24-202 Trustees, Report & Financial Statements fashion& textile children trust. for the year ending June 2025 A for familkno afjnce 1
FASHION & TEXTILE CHILDREN'S TRUST REFERENCE AND ADMINISTRATIVE DEfAILS Name.. The Fashion & Teile Children's Tnjst Registered Charity Numter. 257136 (England and Vvales) 44 Southampton Buildings, London WC2A 1AP E-mail.. Website.. Telephone.. Principal Office.. anna@ftct.org.uk ww.ftcl.org.uk O300-123-o2 1 M.. 07753 605367 Trustees al 30 June 2025.. Jusb'n Hampshi, (Chair of Trustees) - pt•d 2211012025 GfOUP Chief Exec TFG Brands London Mike Trotman, (Chair. Finance Committee} Fomer CFO Tom Dixon Group David Shepherd. Icases Committee) Fonner COO Trading, Arcadia Ryan Bker, Managing Director, UK Visual Immerston Robert Bready, Freelance Execub've Consultant Anne Secunda. Execubve Consultant Phil Cooke, Fomr Chief Product Officer, River Island Alia Gerar Icases Committee), Scaling & Investrnent Partner Andrffiv Wco¢Jward, NED l Board Advisor I Fom)er Chf Marketing Offi¢er. HUSH Ann Campbell, Inteiim and contract senior cA)mmunicatn$. Trustee l NED l Mentor. Chief Execulwe.. Anna Pangboume Bankers. 8ardays Business 1 * Floor, 27 Soho Square London W103QR Solicitors.. FieldFisher RNerbank House 2, Swan Lane London EC4R 3 Auditors.. Saffery LLP Westpoint Peterb)rough BursS Park Lynch Wood PetertK)rough PE2 6FZ InvestwEnl Managers.. Quilter Cheviol Investment Management Senator House, 85 Queen Victorkg Street, London. EC4V 4AB
FASHION & TEKtILE CHILDREN'S TRUST CONTENTS Page Chair's Statement Tnjslees, re 3-11 Independent auditors. report 12-14 Slalement of financial a¢tNities 15 Balan sheet 16 Noles to the financial statements 17-28 Comparative slatement of financial activities 29
FASHION & TEMILE CHILDREN'STrUST CHAIR'S STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 l am delighted lo Introdu the Annual Report and Accounts for 2025. {eT the past year, Fashion & Texb'le Children's Trust IFfcTI has continued lo deliver vital financial support lo 783 children, distributing £386,269 to families workn.ng in the Brits"sh fashion and textile industry, across the UK. These grants were a lrfeline for many. helping them navigate severe financial hardship brought on by sudden challenges suth as bereavemenL illness, or the breakdown of relab'onships. en these challenges finanaally impact the wellbeing of the children in the family. OLtr grants play a vital role in helping the parent to cover the cost of essentsal itenL%. Grants may cover mobility equipment for a child, ensunng they can fvlly access both school and home, as well as specialist equipment like a hoisl for Ihose wth limited mobility. Support can also include essentsal items such as school uniforms. PE kits. bedroom fvmiture, and study resources like a laptop. Families across the industry conb"nu8 lo face tough circumstsnces. We saw a growing number needing urgent support to rebuild their lives after b•ng rehoused-often due lo domestic abuse or family breakdown. Al the same li, personal debt for many of the families we support remains high, with costly day-to-day items such as food, utility bills and rent, deepening the finanaal strain on already vulnerable households. A grant from FTCT ¢an be translomiational As one parent told FTCT.. 'If I hadi't app116d. I Wld hAVS still s+rufjfjlcd ) w)y childrc4 clDthes. et¢. I W[4 have y%lf drow19 IM Mbr6 J¢bt m¢brtAI h64Fth durIlm3. It r&illy was lift ¢haM91119.- As the only UK charity dedicated solely lo supporting parents in the UK fashion and l$Ktile sector. FTCT Is proud lo serve as a safety nel when faMilS need il most. But we can't do il alone. Our ability lo keep delivenng this essential help depends on the backing of the very Industy we setwe. Wih continued Investment from companies across the sector, we can ensure iheir employees and families don't face life's loughesl moments alone. Our Business Plan, which incorporates our Strategy to reath frarnilies in our sector, is available lo view on our website. Please click here t view. one furlher year remaining of our five-year strategy 2021-2026, plans are underway lo devise our next strategy 2026-2031. Our Vlslon.. We believe no chikl shouki have to live without th8 essential rtems they need lo thrive. Our Ml$8lon: To provide finanal grants to supp)rt the children of UK fashion and textile families, improving their wellbeing. Our strateglc direction l: To take an innovative approach to extending the lifespan of the Charity and continue to help families cope during Challenging b'mes. Our three key focus areas lo support our strategic direction are." Children and FamIls. Financial Sustsinability and OFerational Excellence. The success of our strategy lieS heavity on financial support from the industy By end of OUT financial year 2026. we aim lo have awarded £1.86 million in grants over a five-year period. supporting just over 3,960 children. We are ambibous in our goal lo raise £686.282 in donations. representing a 103Yc increase from our last strategic period. In the last financial year, follon9 the implementatson of our fundraising strategy, we successfully raised £158K. ile our fvndrai&ng strategy conts'nues lo yd r•)sib"ve $115. we are not complacent and in the current climate COgnise the continued need to build awareness of the chanty across the sector lo grow the number of companies we work with. Equally important is the relentson of our valued and long- standing Partners. By working in partnership wlh FTCT. companies act as the critical link, enabling FTCT to reach indu5ty families who may have exhausted all other means of support. Page I
FASHION & TEXTILE CHILDREN'S TRUST CHAIR'S STATEMENT lcontinuedl FOR THE YEAR ENDED 30 JUNE 2025 As stewards of the Charity, we remain firmly committed to seThing the best interests of the families who rely on us now-and those who may need our help in the future. Every pound raised diredy benefits the families we support, and each grant awarded has a meaningfvl. often life-changing impact. After 8 years in service as Chair for the Fashion & Textile Chiklren's Trust, I will be stepping down in October 2025. Having had the privilege of serving in this roie. I can't speak highly enough of the incredible work that FTCT does to SUPPOrt the families of those that work in our sector. With a dynamic Board of Trustees and passionate team, I have no doubl that the charity will go from strength lo strength, I would also like to lake thi5 OPPOrtunty to welcome our new Chair. Jusbn Hampshire, who wll be joining the charity in October 2025. 1 wish him every suss. My appreciats.on goes to our execub.ve anij operabonal teams, whose dedicalion and hard work drive everything we do. I'd like to expTess my heartfelt thanks to our Board of Trustees for their unwavering supwrt. guidance, and the generous bme they have deduted to the tharity. over the last 8 years. Finally, 8 sincere thank you to the growing number of ¢ompanies across the Britssh fashion ar textile sector who continue to work in partnership with FTCT- we're InedIblY proud to partner with you. Chair of Trustees during the reporting year. Mike Taylor Signed on behalf of the Board of Trustees by.. Mike Trobnan Dale.. 10 February 2026 Page 2
