REGISTERED CHARITY NUMBER: 262401
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31st December 2024
for
The Costume Society
The Costume Society
Contents of the Financial Statements for the Year Ended 31st December 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 6 |
| Independent Examiner's Report | 7 | ||
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Notes to the Financial Statements | 10 | to | 16 |
| Detailed Statement of Financial Activities | 17 | to | 18 |
The Costume Society
Report of the Trustees for the Year Ended 31st December 2024
The trustees present their report with the financial statements of the charity for the year ended 31st December 2024. 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, the education, exploration and appreciation of clothing, textiles in dress, accessories and material culture throughout the ages and from different cultures, ethnicities, and identities, and to encourage the creation, preservation and accessibility of historic and contemporary garments and 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 Society also works to create a community of interest fostering inclusivity and diversity, collaborates with other organisations which share our objects, advocates for sustainable practices in clothing design, production and consumption and in collecting, curatorial and conservation practice and advocates against the potential closure, dispersal or reduction in standards of care of, or access to, significant public collections and examples of dress.
The Trustees have regard to the Charity Commission's guidance on public benefit when considering all of the Society's activities.
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The Costume Society
Report of the Trustees for the Year Ended 31st December 2024
OBJECTIVES AND 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 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.
The Daphne Bullard Grant was was set up in 1973 on the initiative of the family of the late Mrs Daphne Bullard, founder member of the Costume Society and Keeper of Worcestershire County Museum at Hartlebury Castle. Administration of the grant was transferred to the Costume Society in 2023. The grant is for smaller UK Accredited Museums for conservation and access projects for costume and textile items.
The Heritage Crafts Association Collaboration Grant started in 2024. This grant delivers a national seminar on the future of fashion and textile related craft skills; an Annual Maker of the Year Award and two Training Bursaries for skills development all of which are administered by The Heritage Crafts Association.
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 MA students 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.
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The Costume Society
for the Year Ended 31st December 2024
Report of the Trustees
ACHIEVEMENT AND PERFORMANCE
Charitable activities
In 2024 we were pleased to be able to continue our programme of in-person events and online activities. Our in-person and online programme were held alongside our online conference. The very successful online conference celebrated the Society's Diamond Anniversary in 2024 with the theme "Adorned with Jewels". The Society's AGM and awards ceremony was held at The Fashion and Textile Museum London and again celebrated our 60th Anniversary.
Two further editions of the Society's journal "Costume" were produced with articles covering a wide range of dress history from the sixteenth to the twentieth centuries and as far afield as Uruguay, Yemen and Japan. 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 continues to receive 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 regular commissioned blogs.
We were pleased to continue to receive applications for The Elizabeth Hammond Grant with one grant being made in 2024. The Society also made its first Daphne Bullard Grant in 2024 since taking over the administration of this grant in 2023. We were excited to start a new (minimum three year) collaboration with The Heritage Crafts Association which made its first grants and awards as part of that collaboration at a ceremony held at Eltham Palace in November. We were delighted to be able to support a Museum Work Experience Grant (MWEG) to The Museum of the Order of St John, London. We also made Yarwood Grants to two students to support research at a post graduate level.
Following a full review of our Constitution by the Executive Committee we made a number of changes. We amended our charitable objects to better reflect the current work of The Society; made changes to ensure the language used was non-gender specific, changed the quoracy requirements of The Society's Annual General Meeting and created a new "career starter" membership category. The new Constitution was approved by both The Society's 2024 AGM and The Charity Commission.
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The Costume Society
Report of the Trustees
for the Year Ended 31st December 2024
FINANCIAL REVIEW
Financial Review and Investment Policy
Income from the Society's members subscriptions and charitable activities remained strong and consistent with recent years.We are encouraged that membership of the Society has remained consistent with just a slight decrease in subscriptions income. We were pleased that the 2024 events programme covered its costs and that the Diamond Anniversary online conference was very well received and made a surplus. In-person AGM costs continue to increase. The Society needs to use a central city venue with good transport links to provide the best chance for as many members as possible to attend the AGM, inevitably this results in sizeable venue hire costs. The Executive Committee is continually reviewing the structure of the event offer around the AGM to try to make it as attractive as possible to the encourage greater attendance. In 2024 many of our expenses have increased; this is in part a reflection of the the use of some of the Anne Thomas bequest funds, the use of which has resulted in the reported excess expenditure from our unrestricted general funds in 2024.
In 2024 we received £8,113 as a result of the decision by its members to close the Southern Counties Costume Society (SCCS). Unfortunately SCCS was unable to recruit sufficient committee members from amongst its membership to continue its activities. The SCCS membership decided to transfer their remaining accumulated funds to The Costume Society to be added to The Elizabeth Hammond Grant with the request that the funds be used to benefit museum collections within their Southern Counties region. The Society is working on a special promotion of this grant opportunity.
