DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C **Charity number: 1038446** ## **THE MONSOON ACCESSORIZE TRUST** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 AUGUST 2020** DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 5| |**Independent Examiner's Report**|6| |**Statement of Financial Activities**|7| |**Balance Sheet**|8| |**Notes to the Financial Statements**|9 - 17| DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020** |**Trustees**|D Pine| |---|---| ||M Holloway| |**Charity registered**
**number**
1038446
**Principal office**
1 Nicholas Road
London
W11 4AN
**Independent examiner**
Martin Widdowson on behalf of Brebners
130 Shaftesbury Avenue
London
W1D 5AR
**Bankers**
National Westminster Bank PLC
1-4 Berkeley Square House
Berkeley Square
London
W1A 1SN
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
**Solicitors**
Royds Solicitors
65 Carter Lane
London
EC4V 5HF|| Page 1 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2020** The Trustees present their annual report together with the financial statements of the Charity for the year 1 September 2019 to 31 August 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts, the Charity's governing document, the Charities Act 2011 and 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) published in October 2019. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Constitution** The Monsoon Accessorize Trust was founded on 25 May 1994. It is constituted by a Deed of Trust and is a registered Charity No. 1038446. The address of The Monsoon Accessorize Trust is: 1 Nicholas Road, London W11 4AN. The Deed of Trust places no significant restrictions on the way in which the Charity can operate. The Monsoon Accessorize Trust is not incorporated. ## **Method of appointment or election of trustees** The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Monsoon uses a transparent and fair method when recruiting new trustees. From time to time the Board may call for Trustees with specialist skills that it identifies is needed for the effective governance of the organisation. The process is led by the Trustees, and applicants for trusteeship are asked to make their application in writing and to attend an interview. During this time, each applicant and interviewee goes through the same process. We also apply our equal opportunities policy to trustee recruitment. Each new Trustee receives an induction to the organisation, and support is readily available from the Officers of the organisation. ## **Policies adopted for the induction and training of trustees** New Trustees are invited to attend an induction day at Head office. The induction day provides Trustees with an introduction to the charity, and their role and responsibilities as a Trustee. As part of the day, new Trustees meet with existing Trustees to review projects, ongoing commitments, finances and receive training on such policies: grant making, safeguarding, anti-bribery and the risk management policy. ## **Organisational structure and decision making** The Trust had two Trustees at the end of the financial year, having had a resignation of one Trustee during the year. No decision has yet been taken to recruit a new Trustee. The serving Trustees have diverse backgrounds that bring different skills to the Board. Trustees serve until they resign. The Board of Trustees meets every quarter to review the progress of existing projects, evaluate finances, consider new proposals, and monitor the risk register to ensure all potential risks are low and mitigated. The Trust works closely with Non-Governmental Organisations (NGOs) and grassroot organisations based in countries with which the operational businesses of the Monsoon and Accessorize brands have, have had, trading links. Page 2 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020** ## **Organisational structure and decision making (continued)** Funds are raised through various means, which include but are not limited to, external product sample sales; third-party donations; payroll giving; donations from related operational companies of the Monsoon and Accessorize brands; and the annual fundraising week. Due to the global Covid-19 pandemic fundraising has been restricted in the current year. A dedicated charity manager, whose role was to support the day to day running of the Trust, was employed through the operational Monsoon brand company for part of the year, but this role ceased at end of July 2020. Since, this date the role has been covered by several different specialist support staff within the brand operating companies to fulfil this function and support the Trustees as needed. There is no current intention to replace this structure with a full-time role. ## **Risk management** The Trustees have assessed the major risks to which the Charity is exposed, including those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The Trust exercises a strong due diligence process ensuring that all current and new partners are screened before any contractual agreement is signed and before any such grant is awarded to the partner. A risk register is used for every current partner, highlighting any such central risks, operational risks, financial risks, partnership risks and fundraising risks to the project and overall partnership, highlighting the mitigation action. This tool helps ascertain the overall potential risks and allows the Trust to prepare for any such risks. ## **OBJECTIVES AND ACTIVITIES** ## **Policies and objectives** The principal objectives of the Charity are the relief of poverty through education, healthcare, and income-generation projects for disadvantaged women and children, principally with communities in Asia, but not exclusively so. ## **Activities for achieving objectives** Some Projects that received on-going funding and support were: - Shalom Global Foundations for Aashiana the Shelter is a project in Delhi helping women and girls affected by HIV/AIDS. Aashiana provides counselling and practical support in one of Delhi’s slum areas. - Radico (Romil Sewa Sanstha), a school in a slum area of Delhi, which received help with running costs. - Water Harvest is a project in Rajasthan. This project builds rainwater harvesting systems that purifies and stores rainwater. - Christian Aid is a project partnership in Delhi. This project supports children that work on landfill sites collecting fabrics and aims to provide a basic education. ## **Grant making policies** The Charity has continued to make grants during the year in furtherance of its stated objectives. Grants are awarded following discussions between all Trustees. Along with a rigorous screening/due diligence of the proposed partner, with strong emphasis of the partner’s experience of development and the sustainability and impact of the proposed developmental concept. Page 3 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020** ## **Public benefit** The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting grant making policy for the year. The Trustees are satisfied that all current grant programmes and special projects meet the requirement of providing a public benefit as defined by the Charity Commission. