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 2024
THE TOP MODEL FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mr G A Cox | |
|---|---|---|
| Miss E M Elliott | ||
| Ms NM Headworth | (Appointed 23 August 2024) | |
| 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 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 11 |
THE TOP MODEL FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees present their annual report and financial statements for the year ended 30 September 2024.
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.
Achievements and performance
Our fifth year of operation has proven to be the most challenging to date for the charity, with overall revenue income dropping markedly and all aspects of charity activity being impacted by a reduction in both overall income and fundraising.
Despite the best efforts of the board, the main Top Model event (on which the charity is heavily reliant) had event income reduced by almost 50%, with fundraising from the Top Model event down by 20% against 2022-23.
Applications received for the Top Model event reached a record high, proving that there is still a big appetite for the Top Model campaign fashion event and the excellent opportunities it offers to those selected.
However, the actual take-up of places was much lower than in previous years, with many citing “other financial commitments and priorities” and “financial uncertainty” as the reason for not committing. In addition, 45 of the eventual 70 finalists did not raise a single penny for the charity, despite the best efforts of the events team to provide encouragement and support.
This significant drop in fundraising revenue has obviously had a direct impact on the ability of the charity to undertake its charitable work.
Total fundraising for 2023-24 was just under £9,000. £6,500 was raised through the Top Model event (down from £14,000 in 2022-23) and £2,500 was raised through the Fashion Inferno parties.
Despite the financial challenges, the support and gift-giving aspect of the charities work has been extremely productive over the past twelve months. Over 50% of the 2023-24 fundraising had already been spent on good causes and gift-giving by the end of the financial period. Several NHS children’s wards were welcome recipients of multiple toy and gift donations, with over 250 learning impaired and disabled children benefitting from a variety of day trips sponsored by the charity, including Legoland, Chester Zoo and Woodlands Theme Park.
One Trustee resigned in 2024, due to on-going commitments in her personal circumstances. A new Trustee was appointed in her place prior to her departure, and she is already proving to be an extremely capable and valuable member of the board.
In light of the financial challenges, the board took the tough decision to cancel the Independent Contactor Agreement that had been in place since 2021 for the Top Model event, replacing it with a simple Licensing Agreement. This action immediately resulted in a significant reduction of regular monthly outgoings by a massive 75%. In addition to the immediate financial benefit, the new Licensing Agreement will allow the charity to continue to be the exclusive recipients of charity fundraising from the annual Top Model event.
The previous decision to re-brand the operational name of the charity from The Top Model Foundation to The Sophie Foundation was implemented throughout the summer months of 2024, which the board feels has already helped spearhead renewed interest in the charities work. The Sophie Foundation name is in memory of our dear friend and colleague, Sophie Fraser-Smith, who was tragically taken from us in 2017, age just 21.
The board intends to push forward with positive goals and objectives for 2024-25, with continued support of good causes and further development of the charity and its operations
- 1 -
THE TOP MODEL FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 2024 the charity had cash reserves of £16,151, and outstanding liabilities of £570. A total income of £35,957 was achieved during the period with £27,922 raised from events and ticket sales and
£8,035 received through direct donations, collections and bank interest.
£35,259 was spent on running the fundraising events, £9,594 on wages, with a further £5,715 spent on miscellaneous fees, operational, administration and running costs over the period. £9,598 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 (Resigned 18 October 2023) Miss E M Elliott Ms Maisie Lowe (Resigned 1 October 2024) Ms NM Headworth (Appointed 23 August 2024)
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.
- 2 -
THE TOP MODEL FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees' report was approved by the Board of Trustees.
Miss E M Elliott Trustee
26 March 2025
- 3 -
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 2024.
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:
-
1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
2 the financial statements do not accord with those records; or
-
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
-
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: 26 March 2025
- 4 -
THE TOP MODEL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 7,482 | 16,744 |
| Charitable activities | 4 | 27,922 | 38,876 |
| Investments | 5 | 553 | 193 |
| Total income | 35,957 | 55,813 | |
| Expenditure on: | |||
| Raising funds | 6 | 50,629 | 52,625 |
| Charitable activities | 7 | 8,239 | 10,903 |
| Total expenditure | 58,868 | 63,528 | |
| Net expenditure for the year/ | |||
| Net movement in funds | (22,911) | (7,715) | |
| Fund balances at 1 October 2023 | 40,127 | 47,842 | |
| Fund balances at 30 September 2024 | 17,216 | 40,127 |
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.
