Registered number: 11917315 Charity number: 1185152
BRITISH FASHION COUNCIL FOUNDATION
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 11 |
| Independent auditors' report on the financial statements | 12 - 15 |
| Statement of financial activities | 16 |
| Balance sheet | 17 |
| Notes to the financial statements | 18 - 30 |
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
| Trustees | Pamela Batty, Trustee |
|---|---|
| Laura Strain (Davidson), Trustee | |
| Andin Fonyonga, Trustee (appointed 15 April 2024) | |
| David Pemsel, Trustee | |
| Caroline Rush CBE, Trustee (resigned 30 May 2025) | |
| Laura Weir, Trustee (appointed 28 April 2025) | |
| Company registered number 11917315 Charity registered number 1185152 Registered office British Fashion Council Foundation Soho Works 180 The Strand London WC2R 1EA Independent auditors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers Natwest 250 Regents Street London W1B 3BN |
Page 1
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The trustees, who are also directors of the British Fashion Council Foundation (hereafter “the trustees”), present their Annual report and audited financial statements for the year ended 31 March 2025, which have been prepared in compliance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Governing documents
The British Fashion Council Foundation (“BFC Foundation”) is a charitable company limited by guarantee, governed by its Memorandum and Articles of Association. It was incorporated on 1 April 2019 and registered with the Charity Commission as a charity on 3 September 2019.
The sole member of the BFC Foundation is the British Fashion Council Limited (the “BFC”), a company limited by guarantee, registered in London, England, No. 2050620. The principal activity of the BFC is to promote, develop and support the British Fashion Industry.
A copy of the consolidated accounts of the BFC Group, which incorporates the financial results of BFC Foundation can be obtained on the BFC’s website and from the registered office which is the same as the BFC Foundation and is set out on page 1.
a. Objectives and activities for the public benefit
Since its inception, the BFC has been dedicated to advancing fashion education and promoting fashion design for public benefit. In 2019, its various charitable initiatives were unified under a single entity, The BFC Foundation, to streamline and strengthen this important work.
The purposes of the BFC Foundation are for the benefit of the public –
-
the promotion of the art of fashion design in clothing and related accessories and the advancement of education in that art,
-
the advancement of the clothing fashion industry through the improvement of standards and quality of performance within the industry, and
-
the relief of unemployment for the benefit of the public, and in particular the relief of unemployed people qualified to work in the clothing fashion business.
The trustees have paid due regard to the Charity Commission’s general guidance on public benefit when reviewing the objects and on-going strategy of the BFC Foundation. In particular, the trustees have considered how activities planned by the trustees will contribute to the objects of the BFC Foundation and that the grants being awarded by the BFC Foundation are for the public benefit, the advancement of education and the relief of unemployment.
b. Review of activities and plans for the future
The 2024/25 Annual Report offers a moment to reflect on the work of the BFC Foundation, its strategy, and its effectiveness over the past year. It also marks the end of Caroline Rush’s tenure as CEO of the British Fashion Council and as Director and Trustee of the BFC Foundation. We take this opportunity to thank Caroline for her remarkable contribution, resilience, and energy throughout her leadership. Now in its fifth year, the BFC Foundation is firmly established and in strong financial health, well-positioned to continue its vital work under the leadership of Laura Weir.
Page 2
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
(continued)
As a charity with a clear purpose, we measure our success by the impact of our fundraising and our ability to reinvest in a wide-ranging programme of education and designer support initiatives. In an increasingly complex geopolitical and economic environment, we recognise that many of the businesses and individuals we support are navigating uncertainty—balancing immediate demands with long-term strategic planning. At the same time, the financial pressures faced by students within our scholarship programmes continue to grow. Rising tuition fees and the escalating cost of living are making student life more challenging than ever, underscoring the importance of our ongoing support.
Donations reached £2.0 million (2024: £1.7 million) in the year to 31 March 2025, a reflection of the continued generosity of BFC Foundation Patrons, supporters of The Fashion Awards, and the Corporate Partners engaged in our talent support initiatives. We are especially grateful to our Fundraising Committee Co-Chairs, Narmina Marandi and Tania Fares, whose leadership and commitment to the Patron Programme have been instrumental in building momentum, raising awareness, and securing vital financial support for the Foundation. Thanks to their efforts, the BFC Foundation now benefits from a valued community of 60 Patrons who actively support and advocate for both the charity and emerging fashion talent. We remain deeply thankful to all our Patrons for their ongoing commitment and belief in our mission.
Reflecting on our impact over the past year, the BFC Foundation Charity Programme continued to play a central role in delivering our mission to support the next generation of fashion talent. At the core of our work is a commitment to nurturing creativity and widening access, particularly for those facing financial and structural barriers within the industry. Through a combination of grant funding, mentorship, and scholarship opportunities, our programmes provide a vital springboard for students and emerging designers to develop their potential and build sustainable, long-term careers.
The programme is built on three core pillars: education, grant-giving, and business mentoring . These pillars form a comprehensive and strategic framework that enables us to support talent at every stage of their journey, from empowering students through scholarships and learning opportunities, to offering financial backing for designer-led businesses, to providing expert guidance to navigate the complexities of the fashion industry. Central to our work is a belief in recognising and championing excellence in design, ensuring that creative innovation continues to thrive across the British fashion landscape.
