**REGISTERED CHARITY NUMBER: 1173132**
## **Report of the Trustees and Financial Statements**
**for the Period 1 November 2024 to 31 August 2025**
**for**
**Graduate Fashion Foundation**
Streets Audit LLP Wiston House
1 Wiston Avenue Worthing West Sussex BN14 7QL
**Graduate Fashion Foundation**
## **Contents of the Financial Statements for the Period 1 November 2024 to 31 August 2025**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 5|
|**Report of the Independent Auditors**|6 to 8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10|
|**Cash Flow Statement**|11|
|**Notes to the Cash Flow Statement**|12|
|**Notes to the Financial Statements**|13 to 21|
|**Detailed Statement of Financial Activities**|22 to 23|
**Graduate Fashion Foundation**
## **Report of the Trustees for the Period 1 November 2024 to 31 August 2025**
The trustees present their report with the financial statements of the charity for the period 1 November 2024 to 31 August 2025. 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 which incorporates international membership..
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.
WHAT WE DO: As a charity, the Graduate Fashion Foundation fosters collaboration and strengthens relationships between higher education and the fashion industry to forge new opportunities for the next generation of talent.
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 mentoring, 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.
Page 1
**Graduate Fashion Foundation**
## **Report of the Trustees for the Period 1 November 2024 to 31 August 2025**
## **ACHIEVEMENTS AND PERFORMANCE Charitable activities**
The main activity for this period was the ongoing annual event of Graduate Fashion Week in June, 2025. The charity's significant achievements were to hold the GFW 2025 event at the Truman Brewery in Shoreditch between the 14th and 17th of June, 2025. The event welcomed 20,000 guests through its doors across four days, made up of industry members, general public, graduates, their families and friends.
At Graduate Fashion Week 2025, there were 14 university catwalk shows, including 1 brand partner show with Debenhams and a new Menswear focused catwalk celebrating British menswear design. A total of 9 catwalk awards were announced, including new categories for Menswear, Colour and Commercial Design. Additionally, 25 portfolio awards were handed out to outstanding graduates from each category, including new areas of Trend and Inclusion. GFW25 also hosted 18 live talks in the GFW Live Talk space and 16 live digital workshops across the event, featuring industry guests who spoke on topics such as circularity in fashion, networking, manufacturing, finding employment and much more.
The event also saw a new GFW Cinema space showcasing graduate fashion film work and delivered 'Project Pitch' events for graduates to present Fashion Marketing projects. Eighty portfolio day interviews were held with major British retailers looking to hire emerging talent and 288 graduates were interviewed in award judging sessions. GFW additionally created a new Digital Innovation Hub, celebrating the exciting brands and their technologies that are leading in AI, VR, and AR fashion.
The 2025 event included the Graduate Fashion International catwalk show. Twenty-two global universities were in attendance showcasing within the exhibition and catwalk with new awards being handed out.
The charity also offers ongoing educational opportunities for graduates through the staging of its nationwide webinar masterclass and mentoring programmes. A mentoring programme for 30 graduates ran throughout 2025, with industry mentors supporting students in their first year out of university.
In addition to the June GFW event, the charity delivered partnership catwalk showcases with Sustainability Fashion Week in Manchester Spring 2025 and with Pure London Trade Show in July 2024 and which saw graduates work on display in a recurring catwalk show across the 3-day event.
Competitive projects were open to all UK members and a smaller percentage of international members were also included throughout the year. The companies Ellesse and Maxxam hosted design competitions which were showcased on the catwalk at GFW 2025. NEXT hosted a competition for a Trend Lead Design Capsule collection with winners receiving paid placements, while Debenhams, as the Headline Partner, curated a catwalk of commercial collections from graduates and awarded one overall winner a 12 month placement and to see their collection sold online at Debenhams.com.
An additional element to the Graduate Fashion Foundation's work commenced with the third year of delivery extended to within the EU to 8 institutions with the partnership between GFF & Zalando Circular Fashion Design Project, a five-lesson educational programme developed to fill a knowledge gap in fashion schools.
Additionally, the Foundation commenced the third year of the partnership with the PVH Foundation to deliver opportunities to under-represented communities, including a Nationwide Senior School and Colleges Design Competition, the continuation of a Business Incubator Scheme for 10 new businesses under 8 years out of university and an Education Schools Day at Graduate Fashion Week for 500 pupils.
