Charity registration number 1184463
Company registration number CE018229 (England and Wales)
THE TOP MODEL FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
THE TOP MODEL FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr G A Cox Miss E L Vandecasteele Miss E M Elliott Ms Maisie Lowe (Appointed 11 September 2023)
Charity number 1184463
Company number
CE018229
Independent examiner
Claire Dean FCCA MMP Limited Chartered Certified Accountants 18/20 Canterbury Road Whitstable Kent England CT5 4EY
THE TOP MODEL FOUNDATION
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 13 |
THE TOP MODEL FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees present their annual report and financial statements for the year ended 30 September 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "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
The object of the charity is the relief of children and young people in need and their families for the public benefit, by reason of ill-health, disability, financial hardship or other disadvantagee.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
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THE TOP MODEL FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
Achievements and performance
Our fourth year of operation has been our most productive yet, with many of our intended recipients no longer restricted postpandemic. We are continuously liaising with organisations that we believe are suitable to receive support from the charity. This new freedom has made our intended recipients more accessible, meaning a two-fold increase in our gift-giving and support provision during 2022-23. This is set to increase further throughout 2023-24.
The charity continues to regularly receive funding requests. However, many of the funding requests are for ‘donations towards running costs’, which the charity does not undertake.
A large number of Tote Goody Bags containing toys and gifts were again distributed throughout the year to various recipient resources, including the East Kent NHS Trust (Children’s A&E), Millmead Children’s Centre, and multiple smaller resources. The vast majority of the content was taken from existing stock items with only minimal expenditure being undertaken by the charity.
In addition, the charity has continued its relationship with the third-party organisation 'Happy Days', who have continued to assist the charity with sourcing potential support recipients. This has resulted in a number of very positive outcomes, including the direct funding of respite care and disability trips to Pleasurewood Hills, Rand Park Open Farm, Play Avenue and Smithalls Farm, to name just a few.
A number of independent projects have also been instigated, with the purchase of a state-of-the-art special needs 'trike' for disabled children aged 5 to 15 through Sight Scotland being the highlight. The trike will enable disabled children to access outdoor activities, independently, for years to come.
Two further ‘Fashion Inferno’ parties took place in 2022-23, with both raising vital funds for the charity and a good time being had by all who attended. Whilst the parties continue to make a profit for the charity, they will continue to remain part of the annual events calendar.
The main Top Model 2023 event was once again challenging, with applications and ticket sales being impacted by the on-going cost of living crisis in the UK. Despite this, the Top Model 2023 event made a small profit and, more importantly, raised in excess of £16,000 for the charity from the directly related fundraising activities.
The Trustees continue to implement strict financial management of regular outgoings and financial commitments, resulting in the charity continuing to retain a healthy bank balance for gift-giving and resourcing its charitable purposes.
Following comments made by the 2021-22 Independent Examiner, the board have introduced a Quarterly Inspection protocol, for purposes of financial checks and balances. The Independent Examiner had recommended that an independent Bookkeeper be sourced, as one Trustee was responsible for overseeing the majority of the charities financial processes. No wrongdoing or impropriety of any kind was suggested or implied by the Independent Examiner, so the board decided that the employment of a Bookkeeper was an unnecessary additional expense, thus introducing the new Quarterly Inspection protocol.
Geoffrey Cox continues to oversee the majority of the day-to-day running of the charity on a voluntary basis, alongside his role as the Event Director for the annual Top Model event and Show Producer for the Fashion London event during London Fashion Week. The Board wishes to, once again, formally acknowledge their continued gratitude and appreciation to Mr Cox for the work undertaken on their behalf and on behalf of the sick children and children in need that the charity seeks to support.
The Trustees also wish to extend their gratitude to the numerous brands and businesses that have donated products and items for promotional purposes throughout the year, in addition to those businesses and suppliers that have supported the charities efforts through the discounting of supplies, etc.
The Trustees also wish to give immense gratitude to the fundraisers and volunteers who have attended events and represented the charity throughout the year. In particular, Colin Chau, Maisie Lowe, Nicole Headworth and Anna Mjornstedt, who, in the opinion of the board, have gone “above and beyond” in their support of the charity.
The Trustees, once again, plan to extend the reach and scope of The Top Model Foundation in 2024. A potential name change is being considered, which the board feels could make the charity more appealing to supporters outside of the fashion and model industries.
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THE TOP MODEL FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
Financial review
Statement of the Charity's Policy on Reserves
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
State of the Charity’s Finances
At 30 September 2023 the charity had cash reserves of £38,435, and outstanding liabilities of £1,249. A total income of £55,813 was achieved during the period with £33,379 raised from events and ticket sales and
£22,434 received through direct donations, collections and bank interest
£32,379 was spent on running the fundraising events, £14,003 on wages, with a further £6,243 spent on miscellaneous fees, operational, administration and running costs over the period. £10,903 has been directly spent on supporting causes and promoting the charity.
Restricted Funds
There are currently no restricted funds.
Designated Funds
There are currently no restricted funds.
Particulars of Any Outstanding Guarantee Given by the Charity
The Trustees declare that the charity has given no guarantees where potential liability is outstanding at the date of the statement of assets & liabilities.
Particulars of Any Outstanding Debt
The Trustees declare that the charity has no outstanding debts which are secured by an express charge on any of the assets of the charity at the date of the statement of assets & liabilities.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Structure, governance and management
The charity is a charitable incorporated organisation.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr G A Cox
Miss E L Vandecasteele
Miss E M Elliott Ms Maisie Lowe (Appointed 11 September 2023)
All new board members are invited to attend an induction training session to help familiarise themselves with the work of the organisation.
