Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
**Charity number: 1038446**
## **THE MONSOON ACCESSORIZE TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2024**
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Trust, 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 - 20|
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024**
|**Trustees**|D Pine|
|---|---|
||M Holloway|
|**Charity registered**
**number**
1038446
**Principal office**
1 Nicholas Road
London
W11 4AN
**Independent examiner**
Richard Smith on behalf of Brebners
130 Shaftesbury Avenue
London
W1D 5AR
**Bankers**
Barclays Bank Plc
1 Churchill Place
E14 5HP
**Solicitors**
RWK Goodman
65 Carter Lane
London
EC4V 5HF||
Page 1
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024**
The Trustees present their annual report together with the financial statements of the Charity for the year 1 September 2023 to 31 August 2024. 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 and will select Trustees based on both their general competencies and any specialist skill set deemed required. Any new Trustees are provided with a suitable induction to allow them to discharge their responsibilities in the effective governance of the Trust.
## **Organisational structure and decision making**
The Trust had two Trustees during the financial year.
The serving Trustees have diverse backgrounds that bring different skills to the Board. Trustees serve until they resign. The Board of Trustees meet quarterly to review the progress of existing projects, evaluate finances, consider new proposals, and monitor the risk environment of the Trust’s activities. The Trust primarily works with Non-Governmental Organisations (NGOs) and grassroot organisations based in countries with which the operational businesses of the Monsoon and Accessorize brands have, or have had, trading links.
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.
## **Risk management**
The Trustees regularly assess 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.
## **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.
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Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
## **Activities undertaken to achieve objectives**
Some of the key projects that received on-going funding and support were:
- Water Harvest. The Trust supports a project close to Jaipur, Rajasthan, India and which builds rainwater harvesting systems that purifies and stores rainwater, to provide clean, year-round drinking water, to regenerate land and to enable livelihoods in remote rural communities.
- Turquoise Mountain. The Trust provides pre-primary education and English classes to the young people of two villages in Bamiyan in Afghanistan's central highlands, providing essential childcare and preparing them for further education. The Trust also supported a one-off appeal for Emergency relief in this region of Afghanistan.
- Shalom Global Foundation. The Trust supports the Aashiana Shelter project based in Delhi, India, helping women and children affected by HIV/AIDS. Aashiana provides counselling, nutrition, educational support, and practical awareness of HIV/AIDS in one of Delhi's slum areas.
- Prakratik Society: The Trust supported the Prakratik Society providing resources for the Environment Education Program at Fateh Public School at Ranthambore in India. During the year, the Trust provided a grant to support the building of a boys' hostel associated with Prakratik Society.
- Jeevika: The Trust provided a grant in support of International Woman’s Day to Jeevika to provide women & girls to have access to hygienic, cost-effective, eco-disposable sanitary napkins (SNAPS). This was undertaken through the production of SNAPS by women Self-Help Groups to improve reproductive health and to facilitate these groups to create sustainable income. The direct targeted beneficiaries of c. 5,500 were among the most disadvantaged socio-economic groups in India.
## **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 the Trustees. This includes a process of screening and due diligence of the proposed partner, with a view taken on the partner’s experience of development and the sustainability and impact of the proposed development concept.
## **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 2024 the Monsoon Accessorize Trust advanced grants to five main projects and other ad hoc projects. The key on-going projects were in India and Afghanistan. All on-going 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.
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Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
## **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.
The Trust aims to make significant differences to the direct beneficiaries from the grants it makes through measures which range from protection of life, educational achievement, and transformation of livelihoods. These are more specifically covered in the section on activities undertaken in the year. In any year, any one of the key projects the Trust supports can experience both significant positive factors and be at risk of negative factors. Taking just one of the beneficiary projects operated in Bamiyan Province, Afghanistan by Turquoise Mountain.
Thanks to the continued commitment of the Trust, we are able to provide educational programmes in Bamiyan where we are supporting hundreds of weavers and their families, particularly young children with pre-primary classes, and older students through English and literacy classes.
