REGISTERED CHARITY NUMBER: 262401
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31st December 2022
for
The Costume Society
The Costume Society
Contents of the Financial Statements for the Year Ended 31st December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Notes to the Financial Statements | 9 | to | 15 |
| Detailed Statement of Financial Activities | 16 | to | 17 |
The Costume Society
Report of the Trustees for the Year Ended 31st December 2022
The trustees present their report with the financial statements of the charity for the year ended 31st December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Society are to promote, for the benefit of the public, education in dress throughout the ages and to encourage conservation of historic examples of dress together with relevant source material.
The Society furthers its charitable purposes through its grants and awards, together with its annual conference, study days and visits, its peer reviewed journal "Costume" published twice a year and its members' newsletters as well as its website and social media activities.
The Trustees have regard to the Charity Commission's guidance on public benefit when considering all of the Society's activities.
Grants and Awards
The Society has established a number of grants and awards, many of which have been made possible by generous bequests to the Society.
The Elizabeth Hammond Conservation Grant, created with a bequest from the estate of Elizabeth Hammond, a founder member and former trustee of the the Society, promotes museum conservation and display of clothing and clothing related textiles of all periods, styles and places of origin, held in the permanent collection of Accredited Museums in the UK with an annual turnover of up to and around £750,000. Preference is given to museums with dress and associated textile objects of local or national significance but with limited or no in-house conservation resources.
Student Grants and Awards
The Museum Work Experience Grant is intended to support students seeking work experience with a clothing / fashion / dress / costume collection and to help UK museums accomplish projects essential to the care, knowledge and interpretation of these types of collections.
The Yarwood Research Grant commemorates the work of dress historian and former chair of the Society, Doreen Yarwood. This grant helps an MA student enrolled at a British institution, engaged in high quality research in to the history of dress and / or textiles, with expenditure relating to the completion of their dissertation.
The Patterns of Fashion Award honours the work of dress historian, Janet Arnold, a founder member of the Society. This competitive award is open to students studying on costume and fashion-related education courses that involve the design and realisation of costume. Participants produce a reconstructed garment from a pattern in one of Janet Arnold's Patterns of Fashion book series or C17th Women's Dress Patterns books 1 & 2 edited by Susan North & Jenny Tiramani.
The Patterns for Performance Award - launched in 2019, this award encourages students to design a period garment for a character in a performance. Like the Patterns of Fashion this is a competitive award and is open to students studying at second-year undergraduate level and above, including post-graduate students.The starting point for the design should be a Janet Arnold period pattern from the Patterns of Fashion book series.
Page 1
The Costume Society
Report of the Trustees
for the Year Ended 31st December 2022
ACHIEVEMENT AND PERFORMANCE
Charitable activities
In 2022 we were pleased to be able to re-introduce in-person events to our programme of activities. The chance to chat face-to-face and interrogate an item of dress in person is such a valuable strength of the Society's events and one that cannot be replicated online. A total of four in-person events were held alongside our online conference and the continued series of evening online events for members. We decided to designate 2022 as a year of menswear to coincide with two landmark exhibitions at Manchester Art Gallery and the V&A Museum, London. A year for the Society to fully focus on this often overlooked area of dress history. The Society's annual conference, in-person visits and the Patterns of Fashion and Patterns for Performance Awards were all brought within this menswear theme. The Society's AGM study day and awards ceremony was held in-person for the first time since the pandemic and was well-attended - a great opportunity for members to view the student finalists' fantastic work and chat to them about their creations.Our online conference was moved to the Autumn as this was thought to be better for an online event; in-person conferences were previously held in the Summer for easier travelling and to tie in with the end of the academic year.This new timing worked well and we intend to continue with the Autumn scheduling for the foreseeable future.