In the financial year 2024/25, the BFC Foundation expanded its charitable impact by:
-
Increasing BFC NEWGEN grant support
-
Investing in LONDON show ROOMS , hosting BFC Foundation designers at a seasonal pop-up showroom in Paris
-
Commissioning and launching the Commercialising Creativity report, culminating in a dedicated business networking event focused on business models and commercial opportunities for designer-led brands.
As we look to the future, the BFC Foundation remains committed to strengthening the British fashion industry by investing in talent, creativity, and opportunity. Under the leadership of Laura Weir, we will continue to evolve our programmes to meet the changing needs of designers and students, ensuring our support is both relevant and far-reaching. With a strong foundation, a dedicated network of patrons and partners, and a clear charitable mission, we are well-positioned to build on this year’s progress and deepen our impact in the years ahead. Our focus will remain on creating a more inclusive, innovative, and resilient fashion ecosystem, one that not only celebrates excellence in design, but also provides the resources and support needed to ensure it can flourish.
c. Fundraising
The principal sources of fundraising are: BFC Foundation Patrons, supporters of The Fashion Awards, and the Corporate Partners engaged in our talent support initiatives
Page 3
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
(continued)
The BFC Foundation Patron Programme is a cornerstone of the Foundation’s ability to deliver long-term, meaningful support to the next generation of British fashion talent. Bringing together a dedicated community of philanthropists and cultural advocates, patrons are offered unique opportunities to engage with the Foundation’s work, from private events and programme showcases to direct interactions with the talent they help to empower. The Patron Programme is not only a vehicle for philanthropic giving, but a dynamic platform for shaping the future of British fashion through shared purpose and creative investment.
The BFC Foundation extends sincere thanks to the following Patrons as of 31 March 2025:
Aarti Lohia, Aditi Chadha, Aizel Trudel, Alara Sabanci, Ana-Karina de Paula Allen, Anna Knauf, Anna Sweeting, Anthony & Amie Munk, Anu Hinduja, Aria Metha, Belma Gaudio, Bianca Gottesman, Carla Du Manoir, ClaireAnne Stroll, Daniela Neves, Danielle Ryan, Desiree Bollier, Diya Jatia Mehta, Eleena Png, Elena Petchenikova, Esha Arora, Eve Henderson, Faiza Seth, Federica Franchetti, Felicia Brocklebank, Francesca Roni, Hanushka Toni, Heather Porter, Ivana Ma, Kamilia Shaimeiva, Kate Haslett, Kate Storey, Kristin Ólafsdóttir, Lady Bamford, Manuela Morgano, Maria Hatzistefanis, Maya Zafeiropoulou, Megha Mittal, Narmina Marandi, Natasha Barnaba, Natasha Poonawalla, Nga Nguyen, Nigora Tabayer, Rosemin Opgenhaffen, Ruth Chapman, Shalani Arora, Sian Westerman, Sofia Barattieri Weinstein, Sophia Chikovani, Sudha Reddy, Sumru Ramsey, Tania Fares, Themis Zouganeli, Tyler Ellis, Victoria Brenninkmeijer, William Comfort (NPC Foundation), Yana Peel, Zeynep Cizmeci, Zeynep Koseoglu, Zoe Law.
d. Grant giving initiatives and business support
The strategy of the BFC Foundation to date has been to champion excellence in fashion design and support the future growth and success of the British fashion industry by creating awards which raise the profile of excellence in creativity in British fashion design and by doing so relieve unemployment. Recipients of academic scholarships, financial grants and business mentoring support through the BFC Foundation are identified as individuals and businesses with real design talent and the potential to become successful international fashion brands. The charity aims to raise sufficient sums through fundraising activities to maintain and grow its grant giving programme.
The following initiatives are run annually by the BFC Foundation, with the support of the British Fashion Council and perfectly represent the creativity, innovation and talent that make up the fabric of the British fashion industry. All talent support schemes are celebrated through a finely tuned communications strategy which is executed through events, social media and via high profile leaders within the industry.
e. BFC / Vogue Designer Fashion Fund
Established in 2008, the BFC/Vogue Designer Fashion Fund (BFCVDFF) provides the winner with a substantial cash prize of £150,000 to support their growth and contribution to the British and global fashion ecosystem, alongside bespoke high-level business mentoring and pro-bono legal services from Mishcon de Reya .The Fund receives the very generous support of British Vogue, Burberry and Paul Smith.
The winner of the 2024 BFCVDFF was announced in May 2024 as CHOPOVA LOWENA. Chopova Lowena is rooted in British and Bulgarian craftsmanship and vibrantly juxtaposes folklore references and sportswear with a focus on sustainability. The brand has garnered a devoted following and achieved cult status over the past few years.
The judging panel was chaired by Caroline Rush CBE, Chief Executive, British Fashion Council and Chioma Nnadi, Head of Editorial Content, British Vogue. The panel comprised of experts from across the fashion industry: Alva Claire, Model; Harry Lambert, Stylist; Ib Kamara, Editor in Chief, Dazed and Art and Image Director, Off-White; Isabel Waterstone, Vice President, Global Marketing, Burberry; Laura Ingham, Deputy
Page 4
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
(continued)
Director, Global Fashion Network, British Vogue; Rod Manley, Chief Marketing Officer, Burberry; Sally Britton, Partner (Intellectual Property, Co-head of Retail), Mishcon de Reya and Susie Lau, Fashion Editor.