FASHION & TEXTILE CHILDREN'S TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 30 JUNE 2025 The TrLtstees present their report along with the financial slalements of the Charity for Ihe year ended 30 June 2025. The financial statements have been pPared in accordance with the accountsng policies set out on pages 17 to 21 and compty vjith the Charity's Trust Deed and applicable law. INTRODUCTION The Fashion & Texiile Children's Trust IFTCT) is the only trade charity dedicated lo supporting the children of those working in the Brith fashion and textile industry. Financial difficulties can affect anyone al any time, regardles$ of their job. An unexpected change in circum$lances al home can suddenly make il exceptionally challenging for a parent to provide essentsal items fof their child. who may already be stwggling to wver rent. food. utslity and couwl tax bills. From our daily conVersalS with parents. we undeTrtand that ecor strain not only impacts children's access to adequate clothing. bedroom fvmiture. and school essentials but also increases the risk of mental stress for parents striving to meet their family's bagc needs. As finanaal pressures grow, the strain on mental wellbeing becomes MO evident. leading lo anxiety. stress, and depression emerging as a result. Home and WO life are inextricably linked.. financial pressuos al home can undoubtedly have an impact on a parent's performance at Wofk,. leading to absentegism and potentrally leaving the company allogelher. FTCT is al the heart of the UK fashion and texknle sector, and the parents and carers who work in this sector a central lo the day-to-day business acb'vilies. ether on the shop floor of a fashion retsiler, al a textile manufacturer, a distribution cenlre, or a texiile care company, we $lnve lo buikl a reputation as a charity that is family friendly, listens, is empalhekn"¢. non-judgemental, kind, and fair, from the first enquiry through lo the outcome. As a small team. we tske immense pride in encouraging families to take the first step, always 'going the extra mile, throughout. Working wth each family on a case-by-case basis to guide Ihem through each stage and achieve a posibve outcome. Our Horltago: The Fashion & Textile Children's Twst IFTCTI was founded in 1853, dunng a thriving era for Britain's silk 8nd ¢otton weaving industry. In 1856, Charles Dickens served as Chairman of Appeal-a role comparabl6 to today's celebrity ambassador. ther the past 170 years. as the industry has evolved. so loo has FTCT. Today. we support children whose parents work across the fvll spectrum of fashion and lextile-related roles-from warehouses and shop ftoors lo design studios and factories. heneVer a parent is Struggling to afford their child's ba¢ needs, We' here to help. Organlutlonll PurpoBe: The sole purpose of our Charity is to provide grants- a financial. non-repayable contribution- lo families who work, or have previously worked. in the British faShn and textile industy. Our grants are not a loan and similarly do not affect the benefits a parent receives. Addibonally, there is no charge or membership lee to a company who works in partnership th our Chanty. Typically, our grants cover the cost of essentsal items and speoalist items for their child (up to 18yrsl and are considered when circumstances have changed at home or when ongoing silualion$, e.g. illness or disability mean that a parent is unable to allord the Items their child needs. As part of the application process, we ask the parent lo provide finanaal informats"on. ensuring that we have a full understanding of home circumstances and that grants awarded are to those most in need. OncE a grant 1$ awarded, all receipts for grant items purchased must be returned within four weeks Pa8e 3
FASHION & TEXTILE CHILDREN'S TRUST TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 30 JUNE 2025 Review of the Year- Strnteglc Activities This year, we awarded £386.269 in grants to support 783 children, significantly enhancing their opportunities and wellbeing. )lle the numbers of new grants were slightly lower than last year, the impa was still meaningful., reaching those who needed it most, al a b'me of acute need. The key focus of this year has been the continued implementstion of our fve-year Business Plan 2021- 2026- now in ils final year- alongside the four enabling strategic projects. Our overall Strategic Direction is to take an inrK)vative approach to conb.nue to help families cope during challenging times. Three strategic aims were devised to support our strategic dItion.. Children and Families We aim lo grow the number of children we support lo extend the impact our grants give lo the lives of UK children To do this, we will maintain our grants awarded figure dose to the amount given in the previous strategy period. Financial Sustainability We are ambib.ous in our fundraising targets and aim to fvnd the growth in children supported with a higher proFL)rtion of fundraising income. safeguarding the Charity for fvrture generations. Operational Excellence We a determined to improve the levd of seThice we deliver and aim lo modefnise our processes by embracing digitsl Iransforffots"on, through cloud-based services and automated procedures. For further informab'on at*)Ut our Strategic Obpclives. lease visit our website as here. During the fourth and penultimate year of our strategy, we have successfvlly undertaken the following three strategic projKI5". Children and Famllles: We're improwng h¢Jw families apply for support by rnaking our service more digital and personalised. New features Include automated email updates, dearer website guHYance, and better data insights through our CRM system. Financial Sustainabili We have continued to enhance our fundraising strategy, s$SfullY collaborating with an In¢asIng number of partners lo boost sectOr-we support. Our efforts span four main donor bases.. Corporate, Events, Individuals. and Trusts and Foundations. with a primary focus on Corporates. We are proud to be partnering with 30 organisations {up from 20 in 20231241, all of whom promote our grants and contribute annual donations. Additionally. we have strengthened our two annual fundraising campaigns.. the Back-tSchCl Campaign and the Wnter Appeal. rational Excellence: Thanks to the ongoing growth of our corporale partners and the resulting increase in a steadier stream of enquiries, we have been able lo reduce the need to use social media advertising to boost enquiries when the pipeline is low We also implemented a number of email automations lo help with re-inviling pastapplicanls and retArgeb"ng those who dropped out at enquiry stage, to b0051 enquiries. All of these tacbcs led to convergon efficienc. Page 4
FASHION & TExfiLE CHILDREN'S TRUST TRUSTEES, REPORT {continued) FOR THE YEAR ENDED 30 JUNE 2025 Grants Achievement and Perfornmnce The chart and table below prent the nel amount of new grants approved in 202412025, after deducts'ng refvnds and cancellats.ons of grants CCKnmed in previous years.. New Grants Approved 2024125 £8.865_ É28.6ZO £14,870 £6,170 Finafitial Hardship Special Needs & Illness £29.005 £1470 £29.710 Housing seratIon • Disability Domestic Abuse £81 Mental Health Redundacy . BereavemEllt 14v• Grants od 2024125 £150,470 £81,644 £36,915 £29.710 £29.005 £28,620 £14.870 £8.865 £6.170 Numb•r of % Total B•noficlarl8• 43.93% 19.54¥0 7.41% 8.940 Financial Hardship Special Needs & Illness Housing Separation Disability Domestic Abuse Mental Health Redundancy Bereavement Total R•elp 21.14% 9.56% 7.68% 7.510 7.41% 3.850 2_300 1.600/0 153 70 50 25 17 12 6.39Vo 3.19° 2.17Vo 1.530 As shown in the table atrx)ve and illustrated below. 71% of FTCT grants approved were for children affected by parental circumstances, such as financial hardship. redurKlancy. mental health. domestic violence or bereavement to support with essential items such as dothing. sclKol unifonn, bedroom fumiture, appliances and home items arKI more. 29Qfi of FTCT grants were for children with special needs or disabiltb"es. Typicalty, grants were for extra tuition, speech and language therapy. speu'alisl equipment, leaming adaplabons, occupational therapy, laptops to support leaming and essential thild modificats.ons to the family hcffie. FTCT continues to help familEs navigate challenging tiffes. Using current n8nal statistics for the number of children living in povety arkl the number of people employed by the sector, this indicates we are onty reaching a fraction of our potentsal beneficiary audience, meaning that the true number of beneficiaries eligible for our grants far exceeds the resourtss we have available. P38e 5