Ongoing training is then provided as and when required.
All of the trustees are members and guarantee to contribute £1 in the event of a winding up.
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THE TOP MODEL FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees' report was approved by the Board of Trustees. Miss E M Elliott Trustee
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31 January 2024
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THE TOP MODEL FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE TOP MODEL FOUNDATION
I report to the trustees on my examination of the financial statements of The Top Model Foundation (the charity) for the year ended 30 September 2023.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
Claire Dean FCCA
MMP Limited Chartered Certified Accountants 18/20 Canterbury Road Whitstable Kent CT5 4EY England
Dated: 31 January 2024
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THE TOP MODEL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 3 | 225 | 1,310 |
| Charitable activities | 4 | 33,379 | 39,819 |
| Other trading activities | 5 | 22,016 | 19,347 |
| Investments | 6 | 193 | - |
| Other income | 7 | - | 50 |
| Total income | 55,813 | 60,526 | |
| Expenditure on: | |||
| Raising funds | 8 | 59,777 | 55,059 |
| Charitable activities | 9 | 3,751 | 4,731 |
| Total expenditure | 63,528 | 59,790 | |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (7,715) | 736 | |
| Fund balances at 1 October 2022 | 47,842 | 47,106 | |
| Fund balances at 30 September 2023 | 40,127 | 47,842 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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THE TOP MODEL FOUNDATION
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
| Notes Fixed assets Tangible assets 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Income funds Unrestricted funds - general |
2023 £ 2,512 38,435 40,947 (1,249) |
£ 429 39,698 40,127 40,127 40,127 |
2022 £ - 54,631 54,631 (7,218) |
£ 429 47,413 |
|---|---|---|---|---|
| 47,842 | ||||
| 47,842 | ||||
| 47,842 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 31 January 2024
Miss E M Elliott
Trustee
Company registration number CE018229
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THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
Charity information
The Top Model Foundation is an unincorporated entity.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
Not provided
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 225 | 1,310 |
4 Charitable activities
| Ticket sales | Online portals | Total | Ticket sales | Online portals | Total | |
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| 2023 | 2023 | 2022 | 2022 | |||
| £ | £ | £ | £ | £ | £ | |
| Sales within charitable | ||||||
| activities | 16,860 | 16,519 | 33,379 | 21,109 | 18,710 | 39,819 |
Charitable trading income
Ticket sales Online portals
5 Other trading activities
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| general | general | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fundraising events | 22,016 | 19,347 | |
| 6 | Investments | ||
| Unrestricted | Total | ||
| funds | |||
| general | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest receivable | 193 | - |
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THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
7 Other income
| 8 9 |
Total Unrestricted funds general 2023 2022 £ £ Other income - 50 Raising funds Unrestricted Unrestricted funds funds general general 2023 2022 £ £ Fundraising and publicity Seeking donations, grants and legacies 7,152 1,534 Other fundraising costs 32,379 23,876 Staff costs 14,003 21,844 Support costs 6,243 7,805 Fundraising and publicity 59,777 55,059 59,777 55,059 Charitable activities 2023 2022 £ £ Share of support costs (see note 10) 3,121 3,903 Share of governance costs (see note 10) 630 828 3,751 4,731 |
Total Unrestricted funds general 2023 2022 £ £ Other income - 50 Raising funds Unrestricted Unrestricted funds funds general general 2023 2022 £ £ Fundraising and publicity Seeking donations, grants and legacies 7,152 1,534 Other fundraising costs 32,379 23,876 Staff costs 14,003 21,844 Support costs 6,243 7,805 Fundraising and publicity 59,777 55,059 59,777 55,059 Charitable activities 2023 2022 £ £ Share of support costs (see note 10) 3,121 3,903 Share of governance costs (see note 10) 630 828 3,751 4,731 |
|---|---|---|
| 55,059 | ||
| 55,059 | ||
| 2022 £ 3,903 828 |
||
| 4,731 |
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THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
10 Support costs
| Support costs Governance costs £ £ Advertising and promotion 3,735 - Printing, postage and stationery 252 - Travel and accomodation 243 - Office costs 5,134 - Accountancy - 540 Bank charges - 90 9,364 630 Analysed between Fundraising 6,243 - Charitable activities 3,121 630 9,364 630 |
2023 Support costs Governance costs £ £ £ 3,735 6,099 - 252 807 - 243 772 - 5,134 4,030 - 540 - 828 90 - - 9,994 11,708 828 6,243 7,805 - 3,751 3,903 828 9,994 11,708 828 |
2022 £ 6,099 807 772 4,030 828 - |
|---|---|---|
| 12,536 | ||
| 7,805 4,731 |
||
| 12,536 |
11 Trustees
£205 (2021 : £591) was reimbursed to two trustees for travel and accommodation expenses.
12 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| 1 | 1 | |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 14,003 | 21,844 |
There were no employees whose annual remuneration was more than £60,000.
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THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 13 Tangible fixed assets Cost At 1 October 2022 At 30 September 2023 Carrying amount At 30 September 2023 At 30 September 2022 14 Debtors Amounts falling due within one year: Trade debtors 15 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
Computers £ 429 429 429 429 2023 2022 £ £ 2,512 - 2023 2022 £ £ 709 7,218 540 - 1,249 7,218 |
Computers £ 429 429 429 429 2023 2022 £ £ 2,512 - 2023 2022 £ £ 709 7,218 540 - 1,249 7,218 |
|---|---|---|
| 429 | ||
| 429 | ||
| 429 | ||
| 2022 £ - |
||
| 2022 £ 7,218 - |
||
| 7,218 |
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