Most recently, in May 2025, we announced Conner Ives as this year’s winner of BFC/VDFF. DI PETSA, Dilara Findikoglu, Edeline Lee, Talia Byre were all shortlisted for the 2025 prize.
As well as a financial grant, the winners received a mentoring programme through the BFC's support team, with access to funders, industry experts and pro bono legal services. The mentoring programme is also offered to all shortlisted designers. Since its inception, winners of the Fund include Chopova Lowena (2024), 16Arlington (2023), Richard Quinn (2022), Bethany Williams (2021), WALES BONNER (2019), Molly Goddard (2018), Mother of Pearl & palmer//harding (2017), Sophia Webster (2016), Mary Katrantzou (2015), Peter Pilotto (2014), Nicholas Kirkwood (2013), Jonathan Saunders (2012), Christopher Kane (2011) and Erdem (2010).
f. BFC / GQ Designer Fashion Fund
In 2024, the winner of the BFC/GQ Designer Fashion Fund was Bianca Saunders, receiving a 12-month bespoke high-level business mentoring programme, pro-bono legal services from Sheridans and a cash prize of £100,000.
Bianca launched her eponymous menswear label after graduating from The Royal College of Art in 2017. The brand seamlessly combines tradition and modernity while blurring the lines between masculine and feminine design aspects. Bianca’s designs are deeply rooted in the rich social tapestry of Anglo-Caribbean relations, focusing personally on her British-Caribbean roots and viewing clothing as a dynamic expression of self.
The judging panel was chaired by Caroline Rush CBE, Chief Executive, British Fashion Council and Adam Baidawi, Head of Editorial Content, British GQ & Deputy Global Editorial Director, GQ. The panel comprised of experts from across the fashion industry: Angelo Mitakos, Fashion Editor, GQ, Murray Clark, Senior Style Editor, GQ, Tahir Basheer, Partner, Sheridans and Nicholas Daley, Designer and Founder, Nicholas Daley.
Most recently, in June 2025, we awarded the grant to this year’s winner, Bleue Burnham. clothsurgeon, HARRI, LABRUM London, Saul Nash were all shortlisted for the 2025 prize.
Bleue Wickham-Burnham, Founder of BLEUE BURNHAM, commented: “I am incredibly proud for Bleue Burnham to be this year’s BFC/GQ award winner and the first ever jewellery brand to win this award. For the British Fashion Council and GQ to show such belief in the value of our creativity and our business adds a new layer of buoyancy to our vision. We are super excited to use this support to build upon our current momentum and energise our plans for coming years.”
g. BFC Newgen
NEWGEN supports the best emerging fashion design talent, with the aim of building creative responsible businesses for the future. Established in 1993, NEWGEN has nurtured the careers of hundreds of designers and businesses, launching many of them onto the international stage.
NEWGEN is the BFC’s most recognised designer showcasing and development scheme globally and recipients are identified by their creativity, strong aesthetic and innovative approach to design. It offers showcasing opportunities at London Fashion Week, financial grants, and mentoring to develop critical skills to future proof their businesses.
Page 5
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
(continued)
For 2024/25, the participating designers were:
AARON ESH | ANCU?A SARCA | Charlie Constantinou | Chet Lo | DERRICK | DI PETSA | HARRI | JOHANNA PARV | Karoline Vitto | Kazna Asker | Leo Carlton | LUEDER |
MASHA POPOVA | Paolo Carzana | Pauline Dujancourt | Sinéad O’Dwyer | Steve O Smith | The Winter House | TOLU COKER | YAKU*
In 2024, BFC NEWGEN announced a partnership with Pull&Bear to support the very best emerging talent, aiming to build global, responsible fashion brands of the future.
The 2025/26 recipients are: (*New recipients for 2025/26)
AARON ESH | ALETTA | Charlie Constantinou | DERRICK | EWUSIE | JOHANNA PARV | Karoline Vitto | Kazna Asker | LIZA KEANE | LUEDER | LOUTHER | Oscar Ouyang | OCTI | Pauline Dujancourt | Steve O Smith | The Ouze* | The Winter House | TOLU COKER | YAKU
All recipients were offered access to a series of bespoke NEWGEN seminars and webinars on topics including working with buyers, working with manufacturers, tax and accounting, alongside pro-bono legal services from DLA Piper and business management mentoring by RSM.
h. BFC Fashion Trust
The BFC Fashion Trust is a BFC Foundation charitable initiative that empowers positive business growth through financial grants and mentoring. The fund is open to all ready-to-wear collections and/or accessories. Grant money is awarded to support a defined project that will be delivered within a set period of time, and at the time of application, applicants must articulate how projects align to their broader business vision and show a clear return on investment.
Since its inception in 2011, the BFC Fashion Trust has awarded almost £3 million to 57 designer businesses to promote growth and fund the implementation of practical solutions. These include long term strategic plans on topics such as merchandising, e-commerce, production, sampling, and more. Previous BFC Fashion Trust recipients include Chopova Lowena, David Koma, Emilia Wickstead, Erdem, Mary Katrantzou, Molly Goddard, Rejina Pyo, Roksanda, Sophia Webster, and WALES BONNER.