FASHION & TEXTILE CHILDREN'S TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2025 By working in partnership with the sector, we (xn ensure we reach employees whose families are facing finanoal hardship in our sector. As a trade specific charity, our grants can only be awarded to those who currently work in the industry or have previously worked within the last nine years, providing that they have worked for a minimum of one year. The children in the farnity must be aged ttsveen o- 18 years. Grants typically provided by CT include". Essential items Cloth1n and shoes. inc school uniforns and PE Kit Children's bedroom furniture l Beddin Wnile oods frid e, cwker and washin Essential household items Stud Essentials- Tablets l La to ialist items Mobili ui ment Senso Thera Re ite activikn.es ialist dothin lo machine s etc. During the lasl 12 months, many families contr.nue to be impacted by the cosl-of-living crisis. Kathryn, a parent who works at NEXT was renlly awarded a grant told FTCT". ¢o-workcr re¢OfftewdQI FTCT really helped m¢. Th6 prtscess sim Jbld I w&$ th¢ 4rJbi+ +1th6. r m4 thildrem 0(1d a fresh a saft bed +0 $166p Ih. Both me Ghildrem happicr with hslp w¢ rucivd- The FTCT team and Board of Trustees remain o)mmitted lo significanUy increasing Ihe number of chIldn we assist, to support families who work in our industry and as a fesult of our strategic direth"on. FTCT Fundralsing and Outrgach Carnpaign 2024125 Promotion continued across the Bntish fashion and textile sector wlh many of our long-established industry partners including NEXT. John Lewis Partnership. M&S and Boden as well as textile core companies including CLEAN, Aberdeen Laundry and Johnsons Hotel Linen. Our Working TogetherAgreement IwrA} nne$ to provide a dearframeworkforall ofour Partnerships. Our ask is two fold". for companies to both promote our grants to employees and invest in our services. We continue lo work in pathership with a strong portfolio of companies induding Ralph Lauren, New Look, Charles Tyrwhitt. BTMA. Kannegiesser and Abraham Moon. We a also delighted lo have welcomed new Partners, including Kurt Geiger, John Smedley KnIfvar, The Linen Group and Elis. Our thanks also lo Snow White Laundries. Christeyns. LLUK. SATCOL. Interweave, Society of Hospital Linen servi and Laundry Managefs ISHLSLM}, Microndean, Jacksons, Salisbury Lirien SerVe$ and Kannegiesser. Our deep appreryab.on also to our supporb.ng trade t)dies". UKFT and the Nab"onal Laundry Group. Many of our Partners Icok part in our Wnter Appeal, Dec 24 and Back To School Campaign, July 24 and raised £16,688 and £3,566 respectively. For the second Wnter Campaign over 14 Partners took part, our highest number of Corporate participants, a trend we hope to continue to build on year-on-year. Our new animated video was launched in Spring 2025, prowding an updated visual overview of our grants and how lo apply. Both comprehensive and friendly. this is intended to encourage families to gel in touch. We constantly strive to ensure that our service is acCeSbIe". following discussion with our SLS one of our Partner companie5. our FTCT materials were translated into drfferenl languages In working with other Partner companies, this has grtrwn to over 10 translated languages. Page 6
FASHION & TEILE CHILDREN'S TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 30 JUNE 2025 Complementing this provision. we are also pleased to share that FTCT will be working with Language Line. a live translab.on service, enabling the parent lo Sak in their first language, to ensure they have a full understanding of the grant support available. Vve We also delighted to work in parts)er5hip textile oynpany VIS Linen as part of our 'nter Appeal, Dec 24. Throughout December, families re¢eiving a grant from FfcT We offered free Vision Linen bedding bundles, redeemable wrth a unique code. Stskeholder su rt: We are proud lo conbnue lo be the official or3r$, Charity Partner al the three Drapers Awards Ceremonies held throughout the year. raising just over £11,OC4). Attended by nearfy 1,000 representslives from the sector, this is a unique OPFQrtunity lo raise awareness. fundraise and continue lo strengthen our netsvork FTCT would like to thank Jill Geoghan, Edilof for her ongoing support. Next year. Drapers will be consolidating their award events lo hvo. the Drapers Awards in November 2025 and Draters Consoous Awards, Spring 2026. T xtile Se lor Our ¢ontinued charity partnership with UKFT (UK Fash and Texts"le Assoaats'onl has helped lo raise further awareness and finanaal support. UKFT organised their second Christmas Prize Oraw on tehalf of FTCT Our ongoing thanks to Adam Mansell, CEO and all the team al UKFT. LQLLLlor We also extend our gratitude lo Chale Betteridge, fomRr Master of the Worshipfijl Company of Launderers, who "ndlY selected FTCT as his chosen charity during his year of Service, on behall of the Launderers. Our *ncere thanks also lo Alastair McR&. NalirAbal Laundry Group for choosing FTCT a$ their chosen charity for the fifth year iunning al their AnnL1 Dinner. We are also deeply gralefijl lo Jason Kent. CEO of the Britssh Textsle Machinery Association IBTMAI for selecting FTCT as their CSen charity for the first tsme al their Annual Dinner, Manchester. Public Benofit ststgmont The Trustees confirm that they have Compl wth the duty in secbon 4 of the Charities Act 2Cx)6 to have due gard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit,. Our charitsble objeth"ves, as set out in our Trust Deed dated 1968. focus on the lief of poverty and support of education among children of any persons presenlty or formedy employed in the textile and allied trades. Today, we reflect these objectives by providing grants for everyday items to support a child's health and wellbeing. from school uniform and essential clothing lo largerfvmiture items and specialist equipment. Our grants help to relieve financial pressure on families during challenging limes. while making sure children have everything they need to thrive. Page 7
FASHION & TEXTILE CHILDREN'S TRUST TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 30 JUNE 2025 FINANCIAL REVIEW This yearfs financial perfOrnn reflects deliberate strategic management of our assets and disciplined cost control, despite challenges in Spe0f revenue streams. Total income for the year was £402.152. marknng a 5.7% decrease ¢xJmpared to £426,572 received in the prior year. This decrease was consciousty offset by proactive spending adjustments. as total expenditure was SucssfUllY contsined at £827,341. 8 2.4% reduction trom the previous yea¢s spend of £848,036. The decline in total incnme was primarily due to factors. Returns from securtties saw a moderate 2.90 drop. This outcome is a direct and Strategic Consequen of the ongoing. measured transition lo rebalance the capital base mix of our Investment fund portfolio. This pro$$ is essential for aligning our fund structure with the Board-adopted lot81 returns policy, ensuring long-teryn financial stabilty and growth potential. The temporary reduction in returns is thus a ne$sary step in athieving Ihis strategic goal. Separately. incA)me frorn donab.ons and fundraising experienced a 9.8% decrease, falling from £175,364 to £158,221. This shortfall reflecls spe ehallenges, mainly stemming from lower retums in Corporatelcommunity donations. coupled wtth a slighlly smaller underFerfomiance from Corporatellndividual events We are actsvely reviewing our ftjndraising strategie5 to strengthen performance in these key donor se9Ents rnoving ford. Our totsl expenditure was reduced by 2.4% year-on-year, demonstrab.ng a contsnu&J commitment to fiscal discipline This strategic saving was mainly achieved through targeted adjustsments to our strategic grants programme and a careful management of organisational development activities. By priorilising spending, we ensure that resources are directed lowar(J actNities that deliver MaMuM impact and align preasely with our mission and strategic objectives. Overall, the organisation maintained strong fiscal stewardship. lIe revenue fad hea1ndS from a planned investment transition and fundraising challenges. exrEnditures were lighdy controlled. We remain focused on capitalising on the long-term benefits of the rebalanced investrmenl strategy and implementing robust measure$ to enhance our fundrain9 revenue in the coming perKMJ. Investment Policy and PerfomMn¢e The Trustees appoint Investment Managers and delegate to them power at their discretion to buy and sell investments securities on their behalf in accordan the investment wlicy laid down by the Trustees. The Trust's investments are managed on a discretionary basis by Quilter ChevioL The Trustee5 have adopted a total relum policy, with an investment objective of achieving long-term capital growth lo the value of the portfolio, as well as generating agreed income levels through diversified funds and individual holdings in fixed income stocks, equities, allernatsve Investments and cash. Historically, the emphasis had focused on income generatson. The Trusfs risk appets.te remains mediurn, limib.ng equity exposure lo a maximum of 75% of the portfolio. allowing the fund to acpt a mrxlerate variation or disruption to capital value or cuent income in order to rn&t the Charity's longer-lerm objectsves. Ethical and Responsible Investment The Trust Intentionally applies responsible-invesfftnl prinoples to guide and influence its investment strategy Environmentsl, social and governan {ESGI criteria are a sel of standards for an organisation that socially conscious investors. suth as our tharity. ConderS when reviewing their investments. Environmental Criteria consider how an organisation perfomis as a steward of nature. Pa8e 8
