Company Registration No. 08988812 (England and Wales)

FASHION REVOLUTION CIC
LIMITED BY GUARANTEEANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018

FASHION REVOLUTION CIC
LIMITED BY GUARANTEECOMPANY INFORMATION

Directors

Mrs C J Somers
Mrs O De Castro
Mrs S A Ditty
Mrs C M Gent

Company number

08988812

Registered office

19 Dig Street
Ashbourne
Derbyshire
DE6 1GF

AuditorMunir Tatar & Associates
32 Willoughby Road
Hornsey
LondonN8 0JG(Appointed 19 September 2018)(Appointed 19 September 2018)

FASHION REVOLUTION CIC
LIMITED BY GUARANTEECONTENTS

Page

Directors' report1

Directors' responsibilities statement

2

Independent auditor's report

3-5

Income and expenditure account6

Statement of comprehensive income

7

Balance sheet

8

Statement of changes in equity

9

Statement of cash flows

Notes to the financial statements

10 - 17

FASHION REVOLUTION CIC
LIMITED BY GUARANTEEDIRECTORS' REPORTFOR THE YEAR ENDED 30 APRIL 2018
The directors present their annual report and financial statements for the year ended 30 April 2018.
Principal activities
The principal activity of the company continued to be that of campaigning for systemic reform of the fashionindustry with a focus on the need for greater transparency in the supply chain industry.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as
follows:
Mrs C J Somers
Mrs O De Castro
Mrs S A Ditty
Mrs C M Gent

(Appointed 19 September 2018)(Appointed 19 September 2018)

AuditorIn accordance with the company's articles, a resolution proposing that Munir Tatar & Associates be reappointed
as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit
information of which the company’s auditor is unaware. Additionally, the directors individually have taken all thenecessary steps that they ought to have taken as directors in order to make themselves aware of all relevant
audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small
companies exemption.
On behalf of the board

Mrs C J Somers
Director
17 January 2019

-1-

FASHION REVOLUTION CIC
LIMITED BY GUARANTEEDIRECTORS' RESPONSIBILITIES STATEMENTFOR THE YEAR ENDED 30 APRIL 2018
The directors are responsible for preparing the annual report and the financial statements in accordance withapplicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law thedirectors have elected to prepare the financial statements in accordance with United Kingdom Generally
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law
the directors must not approve the financial statements unless they are satisfied that they give a true and fairview of the state of affairs of the company and of the surplus or deficit of the company for that period. In
preparing these financial statements, the directors are required to:• select suitable accounting policies and then apply them consistently;• make judgements and accounting estimates that are reasonable and prudent;• prepare the financial statements on the going concern basis unless it is inappropriate to presume thatthe company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain
the company’s transactions and disclose with reasonable accuracy at any time the financial position of thecompany and enable them to ensure that the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for theprevention and detection of fraud and other irregularities.

-2-

FASHION REVOLUTION CIC
LIMITED BY GUARANTEEINDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF FASHION REVOLUTION CIC
OpinionWe have audited the financial statements of Fashion Revolution Cic (the 'company') for the year ended 30 April
2018 which comprise the income and expenditure account, the statement of comprehensive income, thebalance sheet, the statement of changes in equity and notes to the financial statements, including a summary ofsignificant accounting policies. The financial reporting framework that has been applied in their preparation isapplicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:• give a true and fair view of the state of the company's affairs as at 30 April 2018 and of its surplus for theyear then ended;• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;and• have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicablelaw. Our responsibilities under those standards are further described in the Auditor's responsibilities for the auditof the financial statements section of our report. We are independent of the company in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s
Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us toreport to you where:• the directors' use of the going concern basis of accounting in the preparation of the financial statements is
not appropriate; or• the directors have not disclosed in the financial statements any identified material uncertainties that may
cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting
for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The directors are responsible for the other information. The other information comprises the information includedin the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on thefinancial statements does not cover the other information and, except to the extent otherwise explicitly stated inour report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materialinconsistencies or apparent material misstatements, we are required to determine whether there is a material
misstatement in the financial statements or a material misstatement of the other information. If, based on thework we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:• the information given in the directors' report for the financial year for which the financial statements areprepared is consistent with the financial statements; and• the directors' report has been prepared in accordance with applicable legal requirements.

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FASHION REVOLUTION CIC
LIMITED BY GUARANTEEINDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FASHION REVOLUTION CIC
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of
the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us toreport to you if, in our opinion:• adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or• the financial statements are not in agreement with the accounting records and returns; or• certain disclosures of directors' remuneration specified by law are not made; or• we have not received all the information and explanations we require for our audit; or• the directors were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies' exemption in preparing the directors' report and takeadvantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for suchinternal control as the directors determine is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the company or to cease operations,or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of ourauditor’s report.