In 2024 Grant & Mentoring Recipients include: Completedworks, Conner Ives, E.L.V. Denim, Helen Kirkum, LABRUM London and TOVE.
For 2025, Grant & Mentoring Recipients include Clio Peppiatt, Edeline Lee, HARRI, Nicholas Daley and TOVE.
As part of the Fashion Trust business support programme, recipients were invited to attend two days of seminars and talks alongside their peers of Fashion Trust Arabia and Fashion Trust U.S, alongside pro bono legal support from Taylor Wessing and bespoke one to one mentoring.
i. BFC Scholarships
The British Fashion Council Foundation is committed to supporting the future growth and success of the British fashion industry through its education initiatives. Championing up and coming fashion creatives establishing pathways through education from across the UK, BFC Foundation Scholarships provide financial grants and mentoring opportunities to BA and MA fashion design students to support their university studies and design practice.
In addition to financial grants, the BFC scholarship programme aims to create network-building and learning opportunities for scholarship recipients, as well as in-person touch points throughout the year, consisting of
Page 6
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
(continued)
cultural visits and access to the BFC Business Development programme for emerging designers, which includes seminars, workshops and webinars.
Honorary named MA scholarships from Chanel, Dior MEN and Joe Casely-Hayford are unique in providing recipients with guidance and bespoke mentoring opportunities. Recipients are given moments to engage with the partnering brands’ design team throughout the academic year, building lasting relationships which often continue post-graduation. Named Scholarships offer significant financial grants to alleviate course tuition fees, aiding contributions to course costs and living expenses.
In 2024/25, the BFC Foundation supported 27 BA and MA students from institutions across the UK, with scholarship grants totalling to £262,000.
j. National Saturday Club
The BFC Foundation supports the National Saturday Club (NSC) Fashion&Business programme, with the objective to introduce young people aged 13–16 from underrepresented communities across the country to the latest industry thinking and the breadth of opportunities available in the fashion sector. In 2024/25 the BFC Foundation funded 12 clubs and in 2023-24 10 clubs.
With a particular focus on providing extracurricular opportunities for young people, the programme offers a transformational opportunity to build versatile and creative skills, develop confidence and discover pathways to further study and future careers.
Across both years, the BFC Foundation secured special industry masterclasses for students of Fashion&Business Clubs hosted by partners including Manolo Blahnik, Dazed, Alexander McQueen, E.L.V. Denim, Richard Malone, Ebay and the Design Museum.
Page 7
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
(continued)
TRUSTEES AND FUNDING
a. Trustees
The trustees are responsible for the strategic direction and policy of the BFC Foundation and, subject to any prudent delegation to advisers and agents, make all substantive decisions in relation to the BFC Foundation. In furtherance of this, the trustees meet as and when required and will hold at least three board meetings per year. The trustees may delegate any of their powers or functions to committees but the terms of delegation must be agreed in advance.
The trustees have established procedures for the examination of grant recommendations and the conduct of due diligence. Grant recommendations which satisfy the trustees’ policy requirements receive final approval from the trustees before being made.
The trustees of the BFC Foundation, who unless otherwise stated held office during the financial period and up to the date of signing of the financial statements, were as follows:
Pamela Batty Andin Fonyonga David Pemsel Caroline Rush CBE (resigned 30 May 2025) Laura Strain Laura Weir (appointed 28 April 2025)
The trustees did not hold any beneficial interest in the BFC Foundation at 31 March 2025 or at any time during the financial period.
b. Qualifying third party indemnity provisions
A qualifying third-party indemnity provision as defined in Section 234 Companies Act 2006 is in force for the benefit of each of the trustees in respect of liabilities incurred as a result of their office, to the extent permitted by law. In respect of those liabilities for which trustees may not be indemnified, the BFC Foundation maintained a directors’ and officers’ liability insurance policy throughout the financial period. This indemnity was in force at the date of the approval of these financial statements. The Directors have given careful regard to the need to foster the company’s business relationships with suppliers, donors and others.
c. Appointment of Trustees
The trustees of the BFC Foundation are also the trustees for the purposes of charity law. Trustees are appointed by the BFC pursuant to the BFC Foundation’s Articles of Association. The number of trustees shall not be less than three but is not subject to any maximum number. The normal term of office shall be 3 years and a trustee shall be eligible for re-appointment by the BFC for a further term of 3 years in accordance with the Articles of Association.
d. Trustee induction and Training
On appointment, new trustees are briefed on their legal obligations and powers as charity trustees. New trustees are also provided with a copy of the BFC Foundation’s Memorandum and Articles of Association, and information on the history and structure of the BFC Foundation, as well as the decision making processes, policies and the future plans and objectives of the BFC Foundation.
Page 8
(A company limited by guarantee)
BRITISH FASHION COUNCIL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
(continued)
e. Advisers
The names and addresses of the BFC Foundation’s advisers are shown on page 1.
f. Policy statement on reserves
The British Fashion Council’s group structure allows for any surplus generated by the trading activities of British Fashion Council Limited to be transferred via gift aid to the BFC Foundation. This arrangement not only provides tax efficiency but also enables excess funds to be used for charitable purposes in future years. As a result, 70% of the BFC Group’s reserves are safeguarded within the BFC Foundation.