The current strategy 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 Grant and The Daphne Bullard Grant are all supported by the Society's Managed Investment Funds. In 2024 we experienced an increase in the value of our invested funds. The Heritage Crafts Association Collaboration Grant is funded by part of the Anne Thomas bequest.
As we have reported previously, in 2021 The Society benefitted from a very generous bequest from a long-standing member, Anne Thomas. The Trustees supported by the wider Executive Committee have continued to work on our plans for these funds. In 2024 we have distributed some of Anne's bequest in terms of The Society's sustainability and infrastructure, our new Heritage Crafts Association Collaboration Grant and The Jubilee Archive Project. We will present a final proposal for the use of the Anne Thomas bequest funds at the AGM on 5th July 2025. Since Anne made no restrictions as to how these funds should be used they remain part of our general, unrestricted funds at present.
The Jubilee Archive Project - The Society has funded (from the Anne Thomas bequest) an Archive Research Project to review the existing archive (transferred from Fashion Museum Bath when it had to move premises) and additional documents which had been deposited with the former Secretary (via the V&A Museum). These have now been assessed and catalogued and this has enabled us to construct a future archive structure. The review has also enabled us to research the Society's history - the initial early history of the foundation of the Society was presented to the membership at the AGM in July 2024. Phase II of the project will continue in 2025.
The Society's investments continue to be managed for us by LGT Wealth Management. 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 continue discussions with our advisors as to the best investment approach for the Anne Thomas bequest funds which will be finalised in light of the final proposals for the use of the funds.
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The Costume Society
Report of the Trustees for the Year Ended 31st December 2024
FINANCIAL REVIEW
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 31.12.24, the Society held £294,922 in its general unrestricted reserves. This unusually high level of unrestricted funds was a direct result of the bequest of £257,664 in 2021. The Trustees, supported by the wider Executive Committee, and with the agreement of the AGM continue to develop a range of options as to how best to use these funds to support the charity's work with final proposals to be presented at The Society's AGM on 5th July 2025. The Society's restricted funds totalled £425,469, made up of £190,346 in The Elizabeth Hammond Grant fund which supports the Society's annual Conservation Award, £168,952 in the Jubilee Grants & Awards fund which funds the Society's various student grants and awards and £66,171 in the Daphne Bullard Grant fund which supports conservation and access projects in UK museums.
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 6th July 2024. 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. At the 2024 AGM two Trustees, who had served their three year term, were co-opted, in line with The Society's Constitution, for a further year to complete Anne Thomas legacy work.
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, blog 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
3rd Floor 15 West Street Brighton East Sussex BN1 2RL
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The Costume Society
Report of the Trustees
for the Year Ended 31st December 2024
Trustees
P Warren Chair Dr N Radclyffe-Thomas Vice-Chair Dr B Whyman Vice-Chair M Hodgson Secretary C Wright Treasurer Dr H Moravej H Persson Swain R Holman B Evans Dr J Hepner (appointed 6.7.24)
Independent Examiner
Colin Young FCA Galloways Accounting 3rd Floor 15 West Street Brighton East Sussex BN1 2RL
Approved by order of the board of trustees on 10th June 2025 and signed on its behalf by:
P Warren - Trustee
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Independent Examiner's Report to the Trustees of The Costume Society
Independent examiner's report to the trustees of The Costume Society
I report to the charity trustees on my examination of the accounts of The Costume Society (the Trust) for the year ended 31st December 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Colin Young FCA
Galloways Accounting 3rd Floor 15 West Street Brighton East Sussex BN1 2RL
10th June 2025
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The Costume Society
Statement of Financial Activities for the Year Ended 31st December 2024
| 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 The Elizabeth Hammond 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 The Daphne Bullard Grant The Jubilee Archive Project The Heritage Crafts Association Collaboration Grant Other incl. Governance Costs 5 Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 23,629 12,664 3,750 3,913 3,178 47,134 2,130 - - - - 17,068 4,637 5,360 2,939 2,372 2,404 241 - 8,854 14,200 6,462 66,667 4,244 (15,289) 310,211 294,922 |
Restricted funds £ 8,113 - 500 - 7,342 15,955 4,891 4,404 2,000 3,623 1,100 - - - - 500 658 - 685 - - - 17,861 9,875 7,969 417,500 425,469 |
2024 Total funds £ 31,742 12,664 4,250 3,913 10,520 63,089 7,021 4,404 2,000 3,623 1,100 17,068 4,637 5,360 2,939 2,872 3,062 241 685 8,854 14,200 6,462 84,528 14,119 (7,320) 727,711 720,391 |
2023 Total funds £ 87,395 13,161 2,615 1,194 8,551 |
|---|---|---|---|---|
| 112,916 | ||||
| 5,588 6,030 2,000 4,333 500 16,665 3,787 4,798 1,782 1,878 1,184 636 - - - 3,868 |
||||
| 53,049 | ||||
| 22,988 | ||||
| 82,855 644,856 |
||||
| 727,711 |
The notes form part of these financial statements
Page 8
The Costume Society
Balance Sheet
31st December 2024
| 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 £ 1,680 186,917 188,597 5,164 20,074 93,223 118,461 (12,136) 106,325 294,922 294,922 |
Restricted funds £ - 406,085 406,085 - (1,253) 22,592 21,339 (1,955) 19,384 425,469 425,469 |
2024 Total funds £ 1,680 593,002 594,682 5,164 18,821 115,815 139,800 (14,091) 125,709 720,391 720,391 294,922 425,469 720,391 |
2023 Total funds £ 3,360 575,383 578,743 5,661 19,243 135,539 160,443 (11,475) 148,968 727,711 727,711 310,211 417,500 727,711 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 10th June 2025 and were signed on its behalf by:
SIGN
C Wright - Trustee
The notes form part of these financial statements
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The Costume Society
Notes to the Financial Statements for the Year Ended 31st December 2024
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 2024
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
3.