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FASHION REVOLUTION CIC
LIMITED BY GUARANTEEINDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FASHION REVOLUTION CIC
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of theCompanies Act 2006. Our audit work has been undertaken so that we might state to the company’s members
those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the company and thecompany’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Munir Tatar (Senior Statutory Auditor)
for and on behalf of Munir Tatar & Associates

17 January 2019

Chartered Accountants
Statutory Auditor

32 Willoughby Road
Hornsey
LondonN8 0JG-5-FASHION REVOLUTION CIC
LIMITED BY GUARANTEEINCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 30 APRIL 2018

ended
30 April
2018
£

Year
ended
30 April
2017£

58,614(69,390)

16,812(27,196)

Gross deficit(10,776)(10,384)

Administrative expenses
Other operating income(352,722)
375,599(147,482)
211,119

Notes
IncomeCost of sales

3

Operating surplus

412,101

53,253

Interest receivable and similar income

7

-

18

12,101

53,271--

12,101

53,271

Surplus before taxation
Tax on surplus

8

Surplus for the financial year

The Income and Expenditure Account has been prepared on the basis that all operations are continuing
operations.

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FASHION REVOLUTION CIC
LIMITED BY GUARANTEESTATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2018

Surplus for the year
Other comprehensive income
Total comprehensive income for the year

-7-

2018
£

2017
£

12,101

53,271--

12,101

53,271FASHION REVOLUTION CIC
LIMITED BY GUARANTEEBALANCE SHEETAS AT 30 APRIL 2018
2018
Notes
Fixed assets
Intangible assets
Current assets
Stocks
Debtors
Investments
Cash at bank and in hand

Creditors: amounts falling due within
one year

£

9

£

3,030

12
13
14

15

2017
£

£

4,040

1,172
1,643
318,433

6,106
838
8,855
84,402321,248

100,201(256,253)(48,317)

Net current assets

64,99551,884

Total assets less current liabilities

68,02555,924

Reserves
Income and expenditure account68,02555,924

These financial statements have been prepared in accordance with the provisions applicable to companies
subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 January 2019
and are signed on its behalf by:

Mrs C J Somers
Director
Company Registration No. 08988812-8-

FASHION REVOLUTION CIC
LIMITED BY GUARANTEESTATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2018
Income andexpenditure£
Balance at 1 May 2016

2,653

Period ended 30 April 2017:
Profit and total comprehensive income for the period

53,271

Balance at 30 April 201755,924

Year ended 30 April 2018:
Profit and total comprehensive income for the year

12,101

Balance at 30 April 2018

68,025-9-

FASHION REVOLUTION CIC
LIMITED BY GUARANTEENOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 20181

Accounting policies
Company information
Fashion Revolution Cic is a private company limited by guarantee incorporated in England and Wales. The
registered office is 19 Dig Street, Ashbourne, Derbyshire, DE6 1GF.

1.1

Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial ReportingStandard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of theCompanies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company.
Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include therevaluation of freehold properties and to include investment properties and certain financial instruments atfair value. The principal accounting policies adopted are set out below.

1.2

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that thecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the
directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The company relies on non-governmental grant funding, provided mainly by the C&A Foundation, as well
as sponsorship, crowd-funding and other donations.

1.3

Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.

1.4

Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently
measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at theacquisition date where it is probable that the expected future economic benefits that are attributable to theasset will flow to the entity and the fair value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values overtheir useful lives on the following bases:
Font licence

1.5

20% straight line basis

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If
any such indication exists, the recoverable amount of the asset is estimated in order to determine theextent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of anindividual asset, the company estimates the recoverable amount of the cash-generating unit to which theasset belongs.

- 10 -

FASHION REVOLUTION CIC
LIMITED BY GUARANTEENOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 20181

Accounting policies(Continued)

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in
use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate thatreflects current market assessments of the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at arevalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss haveceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (orcash-generating unit) is increased to the revised estimate of its recoverable amount, but so that theincreased carrying amount does not exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an
impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at arevalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6

StocksStocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
comprises direct materials and, where applicable, direct labour costs and those overheads that have been
incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement costand cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount ofstocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss
in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7

Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call withbanks, other short-term liquid investments with original maturities of three months or less, and bankoverdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section
12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to
the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured attransaction price including transaction costs and are subsequently carried at amortised cost using theeffective interest method unless the arrangement constitutes a financing transaction, where the transaction
is measured at the present value of the future receipts discounted at a market rate of interest. Financial
assets classified as receivable within one year are not amortised.