A Reserves Policy was adopted by the trustees of the BFC Foundation in May 2024. The trustees recognise that the British Fashion Council directly funds London Fashion Week, including the BFC NEWGEN showcasing venue—an essential platform for the success of designers within the BFC NEWGEN programme. In addition, the BFC assumes full promoter risk for The Fashion Awards, the primary fundraising event for the BFC Foundation.
The Policy states that the Foundation's reserves should be maintained at a level sufficient to continue these critical activities in the event that the BFC is no longer able to do so, provided the trustees deem them essential to fulfilling the Foundation’s charitable objectives.
Accordingly, the trustees have set a target reserves level of £5 million, equivalent to 2.5 times the Foundation’s combined annual operating, overhead, and grant-making costs. As reserves at 31 March 2025 exceeded this target, the trustees have approved an enhanced charitable programme for the forthcoming year.
It is the intention of the trustees to approve an appropriate investment strategy for these funds.
As at 31 March 2025 the charity had net assets of £6,696,569 (2024: £6,481,368) including a cash balance of £7,149,727 (2024: £6,724,378). The breakdown of reserves between unrestricted funds and restricted funds is as follows:
| Net Assets | ||
|---|---|---|
| 2025 | 2024 | |
| Unrestricted | 6,264,049 | 5,608,714 |
| Restricted-Fashion Trust Growth Grants | 244,613 | 447,820 |
| Restricted-BA & MA scholarships | 137,907 | 374,834 |
| Restricted-Positive Fashion | 50,000 | 50,000 |
| Total Net Assets | 6,696,569 | 6,481,368 |
g. Principal Funding Source
The principal funding source of the Foundation is the British Fashion Council which donated £1,050,000 from the surplus that was generated from activities, including the Fashion Awards, in the year.
The Foundation’s principal approach to fundraising is through its patronage programme, from funds raised from the Fashion Awards, from corporate donors and from corporate sponsorship through a formal agreement with the British Fashion Council. The agreement grants exclusive rights to the BFC to enter into licensing arrangements with third party corporate supporters on behalf of the charity, with the understanding that any net financial contributions received must be donated to the charity.
Page 9
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
(continued)
The BFC Foundation is not subject to any undertakings to be bound by a voluntary scheme for regulating fundraising, or any voluntary standard of fund-raising, in respect of activities on behalf of the charity.
The trustees are satisfied that reasonable steps have been taken to protect vulnerable people and other members of the public from behaviour which is an unreasonable intrusion on a person’s privacy, is unreasonably persistent or places undue pressure on a person to give money or other property. There have been no complaints in the period regarding activities by the charity for the purposes of fundraising.
h. Investment policy
The BFC Foundation’s donations are currently held on bank deposit accounts, including fixed term, high interest accounts. The trustees have stated their intention to develop an investment policy, whilst ensuring that at least the minimum reserve level to cover day to day working capital requirements is maintained.
FINANCIAL REVIEW
a. Going concern
The trustees are responsible for reviewing the budgets and cash flow forecasts which confirm the charitable company has sufficient funds to enable it to meet its liabilities as and when they fall due, for the foreseeable future and for a minimum period of one year from the approval date of the charitable company’s financial statements. The trustees are confident that if the charitable company does not meet its anticipated donation and voluntary income forecasts that appropriate action can be taken to reduce any expenditure to ensure the charity can continue in operational existence. Based on the above, the trustees have a reasonable expectation that the charity will have sufficient working capital for the foreseeable future and consequently believe that it is appropriate for the financial statements to be prepared on a going concern basis.
b. Internal controls and the mitigation of major risks
The BFC Foundation is administered on dedicated accounting software. Bank accounts are maintained in the BFC Foundation’s own name with authorised account signatories. All material transactions are reviewed by the trustees.
The major risks to which the charity is exposed are as follows: -
Operating Risk: the BFC provides all management and administrative support to the BFC Foundation therefore the charity is reliant on the BFC to operate. The BFC Foundation has at least one trustee who also serves on the BFC Board who has sufficient oversight of the strategic plans and financial forecasts of the BFC to ensure it can continue to provide managerial and administrative services to the charity. In the unlikely event that the BFC could no longer provide such support, the trustees would either employ personnel to carry out the charitable activities directly or seek to find an alternative partner. The trustees ensure that there are sufficient reserves in the charity to finance this if required.
Financial Risk: there is a risk of a shortfall in donations to enable the BFC Foundation to award financial grants associated with the charity’s talent support schemes. The trustees review the level of donations in the charity each year balanced against its budgeted grant giving activities and any ongoing commitments. The trustees continue to explore and expand the fundraising ambitions and activities of the charity.
Page 10
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Statement of Trustees' responsibilities
The trustees (who are also directors of the BFC Foundation for the purpose of company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and regulation.
Company law requires the trustees to prepare financial statements for each financial period. Under that law the trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice).
Under company 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 the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Statement of Recommended Practice: Accounting and Reporting by Charities (Effective 1 January 2019);
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company’s auditors are unaware; and
-
the trustees have taken all steps that they ought to have taken in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information
Small company regime
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and the charitable company is therefore exempt from the requirements to prepare a Strategic Report.
Approved on behalf of the board of trustees and signed on its behalf by:
Laura Strain (Davidson) (Trustee)
Date: 9 October 2025
Page 11
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH FASHION COUNCIL FOUNDATION
Opinion
We have audited the financial statements of British Fashion Council Foundation (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure for the year 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 Companies Act 2006.