4.
| Dividends & Interest RAISING FUNDS Investment management costs Investment Management Fees GRANTS PAYABLE The Elizabeth Hammond Grant Museum Work Experience Grant Patterns of Fashion & Performance Awards Yarwood Research Grant The Daphne Bullard Grant The Heritage Crafts Association Collaboration Grant |
2024 £ 10,520 2024 £ 7,021 2024 £ 4,404 2,000 2,500 1,100 685 14,200 24,889 |
2023 £ 8,551 |
|
|---|---|---|---|
| 2023 £ 5,588 |
|||
| 2023 £ 6,030 2,000 3,050 500 - - |
|||
| 11,580 |
Two Conservation Grants were awarded in 2024, £4,404 was paid to The Salisbury and South Wiltshire Museum Trust from The Elizabeth Hammond Grant and £685 was paid to The Brunel Museum from The Daphne Bullard Grant. A grant of £14,200 was paid to The Heritage Crafts Association as part of a minimum three year collaboration. The Museum Work Experience Grant was paid to one individual working with The Museum of the Order of St John, London; the grant was split £1,500 to the individual and £500 to the Museum.
The Patterns of Fashion and Patterns for Performance Awards were paid to the six finalists. The Yarwood Research Grant was paid to two students.
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The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2024
5. OTHER INCL. GOVERNANCE COSTS
Independent Examiner Fees for the Independent Examination £1,440 (2023 - £1,440).
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023.
Trustees' expenses
The total expenses re-imbursed to Trustees was £3,209 (2023 - £3,542). Expenses were re-imbursed to 6 (2023 - 7) Trustees for printing, postage, stationery, zoom fees, photographic rights fees, awards costs, insurance, computer software, members visit and AGM costs plus 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 The Elizabeth Hammond 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 Total Net gains on investments NET INCOME |
Unrestricted fund £ 24,928 13,161 2,115 1,194 1,729 43,127 1,074 - - - - 16,665 3,787 4,798 1,782 1,700 1,129 636 3,868 35,439 6,527 14,215 |
Restricted funds £ 62,467 - 500 - 6,822 69,789 4,514 6,030 2,000 4,333 500 - - - - 178 55 - - 17,610 16,461 68,640 |
Total funds £ 87,395 13,161 2,615 1,194 8,551 |
|---|---|---|---|
| 112,916 | |||
| 5,588 6,030 2,000 4,333 500 16,665 3,787 4,798 1,782 1,878 1,184 636 3,868 |
|||
| 53,049 | |||
| 22,988 | |||
| 82,855 |
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The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2024
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund funds £ £ RECONCILIATION OF FUNDS Total funds brought forward 295,996 348,860 TOTAL FUNDS CARRIED FORWARD 310,211 417,500 8. INTANGIBLE FIXED ASSETS COST At 1st January 2024 and 31st December 2024 AMORTISATION At 1st January 2024 Charge for year At 31st December 2024 NET BOOK VALUE At 31st December 2024 At 31st December 2023 9. FIXED ASSET INVESTMENTS MARKET VALUE At 1st January 2024 Additions Disposals Revaluations At 31st December 2024 NET BOOK VALUE At 31st December 2024 At 31st December 2023 |
Total funds £ 644,856 727,711 Website £ 8,400 5,040 1,680 6,720 1,680 3,360 Listed investments £ 575,383 14,780 (11,280) 14,119 593,002 593,002 575,383 |
Total funds £ 644,856 |
|---|---|---|
| 727,711 |
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The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2024
| 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Royalties Due 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals for grants payable Other creditors |
2024 £ 5,164 2024 £ 1,850 12,241 14,091 |
2023 £ 5,661 |
|
|---|---|---|---|
| 2023 £ 3,100 8,375 |
|||
| 11,475 |
Other creditors includes deferred income of £5,181 (2023 - £5,505) 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 Elizabeth Hammond Grant fund Jubilee Grants & Awards fund Daphne Bullard Grant fund TOTAL FUNDS |