FASHION & TEXtILE CHILDREN'S TRUST TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 30 JUNE 2025 Social criteria examines how it manages relationships with employees, suppliers, customers. and the communities where it operates. Governan deals wth organisalion's lealership. executive pay. audits, inlemal controls, and shareholder rights. Therefore. the investrnent managers are expected to tske account of ESG issues in their investrnenl analysis and deawn-makn.ng prsseS and engage with company management when appropriate. The Managers send through, quartety. a specific report covering ESG issues encountered during the period. The Investsnenl Manager has categorised the Charity's responsible investment preference is 'Aware'. which means that the aim is lo optimise finanryal returns for the given level of nsk level, believing that lo achieve this being aware of environmental, swal and govemance factors are important inputs. The total inccmne from the Trusys investrment FQrtfolio stood al £243.931 compared to the previous yearfs total of £251,208 as the portfolio's income bias ha5 been reduced. During the year lo 30 June 2025 allowing for capital withdrawals induding fees during the year, the portfolio decline by 0. 1% In capital terms and generated an income return of 3.50A, $0 overall a net increase of 3.40A. This compared to an increase in the benchmark. the MSCI PIMFA Balanced Index of 7.O¥o and the Asset Risk Consultants IARCI Charity Steady Growth Index of 4.3%. On a rolling 5-year basis, the portfolio has deltvered a comkKJund net total retum of 39.0%. against 40.0¥0 for the benchmark and 31.1% for the ARC Charity Steady Grthvth Index. The Finan Committee continues lo monitor the 8th"vrties of the portlolio Managers and is satssfied with Quilter Cheviot's long term perfomance. Reseryes pollcy The Trustees, policy is to distribute the ino)me frorn investsments and other source5 to meet charitable demands, whilst optimising Djnning costs and protecting the capital base to ensure that the Trust is able to meet all future charitable needs. In 2024125 the Sum of£395.935 was deducted from reserves12023124'. £202,390 was added to reserves), mainty due to a £595.234 combined overall reduction in realised and unrealised gains on investment assets compared to the prior year. Totsl unrestn.ded income funds have remained at £0 {2022." £0) these funds were designated lo fvlfil commitments already made lo supwrt children's educab.onal needs. These commitments were finalty discharged in June 2022. These commitments were eondib.onal based on an annual review addressin9 the prcoress of the child concerned and any changes in the grants to SUPFQrt educational needs or in the finanaal situation of the parents. Dependent upon this. the grant was either continued at the prewous level or Increased Iproviding evidence is shown). In line with the Board's direth.ve as from 1 July 2019. no ftjrther conlributsons will be considered for these types of grants. Total endowment fvnds amount to £7,3,925{2o24.' £7.459.860) all of which relates lo the expendable endowment fvnd. STRUCTURE, GOVERNANCE AND MANAGEMENT The principal aijdresses and details of professional advisers are induded in the information sheet al the front of these accounts. Page 9
FASHION & TEThLE CHILDREN'STRUST TRUSTEES. REPORT Iconlinuedl FOR THE YEAR ENDED 30 JUNE 2025 Governing Documont The TNst is constituted under a Dedaration of Trust, dated 23 Seplember 1968, aEnded by Charity Commission Scheme 214 Isl sealed 18 Dember 1995. Appolntment of Trustees The Tnjsl Deed of 18 requires a minimum of four and a maximum of eighteen Trustees. Trustees are invited to join the Board", preference is given to those who are currentty employed in senior positions in the fashion and textile. retail and manufacturing Industy. TDJSt. excluding the Chair, are elected by a resolution of the Trustees and serve for a peri(xJ of four years after which they can be re-elected. The Chair is elected by the Tnjstees and seryes for a period of three years and a MaMuM of six years in the event of reelection. Induction and Training Each prospective Tnjstee meets with the Chief Execulive, Chair and Trustee representative and attends a Trustee Meeting in advance of their appointrnent being confirmed. In Dernber last year, four Truslees were successfully recruited to join the Board." Ann Campbell, Alia Gerar, Andrew Woodward and Phil Cooke. Each concluded an in4epth inducb'on. whid) induded details of the Charity, our Tru51 Deed, legal responsibilities and the latest governan information produced by the Charity Commission. Organisation The Charity is govemed by a Board of eleven Trustee5. operats.ng under the day-to-day management of the Chief Executive and team. The Trustees bek)w all held office from 1 JLtly 2024 to 30 June 2025.. Mike Taylor, Ichair of Trustees). ComnErcial Director, Brib'sh Heart Foundation - Resigned 22110r202S Justin Hampshire, (Chair of Trustees), Group Chief Exec TFG Brands London - Appointed 2211012025 Mike Trotman, (Chair, Finan Committee) Fomr CFO. Tom Dixon Group David Shepherd, Former COO Trading, Arcadia Ryan Becker, Managing Director, UK Visual Immersion Vanessa Elias, Managing Director, CVUK- Resigned 1810812025 Robert Bready. Freelance Executive Consultant Anne Secunda, Executive Consultant Phil Cooke. Former Chief Product Officer. River Island Alia Gerar, (Cases Cornmitteel, Scaling & Invesbnenl Pathef Andrew Woodward, Forfff Chief Marketing Officer, HUSH Ann Campbell, Interim and contract senior communicabons. Trustee l NED l Mentor There are tsvo sutFcommittees.' Finance Committee (Chair, Finance Committee Mike Trotrnan and Chair. cT, Mike Taylor) are responsible for the monitoring and control of lotsl income, expenditu and for supervision of the Accounts. The p*rformance of Quilter Cheviot is rnitored by the Finan Committee. Th Committ is responsible for assessing applications and reviewing applicats.ons for grant$ of over £750 per child. submitted by the Grants Team. There are currendy three members of the Cases Committee. David Shepherd, Vanessa Elias and Ala Gerar, Trustee5. Nominations Committee.. For the purpose of recruibng a Chair for our charity, the following Trustees will be supporting throughout the process". David Shepherd. Alia Gerar. Mike Trotman, Ryan Becker, Anne Secunda and Phil Cooke. Page 10
FASHION & TEKfiLE CHILDREN'S TRUST TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 30 JUNE 2025 TRUSTEES, RESPONSIBILMES IN RELATION TO FINANCIAL STATEMENTS The Charity's Trustees are responsibb for preparing the Twstee's Annual Report and ffnanaal statements in accordance with applicable law and United Kingdom Accounting Standards (Generally A¢pIed Accounting Practice). The law applicabÈ lo Charities In England and Wales requires the Trustees to prepare finanLial ststemenls for each financial year which give a true and fair view of the slate of affairs of the Charity and the incoming resources and applicab.on of resour$ of the Charity for that period. In preparing these finanual statements. the Tnjslees are required to.. select suitable accounting poliues and apply them consistenuy. observe the methods and principles in the Charities SORP., make judgments. and esb"mates that are reasonable and pwdentr, stale whether applicable accounting standards have been followed, subied to any departures disclosed and explained in the financial ststernents Prepare the financial stslements on the going concern basis unless il is inappropnate lo psume that the Charity wll continue in operation. The Trustees are respjnsible for keepirrfj proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements Comply with the Charities Act 2011. the Charity IAc¢x>unls and Rep)rtsl Regulations 2008 and the provisions of the Twst Deed. The Trustees are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevenbon and detection of fraud and other irregularities. This Annual Report was approved by the Trustees on 10 February 2026 and signed on their behalf by.. Chair of Trustees during the reportj'ng year. Mike Taylor Signed on behalf of the Board of Trustees by." Mike Trotman Date.. 10 February 2026 Page 11