With a trusted local team of 268 staff, through Turquoise Mountain we are reaching thousands of children and their families, providing vital resources and education, through strong connections to artisans and their families, and a stable operating presence in Afghanistan.
The overall context in Afghanistan remains enormously challenging and uncertain, particularly for women. However, the Kabul based government have not to date implemented the restrictions in full, so we have been able to find significant space in which to work with our partner charity. The authorities see huge value particularly in the employment generated through the craft industry and are comfortable with the arrangements that we have put in place to provide safe female-only spaces. This working reality – of the space for women within the private sector– is increasingly widely known within the diplomatic and international community working on Afghanistan. Sadly, the public remains largely unaware of this for many reasons, not least because for the organizations working with women in Afghanistan, there is a need not to talk about it publicly for fear that permission will be taken away. We find that we have the added security of the heritage sector, perhaps because it is something that is traditionally Afghan rather than something that might be seen as more susceptible to ‘foreign values’.
These are indicative examples of the factors of success and the differences made in just one programme reviewed.
## **FINANCIAL REVIEW**
## **Result for the year**
In the year ended 31 August 2024 the Monsoon Accessorize Trust had total income of £348,295 (2023: £351,996) and expenditure of £253,082 (2023: £173,592). The reason for the increase in expenditure was the Prakratik hostel project and increased grant to Turquoise Mountain. The total funds of the Charity as of 31 August 2024 were £657,951 (2023: £562,738), comprising unrestricted funds.
## **Reserves policy**
The unrestricted reserves of the Charity are £657,951 (2023: £562,738). 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 potential risks.
## **PLANS FOR THE FUTURE**
## **Future developments**
The Trust will continue to develop organically, reviewing new funding opportunities as they arise.
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Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024**
## **TRUSTEES AND THEIR RESPONSIBILITIES**
The Trustees who served during the year and after the year end were:
M Holloway 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 1 May 2025 and signed on their behalf by:
> ................................................ NBAC **M Holloway** Trustee
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Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024**
## **Independent Examiner's Report to the Trustees of The Monsoon Accessorize Trust ('the Trust')**
I report to the charity Trustees on my examination of the accounts of the Trust for the year ended 31 August 2024.
## **Responsibilities and Basis of Report**
As the Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner's Statement**
Since the Trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Additional disclosure? I
I have completed my examination. I confirm that no 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 accounts do not accord with those records; or
3. the accounts 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 accounts to be reached.
This report is made solely to the Trust's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Trust's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trust's Trustees as a body, for my work or for this report.
Signed: Richard Swith Dated: 01-May-25
RICHARD SMITH ACA ON BEHALF OF BREBNERS
130 Shaftesbury Avenue London W1D 5AR
Page 6
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024**
|**Note**
**Income from:**
Donations
2
Activities generating funds
3
Investments
6
**Total income**
**Expenditure on:**
Fundraising
Charitable activities
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2024**
**£**
**43,147**
**-**
**-**
**43,147**
**-**
**43,147**
**43,147**
**-**
**-**
**-**
**-**|**Unrestricted**
**funds**
**2024**
**£**
**203,158**
**88,097**
**13,893**
**305,148**
**20**
**209,915**
**209,935**
**95,213**
**562,738**
**95,213**
**657,951**|**Total**
**funds**
**2024**
**£**
**246,305**
**88,097**
**13,893**
**348,295**
**20**
**253,062**
**253,082**
**95,213**
**562,738**
**95,213**
**657,951**|_Total_
_funds_
_2023_
_£_
_275,062_
_75,528_
_1,376_
_351,966_
_(15,013)_
_188,605_
_173,592_
_178,374_
_384,364_
_178,374_
_562,738_|
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these financial statements.
