She also said there was no guarantee the event would remain in the region.
The awards were scheduled to be held in Alexandra in August.
About 58 designers had signed up for this year's show.
''Given we had a record number of entries - we really empathise with the designers.''
''It really is disappointing.''
Nailing down a venue appeared to be the biggest obstacle for organisers and Molyneux Park Stadium was considered an option.
The warehouse where the event had been staged previously was no longer available.
However logistics, costs and sponsorship all contributed to the decision, Ms Ravenscroft said.
''We thought if we defer it now, it gives us some breathing space and an opportunity to deconstruct to reconstruct.''
Ms Ravenscroft said there was a potential option in the event moving away from Alexandra.
''It has been discussed. At this stage it's not happening.''
An emergency annual meeting was called last November to discuss the future of the event amid fears it was in jeopardy.
Ms Ravenscroft said she shared the community's frustration about the awards being called off.
''We were aware there would be a lot of venting and frustration. And we share that as well.''
''People have put a lot of time and effort into designing and creating their garments.''
