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Financial Report

Consolidated Profit and Loss Account

for the year ended December 31, 2016 (in Euros)

Income 2016 2015
Subsidies 436,500 436,500
License and project fees 1,031,742 952,916
Other 24,671 10,322
Total 1,492,913 1,399,738
Operating Expenses 2016 2015
Personnel expenses 1,061,446 1,054,924
Office rent and service 225,281 217,053
Travel expenses 91,305 45,174
Communication, business development and R&D 130,842 78,010
Total 1,508,874 1,395,161
To restricted funds (15,961) 4,577

Consolidated Balance Sheet

as of December 31, 2016 (in Euros after appropriation of results)

Assets 2016 2015
Total fixed assets 3,435 4,382
Total current assets 281,054 212,513
Cash at banks 260,644 460,840
Total assets 545,133 677,735
Equity and Liabilities 2016 2015
Equity (restricted funds) 490,208 506,170
Current liabilities 54,925 171,565
Total equity and liabilities 545,133 677,735
Notes to the Consolidated Accounts

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

Activities
The activities of MADE-BY and its subsidiaries primarily consist of continuous improvement and transparency about the social, economic and environmental conditions throughout the whole supply chain of their licensees, with the vision of making sustainable fashion common practice.

Group Structure
Stichting 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 Düsseldorf 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 Stichting 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 Stichting 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 Loterij (NPL) Grant
MADE-BY Netherlands have been in receipt of an NPL grant, via Solidaridad, for the last five years. This funding came to an end at 31st of December 2016. In 2016 an amount of €436,500 was received (2015: €436,500). MADE-BY sincerely thank the Nationale Postcode Loterij for their financial support over the last five years.