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. ## **Review of activities** In the year ended 31 August 2020 the Monsoon Accessorize Trust advanced grants to 4 main projects and other ad hoc projects. Most projects are in India or in the UK. During the year the Trust helped over 10,000 women and children (based on information provided by partner NGOs). All projects are required to provide regular progress reports, at least annually. The Trustees are satisfied with the progress and achievements of the projects to date. ## **Investment policy and performance** The Deed of Trust gives the Trustees power to invest the Charity’s surplus funds as they think fit. The Charity manages cash flow as part of its day-to-day procedures. Surplus funds are currently invested in bank deposit accounts and the Trustees consider the risk to these funds to be low. ## **FINANCIAL REVIEW** ## **Result for the year** In the year ended 31 August 2020 the Monsoon Accessorize Trust had total income of £94,777 (2019; £242,071) and expenditure of £84,084 (2019: £280,382). The principal reason for the fall in both income and expenditure was due to the global Covid-19 pandemic heavily restricting fundraising and activity in the current year. The total funds of the Charity as at 31 August 2020 were £583,383 (2019: £572,690), comprising unrestricted funds. ## **Reserves policy** The unrestricted reserves of the Charity are £583,383 (2019: £572,690). Any surplus reserves are granted as soon as practicable in line with the stated objectives of the Charity. The Trustees consider that the level of reserves available is adequate to fulfil the obligations of all its funds and has assessed this against risks, including the adverse impact on fund raising due to the pandemic. ## **PLANS FOR THE FUTURE** ## **Future developments** The Trust will continue to develop organically, reviewing new funding opportunities as they arise. Page 4 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C **----- Start of picture text -----**
THE MONSOON ACCESSORIZE TRUST
**----- End of picture text -----**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020** ## **TRUSTEES AND THEIR RESPONSIBILITIES** The Trustees who served during the year and after the year end were: M Holloway D McCurdy (Resigned 17/06/2020) D Pine ## **TRUSTEES' RESPONSIBILITIES STATEMENT** The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the situation of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report was approved by the Trustees, on 11 October 201 and signed on their behalf by: ## **M Holloway Trustee** Page 5 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** **INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 AUGUST 2020** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MONSOON ACCESSORIZE TRUST (the 'Charity')** I report to the Trustees on my examination of the financial statements of the charity for the year ended 31 August 2020. ## **RESPONSIBILITIES AND BASIS OF REPORT** As the charity Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the financial statements do not accord with those records; or 3. the financial statements 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 financial statements to be reached. Signed: Dated: 12-Oct-21 ## **MARTIN WIDDOWSON ON BEHALF OF BREBNERS** 130 Shaftesbury Avenue London W1D 5AR Page 6 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020** |**Note**
**Income from:**
Donations
2
Activities generating funds
3
Investments
5
**Total income**
**Expenditure on:**
Fundraising
4.1
Charitable activities
4.2
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2020**
**£**
**51,849**
**41,555**
**1,373**|**Total**
**funds**
**2020**
**£**
**51,849**
**41,555**
**1,373**|_Total_
_funds_
_2019_
_£_
_88,486_
_152,966_
_619_| |---|---|---|---| ||**94,777**|**94,777**|_242,071_| ||**56,729**
**27,355**|**56,729**
**27,355**|_22,992_
_257,390_| ||**84,084**|**84,084**|_280,382_| ||||| ||**10,693**|**10,693**|_(38,311)_| ||**572,690**
**10,693**|**572,690**
**10,693**|_611,001_
_(38,311)_| ||**583,383**|**583,383**|_572,690_| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 16 form part of these financial statements. Page 7 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **BALANCE SHEET AS AT 31 AUGUST 2020** |**Note**
**Current assets**
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one
year
9
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
10
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
Unrestricted funds
12
**Total funds**|**2,760**
**707,324**|**2020**
**£**
_95,483_
_642,626_
_738,109_
_(129,109)_
**583,383**
**583,383**
**-**
**583,383**
**583,383**
**-**
**583,383**
**583,383**|_2019_
_£_
_609,000_| |---|---|---|---| ||**710,084**
**(126,701)**||| ||||| ||||_609,000_
_(36,310)_| ||||_572,690_| ||||_572,690_| ||||_-_
_572,690_| ||||_572,690_| The financial statements were approved and authorised for issue by the Trustees on 11 October 2021 and signed on their behalf by: ## **M Holloway Trustee** The notes on pages 9 to 16 form part of these financial statements. Page 8 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **1. Accounting policies** ## **1.1 Basis of preparation of financial statements** The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Monsoon Accessorize Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Monsoon Accessorize Trust is constituted by a Deed of Trust and is a registered Charity No. 1038446. The address of The Monsoon Accessorize Trust is: 1 Nicholas Road, London W11 4AN. The Deed of Trust places no significant restrictions on the way in which the Charity can operate. The Monsoon Accessorize Trust is not incorporated. The accounts are presented in sterling, which is the functional currency of the Trust, and are rounded to the nearest £1. ## **1.2 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated services or facilities are recognised when the Charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 9 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **1. Accounting policies (continued)** ## **1.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. All expenditure is stated inclusive of irrecoverable VAT. ## **1.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **1.5 Foreign currencies** Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities. ## **1.6 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 10 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **1. Accounting policies (continued)** ## **1.7 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.8 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. ## **1.9 Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **1.10 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. ## **1.11 Going concern** The Charity has substantial cash reserves and an ongoing commitment from the operational companies of the Monsoon and Accessorize brands. The Trustees believe the Charity will continue to receive support and, consequently, that it is appropriate to prepare the financial statements on the going concern basis. The impact of the COVID-19 pandemic and its associated lockdowns have impacted the retail businesses on which the Trust relies. While these businesses are expected to recover, it is likely that income from these sources may decrease in the immediate future. The Charity has sufficient funds to meet all current funding obligations. In the event of income being cut, the Trustees believe that costs could be reduced accordingly and the Trust could continue in operation for the foreseeable future. In preparing the financial statements, the Trustees have therefore adopted the going concern basis. Page 11 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **2. Income from donations** |**Unrestricted**
**funds**
**2020**
**£**
Donations
**45,691**
Donated services and facilities
**6,158**
Total donations
**51,849**
**Donations**
The following donations were received or receivable during the year:
Cash donation from operational companies of the Monsoon and Accessorize
brands
Public donations
Supplier donations
Total donations|**Total**
**unrestricted**
**funds**
**2020**
**£**
**45,691**
**6,158**
**51,849**
**2020**
**£**
**18,194**
**27,207**
**290**
**45,691**|_Total_
_unrestricted_
_funds_
_2019_
_£_
_73,693_
_14,793_|_Total_
_unrestricted_
_funds_
_2019_
_£_
_73,693_
_14,793_| |---|---|---|---| ||||_88,486_| ||

