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(a￿￿ed 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 unres￿1Cled fimds. which are free reserves of the charity. ai a level to provide su￿1clellt fi￿dS to cover donations. managemeni and administration costs for Ihe foreseeable ￿ture. At th¢ balance sheei date the charity held unrestr1c￿d 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 Tn￿lee5 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￿￿-A￿lllS0n 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