The charity was able to attain the above achievements and to meet its performance targets having been able to achieve sufficient sponsorship income and donations from retailers and major fashion and social media brands.
Page 2
**Graduate Fashion Foundation**
## **Report of the Trustees for the Period 1 November 2024 to 31 August 2025**
## **FINANCIAL REVIEW**
## **Financial position**
The charity raised £1,345,733 (2024: £867,832) from all sources of income in the period, including £303,679 ((2024: £354,432) directly from the operation of the 2025 event.
The charity generated a surplus during the period of £332,638 (2024: Loss £46,076).
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.
After the passing of the charity's president, Hilary Alexander, the Graduate Fashion Foundation was named as the beneficiary of a legacy of £400,186.
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 the free reserves of the charity, at a level to provide sufficient funds to cover management and administration costs for the next 12 months. The graduate fashion week only takes place once sponsorship and donations have been committed so the free reserves are only required to cover the core management and administration costs. To this end, the charity aims to accumulate reserves equal to twelve months management and administration expenditure.
Running costs for the charity are approximately £10,000 per month, therefore our reserves target is £120,000. At 31 August 2025 the free reserves were £348,072..
## **FUTURE PLANS**
The trustees are working closely with strategic partners to ensure the level of sponsorship income is sufficient to support the activities of the charity and in particular the 2026 show and that adequate working capital levels are maintained.
The principal sponsors in 2025 were major fashion and retail brands. The trustees are taking all necessary steps to retain existing sponsors for the 2026 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 in house 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 (CIO).
The Graduate Fashion Foundation is governed by its constitution adopted 25th April 2017. It is a 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**
Page 3
Elected Trustees are voted in by the members annually. Nominated Trustees are appointed by the Elected Trustees for a three year term.
Page 3
**Graduate Fashion Foundation**
## **Report of the Trustees for the Period 1 November 2024 to 31 August 2025**
## **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 trustees.
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**
1173132
## **Principal address**
166 Osborne Road Jesmond Newcastle upon Tyne Tyne & Wear NE2 3LE
## **Trustees**
D MacLennan Ms W Dagworthy Prew L Maurice Ms B Odogwu-Atkinson Ms E Calder A Brotheridge J M Mullen Ms T Littlehales Ms D Swain G Douglas I McInnes (resigned 16.10.25) Ms J Campbell J Chadprajong-Smith (resigned 16.10.25) Ms R Killick-Calver Ms S E Thomas (appointed 18.3.25) Ms E Askew-Miller (appointed 15.11.24) Ms E Crehan-Jones (appointed 15.11.24) Ms S Williams (appointed 14.11.25) Ms F Jones (appointed 14.11.25) D Davies (appointed 14.11.25)
## **Auditors**
Streets Audit LLP Wiston House 1 Wiston Avenue Worthing West Sussex BN14 7QL
Page 4
**Graduate Fashion Foundation**
## **Report of the Trustees for the Period 1 November 2024 to 31 August 2025**
## **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 5HP
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other **SIGNED SECURELY** irregularities.
**24/06/2026 at 3:26:02 PM UTC**
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
**SIGNED SECURELY 24/06/2026 at 3:26:02 PM UTC**
........................................................................ D MacLennan - Trustee
Page 5
## **Report of the Independent Auditors to the Trustees of Graduate Fashion Foundation**
## **Opinion**
We have audited the financial statements of Graduate Fashion Foundation (the 'charity') for the period ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incoming resources and application of resources, for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Other matter**
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 6
## **Report of the Independent Auditors to the Trustees of Graduate Fashion Foundation**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements;
- Enquiry of management about any instances of non-compliance with laws and regulations;
- Enquiry of management to identify any instances of known or suspected instances of fraud;
- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Reviewing minutes of meetings of those charged with governance; and
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, international omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. If a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 7
## **Report of the Independent Auditors to the Trustees of Graduate Fashion Foundation**
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Streets Audit LLP, Statutory Auditor Wiston House 1 Wiston Avenue Worthing West Sussex BN14 7QL Date: .............................................