FASHION & TEXTILE CHILDREN'S TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE FASHION & TEXTILE CHILDREN'S TRUST Opinion We have audited the financial staternenls of Fashion & Textile Children's TnJst for the year ended 30 June 2025 which comprise statement of finanaal acb"vib"es, balance sheet and notes lo the financial statements, indudin9 significant accounknng policies. The financial reporting framework that has been applied in their preparation Is applicable law and United lQ"ngdom Ac£ountsng Standards. including Financial Reporting Standard 102, the Financsal Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements-. give a true and fair view of the state of the charity's affairs as at 30 June 2025 and of its incnming resources and applicab.on of resources for the year then ended," have been propedy prepared in ¥cordance with United lfjngdom Generally Accepted A¢¢ounting Practice.. and have en preparèj in xcordance with the requirement5 of the Charities Act 2011. Basis for opinio We conducted our audit in accordance with 1nlernab.onal Standards on Auditing {UKI IISAS IUKII and applicable law. Our reSnSIbilI"eS under those standards are further described in the Auditols Tesponsibilities for the audit of the financial statements section of our reporL We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fvlfilled our other ethical re5ponsibililies in accordance with these requifements. We t*lieve thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going eoneern In auditsng the financial ststements. we have conduded that the trustees, use of the going concem basis of accounting in the preparab'on of the financial statements is appropriate. Based on the work we have perf0Md. we have not identified any material UnrtaIntieS relating lo events or conditions that, individually or collectively, may east significant doubt on the charity's ability to continue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilits'es and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The trustees are responsible for Ihe other infonnation. The other infomialion comprises the infomialion included in the annual report. other than the financial 5taternent5 and our avdilorfs report Ihereon. Our opinion on the financial slalemenls does not coverthe other infomiab.on and, expt lo the extent otherwise explicitly stated in our reporL we do not express any form of assuran condusion thereon. Our responsibility is to read the other infomialion and, in doing so, consider whether the other infomialion is materially incon&stent 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 misslalemenls, we are required to determine whether this gives rise to a material misstalemenl In the financial slalements themselves. If. based on the work we have perf0Md, we conclude that there is a material misststement of this other Informatr"on' we are required to report that fact. We have nothing to rewrt in this regard. Page 12
FASHION & TEYtILE CHILDREN'S TRUST INDEPENDENT AuDORs. REPORT (¢ontinuedl TO THE TRUSTEES OF THE FASHION AND TEThLE CHILDREN'S TRUST Matters on which we are required to rnport by exception We have nothing to TeFQrt in respect of the following matters in relation lo whh the Charities (Accounts and Reports) Regulations 2008 require us lo pOrt to you if. in our Opini¢.. the information given in the Twstees, Annua Report is inconsistent in any material respect with the finanual statements," or the charity has not kept sufficient accounb.ng records.. or the financial statements are not in agreemenl with the accounting records and retums., or we have not received all the information and explanations we require for our audit. Responsibillties of trustees As explained more fully in the Trustees, Responsibilities Statement sel out on page 8, the trustees are responsible for the preparabon of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is neSary to enable the preparats'on of finanual ststemenls that are free from material misstatement, whether due lo fraud or error. In preparing the finanaal Statements. the trustees are responsible for assessing the charity's ability lo continue as a going concem. disdosing. as apble. matters related lo going concern and using the going ¢oncem basis of aecounts'ng unless the trustees either intend to Iv4uidate the charity or to cease operabons, or have no realistsc allemative bul to do $0. Auditors, re$ponsibllitie$ for thg audft of the financial statements We have been appointed as auditors under the Charities Act 2011 and report In accordano with regulations made under that Act. Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misslatemenl, whether due lo fraud or error. and to issue an auditors, rep)rt that includes our opinion. Reasonable assuran Is a high level of assurance. but is not a guarantee that an audit conducted In accordan with ISAS IUKI will afvRys delecl a matenal misslatemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in)luence the economic deusions of users taken on the basis of Ihese financial statements. Irregularities, including fraud. are Instan of nOn-mpl1an wth laws and regulab"ons. We design procedures in line with our responsibilities, Ouuinj above. to detect material misstatements in respect of irregularities, including fraud. The Slfie prOdureS for this engagement and the extent to which these are capable of delecling irregularibes. induding fraud are detsiled belcw. Identifying and assessing risks rdaled to irregularib"e5'. We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discus%ons within our audit team planning meeting, updating our record of Internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportLbnitses for fraudulent manipulation of the finanaal Statements. We idenbfied laws and regulab.ons thal are of significance In the context of the charity by discus&ons with trustees and upNJab"ng our understsnding of the sector in which the charity operates. Laws and regulations of direct signfficance in the context of the charity include the Charities Act 2011. the Charities {Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risks idenbfied". We considered the extent of compliance with these laws and regulations as part of our audit Pfctedures on the related financial statement items Including a VIeW of financial statement disclosures. We rev1ewed the charity's records of breaches of laws and regulatr"ons. minutes of rneetsngs and eorrespondents with Page 13