- 5 -
THE TOP MODEL FOUNDATION
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
| Notes Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds - general |
2024 £ 787 16,151 16,938 (570) |
£ 848 16,368 17,216 17,216 17,216 |
2023 £ 2,512 38,435 40,947 (1,249) |
£ 429 39,698 |
|---|---|---|---|---|
| 40,127 | ||||
| 40,127 | ||||
| 40,127 |
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 2024.
The directors acknowledge their 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 26 March 2025
Miss E M Elliott Trustee
Company registration number CE018229
- 6 -
THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
- 7 -
THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
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.
- 8 -
THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3 Donations and legacies
| 4 5 6 |
Unrestricted Unrestricted funds funds general general 2024 2023 £ £ Donations and gifts 7,482 16,744 Charitable activities Fundraising events Fundraising events 2024 2023 £ £ Fundraising events 27,922 38,876 Investments Unrestricted Unrestricted funds funds general general 2024 2023 £ £ Interest receivable 553 193 Raising funds Unrestricted Unrestricted funds funds general general 2024 2023 £ £ Fundraising and publicity Other fundraising costs 35,259 32,379 Staff costs 9,594 14,003 Support costs 5,776 6,243 Fundraising and publicity 50,629 52,625 50,629 52,625 |
Unrestricted Unrestricted funds funds general general 2024 2023 £ £ Donations and gifts 7,482 16,744 Charitable activities Fundraising events Fundraising events 2024 2023 £ £ Fundraising events 27,922 38,876 Investments Unrestricted Unrestricted funds funds general general 2024 2023 £ £ Interest receivable 553 193 Raising funds Unrestricted Unrestricted funds funds general general 2024 2023 £ £ Fundraising and publicity Other fundraising costs 35,259 32,379 Staff costs 9,594 14,003 Support costs 5,776 6,243 Fundraising and publicity 50,629 52,625 50,629 52,625 |
|---|---|---|
| 52,625 | ||
| 52,625 |
- 9 -
THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 7 Charitable activities 2024 2024 £ £ Donations made 4,416 - Share of support costs (see note 8) - 2,887 Share of governance costs (see note 8) - 936 4,416 3,823 8 Support costs Support costs Governance costs £ £ Advertising and promotion 2,823 - Printing, postage and stationery 515 - Travel and accomodation 70 - Office costs 5,255 - Accountancy - 570 Bank charges - 366 8,663 936 Analysed between Fundraising 5,776 - Charitable activities 2,887 936 8,663 936 |
2023 2023 £ £ £ 4,416 7,152 - 2,887 - 3,121 936 - 630 8,239 7,152 3,751 2024 Support costs Governance costs £ £ £ 2,823 3,735 - 515 252 - 70 243 - 5,255 5,134 - 570 - 540 366 - 90 9,599 9,364 630 5,776 6,243 - 3,823 3,121 630 9,599 9,364 630 |
£ 7,152 3,121 630 |
|
|---|---|---|---|
| 10,903 | |||
| 2023 £ 3,735 252 243 5,134 540 90 |
|||
| 9,994 | |||
| 6,243 3,751 |
|||
| 9,994 |
9 Trustees
£205 (2021 : £591) was reimbursed to two trustees for travel and accommodation expenses.
10 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 |
|---|---|
| Number | Number |
| - | 1 |
- 10 -
THE TOP MODEL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 10 Employees Employment costs Wages and salaries There were no employees whose annual remuneration was more than £60,000. 11 Tangible fixed assets Cost At 1 October 2023 Additions At 30 September 2024 Carrying amount At 30 September 2024 At 30 September 2023 12 Debtors Amounts falling due within one year: Trade debtors 13 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
(Continued) 2024 2023 £ £ 9,594 14,003 Computers £ 429 419 848 848 429 2024 2023 £ £ 787 2,512 2024 2023 £ £ - 709 570 540 570 1,249 |
(Continued) 2024 2023 £ £ 9,594 14,003 Computers £ 429 419 848 848 429 2024 2023 £ £ 787 2,512 2024 2023 £ £ - 709 570 540 570 1,249 |
|---|---|---|
| 848 | ||
| 848 | ||
| 429 | ||
| 2023 £ 2,512 |
||
| 2023 £ 709 540 |
||
| 1,249 |
- 11 -