Page 8
**Graduate Fashion Foundation**
## **Statement of Financial Activities for the Period 1 November 2024 to 31 August 2025**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
4
Operation of fashion event
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
6
Operation of fashion event
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
As previously reported
Prior year adjustment
11
**As restated**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
631,756
303,679
10,112
945,547
102,160
714,699
816,859
128,688
390,905
(169,460)
221,445
350,133|Restricted
fund
£
400,186
-
-
400,186
-
196,236
196,236
203,950
-
119,460
119,460
323,410|Period
1.11.24
to
Year Ended
31.8.25
31.10.24
Total
Total
funds
funds
as restated
£
£
1,031,942
500,140
303,679
354,432
10,112
13,260
1,345,733
867,832
102,160
70,693
910,935
843,215
1,013,095
913,908
332,638
(46,076)
390,905
386,981
(50,000)
-
340,905
386,981
673,543
340,905|
|---|---|---|---|
The notes form part of these financial statements
Page 9
**Graduate Fashion Foundation**
## **Balance Sheet 31 August 2025**
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Intangible assets
14
1,320
Tangible assets
15
741
2,061
**CURRENT ASSETS**
Debtors
16
249,420
Cash at bank
145,679
395,099
**CREDITORS**
Amounts falling due within one year
17
(47,027)
**NET CURRENT ASSETS**
348,072
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
350,133
**NET ASSETS**
350,133
**FUNDS**
18
Unrestricted funds:
General fund
Restricted funds:
Restricted Fund
**TOTAL FUNDS**|Restricted
fund
£
-
-
-
-
323,410
323,410
-
323,410
323,410
323,410|31.8.25
Total
funds
as
£
1,320
741
2,061
249,420
469,089
718,509
(47,027)
671,482
673,543
673,543
350,133
323,410
673,543|31.10.24
Total
funds
restated
£
7,920
728
8,648
161,882
352,493
514,375
(182,118)
332,257
340,905
340,905
221,445
119,460
340,905|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on **SIGNED SECURELY** ............................................. and were signed on its behalf by:
**24/06/2026 at 3:26:02 PM UTC**
**SIGNED SECURELY**
**24/06/2026 at 3:26:02 PM UTC**
............................................. D MacLennan - Trustee
The notes form part of these financial statements
Page 10
**Graduate Fashion Foundation**
## **Cash Flow Statement for the Period 1 November 2024 to 31 August 2025**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|Period
1.11.24
to
Year Ended
31.8.25
31.10.24
as restated
£
£
106,904
(199,208)
106,904
(199,208)
(420)
-
10,112
13,260
9,692
13,260
116,596
(185,948)
352,493
538,441
469,089
352,493|
|---|---|
The notes form part of these financial statements
Page 11
**Graduate Fashion Foundation**
## **Notes to the Cash Flow Statement for the Period 1 November 2024 to 31 August 2025**
## **1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**OPERATING ACTIVITIES**||||
|---|---|---|---|
|||Period||
|||1.11.24||
|||to|Year Ended|
|||31.8.25|31.10.24|
||||as restated|
|||£|£|
|**Net income/(expenditure) for the reporting period (as per the**||||
|**Statement of Financial Activities)**||332,638|(46,076)|
|**Adjustments for:**||||
|Depreciation charges||7,008|8,326|
|Interest received||(10,112)|(13,260)|
|Increase in debtors||(87,538)|(128,902)|
|Decrease in creditors||(135,092)|(19,296)|
|**Net cash provided by/(used in) operations**||106,904|(199,208)|
|**ANALYSIS OF CHANGES IN NET FUNDS**||||
||At 1.11.24|Cash flow|At 31.8.25|
||£|£|£|
|**Net cash**||||
|Cash at bank|352,493|116,596|469,089|
||352,493|116,596|469,089|
|**Total**|352,493|116,596|469,089|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
The notes form part of these financial statements
Page 12
**Graduate Fashion Foundation**
## **Notes to the Financial Statements for the Period 1 November 2024 to 31 August 2025**
## **1. 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.
## **Income**
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.
## **Intangible assets**
The intangible asset represents the cost of the creation of a digital platform and is amortised on a straight line basis at the rate of 20% per year.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost Computer equipment - 20% on cost
## **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 specified 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.
continued...