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FASHION REVOLUTION CIC
LIMITED BY GUARANTEENOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 20181

Accounting policies(Continued)

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in theassets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies andpreference shares that are classified as debt, are initially recognised at transaction price unless thearrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified aspayable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary courseof business from suppliers. Amounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initiallyat transaction price and subsequently measured at amortised cost using the effective interest method.
1.9

Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and aresubsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognisedin surplus or deficit immediately unless the derivative is designated and effective as a hedging instrument,
in which event the timing of the recognition in surplus or deficit depends on the nature of the hedge
relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with anegative fair value is recognised as a financial liability.

1.10 Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the
purposes of making a profit.
1.11 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs
are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services
are received.
Termination benefits are recognised immediately as an expense when the company is demonstrablycommitted to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13 Government grants- 12 -

FASHION REVOLUTION CIC
LIMITED BY GUARANTEENOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 20181

Accounting policies(Continued)

Grants are recognised at the fair value of the asset received or receivable when there is reasonableassurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions
are met. Where a grant does not specify performance conditions it is recognised in income when theproceeds are received or receivable. A grant received before the recognition criteria are satisfied isrecognised as a liability.
2

Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience andother factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.

3

Income
The total turnover of the company for the year has been derived from its principal activity wholly undertakenin the England and Wales.
Other significant revenue comprised grants from non-governmental sources £369,595 ( 2017 - £158,701)
to which note 16 relates.

4

Operating surplus
Operating surplus for the year is stated after charging/(crediting):
Government grants
Amortisation of intangible assets
Cost of stocks recognised as an expense

5

2018
£

2017
£

(369,595)
1,010
4,934

(158,701)
1,010(6,106)

Employees
The average monthly number of persons (including directors) employed by the company during the yearwas:

- 13 -

2018
Number

2017
Number5

3

FASHION REVOLUTION CIC
LIMITED BY GUARANTEENOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
5

Employees(Continued)

Their aggregate remuneration comprised:

Wages and salaries
Social security costs
Pension costs

6

2017
£

149,731
11,860936

89,335
5,608-

162,527

94,943

2018
£

2017
£

73,15063,704

2018
£

2017
£

-

18

-

18

Directors' remuneration

Remuneration for qualifying services

7

2018
£

Interest receivable and similar income

Interest income
Interest on bank deposits

Investment income includes the following:
Interest on financial assets not measured at fair value through surplus ordeficit8

Taxation
It is a not-for-profit global movement which has applied to H M Revenue & Customs for a dispensation to
file accounts and corporation tax returns due to having no taxable supplies. However, the company
produces a "Fanzine" which is available to view online as well as for purchase in a printed magazine
format. The production costs have exceeded the income from this magazine and a trading deficit of(£10,776) ( 2017 deficit £10,384) has been incurred.

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FASHION REVOLUTION CIC
LIMITED BY GUARANTEENOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
9

Intangible fixed assets
Font licence

£

10

Cost
At 1 May 2017 and 30 April 2018

5,050

Amortisation and impairment
At 1 May 2017
Amortisation charged for the year

1,010
1,010

At 30 April 2018

2,020

Carrying amountAt 30 April 2018

3,030

At 30 April 2017

4,040

Associates
Details of the company's associates at 30 April 2018 are as follows:
Separate company financial statements are required to be prepared by law. Fashion Revolution
Foundation, a private company limited by guarantee, Company Registration Number 10494997,
incorporated on 24 November 2016, and Charities Registration Number 1173421, registered on 14 June
2017, will be preparing accounts for its first accounting period ending 30 April 2018.

11

Name of undertaking

RegisteredofficeNature of businessClass ofshares held

Fashion Revolution
Foundation

England &Wales

Charity

By
Guarantee-

100.00Financial instruments

Carrying amount of financial assets
Debt instruments measured at amortised cost
Carrying amount of financial liabilities
Measured at amortised cost12

% HeldDirect Indirect

2018
£

2017
£

-

9,144

68,32919,943

2018
£

2017
£

1,172

4,867
1,239

1,172

6,106

StocksWork in progress
Finished goods and goods for resale- 15 -

FASHION REVOLUTION CIC
LIMITED BY GUARANTEENOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 201813

14

Debtors
Amounts falling due within one year:

2018
£

2017
£

Other debtors
Prepayments and accrued income

1,643

289
549

1,643

838

2018
£

2017
£

-

8,855

Current asset investments
Notes
Loans to associates

10

During the year it was agreed to donate £8,855 to Fashion Revolution Foundation and to write off the loan
advanced 21 March 2017, in the same amount, to cover film production costs.
15

