**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.
Page 2
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.
Page 3
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.
Page 9
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.
Page 10
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|
Page 11
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|
Page 12
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|
Page 13
continued...
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.
Page 14
continued...
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.
Page 15
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
Page 16
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
Page 17