Page 13
**Graduate Fashion Foundation**
## **Notes to the Financial Statements - continued for the Period 1 November 2024 to 31 August 2025**
## **1. ACCOUNTING POLICIES - continued**
## **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, plus secure many new brand partners, partnering on both the main event in June 2026 and a plethora of projects and competitions throughout the financial year to allow it to continue funding its ongoing activities.
## **2. DONATIONS AND LEGACIES**
|Donations & gift aid
Sponsorship & membership fees|Period
1.11.24
to
31.8.25
£
400,186
631,756
1,031,942|Year Ended
31.10.24
as restated
£
-
500,140
500,140|
|---|---|---|
## **INVESTMENT INCOME**
## **3.**
|Interest received
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Stand space
Operation of fashion event
Catwalk fees
Operation of fashion event
Exhibition admissions
Operation of fashion event
Digital portfolio extra income Operation of fashion event|Period
1.11.24
to
Year Ended
31.8.25
31.10.24
as restated
£
£
10,112
13,260
Period
1.11.24
to
Year Ended
31.8.25
31.10.24
as restated
£
£
95,965
118,790
171,245
198,900
34,509
31,462
1,960
5,280
303,679
354,432|
|---|---|
## **4. INCOME FROM CHARITABLE ACTIVITIES**
continued...
Page 14
**Graduate Fashion Foundation**
**Notes to the Financial Statements - continued for the Period 1 November 2024 to 31 August 2025**
## **5. RAISING FUNDS**
## **Raising donations and legacies**
|Fundraising costs
**6.**
**CHARITABLE ACTIVITIES COSTS**
Operation of fashion event
**7.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
Premises hire
Security costs
Insurance
Light and heat
Theatre costs
Licences & subscriptions
Event office expenses
Cleaning
Advertising & promotion
Feature areas & catering
Award prizes
Activities
Staffing at events|Direct
Costs (see
note 7)
£
714,780|Period
1.11.24
to
Year Ended
31.8.25
31.10.24
as restated
£
£
102,160
70,693
Support
costs (see
note 8)
Totals
£
£
196,155
910,935
Period
1.11.24
to
Year Ended
31.8.25
31.10.24
as restated
£
£
87,984
78,252
19,058
19,606
5,846
6,479
11,739
14,181
324,703
273,720
315
39
45,081
48,956
8,021
8,219
81,963
78,736
33,730
21,653
1,950
2,932
80,734
116,927
13,656
11,080
714,780
680,780|
|---|---|---|
continued...
Page 15
**Graduate Fashion Foundation**
## **Notes to the Financial Statements - continued for the Period 1 November 2024 to 31 August 2025**
## **8. SUPPORT COSTS**
|**SUPPORT COSTS**|||
|---|---|---|
|Management
£
Operation of fashion event
171,473
Support costs, included in the above, are as follows:|Governance
Other
costs
£
£
7,008
17,674|Totals
£
196,155|
||||
## **Management**
|Office expenses
Cost of trustees meetings
Travel & subsistence
Postage and stationery
Bookeeping
Bank charges
**Finance**
Sundries
**Other**
Amortisation of intangible fixed assets
Depreciation of tangible fixed assets|Period
1.11.24
to
Year Ended
31.8.25
31.10.24
as restated
Operation
of
fashion
Total
event
activities
£
£
106,940
102,998
7,154
3,797
18,136
7,715
2,582
580
36,356
33,000
305
573
171,473
148,663
Period
1.11.24
to
Year Ended
31.8.25
31.10.24
as restated
Total
Total
activities
activities
£
£
-
397
Period
1.11.24
to
Year Ended
31.8.25
31.10.24
as restated
Operation
of
fashion
Total
event
activities
£
£
6,600
7,920
408
405
7,008
8,325|
|---|---|
continued...
Page 16
**Graduate Fashion Foundation**
## **Notes to the Financial Statements - continued for the Period 1 November 2024 to 31 August 2025**
## **8. SUPPORT COSTS - continued Governance costs**
|**SUPPORT COSTS - continued**
**Governance costs**|||
|---|---|---|
||Period||
||1.11.24||
||to|Year Ended|
||31.8.25|31.10.24|
|||as restated|
||Operation||
||of||
||fashion|Total|
||event|activities|
||£|£|
|Audit/Independent examination|7,500|3,500|
|Legal fees|10,174|1,550|
||17,674|5,050|
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the period ended 31 August 2025 nor for the year ended 31 October 2024.