Two further editions of the Society's journal "Costume" were produced with articles covering aspects of dress history from the mid-eighteenth century to the latter half of the twentieth century from across the UK, Europe, the US and Japan and from practical clothing for travel and sport to the dress of a poet and luxurious wedding attire. Member's magazine "The Thread" with its continued focus on the membership, their collections, passions, pastimes and "day in the life of" features was published twice in the year and has drawn much praise and engagement from the membership.The website continues to be updated with information on the Society's events and awards as well as weekly blogs commissioned by our Ambassador blog editors. The Ambassadors programme which enables students and emerging fashion historians to reach a wide audience via the Society's social media and blog posts has also been strengthened to encourage the Ambassadors' involvement in all aspects of the running of the Society; they are now encouraged to assist more widely with our work with opportunities to work alongside committee members in their roles. It was very pleasing, for the first time since the pandemic, to have received applications for the Elizabeth Hammond Conservation Grant with two grants being made in 2022.
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The Costume Society
Report of the Trustees
for the Year Ended 31st December 2022
FINANCIAL REVIEW
Financial Review and Investment Policy
Income from the Society's members subscriptions and charitable activities remained strong and very consistent with recent years.We are encouraged that membership of the Society has continued to grow which is reflected in a further increase in subscriptions income. In 2022, like all similar organisations, we have experienced upward pressure on costs in some areas of our work. The return to an in-person AGM involved additional costs in relation to venue hire and committee travel expenses, etc. We also took a decision to pursue a programme of in-person events which we were aware may not fully cover their costs, but we felt it was important to re-establish this part of the Society's offering which is critical to our collaborative approach to the study of dress history. Despite these cost pressures, we are pleased to report that we made a further small surplus on the Society's general, unrestricted fund in 2022.
The longer term plan is for the Society's annual conference and events programme to break-even. Our various publications, website and ongoing administration costs are met by members' subscriptions and royalties received from the journal. The Society's current grants and awards and event attendance subsidies for students and younger people, together with the Elizabeth Hammond Conservation Grant are all supported by the Society's Managed Investment Funds. In common with many investments in 2022 we experienced a reduction in the value of our invested funds, particularly in the early part of the year; we are fortunate that these short-term fluctuations do not impact on our ability to continue to support our full grants and awards programme.
As reported in the 2021 financial statements, our income for that year included a very generous legacy from a long-standing member, Anne Thomas. The Trustees, supported by the wider Executive Committee have been discussing our options for the future use of these funds and have identified the following possibilities for further investigation. SOCIETY INFRASTRUCTURE: including a budget for the Communications team to reflect increased content requirements and costs, a review of honoraria and the cost of hosting AGMs in person, and creating new roles to support the development and delivery of the following; MEMBERSHIP BENEFITS: including possible subsidies of event charges during the cost of living crisis; SUPPORTING THE MUSEUM SECTOR: including a review of grants and awards with potential to develop new ones targeted at access to collections and support for acquisitions; ENCOURAGING DIVERSITY, EQUALITY and INCLUSION within the society; SUPPORTING YOUNG PEOPLE: with grants and recognition awards, creating content specifically designed for young people who are considering the fashion/design/heritage/performance/academic sphere as a possible future career; SUPPORTING the CREATIVE INDUSTRIES including those skills and crafts which are identified as at risk of dying out; Reviewing our existing GRANTS and AWARDS in terms of appropriateness/need/reach/impact and value and considering if further ones need to be developed; RESEARCH and PUBLICATIONS including potential costs of translation for articles for the journal. The Executive Committee has divided into smaller working groups to pursue the potential for these areas and we will be seeking support from the membership at the 2023 AGM to take these to the next step.
Following receipt of the Anne Thomas bequest, the Trustees undertook during 2022 a review of our existing arrangements with investment advisors and also had some detailed discussions with possible alternate advisors. It was ultimately decided to streamline our current arrangements and to deal direct with LGT Wealth Management (formerly LGT Vestra) who were already administering the Managed Investment Funds on our behalf. Going forward this will save us the fees paid to Attivo Financial Planning. There has been no change to the instruction to our investment advisors to maximise the total investment return within the constraints of a low medium risk portfolio. Our current grants and awards are funded by a combination of income and longer-term capital growth. The Trustees are currently in discussion with our advisors as to the best investment approach for the Anne Thomas bequest funds.