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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 charitable company'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.
Page 12
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH FASHION COUNCIL FOUNDATION (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of Trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
Page 13
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH FASHION COUNCIL FOUNDATION (CONTINUED)
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
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 an Auditors' report 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.
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:
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Registration.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
Page 14
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BRITISH FASHION COUNCIL FOUNDATION (CONTINUED)
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance in addition to sample testing of income and reviewing underlying agreement and support to ensure appropriate recognition.
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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
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 Auditors' report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Julia Poulter (Senior statutory auditor)
for and on behalf of Crowe U.K. LLP
Statutory Auditor 55 Ludgate Hill London EC4M 7JW
Date: 9 October 2025
Page 15
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025
| Note Income from: Donations and legacies 4 Investments 5 Total income Expenditure on: Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward 13 Net movement in funds 13 Total funds carried forward 14 |
Unrestricted funds 2025 £ 1,910,533 188,077 2,098,610 1,443,275 1,443,275 655,335 5,608,714 655,335 6,264,049 |
Restricted funds 2025 £ 125,000 - 125,000 565,134 565,134 (440,134) 872,654 (440,134) 432,520 |
Total funds 2025 £ 2,035,533 188,077 2,223,610 2,008,409 2,008,409 215,201 6,481,368 215,201 6,696,569 |
Total funds 2024 £ 1,669,792 183,107 |
|---|---|---|---|---|
| 1,852,899 | ||||
| 1,263,482 | ||||
| 1,263,482 | ||||
| 589,417 | ||||
| 5,891,951 589,417 |
||||
| 6,481,368 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 30 form part of these financial statements.
Page 16
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 11917315
BALANCE SHEET AS AT 31 MARCH 2025
| Note Current assets Debtors 10 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
19,026 7,149,727 7,168,753 (472,184) |
2025 £ 6,696,569 6,696,569 6,696,569 6,696,569 432,520 6,264,049 6,696,569 |
96,082 6,724,378 6,820,460 (339,092) |
2024 £ 6,481,368 |
|---|---|---|---|---|
| 6,481,368 | ||||
| 6,481,368 | ||||
| 6,481,368 | ||||
| 872,654 5,608,714 |
||||
| 6,481,368 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Laura Strain (Davidson) (Trustee) Date: 09/10/2025
The notes on pages 18 to 30 form part of these financial statements.
Page 17
BRITISH FASHION COUNCIL FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. General information
British Fashion Council Foundation is a private company limited by guarantee, company number 11917315. It was incorporated in the UK. It is registered in England and Wales as a charity, number 1185152.
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
British Fashion Council Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The preparation of financial statements in conformity with Charities SORP (FRS 102) requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the charitable company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates, significant to the financial statements are considered and disclosed in Note 3.
2.2 Going concern
The trustees are responsible for reviewing the budgets and cash flow forecasts which confirm the charitable company has sufficient funds to enable it to meet its liabilities as and when they fall due, for the foreseeable future and for a minimum period of one year from the approval date of the charitable company’s financial statements.
The trustees are confident that if the charitable company does not meet its anticipated donation and voluntary income forecasts that appropriate action can be taken to reduce any expenditure to ensure the charity can continue in operational existence.
Based on the above, the trustees have a reasonable expectation that the charity will have sufficient working capital for the foreseeable future and consequently believe that it is appropriate for the financial statements to be prepared on a going concern basis.
2.3 Incoming resources
Donations and voluntary income are only included in the Statement of financial activities where the charitable company has unconditional entitlement to the resource. Amounts paid by the supporters of the Fashion Trust are taken into income in the year to which they relate and any amounts received by the balance sheet date in respect of future years are deferred and recognised over the period of support.
Page 18
BRITISH FASHION COUNCIL FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is included in the Statement of financial activities once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Services paid for by the charitable company are recorded at fair value and included in governance costs (see Note 9).
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Where grant payments are subject to performance related conditions, the liability is only recognised at the point these conditions have been met. Until then, the grant expenditure is treated as a contingent liability.
2.5 Fund accounting
The unrestricted fund comprises general funds which are used to meet the charitable objects of the charitable company at the discretion of the trustees. The restricted fund comprises general funds which are used to meet the objectives of the Trust.
2.6 Taxation
The BFC Foundation is a registered charity, and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. VAT is included within expenditure where it is not recoverable.
2.7 Cash at bank and in hand
Cash and cash equivalents include cash in hand and deposits held with banks.
2.8 Financial instruments
Basic financials assets, including trade and other receivables, prepayments and accrued income and cash and bank balances are initially recognised at transaction price. Financial liabilities held at amortised cost comprise trade and intercompany creditors along with accruals and deferred income.
2.9 Cash flow statement
The charitable company is exempt under FRS 102 Section 1A from the requirement to publish a cash flow statement under Financial Reporting Standard 1 (revised) “Cash flow statements”.
