Financial Report Loading...

Consolidated Balance Sheet

as of December 31, 2013 (in Euros after appropriation of result)
Consolidated Profit and Loss Account

for the year ended December 31, 2013 (in Euros)
Notes to the Consolidated Accounts


The financial statements are prepared in accordance with the guideline for annual reporting 640 “not-for-profit organisations” of the Dutch Accounting Standards Board.


The activities of MADE-BY and its group foundations primarily consist of continuous improvement and transparency about the social, economic and ecological conditions throughout the whole supply chain of their licensees, with the mission: make sustainable fashion common practice.

Group Structure

Foundation MADE-BY Label (the Netherlands) is the holding foundation of a group of organisations.In April 2008 MADE-BY Label Deutschland GmbH was formally registered in Freiburg, Germany (moved to Dusseldorf in spring 2013); and in December 2008 MADE-BY Label UK Limited in London, the United Kingdom. In accordance with article BW 2:407 the organisation is not held to consolidate the accounts.

Proforma Consolidation

Financial information relating to subsidiaries within the group is included in the proforma consolidated financial statements of Foundation MADE-BY Label (the Netherlands). The proforma consolidated financial statements have been prepared in accordance with the accounting principles regarding valuation and profit recognition of Foundation MADE-BY Label (the Netherlands),but are not audited. However, MADE-BY’s financial accounts in the UK and the Netherlands are audited. In the UK this is done by Fisher Phillips and in the Netherlands by Ernst & Young. Full financial reports and auditor statements for these accounts are publicly available. The assets and liabilities and the results of these foundations are fully consolidated, intercompany relationships and transactions are eliminated.

Nationale Postcode Lottery (NPL) Grant

MADE-BY Netherlands secured an NPL grant for the MADE-BY Group in 2012, payable over 5 years. An amount of €436,500 was received in 2013 (2012: €436,500) via Solidaridad and was subsequently paid to the MADE-BY Group via MADE-BY UK and is included in the UK accounts.
Accounting Principles of Valuation


The financial statements are prepared under the historical cost convention. Unless stated other wise, assets and liabilities are stated at nominal value.
Income and expenses are accounted for on an annual basis. Profit is only included when realised on the balance sheet date. Losses and risks originating before the end of the financial year are taken into account if they have become known before preparation of the financial statements.

Foreign Currency

Assets and liabilities denominated in foreign currency are translated at the exchange rates prevailing on the balance sheet date. Transactions in foreign currency during the financial year are included in the financial statements at the transaction rate. Resulting exchange differences are taken to the profit and loss account.

Tangible Fixed Assets

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is based on the estimated useful life and calculated as a fixed percentage of cost, taking into account any residual value. Depreciation is provided from the date an asset comes into use. Received subsidies are deducted from the cost.

Financial Fixed Assets

Loans are stated at cost less accumulated provisions. Provisions are based after collectability assessments.Subsidiaries are stated at acquisition costs
including the accumulated results.


Receivables are included at nominal value,less any provision for doubtful accounts. These provisions are determined by individual assessment of the receivables.


Subsidies are allocated to the financial year in proportion to the actual spent costs.

Licence Fees

This represents amounts invoiced for the use of the MADE-BY Label certification during the financial year under report, net of discounts and value added tax. The fees are calculated on the basis of volumes purchased.


During 2013, the average number of employees for the MADE-BY Group, converted to a full time equivalent, was 12.10 (2012: 13.34).

Remuneration of the Board of Directors

The members of the Board of Directors participate on a voluntary basis. They receive no remuneration for their participation and they are partially reimbursed for out-of-pocket travel expenses to attend board meetings.

Remuneration of the Managing Director

The CEO who is based in London, UK received a base salary of €101,609 /
£85,000 (2012: €97,880 / £80,000) plus pension of €3,302 / £2,762 (2012: €3,181 /£2,600) plus one month’s bonus of €8,467 £7,083 (2012: €8,157 / £6,667).

Pro Forma Financial Report 

This pro forma financial report is not part of the Annual Financial Report 2013 of the MADE-BY Label Foundation, which is accompanied by an auditor ’s report by Ernst & Young Accountants.