FASHION & TEXTILE CHILDREN'S TRUST INDEPENDENT AUDITORS, REPORT (continued) TO THE TRUSTEES OF THE FASHION AND TEXTILE CHILDREN'S TRUST relevant authorib.es to identify potenttal material misstatements arising. We disojssed the charity's policies and procedures for compliance laws and regulations with members of management responsible for compliance. During the planning meeb'ng with the audit team, the engagement partner drew attentson to the key areas which might involve non<ompliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-complian with l&vs and regulab.ons or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by lesling the appropriateness of joumal entries and identifying any significant transactions that were unusual oroulside the nomial course of business. We assessed whetherjudgements made in making accounting estimates gave rise to a possible Ind10n of management bias. At the compleb.on stage of the audit, the engageTnent partnerfs review induded ensuring that the team had approached their work with appropriate profes%onal scepbcism and thus the capacity lo idenkn.fy n0n-wmpl1an with laws and regulations and fraud. There are inherent limitstsons in the audit prcKedures described above and the ftjrther reny)ved non- compliance with laws and regulations is from the events and transacts.ons reflected in the financial stalemenls. the less like we would become aware of it. Also, the risk of not delects.ng a rnaterial misstatement due to ftaud is higher than the risk of not detecb.ng one resulkn'ng from error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentstions, or through collusion. A further description of our respongbilibes is available on the Finanaal Reporb"ng Council's website at.. www.fr uklaudilorsr s. This description fonns part of our auditor's rep)rL Use of our rgport This report is made solely to the chanty's trustees, as a body, in a(rdan wlh Part 4 of the Charities (Accounts and Reports) Regulations 2(x)8. Our audit work has been undertaken so that we might slate to the Iruslees those matters we are required to stale to them in an auditorfs report and for no other purpose. To the fullest extent pemitted by law. we do not 8p1 or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work. for this report, or for the opinions we have formed. Saffery LLP Weslwint Petert)orough Business Park Lynch Wood Petert)orough PE2 6FZ Chartered Accountants Slatulory Auditors Dale". Saffery LLP is eligible to act as an auditor in terms of seciion 1212 of the Companies Act 2006 Page 14
FASHION & TEKfiLE CHILDREN'S TRUST STA TEMENT OF FINANCIAL ACTNMES FOR THE YEAR ENDED 30 JUNE 2025 Unrestricted Inco Fur$ Endowment Funds. Totsl 2025 Total 2024 Noles Income and endowments from.. Donatsons and legacies Other trading activities Income frorn Investments Other incoming soUrCeS Total Income and endowments 158,221 158,221 175,364 243.931 243,931 251.208 243 931 402,152 426 572 Expenditure on.. Raising Funds 181,872 181,872 183,452 Charita8 actwities 645,469 645,469 664,584 Total Expendlture 827.341 848 036 Nel gainslllosse$) on investments 12 28,620 28,620 623,854 Nel incomellexpendilurel 396 569 202 390 Transfer bethen lunds 16 583.410 1583,410) Nel loulgoingl resources before other recognised gains and losses 1396.569} 1396,5691 202,390 Other gainslllossesl Nel movement in lunds for the year 634 1395,935} 634 1395,9351 202,390 Total funds brought for4vard 16 7.459,860 7,459,860 7,257.470 Total fvnds camed ford 7,063,925 7,063,925 7,459,860 The statement of financial activities indudes all gains and losses re¢ogni¥ed in the year. All incoming resources and SourceS exFended derive from contsnuing activities. The notes on pages 17 to 29 form part of these finanual ststements. ' The Endowment funds are whdty expendable as shown in r¥Jte 15 on page 27. Comparative figu$ are included on page 29. Page 15
FASHION & TEXTILE CHILDREN'S TRUST BALANCE SHEET AS AT 30 JUNE 2025 2025 2024 Notes Fixed assets Intsngible fixed assets Tangible fixed assets Investments 11 12 5,257 6,935,298 3.909 7 313,659 6.940,555 7 317.568 Current assets Debtors and prepayments Cash at bank 13 60.755 112,885 79,997 104,969 173,640 184,966 Creditors". amounts falling due wthin one year 14 50.270 Net current assets 123.370 142,292 Net assets 7 063,925 7.459,860 Unrestricted income funds - Designated fund 16 Endowment funds - Expendable endowmenl - Permanent endowment 16 7,C63.925 7,459,860 7,¢X3,925 7,459,860 Total funds 7,C63,925 7,459,860 The notes on pages 17 to 29 forrn part of these financial staiements. These accounts were approved by the Trnstees on 10 February 2026 and shjned on their behalf by." Mike Trotman Chair Finance Committee David Shepherd Trustee, autl)ori sign on behalf of the Board Page 16
FASHION & TEKfiLE CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Charity Infomiation The Fashion & Texble Children's Tnjst is a Charity dOMlled and registered in England and Wales. The principal office is 44 Southampton Buildings. Lon¢Jon, INC2A 1AP. Accountlng polieigs Basls of accounting These financial statements for the year ended 30 June 2025 of Fashion & Textile Children's Trust are prepared in accordan with the Charity Commission Statement of Recommended Practice - Accounting and Reporb'ng by provisions of the Charities SORP IFRS 1021 Accounts'ng and Reporting by Charib"es. The acuntS have been prepared in accordance with the Charities Act 2011. The finanaal ststements have been prepared unfjer the historical cost cKJnvention and in accordan with applicable accounting standards. The financial slalemenls have been prepared in accordan with the Chanty Commission Statement of Recommended Practice - Accounting and Reporting by provisions of the charib.es SORP IFRS 1021-Accounting and Reporting by Charities.. Statement of Recommended practs.ce applicable to charib.es preparing theiracwunls in accordance with the Financial Re($'n9 Standard apICable in the UK and Republic of Ireland. Going concem Al the lime of approving the finanoal statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concem basis of accounting in preparing the financial slaternents. Incoffle Income is indLKled in the Statement of Finan(ial Acb"vitwwhen the Charity is enb.tled to the income and the amnt can be measured wilh sufficient reliability. Incoming resources are calegorised as follows". Donations and legaaes comprise gross amounts received by way of legacies. covenants, gift aid and donations and fomi part of the expendable endowment. For legacies, enlillemenl is the earlier of the Charity being notified of an impending distribution or the legacy being received. It is the Trustees. wlicy to treat any unrestr¢cted legacy received as part of the Expendable Endowment, the object being to enhan the Trust's income availabk ft)r use over future years, so that future beneficiaries can receive the direct benefits of the legacy occurred. Other trading acb"vilies comprise gross amounts received by way of appeal projects and fomi part of the expendable endowment. Income from appeals Is deferred where the income relates to the occurrence of a future event, the cancellation of which would result in a refund ofthe monies raised. Income from investments cx)mprises arr•)unts receivable by way of dividends an(J interest and forms part of the unreslricled general fuThJ. Other income comprises of the receipts of any resou$. which the Charity has not been able lo allocate within the main incorre categorw and foms part of the unrestricted funds or the endowment fvnds. Page 17
FASHION & TEXTILE CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnued) FOR THE YEAR ENDED 30 JUNE 202S Ac¢ounting policies Iconlinued) Expendire Liabilities are recognised as expenditure as as there is a legal or constructive obligation committing the Charity to Ihe expenditure. Al expenditvre Is accounted for on an accruals basis, inclusive of VAT and is reported as part of the exFenditure to which rt relate5. Expenditsjre on rai%ng fvnds comprises the o)sts associated wth attracting voluntary income. fundraising events and investment management costs. Charitsble expenditure comprises those costs incurred by the Charity in the delivery of its act¢vilies and services for its beneficianes. It includes both costs that can allocated direclly to such aclivrties and those costs of an indirect nare necessary to support them. Govemance costs indude the ¢gsts as%)ciated with the general running and statutory reqU1MentS of the Charity and are recognised Trmthin supwrt costs. It consists of auditor5. remunerabon and management and administration costs. Costs are allocated beiween expenditu categories on a basis designed to reflect the use of the resource. Costs, including overheads relating lo a paClar ath'vity are allocated directly. Support costs are app)rtioned on an appropriate basis e.g. staff time and ests'mated usage. Fundraising and publicity costs These include direct expenditure and supp)rt costs invofved in raising the profile of the Charity and in fundraising events. Grants payable Grants are made in order to give ffinancial support to families for day lo day and speualisl items aligned with the charitable objectives of the Charity. The liability for grants payabSe is recognised in the year in which the offer is made. The amount tharged lo the Stslement of Financial Activities for the year comprises both grants paid in the year and payable within onè year The commitment in respect of grants payable within one year is induded in creditors, where the wmmitmenl has been cornmunicated in writing prior to the balance sheet date. The commitsnent in respect of future payments due after one year is accounted for by a transfer to designated funds. The arnount held in the designated fund is therefore not disclosed as a ftslure liability to reflect the fact that the Trustees carry out an annual review of all grants payable and retain the discretion to terminate any grant. Fixed Assets Intangible fixed assets other than goodwill Intangible assets acquired separately from a business are recognised at C051 and are subsequently measured al cost less aecufflulated amortisab.on and accumulated impairment losses. Amortisation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Website 3 years Tangible Fixed Assets Depreciation offixed assets is provhled by equal annual instslments, ¢alculal&J lo write off the cost of assets over their esbmated useful lives. These are". Computer equipment Office equipment 5 years 10 years All assets, whith have a usefvl econom life of more than one year. are capit21ised at cost. Page 18