Page 19
BRITISH FASHION COUNCIL FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
4. Income from donations and legacies
| Monetary contributions received Unrestricted contribution Contribution - BFC Scholarships Contribution - Newgen Contribution - BFC/Vogue Designer Fashion Fund Contribution - BFC/GQ Designer Fashion Fund Monetary contributions received Unrestricted contribution Contribution - BFC Scholarships Contribution - BFC/Vogue Designer Fashion Fund |
Unrestricted funds 2025 £ 1,910,533 - - - - |
Restricted funds 2025 £ - 25,000 40,000 50,000 10,000 |
Total funds 2025 £ 1,910,533 25,000 40,000 50,000 10,000 |
||
|---|---|---|---|---|---|
| 2,035,533 | |||||
| 1,910,533 | 125,000 | ||||
| Unrestricted funds 2024 £ 1,539,792 - - 1,539,792 |
Restricted funds 2024 £ - 20,000 110,000 130,000 |
Total funds 2024 £ 1,539,792 20,000 110,000 1,669,792 |
|||
Page 20
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. Investment income
| Interest receivable Interest receivable |
Unrestricted funds 2025 £ 188,077 Unrestricted funds 2024 £ 183,107 |
Total funds 2025 £ 188,077 |
|---|---|---|
| Total funds 2024 £ 183,107 |
6. Analysis of expenditure on charitable activities
Summary by fund type
| Direct Costs - Promo Direct Costs - Grants Support Costs - Grant Costs Support Costs - Governance |
Unrestricted funds 2025 £ 373,729 635,000 429,034 5,512 1,443,275 |
Restricted funds 2025 £ 10,707 554,427 - - 565,134 |
Total 2025 £ 384,436 1,189,427 429,034 5,512 |
|---|---|---|---|
| 2,008,409 |
Page 21
(A company limited by guarantee)
BRITISH FASHION COUNCIL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Direct Costs - Promo Direct Costs - Grants Support Costs - Grant Costs Support Costs - Governance Transfer between funds 7. Analysis of expenditure by activities Direct Costs - Promo Direct Costs - Grants Support Costs - Grant Costs Support Costs - Governance |
Unrestricted funds 2024 £ 26,723 469,000 310,639 570 (110,000) 696,932 Activities undertaken directly 2025 £ 384,436 1,189,427 - - 1,573,863 |
Restricted funds 2024 £ 550 456,000 - - 110,000 566,550 Support costs 2025 £ - - 429,034 5,512 434,546 |
Total 2024 £ 27,273 925,000 310,639 570 - |
|---|---|---|---|
| 1,263,482 | |||
| Total funds 2025 £ 384,436 1,189,427 429,034 5,512 |
|||
| 2,008,409 |
Page 22
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. Analysis of expenditure by activities (continued)
| Direct Costs - Promo Direct Costs - Grants Support Costs - Grant Costs Support Costs - Governance |
Activities undertaken directly 2024 £ 27,273 925,000 - - 952,273 |
Support costs 2024 £ - - 310,639 570 311,209 |
Total funds 2024 £ 27,273 925,000 310,639 570 |
|---|---|---|---|
| 1,263,482 |
Audit fees for the Foundation are paid for by the British Fashion Council and therefore are not separately disclosed.
8. Recharged Staff costs
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 335,610 | 258,821 |
No staff were employed by the Company during the year (2024: none).
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .
Page 23
BRITISH FASHION COUNCIL FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
10. Debtors
| Due within one year Trade debtors Other debtors Prepayments and accrued income |
2025 £ 10,000 9,026 - 19,026 |
2024 £ 16,664 - 79,418 |
|---|---|---|
| 96,082 |
11. Creditors: Amounts falling due within one year
| Trade creditors Intercompany creditor Accruals and deferred income |
2025 £ 18,763 427,641 25,780 472,184 |
2024 £ - 314,792 24,300 |
|---|---|---|
| 339,092 |
As at 31 March 2025, BFC Foundation had contingent liabilities in relation to grant payments totalling £107,500 (2024: £119,500)
Page 24
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. Statement of funds
Statement of funds - current year
| Balance at 1 April 2024 £ Unrestricted funds General Funds 5,608,714 Restricted funds BFC Fashion Trust 447,820 BFC Scholarships 374,834 Positive Fashion 50,000 Newgen - BFC/Vogue Designer Fashion Fund - BFC/GQ Designer Fashion Fund - 872,654 Total of funds 6,481,368 |
Income £ 2,098,610 - 25,000 - 40,000 50,000 10,000 125,000 2,223,610 |
Expenditure £ (1,443,275) (261,927) (203,207) - (40,000) (50,000) (10,000) (565,134) (2,008,409) |
Balance at 31 March 2025 £ 6,264,049 |
|---|---|---|---|
| 185,893 196,627 50,000 - - - |
|||
| 432,520 | |||
| 6,696,569 |
Page 25
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds BFC Fashion Trust BFC Scholarships Positive Fashion Newgen BFC/Vogue Designer Fashion Fund BFC/GQ Designer Fashion Fund Total of funds |
Balance at 1 April 2023 £ 4,582,747 648,070 611,134 50,000 - - - 1,309,204 5,891,951 |
Income £ 1,722,899 - 20,000 - - 110,000 - 130,000 1,852,899 |
Expenditure £ (696,932) (200,250) (256,300) - - (110,000) - (566,550) (1,263,482) |
Balance at 31 March 2024 £ 5,608,714 |
|---|---|---|---|---|
| 447,820 374,834 50,000 - - - |
||||
| 872,654 | ||||
| 6,481,368 |
Page 26
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. Statement of funds (continued)
Unrestricted income funds
This general fund is primarily for the annual awards to the recipients who fulfil all the charity objectives to raise the profile of excellence in creativity in British fashion design and to relieve unemployment by supporting the future growth and success of the British Fashion Industry. This fund may also award monetary and mentoring prizes at the discretion of the trustees. This is in consultation with judging panels of industry experts who are brought together by the charity as required. This general fund will also be used to cover the general running costs of the charity.
