIATION OF FUN'DS Total fimds broughi fonvard 92.913 TOTAL FUNDS CARRIED FORWARD 386.981 ii. GOVERh'ANCE COSTS Governance cost5 include th¢ costs of the prepardiion and independent rei'ieiv of ihe accounis and the cosis of any legal advice to trustees on governance or conslitutional malters. Page15 coniinued...
GraduAte Fashion Foundation Notes to the Financial Statements- eontinued for the Year Ended 31 October 2024 TAXATION The chariry is exempt from tax on its chari(able activities. 13. TNTANGIBLE FIXED ASSETS Compuier software COST At l Novembcr 2023 and 31 Octobgr 2024 39,600 AMORTISATION Ai l November 2023 Charge for year 23,760 7.920 At 31 October 2024 31.680 NET BOOK VALUE At 31 October ?024 7.920 At 31 October 2023 15,840 14. TAINGIBLE FIXED ASSETS Plaiit aiid machincry Computcr equipmcnt Totals COST At l November 2023 and 31 October 2024 1,617 327 1.944 DEPRECIATION At l November 20?3 Charge for year 647 323 811 405 82 At 31 October 2024 970 246 1,216 NET BOOK VALUE At 31 October 2074 647 81 728 At 31 October 2023 970 163 1.133 15. DEBTORS: AMOUNTS FALLING DUE wrrHI) ONE YEAR 31.10.24 31.10.23 Trade debtors VAT Prepayments and accrued income Prepayments 137,65) 11,100 1.007 50,000 19,871 ?0.873 211,887 37.980 Paoe 16 continued...
Graduate Fashion Foundation Notes lo the Financlal Statements - continued for the Year Ended 31 October 2024 16. CREDITORS: AMOUN'TS FALLING DUE WITHIN, ON'E YEAR 31.10.24 31.10.?3 Trade crediiors Other creditors 7,859 174,259 3,348 198,065 ?01,413 17. MOVEMENT IN FUNDS Net movement iii funds Ai At 31.10.24 Unrestrieted funds G¢n¢ral fill]d 386,981 3.924 390.905 TOT AL FUNDS 386.981 390,905 Net movement in nds. includ¢d ITh the above arc as follows: Incomino resourccs Rcsourccs expendcd Movement in funds Unrestricted fund5 General fund 917.83? (913,908) 3,924 TOTAL FUNDS 917.832 (913.908) 3,9?4 Comparatives for movement in funds At 1.11.22 movement in fvnds At 31.10.23 Unrestricted funds General fund 92.913 294.068 386,981 TOTAL FUNDS 92.91i 294.068 386,981 Comparative nei movem¢ni in funds, included in the above are as followb: Incotninu resourccs Resourc¢s expended Movement in funds Unrestricted funds General fund 954.884 (660.816) ?94.068 TOTAL FUNll)S 954.884 (660.816) ?94,068 Pag¢ 17 coniinued...
Graduate Fashlon Foundation Note5 to the Financial St21ements - continued for the Year Ended 31 October 2024 17. OVEMEN'T IN, FUNDS - continued A current ycar 12 Tnonths and prior year 12 months combined position is as follows: Ai moverneni in fvnds At 31.10.24 Unrestricted funds General nd 92,913 297,992 390.905 TOTAL FUNDS 92,913 297,992 390.905 A current year 12 months and prior year 12 months cotnbinrd net movemcnl in funds, iiiclud¢d in the abov¢ are as follows: Incoming r¢sources Resources expended Movement in funds Unrestricted funds General fimd 1,872,716 {1.574.724) ?97,99? TOTAL FUNDS 1.872.716 (1.574,724) ?97,992 J8. RELATED PARTY DISCLOSURES There were no relaied party transactions for the year ended 31 (ktober 20?4. Page 18
Graduate Fashion Foundation Detailed Statement of Financial Activities for the Year Ended 31 October 2024 31.10.24 31.10.23 JNCOIIE AND ENDOWMENTS Donations and leEacies Don2tions & gift aid Sponsorship & membership fees iO.000 500.140 ?97.215 276.437 5iO.140 573,6)2 InVeStent income Interest received li,260 1.162 Charitable activities Stand space Cattvalk fees Exhibiiion admissions Diuithl portfolio extra income 118,790 198.900 31.462 5.280 141 ?92 199.500 29.678 9,600 3i4.432 380.070 Toi21 incoming resources 917.832 954,884 EXPEI¥DITURE Raising donations and legacies Fundraising costs 70,693 49,907 Charitable activities Premises hire Security costs Insurance Light and hcat Thcaire costs Licenc¢s & subscriptions Event office expenses Cleaning Advertising & promotion Fcatur¢ areas & catering A'ard prizcs Activllies Staffing al events 78,252 19.606 6.479 14,181 ?7).720 39 48,956 8.219 78,736 21,6)3 2,932 116,9?7 I,ogo 80.470 5,938 1?,652 198,137 156 41,313 4,476 74,035 5.585 877 1,450 16.178 680,780 457.580 Support cost5 112n2gement Office expenses Cost of truslecs meetings Travel & subsistence Posiage and stationery Carried forward 102,998 3.797 7.715 580 115.090 87,197 3,152 20,780 1.628 112.757 This page does not forni part of the statutory financial st21ements Page 19
Graduate Fashion Foundation Detailed Statement of Financial Activities for the Year Ended 31 October 2024 31.10.24 31.10.?3 Management Brought fonward Bookeeping B3nk charges 115.090 33,000 573 11?,757 25.500 415 148,663 138,67? Finance Sundrics 397 488 Information technology Exchange Rale Losses 877 Other Computer software Plant and machinery Computer equipment 7.920 323 82 7,920 323 8.325 8,325 Govern2nce costs Audiiors, rernuneration Legal fe 3,500 1,550 3,500 1,467 5,050 4,967 Total resources expended 913,908 660.816 Net income 3.924 294,068 This page does not form part of the statutory financial staiements Page 20