Reserves
The Trustees periodically review the Society's general reserves to consider sums required for current and future liabilities. The Trustees continued aim is to maintain free reserves in unrestricted funds at a level which equates to between six and twelve months of unrestricted charitable expenditure. At 31.12.22, the Society held £295,996 in its general unrestricted reserves. This unusually high level of unrestricted funds was a direct result of the bequest of £256,500. The Trustees, supported by the wider Executive Committee, are currently working through a range of ideas as to how best to use these funds to support the charity's work. The Society's restricted funds totalled £348,860, made up of £179,397 in the Conservation Grant fund which supports the Society's annual Conservation Award and £169,463 in the Jubilee Grants & Awards fund which funds the Society's various student grants and awards.
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The Costume Society
for the Year Ended 31st December 2022
Report of the Trustees
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was created by deed on 6th May 1971 and is controlled by its governing document, its constitution, originally adopted on 10th March 1973 and subject to various amendments the most recent of which was adopted on 2nd July 2017. The Costume Society is an unincorporated charity.
Recruitment and appointment of new trustees
The trustees of the Society are recruited by the existing Trustees and elected by the membership at the Annual General Meeting. The Trustees comprise the Chair (with a maximum 5 year term of office); the two vice-chairs: the Secretary and the Treasurer, together with not less than 4 and not more than 6 general Trustees (who have a 3 year term of office). All Trustees are required to be members of the Society during their term of office.
New Trustees are recruited by advertising to the Society's membership on the Society's website and via the Society's social media channels. The Society follows the Charity Commission Guidance on finding new Trustees for its Trustee recruitment.
Newly appointed Trustees are provided with a full introduction to the Charity, including meeting with existing Trustees. They are also given a new trustee information pack containing key documents and guidance as recommended by the Charity Commission.
Organisational structure
The charity is managed on a day to day basis by the trustees made up of the honorary officers (the chair, up to two vice-chairs, the secretary and the treasurer), together with not less than 4 and not more than 6 further trustees (elected officers). The trustees are supported by a committee of appointed officers made up of the "Costume" journal editorial team, news editor print and digital, membership secretary, ambassadors officer and social media editor, conference and programme co-ordinators and the Society's awards and grants co-ordinators.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
262401
Principal address
Atlas Chambers 33 West Street Brighton East Sussex BN1 2RE
Trustees
P Warren Chair Dr N Radclyffe-Thomas Vice-Chair Dr B Whyman Vice-Chair (appointed 9.7.22) M Hodgson Secretary (appointed 9.7.22) C Wright Treasurer L Johnston Vice-Chair (resigned 9.7.22) Dr D Sprecher (resigned 9.7.22) H Wroe (resigned 9.7.22) Dr H Moravej H Persson Swain S Braun (appointed 9.7.22) (resigned 6.10.22) R Holman (appointed 9.7.22)
Page 4
The Costume Society
Report of the Trustees
for the Year Ended 31st December 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner Colin Young FCA Galloways Accounting Atlas Chambers 33 West Street Brighton East Sussex BN1 2RE
Approved by order of the board of trustees on 15th June 2023 and signed on its behalf by:
P Warren - Trustee
Page 5