Creditors: amounts falling due within one year
Notes
Other taxation and social security
Government grants
Other creditors
Accruals and deferred income

16

2018
£

2017
£

(476)
188,400
56,241
12,0881,896
26,47813,653
6,290

256,253

48,317

Other creditors include £4,500 (2017 £4,500) being a short-term loan advanced by Fashion Revolution
Foundation on 6 February 2017.
16

Government grants

No government grants have been received. Deferred income from non-governmental grants is included in
the financial statements as follows:
Grants were provided in the year by Micro Finance Opportunities £22,410 (2017 £30,292), C & A
Foundation £260,187 (2017 £95,387), Fairtrade Labelling DEAR £235,499 (2017 £0), Greenpeace £8,541(2017 £0) and the British Council £7,272 (2017 £0)
Deferred income brought forward from last year £ 26,478 (2017 £59,500). Total grants received in the year
£533,909 (2017 £125,679) against expenses incurred £369,595 (2017 £158,701) leaving deferred income
to carry forward of £188,400 (2017 £26,478), comprising C&A £131,774 and Fairtrade Labelling DEAR
£56,626. £2,392 unexpended part of Greenpeace grant is included in donations income.

- 16 -

FASHION REVOLUTION CIC
LIMITED BY GUARANTEENOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 201817

Retirement benefit schemes
Defined contribution schemes

2018
£

2017
£

Charge to profit or loss in respect of defined contribution schemes936-

The company operates a defined contribution pension scheme for all qualifying employees. The assets ofthe scheme are held separately from those of the company in an independently administered fund.
18

Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members
is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of thecompany on winding up such amounts as may be required not exceeding £1.

19

Related party transactions
A debt due from Fashion Revolution Foundation of £8,855 advanced on 21/03/2017, is written off in thecurrent year and treated as a charitable donation, see Note 14. A debt due to Fashion Revolution
Foundation of £4,500 is a short-term loan advanced on 06/02/2017 and was outstanding at 30/04/2018,see footnote to Note 15.

- 17 -

FASHION REVOLUTION CIC
LIMITED BY GUARANTEEMANAGEMENT INFORMATIONFOR THE YEAR ENDED 30 APRIL 2018

FASHION REVOLUTION CIC
LIMITED BY GUARANTEEDETAILED TRADING AND INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 30 APRIL 2018£
IncomeSales of goods: "Fanzine" magazine
Cost of sales
Opening stock
Opening work in progress - short term
Closing stock - magazines
Closing work in progress - short term re magazine
Wages and salaries - magazines
Subcontract labour - magazines
Directors' remuneration - magazines
Postage, courier and delivery charges - magazine
Printing and stationery - magazine
Website costs - magazine
Entertaining - magazine

ended
30 April2018££

58,6141,239
4,867(1,172)
6,500
7,902
4,000
28,64817,056350-

16,812(1,239)(4,867)
10,069
7,278
2,720
8,898
3,850
127
360
(69,390)

Gross deficit

18.38%

Other operating income
Grants receivable and released
Royalties receivable
Sundry donations and crowdfunding income
Sponsorship income

369,595
6,004-

Administrative expenses
Operating surplus
Investment revenues
Bank interest received(10,776)(27,196)
61.77%

375,599(352,722)

211,119(147,482)

12,101

53,253-20.65%(10,384)

158,70122
4,520
47,87618-

Surplus before taxation

Year
ended
30 April2017£

12,10118
316.86%53,271FASHION REVOLUTION CIC
LIMITED BY GUARANTEESCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 30 APRIL 2018

Administrative expenses
Wages and salaries
Social security costs
Project manager and other professional fees
Staff pension costs defined contribution
Directors' remuneration
Computer running costs
Travelling expenses
Accommodation and subsistence
Postage, courier and delivery charges
Licence fees
Fundraising consultancy fees
Accountancy
Audit fees
Charitable donations
Bank charges
Insurances (not premises)
Printing and stationery
Designers, practitioners and stylists services
Filming and photoshooting costs
Promotions and exhibitions
Website building costs and emails
Telecommunications
Entertaining
Sundry expenses
Amortisation

30 April
2018
£

Year
ended
30 April
2017£

70,081
11,86069,575936
69,150
260
4,790
2,548
16
1,854
1,100
2,640
8,855
659
668
473
1,872
75,267496
25,384
195
1,507
1,526
1,010

15,562
5,608
43,12760,984
2,596
1,538
111
1,139
600
2,400
104
67
1,729
2,020
1,102
7,757
28
1,010

352,722

147,482