Page 7
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **BALANCE SHEET AS AT 31 AUGUST 2024**
||||**2024**|**2024**|_2023_|_2023_|
|---|---|---|---|---|---|---|
||**Note**||**£**||_£_||
|**Current assets**|||||||
|Debtors|9|**656,584**||_8,359_|||
|Cash at bank and in hand||**119,169**||_678,816_|||
|||**775,753**||_687,175_|||
|Creditors: amounts falling due within one|||||||
|year|10|**(82,802)**||_(115,363)_|||
|**Net current assets**|||**692,951**||_571,812_||
|**Total assets less current liabilities**|||**692,951**||_571,812_||
|Creditors: amounts falling due after more|||||||
|than one year|11||**(35,000)**||_(9,074)_||
|**Net assets**|||**657,951**||_562,738_||
|**Total net assets**|||**657,951**||_562,738_||
|**Charity funds**|||||||
|Restricted funds|13||**-**||_-_||
|Unrestricted funds|13||**657,951**||_562,738_||
|**Total funds**|||**657,951**||_562,738_||
The financial statements were approved and authorised for issue by the Trustees on 01 May 2025 and signed on their behalf by:
> ................................................ NBAC **M Holloway**
The notes on pages 9 to 20 form part of these financial statements.
Page 8
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **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 financial statements 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.
## **1.2 Income**
All income is recognised once the Trust 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 Trust 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.
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Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **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 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 Trust; 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.
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Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **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 Trust 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 Trust 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 Trust and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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 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.
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Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **2. Income from donations**
|Donations
Donated services and facilities
**Total 2024**
Donations
Donated services and facilities
_Total 2023_|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
43,147
199,146
-
4,012
43,147
203,158
_Restricted_
_funds_
_2023_
_Unrestricted_
_funds_
_2023_
_£_
_£_
_100,035_
_171,315_
_-_
_3,712_
_100,035_
_175,027_|**Total**
**funds**
**2024**
**£**
**242,293**
**4,012**
**246,305**|
|---|---|---|
|||_Total_
_funds_
_2023_
_£_
_271,350_
_3,712_
_275,062_|
Page 12
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **2. Income from donations (continued)**
|
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|**2024**
**£**
**213,084**
**338**
**28,871**
**242,293**|2023
£
226,316
3,966
41,068|
|---|---|---|
|||271,350|
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 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 £3,250 (2023: £3,000) has been recognised in respect of the administrative and managerial services performed by 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 £762 (2023: £712) has been recognised as a donation on behalf of the operational companies of the Monsoon and Accessorize Brands.
## **3. Activities generating funds**
|**Unrestricted**
**funds**
**2024**
**£**
Charity events, samples sales and other fundraising
88,097
_Unrestricted_
_funds_
_2023_
_£_
Charity events, samples sales and other fundraising
_75,528_|**Total**
**funds**
**2024**
**£**
**88,097**|
|---|---|
||_Total_
_funds_
_2023_
_£_
_75,528_|
Page 13
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **4. Expenditure**
## **Expenditure on fundraising**
Fundraising costs include £Nil (2023: credit £15,033) related to recovery of previously written off bad debt and £20 (2023: £20) for subscription fees.