## **Trustees' expenses**
The trustees are paid basic travel and accommodation expenses in respect of attending trustee meetings and other charity events. These costs are included within travel and subsistence costs as part of the overall support costs.
The total number of trustees who acted during the period was 17 and total expenses paid to trustees in the year for travel expenses was £1,998.
## **10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
500,140
**Charitable activities**
Operation of fashion event
354,432
Investment income
13,260
**Total**
867,832
**EXPENDITURE ON**
Raising funds
70,693
**Charitable activities**
Operation of fashion event
665,460
**Total**
736,153
**NET INCOME/(EXPENDITURE)**
131,679|Restricted
fund
as
£
-
-
-
-
-
177,755
(177,755)
(177,755)|Total
funds
restated
£
500,140
354,432
13,260
867,832
70,693
843,215
913,908
(46,076)|
|---|---|---|
continued...
Page 17
**Graduate Fashion Foundation**
## **Notes to the Financial Statements - continued for the Period 1 November 2024 to 31 August 2025**
|**10.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
Restricted
fund
fund
as
£
£
**RECONCILIATION OF FUNDS**
Total funds brought forward
89,766
297,215
**TOTAL FUNDS CARRIED FORWARD**
221,445
119,460|Total
funds
restated
£
386,981|
|---|---|
||340,905|
## **11. PRIOR YEAR ADJUSTMENT**
The prior year adjustment relates to the treatment of legacies left to the charity by the late Hilary Alexander in 2023 and 2024.
The legacy income had previously been included in the unrestricted reserves of the charity, however, it was later considered that due to specific restrictions included in the Will, as to the use of these funds, that the income should be allocated to a restricted reserve.
The accrued income of £50,000 in the prior year has also now been restated to £0 to reflect the recognition of the full amount of the legacy received in the current year, when the charity became entitled to receive the funds, in accordance with the Charities SORP.
At 31st October 2024, restricted reserves have been re-stated to £119,460 and unrestricted reserves to £221,445.
The prior year adjustment brings into effect the creation of the restricted reserve and the reallocation of the legacy income into this reserve.
## **12. 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.
Governance costs include auditors remuneration and accounts preparation costs in 2025 (independent examination and accounts preparation costs in 2024) and the costs of any legal advice to trustees on governance or constitutional matters.
## **13. TAXATION**
The charity is exempt from tax on its charitable activities.
## **14. INTANGIBLE FIXED ASSETS**
|**INTANGIBLE FIXED ASSETS**||
|---|---|
||Computer|
||software|
||£|
|**COST**||
|At 1 November 2024 and 31 August 2025|39,600|
|**AMORTISATION**||
|At 1 November 2024|31,680|
|Charge for year|6,600|
|At 31 August 2025|38,280|
|**NET BOOK VALUE**||
|At 31 August 2025|1,320|
continued...
Page 18
At 31 October 2024
7,920
continued...
Page 18
**Graduate Fashion Foundation**
## **Notes to the Financial Statements - continued for the Period 1 November 2024 to 31 August 2025**
|**15.**
**TANGIBLE FIXED ASSETS**
Plant and
machinery
£
**COST**
At 1 November 2024
1,617
Additions
420
At 31 August 2025
2,037
**DEPRECIATION**
At 1 November 2024
970
Charge for year
339
At 31 August 2025
1,309
**NET BOOK VALUE**
At 31 August 2025
728
At 31 October 2024
647
**16.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
VAT
Prepayments
**17.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
|Computer
equipment
£
327
-
327
246
68
314
13
81
31.8.25
a
£
209,402
38,605
1,413
249,420
31.8.25
£
1,038
45,989
47,027|Totals
£
1,944
420
2,364
1,216
407
1,623
741
728
31.10.24
s restated
£
137,655
4,356
19,871
161,882
31.10.24
as restated
£
7,859
174,259
182,118|
|---|---|---|
Included in other creditors is £36,500 of deferred income relating to the 2026 fashion show.