FASHION & TEXTILE CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS (conllnued) FOR THE YEAR ENDED 30 JUNE 2025 Accounting policles (continued) Investments Investments are included in the accounts at the mathel value ruling al the balance sheet dale. The unrealised gain$ and losses arising as a result, together with any realised gains and losses on investmenls disposed of in the year. are included in the Slalemenl of Financial Aelivilies, forming part of the expendable endowment. Incfft from investrnents is ieccgnised on an accruals basis and forms part of the unrestncted general fund. Fund ac¢ountlng Funds held by the Charity aTe eith8r.- UnstrICted general funds... The general fvnd iepresents funds Ihal Can be used In accordance with the charitable objectives, al the discretion oflhe twstees and without having lo tske account of any restrictions. Any shortfall in the general fvnd is supplemented by a transfer from the Expendable Endowment. in accordance with the Trust Deed. Designated fvrKis'.- These lunds represent the cost of ongoing grants for children currenlly receiving support. Transfers are made lo or from the fvnd from the expendable endry•vmenl each year. The balance on the fund represents a fvture liability. being the amount committed by the Iruslees to specific charitable expenditu, communicated in writing prw lo the balance sheet dale and falling due for payment after more than one year. The payment of future grants Is contingent upon the grant conditions being mel and is subject to an annual review by the trustees, who retain the discretion lo leminate any grant. These funds a treated as unrestncted. ExFendable endowment funds.'- These represent income received, which is credited to the fund in a¢¢ordance with the trust deed, from which gifts or loans may be made to sUPeMent any shortfall on the gener81 fund or designated fvn(J. Pernanent endowment lunds'.- These funds represent the value at which donated assets have been ¢apilalised. These assets We donated $ifiCallY ft)r the purpose of use in fund raising events. 1.10 Flnanclal In•trumont• Financial assets are recognised in the Charity's balance sheet when the Charity becomes paty to the contractual proviOn$ of the instruwrtht. Financial as$et$ a ¢la5sified into specified ¢alegories. The classificab.on depends on the nature and purpjse of the financbal assets and is detemiined at the lime of recognib'on. Baslc flnanclal assets Basic finanaal assets, whh indude trade and other receivables and cash and bank balances, are inits.ally measured at transaction pric£ induding Iransath'on costs and are subsequently carried al amortised cost using the effeclive inlertst methc•J, unless the arrangement constslutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of Interest. Other financial assets dassified as fair value through the statement of financ1 activities are measured at fair value. Other financlal assets Trade debtors. loans and other Teceivables that have fixed or determinable payments Ihat are not quoted in an actr've mathet afe classified as 'loans and re1VableS.. Loans and reGeiv8bles are measured at amoffj.sed cost using the effeth.ve interest method, less any impainnent. Page 19
FASHION &TWILE CHILDREN'STRUST NOTES TO THE FINANCIAL STATEMENTS Icontinu8d) FOR THE YEAR ENDED 30 JUNE 2025 Accounting policies Icontlnued) Interest is recognised by applying the effective interest rate, except for short-temi receivables when the recognition of interest would be immaterial. The effective interest methc¥J is a method of alculating the amortised cosl of a debt instrument and of allatIng the interest income over the relevant period. The effective interest rate is the rate that exady discounts estsmaled future cash receipts through the expeded life of the debt instnjment to the net carrying amount on initsal recognition. Impairment of financial assets Financial assets, other than those held at fair value through the statement of financial acb'vities. are assessed for indicatots of impaim*nt at each reporting end date. Financial assets are impaired where there is obJectJ"ve eviden tha( as a result of one or more events that occurred after the inib.al recognib.on of the financial asset. the esb'mated future cash flows have beell affected. The impaiment k)ss Is recognised in the statement of financial acb"vilies. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the eash flows from the asset expire, or when it transfers the financial asset and substanb.ally all the risks and rewards of ownership lo anolhef entity. Classification of financial liabilities Basic financlal liabilities Basic financial liabill"eS are inib.ally recognised at transaction price, unless the arrangement conslrtutes a financing transacbon. where the debt Instrument is measured at the present value of the ftjture receipts discounted al a market rale of interest. Other financial liabilikn'es classified as fair value through the statement of ffinancial ath'vities are measured at fair value. Other financial liabilities Other financial liabilib.es are inib.alty measured at fair value. nel of transaction costs. They are subsequently measured al amorb.sed cosl using the effective interest Ethod, with interest expenses recognised on an effects.ve yield basis. The effectsve interest method is a thOd of calculats.ng the amortised cost of a financial liability and of allorab.ng interest expense over the relevant period. The effecb.ve interest rate is the rate that exactly discounts estimated future cash payments through the exp¥ted life of the financial liability to the net carrying anUnt on initsl recognition. Derecognltlon of financial liabilities Financial liabilities are derecognised when, and onty vthen, the Charity's obligations are discharged. cancelled. or they expire. 1.11 Cash and cash equivalents Cash at bank and cash in hand includes short term highly liquid investrnents with a short maturity of three months or less from the dale of acqUIOn or opening of the deposit or similar account. 1.12 Taxation The Charity is a registered Chanty and is not IBtrAe to United Kingdom income tax or corFX)rabon tax on charitable actwibes. Page 20
FASHION & TEXTILE CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS (¢onllnu•d) FOR THE YEAR ENDED 30 JUNE 2025 A¢counllng pollcies Icontinuedl 1.13 Employee b•nellts The costs of short-lem employee tenefils are recognised as a liability and an expense. unless those costs are required to be recognised as part of Ihe cost of stock or fixed assets. The cost of any unused holKiay entsUeffnt is recognised in the period in which the employee's services are received. Temination benefits are recognised immediately as an expense when the Charity is demonstrably committed to temiinale the employment of an employee or lo provide temiinalion benefits, Incomo from Investments 2025 2024 DivendS, distn'butions and inte1 on bonds reVable 243,931 243 931 251208 251 208 Expendlturn Direct Costs Support Costs Total 2025 Total 2024 ExFendilure on ran9 funds {note 41 Chanlable activitses (note 51 69,271 414.583 112,601 230,886 181.872 645,469 183,452 664,584 483,854 343,487 827.341 848,036 Expendltur• on ral•lng funds 2025 2024 Costs of generating voluntary income Fundraising costs Advertising & website costs Publicity Recruitrnent Other costs 12,252 4.262 3.000 1,280 9,295 8,278 5,574 7,680 11433 36,260 108,804 145.064 38.388 183452 30,904 112,601 143,505 Support costs (note 81 Investment manageftnt ¢0sts 181 872 Page 21