At 1.1.24 £ 310,211 181,469 171,131 64,900 417,500 727,711 |
Net movement in funds £ (15,289) 8,877 (2,179) 1,271 7,969 (7,320) |
At 31.12.24 £ 294,922 190,346 168,952 66,171 |
|---|---|---|---|
| 425,469 | |||
| 720,391 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Elizabeth Hammond Grant fund Jubilee Grants & Awards fund Daphne Bullard Grant fund TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 47,134 (66,667) 4,244 (15,289 11,206 (6,465) 4,136 8,877 3,581 (9,932) 4,172 (2,179 1,168 (1,464) 1,567 1,271 15,955 (17,861) 9,875 7,969 63,089 (84,528) 14,119 (7,320 |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 47,134 (66,667) 4,244 (15,289 11,206 (6,465) 4,136 8,877 3,581 (9,932) 4,172 (2,179 1,168 (1,464) 1,567 1,271 15,955 (17,861) 9,875 7,969 63,089 (84,528) 14,119 (7,320 |
|---|---|---|
| 7,969 | ||
| (7,320 |
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The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Elizabeth Hammond Grant fund Jubilee Grants & Awards fund Daphne Bullard Grant fund TOTAL FUNDS |
At 1.1.23 £ 295,996 179,397 169,463 - 348,860 644,856 |
Net movement in funds £ 14,215 2,072 1,668 64,900 68,640 82,855 |
At 31.12.23 £ 310,211 181,469 171,131 64,900 |
|---|---|---|---|
| 417,500 | |||
| 727,711 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Elizabeth Hammond Grant fund Jubilee Grants & Awards fund Daphne Bullard Grant fund TOTAL FUNDS |
Incoming resources £ 43,127 3,054 3,911 62,824 69,789 112,916 |
Resources expended £ (35,439) (8,067) (9,175) (368) (17,610) (53,049) |
Gains and losses £ 6,527 7,085 6,932 2,444 16,461 22,988 |
Movement in funds £ 14,215 2,072 1,668 64,900 |
|---|---|---|---|---|
| 68,640 | ||||
| 82,855 |
(a) The Unrestricted General fund is available to be spent for any of the purposes of the charity.
(b) The Elizabeth Hammond 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.
(d) The Daphne Bullard Grant fund supports conservation and access projects for costume and textile related items in smaller UK accredited museums.
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The Costume Society
Notes to the Financial Statements - continued for the Year Ended 31st December 2024
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2024.
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The Costume Society
Detailed Statement of Financial Activities for the Year Ended 31st December 2024
| 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 The Jubilee Archive Project 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 Grants to Institutions Grants & Awards to Individuals Support costs Management Insurance & Other Admin Costs Sundry Expenses |
2024 £ 8,288 - 21,339 2,103 12 31,742 10,520 3,750 3,913 10,164 500 2,500 20,827 63,089 7,021 8,854 1,123 17,068 4,637 3,680 2,939 2,872 3,062 241 1,680 19,289 5,600 71,045 570 74 644 |
2023 £ 62,584 1,164 21,450 2,167 30 |
|---|---|---|
| 87,395 8,551 2,115 1,194 10,661 500 2,500 |
||
| 16,970 | ||
| 112,916 5,588 - 1,283 16,665 3,787 3,118 1,782 1,878 1,184 159 1,680 6,030 5,550 |
||
| 43,116 477 2 |
||
| 479 |
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 2024
| Detailed Statement of Financial Activities for the Year Ended 31st December 2024 |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Management | ||
| Governance costs | ||
| Committee Meeting Expenses | 1,699 | 380 |
| Independent Examiner Fees | 1,440 | 1,440 |
| AGM & Accounts Costs | 2,679 | 2,046 |
| 5,818 | 3,866 | |
| Total resources expended | 84,528 | 53,049 |
| Net (expenditure)/income before gains | ||
| and losses | (21,439) | 59,867 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | 14,119 | 22,988 |
| Net (expenditure)/income | (7,320) | 82,855 |
This page does not form part of the statutory financial statements
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