|

|**2019**
**£**
**38,066**
**34,255**
**1,372**| ||||**73,693**| Voluntary income, in respect of continuing operations, includes sums donated through the generosity of customers and suppliers of operational companies of the Monsoon and Accessorize brands. ## **Donated services and facilities** Many of the Charity’s fundraising activities have been organised by the employees of operational companies of the Monsoon and Accessorize brands. There were no employees who received total employee benefits of more than £60,000. A donation from the operational companies of the Monsoon and Accessorize brands amounting to £3,000 (2019: £3,000) has been recognised in respect of the administrative and managerial services performed employees of those companies. Part of the company’s office space and some of its support services, such as financial control and management, are made available to The Monsoon Accessorize Trust and an estimate of the value of these services and facilities amounting to £3,158 (2019: £11,793) has been recognised as a donation on behalf of the operational companies of the Monsoon and Accessorize brands Page 12 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **3. Activities generating funds** |Charity events, samples sales and other fundraising|**Unrestricted**
**funds**
**2020**
**£**
**41,555**|**Total**
**unrestricted**
**funds**
**2020**
**£**
**41,555**|_Total_
_unrestricted_
_funds_
_2019_
_£_
_152,966_| |---|---|---|---| Activities for generating funds in respect of continuing operations include funds raised via charity events in the head office and in stores. ## **4. Expenditure** ## **4.1 Expenditure on fundraising** Fundraising costs include £4,865 (2019: £16,322) related to the hire of premises for sample sales, £51,516 (2019 - £NIL) relating to bad debt provisions and £348 (2019: £348) related to professional fees. The bad debt provisions relate to debt owed by Monsoon Accessorize Ltd and Accessorize Ltd, both of which entered into administration in June 2020. This debt is not expected to be recovered by the Charity. ## **4.2 Expenditure on charitable activities** The following grants were made during the year as part of the Charity's objective to relieve poverty through education, healthcare and income-generation projects for disadvantaged women and children. |Christian Aid
Radico
Aashiana
WaterHarvest
Magic Bus
Jeevika Trust
Turquoise Mountain
Smile Foundation
Adhoc Donation