FASHION & TEXTILE CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS {contlnuedl FOR THE YEAR ENDED 30 JUNE 2025 Charitable activities Supkxtrrt costs {note 81 Grants Inole 61 Direct costs Total 2025 Totsl 2024 Large Grants Medium and Small Grants 2025 2024 386.269 386,269 407.180 28.314 28,314 37.724 230,886 230,886 219.680 645,469 645,469 664,584 664,584 Analysis of new grants 2025 2024 Large Grants Ipaid & payable) Paid directly to educatsonal organisations on behaff of indwiduals Paid lo Individuals - Prior year cx)mmitrnents reversed Medium Grants Ipaid & payablel Paid directly to organisab.ons on behalf of Indivua1S Paid to individuals 42,139 42,139 47,121 47.121 Small Grants Ipaid & payable) Paid directly lo organisations on behalf of Indivuals Paid to individua15 344,130 344.130 360,059 360,059 Totsl grants for the year 386.269 407,180 Governance costs 2025 2024 Audit fees Inole 101 Insurance Professional fees (including Consultancy) Other office costs 12,600 2,847 962 9.477 25.886 12.000 2.681 989 12,891 28,561 Support costs (note 81 25,886 28.561 Page 22
FASHION & TEMILE CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl FOR THE YEAR ENDED 30 JUNE 2025 Support costs 2025 2024 Staff costs Inole 9) Bookkeeping costs (note 10) Office costs Depreciation Govemance costs (note 7) 287.872 462 27,247 2.020 25,886 272.150 361 25,370 2,042 28,561 Allocated lo: Expenditure on raising funds Inole 41 Charitable ath"vib'es Inole 51 112,601 230,886 108,804 219,680 343,487 328.484 Employ•o8 2025 2024 Wages and salaries National insLsran¢e Employerfs Pension 258,648 21,018 8.205 287,872 243,619 20,963 272 150 Number Number Number of employees The average number of empbyees during tho yèar was.. Management and admini51ralion One employee eams in excess of £80,OLKI bul less than £90,000 par annum12024.' one). Total rernuneran of key management personnel was £140.68812024'. £134,858). 10 Audltorn, and Accountants, r•mun•ratlon 2025 2024 Aijdit Bookkeeping Saffery LLP Bookkeeping & office Servi 12.600 462 12,000 361 Page 23
FASHION &TEILE CHILDREN'S TRUSr NOTES TO THE FINANCIAL STATEMENTS (continu¢d) FOR THE YEAR ENDED 30 JUNE 2025 11 Flxed AsGets Intangiblè fixed assets Website Total Cost Al 1 July 2024 Addib'ons At 30 June 2025 18,000 18,000 18,000 18,o¢X) Amortisalion and impairment Al 1 July 2024 Charge for Ihe year At 30 June 2025 18.000 18,000 18,000 18.000 Nel b¢)ok value At 30 June 2025 At 30 June 2024 Tanglbl• fix•d as8•ts Computer EqLtipnnt Total Cost At 1 July 2024 Additions 29,675 4,395 29.675 4.395 Disposals 5.7321 15,7321 AI 30 June 2025 DepCiatiOn Al 1 July 2024 Charge for the year Disposals At 30 June 2025 25,766 2.020 4,703 25,766 2,020 Nel bk value AI 30 June 2025 AI 30 June 2024 3,909 Page 24
FASHION & TEKfiLE CHILDREN'5 TRUST NOTES TO THE FINANCIAL STATEMENTS (¢ontlnu¢d FOR THE YEAR ENDED 30 JUNE 2025 12 Inve$tments 2025 2024 Quoted investrnents Market value at 1 Juty 2024 Additions and other adiuslnEnts Disposals predS Realised gainllloss) on investments Unrealised gainllbssl on investrments Market value at 30 June 2025 7.080.159 1.538,957 11,881,207) 490,590 461,970 6.766,529 6,418,483 541,225 1503,4031 (28,3301 652 184 7,080,159 Cash held at investment managers 168,769 233.500 6 935 298 7 313,659 Historical cost at 30 June 2025 5.554,990 5,406,650 All investments are held wimarily to provide an investrnenl relum for the Charity. G•ogrnphlcal Anty• 2025 2024 United Kingdom Overseas Fixed Inte$t - Fixed Interest 1,024.771 962,922 107,894 United Kingdom EuroFe USA Asia Equity Equity - Equity - Equity 1,521,414 724.589 2,116,723 274,5C6 1.728,538 657,922 2,054,035 342,805 Japan Emerging Markets Global Equity Equity 166,157 159,598 208,617 190,261 82,560 Equity Alternative Investments - Property Equity 729,752 793,624 6,766.529 7.080,159 All investrnenl incoff is derived from invesbrlents traded the UK Stock exchange. 13 Debtors and pr•payments 2025 2024 Other debtors Prepayments Accrued incnme 5,680 22.587 32 488 60.755 5,760 12,917 61,320 79.997 Page 25
FASHION & TEXTILE CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025 14 Credltors: amounts falllng du¢ within one year 2025 2024 Large Grants payable Isee below) Medium and Small Grants payable (see bekMI} Taxation and sw.al security Company Credit card Sundry creditors Accruals 7,230 6,219 1,176 8,323 27.322 600 6,790 4,853 3,798 26.633 50,270 42,674 The Trustees have included as a liability grants payable within one year that have been coMmunled In writsng prior to the baLan sheet date. 2025 2024 Large Grants payable at 1 July 2024 Medium Grants payable at 1 July 2024 Small Grants payable at 1 July 2024 600 2,460 600 386,269 379,639 2,460 407,180 409,040 600 New commilmentsl Transfers toifrom designated fund (note 61 pa during the year Large Grants payable at 30 June 2025 Medium Grants payable at 30 June 2025 Small Grants payable at 30 June 2025 Total Grants carried forward payable 2024r25 1,800 5,430 7,230 600 600 Page 26
FASHION & TEKfiLE CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMETrtrs (conlinued) FOR THE YEAR ENDED 30 JUNE 2025 15 Funds 2025 Unrestricted Resthcted General Designated Expendable Pem)anent fijnd lund enth)wment endowment Total 2025 Al 1 July 2024 In1me 7,459.860 158.221 7,459,860 402,152 243,931 Expendire {827,3411 1827,3411 Transfers 583,410 {583.4101 Gainllloss} on revaluation and ttisposal of investment assets Other gainslllosses) At 30 June 2025 28,620 28,620 634 7.063,925 634 7,063,925 Funds 2024 Unresthcted Restricted General Designated Expendable Pernianent fijnd fijnd endowment endowment Total 2024 At 1 July 2023 Income 7.257,470 175,364 7,257,470 426,572 251,208 Expenditure {848.0361 1848,0361 Transfers 596,828 1596,828) Gainl{losslon revaluation and disposal of investment assets At 30 June 2024 623,854 623,854 7,459,860 7,459,860 16 Anatysis of assets between funds 2025 Unrestricted Restricted General Designated Expendable Pernanent ftjnd fijnd endowment en(Jowmenl Totsl 2025 Intangible fixed assets Tangible fixed assets 5,257 5,257 Investments 6.935,298 6,935.298 Current assets 173,640 170,580 Current liabilikn'es 150,2701 7,063,925 147.210} 7,063,925 Net Assets Pa8e 27
FASHION & TEXTILE CHILDREN'S TRUST NOTES TO THE FINANCIAL STATEMENTS {contlnued) FOR THE YEAR ENDED 30 JUNE 2025 Analysis of assets belween fvnds 2024 Unrestricted Restricted General Designated Expendable Permanenl fund endowment fvnd endowment Totsl 2024 Intangible fixed assets Tangible fixed assets 3,909 3,909 Investments 7,313,659 7.313,659 Current assets 184,966 184,966 Current Iiabilibes {42.674) 7,459.860 {42,674) Nel Assels 7.459.860 17 Related Partles No Trustee, or persons connected with the Trustees, received any remuneratson or were reimbutsed any expenses from the Charity during the year {202>24.' None). Operating Lease Commitments At 30 June 2025 the Charity had annual commitments under nOn-CanlIable operating leases". Operab'ng leases which expire.. Within one year Within two to five yeaTS servi Office Sublease Agreement £24,732 £12.672 Pa8e 28
FASHION & TEXTILE CHILDREN'S TRu¥r STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 30 JUNE 2024 Unreslrieled Income Endowment Funds Funds. Total 2024 Notes Inrne and endchvments from: Donations and legacies Other trading aclivib'es Income from Investments Other incoming resources 175.364 175,364 251,208 251,208 Total Income and erKlowments 426.572 Expenditu on.. Raising Funds 183,452 183.452 Charitable acb'vibes 664.584 664.584 Tolal Expenditure 848 036 848 036 Nel Gain on investrnents 12 623.854 623,854 Net incomellexp8nditure) 596 828 799 218 Transfer ben funds 596.828 1596,8281 Net loulgoingi resources before other recognised gains and losses 202,390 202,390 Other gainsllloss88} Net trvement in fijnds the year 202,390 202,390 Total fvnds brought forwar(I 7,257.470 7,257.470 Total funds carried forward 7,459,860 7.459,880 Page 29