Donations to the general fund are made by individuals and organisations and are made freely in support of the charity’s objects.
Restricted income funds
BFC Fashion Trust Growth Grants
This restricted fund is specifically to recognise those individuals, charities, organisations, institutions, and undertakings who are deemed to promote the art of fashion design and to relieve unemployment by supporting the future growth and success of the British Fashion Industry. Funds raised will go towards the Fashion Trust grant giving and mentoring programme focused on supporting independent designer fashion businesses to accelerate their growth. Donations to the fund to date have been raised from individuals and corporate institutions.
Education: BA and MA scholarships
This restricted fund is specifically for the advancement of education in awarding scholarships, bursaries, or maintenance allowances tenable at any university or other educational establishments approved by the trustees, to graduates of British Fashion schools to study fashion design and related subjects. Students receiving support through this fund are identified as individuals with real design talent and the potential to become successful designers in the future.
Positive Fashion
This restricted fund was created through the generosity of Jimmy Choo Limited for the advancement of the clothing Industry through the Improvement of standards and quality of performance within the industry. There were no transfers to or from other funds during the financial period (2024: £nil).
Other Restricted Funds
Restricted income was received from corporate donors in support of the BFC/VDFF Designer Fund and the BFC/GQ Designer Fund. As the level of restricted donations received during the year was insufficient to meet the full cost of delivering these initiatives, primarily comprising grant awards, the BFC Foundation provided additional support from unrestricted funds. At the year-end, no restricted fund reserves were held in relation to these initiatives.
Page 27
BRITISH FASHION COUNCIL FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. Summary of funds
Summary of funds - current year
| Balance at 1 April 2024 £ General funds 5,608,714 Restricted funds 872,654 6,481,368 Summary of funds - prior year Balance at 1 April 2023 £ General funds 4,582,747 Restricted funds 1,309,204 5,891,951 |
Income £ 2,098,610 125,000 2,223,610 Income £ 1,722,899 130,000 1,852,899 |
Expenditure £ (1,443,275) (565,134) (2,008,409) Expenditure £ (696,932) (566,550) (1,263,482) |
Balance at 31 March 2025 £ 6,264,049 432,520 |
|---|---|---|---|
| 6,696,569 | |||
| Balance at 31 March 2024 £ 5,608,714 872,654 |
|||
| 6,481,368 |
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Current assets Creditors due within one year Total |
Unrestricted funds 2025 £ 6,259,049 5,000 6,264,049 |
Restricted funds 2025 £ 909,704 (477,184) 432,520 |
Total funds 2025 £ 7,168,753 (472,184) 6,696,569 |
|---|---|---|---|
Page 28
BRITISH FASHION COUNCIL FOUNDATION (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
14. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 5,623,714 (15,000) 5,608,714 |
Restricted funds 2024 £ 1,196,746 (324,092) 872,654 |
Total funds 2024 £ 6,820,460 (339,092) 6,481,368 |
|---|---|---|---|
15. Capital
The BFC Foundation is a company limited by guarantee and has no share capital. In the event of the BFC Foundation being wound up, the liability of the sole member, the British Fashion Council Limited, is limited to £1.
16. Related party transactions
The BFC Foundation is a related party of the BFC through virtue of the fact that BFC is the sole member of the company. The BFC is a company limited by guarantee, registered in London, England, No. 02050620. The BFC’s principal activity is to promote, develop and support the British Fashion Industry. The consolidated accounts of the BFC Group can be obtained from the registered address, Soho Works, 180 The Strand, London WC2R 1EA.
The BFC donated £1,050,000 to the British Fashion Council Ltd in the year. Two of the trustees of the charity are directors of the BFC however, the donation is signed off by the BFC Executive Board which at the 31 March 2025 had seven independent non-executive directors who are not officers of the BFC Foundation.
Two Trustees are remunerated in relation to their roles as executive directors of the charities parent entity, British Fashion Council Ltd. P Batty, a trustee of the British Fashion Council Foundation received £22,125 in the year to 31 March 2025 for consultancy services provided to the British Fashion Council.
No trustees were paid expenses in the year.
17. Controlling party
There is no ultimate controlling party. The trustees control the activities of the charity.
Page 29
BRITISH FASHION COUNCIL FOUNDATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. Comparative Statement of Financial Activities
| Income from: Donations and legacies Investments Total Income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted Restricted Total Total funds funds funds funds 2024 2024 2024 2023 £000 £000 £000 £000 1,539,792 130,000 1,669,792 1,285,165 183,107 - 183,107 35,903 |
|---|---|
| 1,722,899 130,000 1,852,899 1,321,068 |
|
| 696,932 566,550 1,263,482 1,080,932 |
|
| 696,932 566,550 1,263,482 1,080,932 |
|
| 1,025,967 (436,550) 589,417 240,136 |
|
| 4,582,747 1,309,204 5,891,951 5,651,815 1,025,967 (436,550) 589,417 240,136 |
|
| 5,608,714 872,654 6,481,368 5,891,951 |
|
Page 30