endenl Examiner's Reporl to the Trustees of The Costume Socie Independent examinerfs reFK>rt to the truslees of The Costume Society I report lo the charity Iruslees on my examinaik)n of the accounls of Costume Swety Ilhe Trust) for Ihe year ended 31st Dember 22. Responsibilities and basis of report As the charity Iiuslees ol the Trust you are restthst&le for the preparation of ihe accounts in accordance wilh the requirements of the Charli$ Ad 20111.lhe Ad). I report in respect of my examinatk)n of the Trust's accounts carried oul under section 145 01 the Act and in carrying out my examinalk)n I have folk)%%Ed all app1Kab Direct$ given by the Charity CmMiSsion under section 14515llbl of ihe Act. Independent examinerfs statement I have completed my examination. Youf allenlion is lo drawn to Ihe fact that the Charty has prepared the financial statements in accordance with the relevant versK)n of the SlalenEnl of Recomrr*nded Practice appluble lo charities preparing their accounts in accordance with the Financial Rewting SlarHlard appltsble in the UK and Republic ol Ireland IFRS 1021 in pference to the Accounting and Reporting by Charities". Statement of RecommerKled Practi issued on 1 April 2005 which is releri8J to in the exianl regulalv)ns but has been wthdrawn. l understand that this has been done in order for the accounts lo provKle a true and fair view in accordance th UK Generally Accepled Accounting Practi . I confirm Ihat no other matlers have come lo my altenlion that gNe me cause to believe that in any material respecl.. accounting records were not kept irb respect of the Trust as r4u11 by 130 of the Acl". or the 8¢counls do not accord wlh those records", or the accounts do not comply wrth the appluble requirements concerning the form and conlenl of accounts sel out in the CharitEs (Accounls and Reports) RegulatK)ns 2008 other than any requirement thal the accounts give a l(ue and fail view whKh is nol a matter considered as part of an independent examinalKJn I confirm that there are no other mattets lo which your attention Sh1 be drawn lo enable a proper understanding of the accounts lo be reached. Cdin Young FCA Galloways Accounting Atlas Chambers 33 Wesl Streel Brighton East Sussex BN1 2RE 15th June 2023 Page 6
The Costume Society
Statement of Financial Activities for the Year Ended 31st December 2022
| Notes INCOME AND ENDOWMENTS FROM Subscriptions & Legacies Charitable activities Costume Journal Conference Events & Visits Investment Income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Costume Conservation Grant Museum Work Experience Grant Patterns of Fashion & Performance Awards Yarwood Research Grant Costume Journal Members Newsletter Website & Social Media Membership Administration Cost Conference Events & Visits Officers Administrative Costs Other incl. Governance Costs 5 Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 28,668 12,047 2,045 1,964 440 45,164 347 - - - - 16,150 3,403 3,957 2,035 1,696 2,730 114 3,115 33,547 (2,359) 9,258 286,738 295,996 |
Restricted funds £ - - 500 - 6,921 7,421 5,540 5,030 2,000 3,400 500 - - - - 345 309 - - 17,124 (36,944) (46,647) 395,507 348,860 |
2022 Total funds £ 28,668 12,047 2,545 1,964 7,361 52,585 5,887 5,030 2,000 3,400 500 16,150 3,403 3,957 2,035 2,041 3,039 114 3,115 50,671 (39,303) (37,389) 682,245 644,856 |
2021 Total funds £ 275,928 11,896 3,945 155 5,758 |
|---|---|---|---|---|
| 297,682 | ||||
| 6,191 - 2,000 3,472 1,000 15,802 4,920 3,570 2,040 2,394 495 131 1,850 |
||||
| 43,865 | ||||
| 21,850 | ||||
| 275,667 406,578 |
||||
| 682,245 |
The notes form part of these financial statements
Page 7
The Costume Society
Balance Sheet
31st December 2022
| Notes FIXED ASSETS Intangible assets 8 Investments 9 CURRENT ASSETS Debtors 10 Prepayments and accrued income Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 5,040 16,076 21,116 4,465 27,665 250,925 283,055 (8,175) 274,880 295,996 295,996 |
Restricted funds £ - 336,558 336,558 - (500) 17,977 17,477 (5,175) 12,302 348,860 348,860 |
2022 Total funds £ 5,040 352,634 357,674 4,465 27,165 268,902 300,532 (13,350) 287,182 644,856 644,856 295,996 348,860 644,856 |
2021 Total funds £ 6,720 402,442 409,162 4,285 61,633 215,134 281,052 (7,969) 273,083 682,245 682,245 286,738 395,507 682,245 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 15th June 2023 and were signed on its behalf by:
C Wright - Trustee
The notes form part of these financial statements
Page 8
The Costume Society
Notes to the Financial Statements for the Year Ended 31st December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the relevant version of the 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) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Raising funds
The costs of generating funds consist of investment management costs.
Charitable activities
Costs of charitable activities include grants and awards made together with all directly attributable costs of other charitable activities.
Governance costs
Governance costs are the costs incurred by the charity in meeting its legal and statutory obligations.