Total grants


Support costs
Governance costs

|**Cash**
**outflow**
**2020**
**£**
**Total**
**unrestricted**
**funds**
**2020**
**£**
**-**
**-**
**-**
**-**
**10,953**
**(307)**
**30,658**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**13,925**
**13,925**
**55,537**
**13,619**

**10,747**
**2,989**
**27,355**|_Cash_
_outflow_
_2019_
_£_
_Total_
_unrestricted_
_funds_
_2019_
_£_
_25,000_
_75,000_
_27,000_
_37,000_
_11,304_
_(6)_
_30,187_
_29,847_
_(1,583)_
_17,500_
_17,500_
_24,990_
_24,990_
_25,983_
_25,983_
_12,123_
_(401)_
_203,934_
_178,483_
_75,337_
_3,570_
**257,390**| |---|---|---| Expenditure in the year includes movements in commitments of funds to current and future projects. Cash outflow represents actual funds released during the year. Page 13 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **4.2 Expenditure on charitable activities (continued)** ## **Support Costs** Support costs compromise: £3,158 (2019: £11,793) relating to facilities support provided by operational companies of the Monsoon and Accessorize brands; £3,000 (2019: £3,000) relating to administration and managerial services performed by employees of operational companies of the Monsoon and Accessorize brands (see note 2); £4,589 (2019: £60,544) relating to fundraising and staff support costs. ## **Governance Costs** Governance costs compromise independent examiners fees of £3,250 (2019: £3,250) and bank fees and exchange rate differences of £261 income (2019: £320 cost). ## **5. Investment income** |Bank interest receivable|**Total**
**unrestricted**
**funds**
**2020**
**£**
1,373|_Total_
_unrestricted_
_funds_
_2019_
_£_
_619_| |---|---|---| ## **6. Net income/expenditure** This is stated after charging: |Independent Examiner's remuneration|**2020**
**£**
**3,250**|_2019_
_£_
_3,250_| |---|---|---| During the year, no Trustees received any remuneration, benefits in kind or reimbursement of expenses (2019 - £NIL). ## **7. Independent Examiner’s remuneration** The Independent Examiner's remuneration amounts to an Independent Examination fee of £3,250, (2019: £3,250). Page 14 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **8. Debtors** |**Due within one year**
Other debtors
**Creditors: Amounts falling due within one year**
Accruals and deferred income
Grant commitments
**Creditors: Amounts falling due after more than one year**
Grant commitments|**2020**
**£**
**2,760**|_2019_
_£_
_95,483_| |---|---|---| ||**2,760**|_95,483_| ||**2020**
**£**
**6,500**
**120,201**|_2019_
_£_
_3,250_
_125,859_| ||**126,701**|_129,109_| ||**2020**
**£**
**-**|_2019_
_£_
_36,310_| ## **9. Creditors: Amounts falling due within one year** **10. Creditors: Amounts falling due after more than one year** Page 15 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **11. Movements in grant commitments** |Opening balance at 1 September 2019
Additional commitments made during the
year
Movement from non-current to current
Amounts paid during the year
Closing balance at 31 August 2020|**Current**
**liabilities**
**£**
125,859
-
36,310
(41,968)
**120,201**|**Non-current**
**liabilities**
**£**

36,310

-

(36,310)
-
**-**|**Total**
**£**

162,169

-

-
(41,968)
**120,201**| |---|---|---|---| As described in note 4, the charity awards a number of grants in a given year. Many grants are awarded and paid out in the same financial year. However, certain multi-year grants exist which are paid over a longer period. These are recognised as grant commitments where there is a legal or constructive obligation at the balance sheet date. ## **12. Summary of funds** |Unrestricted funds
Unrestricted funds|**Balance at 1**
**September**
**2019**
**£**
**572,690**|**Income**
**£**
**94,777**|**Expenditure**
**£**
**(84,084)**|**Balance at**
**31 August**
**2020**
**£**
**583,383**| |---|---|---|---|---| ||
_Balance at 1_
_September_
_2018_
_£_
_611,001_|
_Income_
_£_
_242,071_|
_Expenditure_
_£_
_(280,382)_|
_Balance at_
_31 August_
_2019_
_£_
_572,690_| Page 16 DocuSign Envelope ID: 57AFEEF5-CC5F-4CDB-9ABA-922FBB8D448C ## **THE MONSOON ACCESSORIZE TRUST** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020** ## **13. Related party transactions** During the year, the Charity recognised bad debt provisions totalling £51,516. This relates to debt owed by Monsoon Accessorize Ltd and Accessorize Ltd, both of which entered into administration in June 2020. This debt is not expected to be recovered by the Charity. Page 17