## **18. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Restricted funds**
Restricted Fund
**TOTAL FUNDS**|At
1.11.24
£
390,905
-
390,905|Prior
year
adjustment
£
(169,460)
119,460
(50,000)|Net
movement
in funds
£
128,688
203,950
332,638|At
31.8.25
£
350,133
323,410
673,543|
|---|---|---|---|---|
continued...
Page 19
**Graduate Fashion Foundation**
## **Notes to the Financial Statements - continued for the Period 1 November 2024 to 31 August 2025**
## **18. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Restricted Fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
General fund
Restricted fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are a
General Fund
Restricted Fund
**Total Fund**
|Incoming
resources
£
945,547
400,186
1,345,733
At
1.11.23
£
89,766
297,215
386,981
s follows:
Incoming
resources
£
867,832
-
867,832|Resources
expended
£
(816,859)
(196,236)
(1,013,095)
Net
movement
in funds
£
131,679
(177,755)
(46,076)
Resources
expended
£
736,153
177,755
913,908|Resources
expended
£
(816,859)
(196,236)
(1,013,095)
Net
movement
in funds
£
131,679
(177,755)
(46,076)
Resources
expended
£
736,153
177,755
913,908|Movement
in funds
£
128,688
203,950
332,638
At
31.10.24
£
221,445
119,460
340,905
Movement
in funds
£
131,679
(177,755)
(46,076)|
|---|---|---|---|---|
|||
|||
||||||
## **19. RELATED PARTY DISCLOSURES**
Trustees expenses are detailed in Note 9, there were no related party transactions for the period ended 31 August 2025.
continued...
Page 20
**Graduate Fashion Foundation**
## **Notes to the Financial Statements - continued for the Period 1 November 2024 to 31 August 2025**
## **20. CHANGE OF ACCOUNTING YEAR END**
The charity's accounting year end was shortened to 31st August 2025 and consequently the comparative amounts presented in the financial statements are not entirely comparable.
The reason for the change in accounting period end was to more closely align the financial year with the main activity of the charity, the annual fashion week event and the associated financial transactions, which is held in June each year.
Page 21
**Graduate Fashion Foundation**
|**Detailed Statement of Financial Activities**
**for the Period 1 November 2024 to 31 August 2025**
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations & gift aid
Sponsorship & membership fees
**Investment income**
Interest received
**Charitable activities**
Stand space
Catwalk fees
Exhibition admissions
Digital portfolio extra income
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Fundraising costs
**Charitable activities**
Premises hire
Security costs
Insurance
Light and heat
Theatre costs
Licences & subscriptions
Event office expenses
Cleaning
Advertising & promotion
Feature areas & catering
Award prizes
Activities
Staffing at events
**Support costs**
**Management**
Office expenses
Carried forward|Period
1.11.24
to
Year Ended
31.8.25
31.10.24
as restated
£
£
400,186
-
631,756
500,140
1,031,942
500,140
10,112
13,260
95,965
118,790
171,245
198,900
34,509
31,462
1,960
5,280
303,679
354,432
1,345,733
867,832
102,160
70,693
87,984
78,252
19,058
19,606
5,846
6,479
11,739
14,181
324,703
273,720
315
39
45,081
48,956
8,021
8,219
81,963
78,736
33,730
21,653
1,950
2,932
80,734
116,927
13,656
11,080
714,780
680,780
106,940
102,998
106,940
102,998|
|---|---|
This page does not form part of the statutory financial statements
Page 22
**Graduate Fashion Foundation**
## **Detailed Statement of Financial Activities for the Period 1 November 2024 to 31 August 2025**
|**Management**
Brought forward
Cost of trustees meetings
Travel & subsistence
Postage and stationery
Bookeeping
Bank charges
**Finance**
Sundries
**Other**
Computer software
Plant and machinery
Computer equipment
**Governance costs**
Audit/Independent examination
Legal fees
Total resources expended
**Net income/(expenditure)**|Period
1.11.24
to
Year Ended
31.8.25
31.10.24
as restated
£
£
106,940
102,998
7,154
3,797
18,136
7,715
2,582
580
36,356
33,000
305
573
171,473
148,663
-
397
6,600
7,920
340
323
68
82
7,008
8,325
7,500
3,500
10,174
1,550
17,674
5,050
1,013,095
913,908
332,638
(46,076)|
|---|---|
This page does not form part of the statutory financial statements
Page 23