Intangible fixed assets
Amortisation is provided at the following rate in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Website 20% straight line basis
At each balance sheet date, the charity reviews the carrying amount of its intangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the charity estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Taxation
The charity is exempt from tax on its charitable activities.
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continued...
The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
Debtors and Creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
2. INVESTMENT INCOME
| Dividends & Interest 3. RAISING FUNDS Investment management costs Investment Management Fees 4. GRANTS PAYABLE Costume Conservation Grant Museum Work Experience Grant Patterns of Fashion & Performance Awards Yarwood Research Grant |
|
|---|---|
Two Costume Conservation Grants were awarded in 2022, £4,300 was paid to Royal Albert Memorial Museum Exeter and £730 was paid to The Brunel Museum Rotherhithe. The Museum Work Experience grant was paid to two individuals, one working with Royal Cornwall Museum and one with Silk Museum and Paradise Mill, Macclesfield.
The Patterns of Fashion and Patterns for Performance Awards were paid to the six finalists. The Yarwood Research Grant was paid to one student.
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continued...
The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
5. OTHER INCL. GOVERNANCE COSTS
Independent Examiner Fees for the Independent Examination £1,320 (2021 - £1,200).
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2022 nor for the year ended 31st December 2021.
Trustees' expenses
The total expenses re-imbursed to Trustees was £726 (2021 - £609). Expenses were re-imbursed to 5 (2021 - 1) Trustees for postage, stationery, zoom fees, members visit costs, and meeting travel expenses.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Subscriptions & Legacies Charitable activities Costume Journal Conference Events & Visits Investment Income Total EXPENDITURE ON Raising funds Charitable activities Museum Work Experience Grant Patterns of Fashion & Performance Awards Yarwood Research Grant Costume Journal Members Newsletter Website & Social Media Membership Administration Cost Conference Events & Visits Officers Administrative Costs Other incl. Governance Costs Total Net gains on investments NET INCOME |
Unrestricted fund £ 275,778 11,896 3,445 155 370 291,644 367 - - - 15,802 4,920 3,570 2,040 2,232 495 131 1,850 31,407 1,385 261,622 |
Restricted funds £ 150 - 500 - 5,388 6,038 5,824 2,000 3,472 1,000 - - - - 162 - - - 12,458 20,465 14,045 |
Total funds £ 275,928 11,896 3,945 155 5,758 |
|---|---|---|---|
| 297,682 | |||
| 6,191 2,000 3,472 1,000 15,802 4,920 3,570 2,040 2,394 495 131 1,850 |
|||
| 43,865 | |||
| 21,850 | |||
| 275,667 |
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continued...
The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds £ £ RECONCILIATION OF FUNDS Total funds brought forward 25,116 381,462 TOTAL FUNDS CARRIED FORWARD 286,738 395,507 8. INTANGIBLE FIXED ASSETS COST At 1st January 2022 and 31st December 2022 AMORTISATION At 1st January 2022 Charge for year At 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 9. FIXED ASSET INVESTMENTS MARKET VALUE At 1st January 2022 Disposals Revaluations At 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 |
Total funds £ 406,578 682,245 Website £ 8,400 1,680 1,680 3,360 5,040 6,720 Listed investments £ 402,442 (10,505) (39,303) 352,634 352,634 402,442 |
Total funds £ 406,578 |
|---|---|---|
| 682,245 |
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continued...
The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Royalties Due 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals for grants payable Other creditors |
|
|---|---|
Other creditors includes deferred income of £4,027 (2021 - £3,514) in respect of subscriptions received in advance. Members subscriptions are due on 1st January each year.
12. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Conservation Grant fund Jubilee Grants & Awards fund TOTAL FUNDS |
At 1.1.22 £ 286,738 201,114 194,393 395,507 682,245 |
Net movement in funds £ 9,258 (21,717) (24,930) (46,647) (37,389) |
At 31.12.22 £ 295,996 179,397 169,463 |
|---|---|---|---|
| 348,860 | |||
| 644,856 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Conservation Grant fund Jubilee Grants & Awards fund TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 45,164 (33,547) (2,359) 9,258 3,253 (7,688) (17,282) (21,717 4,168 (9,436) (19,662) (24,930 7,421 (17,124) (36,944) (46,647 52,585 (50,671) (39,303) (37,389 |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 45,164 (33,547) (2,359) 9,258 3,253 (7,688) (17,282) (21,717 4,168 (9,436) (19,662) (24,930 7,421 (17,124) (36,944) (46,647 52,585 (50,671) (39,303) (37,389 |
|---|---|---|
| (46,647 | ||
| (37,389 |
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The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Conservation Grant fund Jubilee Grants & Awards fund TOTAL FUNDS |
At 1.1.21 £ 25,116 192,646 188,816 381,462 406,578 |
Net movement in funds £ 261,622 8,468 5,577 14,045 275,667 |
At 31.12.21 £ 286,738 201,114 194,393 |
|---|---|---|---|
| 395,507 | |||
| 682,245 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Conservation Grant fund Jubilee Grants & Awards fund TOTAL FUNDS |
Incoming resources £ 291,644 2,306 3,732 6,038 297,682 |
Resources expended £ (31,407) (2,758) (9,700) (12,458) (43,865) |
Gains and losses £ 1,385 8,920 11,545 20,465 21,850 |
Movement in funds £ 261,622 8,468 5,577 |
|---|---|---|---|---|
| 14,045 | ||||
| 275,667 |
(a) The Unrestricted General fund is available to be spent for any of the purposes of the charity.
(b) The Conservation Grant fund was established with monies received from the Elizabeth Hammond Bequest and is invested to provide for the payment of the Society's annual Conservation Award.
(c) The Jubilee Grants & Awards fund was established in 2015 (fifty years on from the Society's original pre-charity formation date). This fund amalgamated various individual award funds with the Jubilee Appeal. The invested funds provide for the payment of the Society's grants and awards as well as funding discounted student tickets for those under the age of 27 attending the Society's annual conference.
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The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2022
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2022.
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The Costume Society
Detailed Statement of Financial Activities for the Year Ended 31st December 2022
| INCOME AND ENDOWMENTS Subscriptions & Legacies Donations Legacies Subscriptions Gift Aid on Subscriptions Other Income Investment Income Dividends & Interest Charitable activities Conference Booking Fees Booking Fees Events & Visits Publisher's Royalties Publisher's Grant Conference Contribution to Editorial Cost Total incoming resources EXPENDITURE Investment management costs Investment Management Fees Charitable activities Award Presentation Expenses Costume Journal Costs Members Newsletter Costs Website & Social Media Costs Membership Administration Cost Conference Costs Study Day & Visits Costs Officers Administrative Costs Website Costume Conservation Grant Grants & Awards Support costs Management Insurance & Other Admin Costs Sundry Expenses |
2022 £ 156 4,000 21,737 2,750 25 28,668 7,361 2,045 1,964 9,547 500 2,500 16,556 52,585 5,887 900 16,150 3,403 2,277 2,035 2,041 3,039 114 1,680 5,030 5,000 41,669 477 1 478 |
2021 £ 262 252,500 21,126 1,950 90 |
|---|---|---|
| 275,928 5,758 3,445 155 9,396 500 2,500 |
||
| 15,996 | ||
| 297,682 6,191 972 15,802 4,920 1,890 2,040 2,394 495 127 1,680 - 5,500 |
||
| 35,820 424 4 |
||
| 428 |
This page does not form part of the statutory financial statements
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The Costume Society
Detailed Statement of Financial Activities for the Year Ended 31st December 2022
| Detailed Statement of Financial Activities for the Year Ended 31st December 2022 |
||
|---|---|---|
| Management Governance costs Committee Meeting Expenses Independent Examiner Fees AGM & Accounts Costs Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net (expenditure)/income |
2022 £ 144 1,320 1,173 2,637 50,671 1,914 (39,303) (37,389) |
2021 £ 61 1,200 165 |
| 1,426 | ||
| 43,865 | ||
| 253,817 21,850 |
||
| 275,667 |
This page does not form part of the statutory financial statements
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