## **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.
|Water Harvest
Turquoise Mountain
Shalom Global Foundation (Aashiana)
Digantar Shiksha Evam
Prakratik Society
Breast Cancer
Jeevika Trust
*Ad Hoc Donations
**Total grants**
Support costs
Governance Costs|Water Harvest
Turquoise Mountain
Shalom Global Foundation (Aashiana)
Digantar Shiksha Evam
Prakratik Society
Breast Cancer
Jeevika Trust
*Ad Hoc Donations
**Total grants**
Support costs
Governance Costs|**Cash**
**outflow**
**2024**
**£**
71,799
75,000
16,540
10,674
40,000
22,516
4,000
-
240,529|**Expenditure**
**unrestricted**
**funds**
**2024**
**£**
-
145,000
-
-
30,075
-
4,000
21,864
200,939
4,012
4,964
209,915|**Expenditure**
**restricted**
**funds**
**2024**
**£**
20,631
-
-
-
22,516
-
-
43,147
-
-
43,147
-|**Total**
**funds**
**2024**
**£**
**20,631**
**145,000**
**-**
**-**
**30,075**
**22,516**
**4,000**
**21,864**
**244,086**
**4,012**
**4,964**
**253,062**|
|---|---|---|---|---|---|
|||-
-
240,529||||
Page 14
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
|Water Harvest
Turquoise Mountain
Shalom Global Foundation (Aashiana)
Romil Sewa Sanstha (Radico)
Prakratik Society
Breast Cancer
DEC Earthquake
*Ad Hoc Donations
Support costs
Governance costs|Water Harvest
Turquoise Mountain
Shalom Global Foundation (Aashiana)
Romil Sewa Sanstha (Radico)
Prakratik Society
Breast Cancer
DEC Earthquake
*Ad Hoc Donations
Support costs
Governance costs|_Cash outflow_
_2023_
_£_
_98,307_
_38,333_
_16,540_
_120_
_9,730_
_30,500_
_30,351_
_21,581_
_245,462_|_Expenditure_
_unrestricted_
_funds_
_2023_
_£_
_-_
_-_
_-_
_35,120_
_28,730_
_-_
_-_
_21,581_
_85,431_
_3,712_
_(573)_
_88,570_|_Expenditure_
_restricted_
_funds_
_2023_
_£_
_39,184_
_-_
_-_
_30,500_
_30,351_
_-_
_-_
_-_
_100,035_
_-_
_-_
_100,035_|_Total_
_funds_
_2023_
_£_
_39,184_
_-_
_-_
_35,120_
_28,730 _
_30,500_
_30,351_
_21,581_
_185,466_
_3,712_
_(573)_
_188,605_|
|---|---|---|---|---|---|
|||_-_
_-_
_285,692_||||
Expenditure in the year includes movements in commitments of funds to current and future projects. Cash outflow represents actual funds released during the year.
## **Support Costs**
Support costs comprise £762 (2023: £712) relating to facilities support provided by operational companies of the Monsoon and Accessorize Brands; £3,250 (2023: £3,000) relating to administration and managerial services performed by employees of operational companies of the Monsoon and Accessorize Brands (see note 2).
## **Governance Costs**
Governance costs comprise independent examiners fees of £4,098 (2023: £3,900) and bank fees, interest and exchange rate differences of £866 cost (2023: £4,473 income).
## **5. Employees**
There were no staff employed during the year or during the previous year.
Page 15
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **6. Investment income**
|**Unrestricted**
**funds**
**2024**
**£**
Bank interest receivable
13,893
_Unrestricted_
_funds_
_2023_
_£_
Bank interest receivable
_1,376_|**Total**
**funds**
**2024**
**£**
**13,893**|
|---|---|
||_Total_
_funds_
_2023_
_£_
_1,376_|
## **7. Net income/expenditure**
This is stated after charging:
|Independent examiners remuneration|**2024**
**£**
**4,098**
**4,098**|_2023_
_£_
_3,900_
_3,900_|
|---|---|---|
During the year, no Trustees received any remuneration, benefits in kind or reimbursement of expenses (2023: £Nil).
## **8. Independent examiner's remuneration**
The independent examiner's remuneration amounts to an independent examiner fee of £4,098 ( _2023_ - _£3,900_ ).
Page 16
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **9. Debtors**
|**Due within one year**
Other debtors|**2024**
**£**
**656,584**
**656,584**|_2023_
_£_
_8,359_|
|---|---|---|
|||_8,359_|
## **10. Creditors: Amounts falling due within one year**
|Accruals and deferred income
Grant commitments
**Creditors: Amounts falling due after more than one year**
Grant commitments|**2024**
**£**
**4,098**
**78,704**
**82,802**
**2024**
**£**
**35,000**|_2023_
_£_
_3,900_
_111,463_|
|---|---|---|
|||_115,363_|
|||_2023_
_£_
_9,074_|
## **11. Creditors: Amounts falling due after more than one year**
Page 17
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **12. Movements in grant commitments**
|Opening balance at 1 September 2023
Additional commitments made during the year
Movement from non-current to current
Amounts paid during the year
**Closing balance at 31 August 2024**|**Current**
**liabilties**
**£**
111,463
35,000
9,074
(76,833)
78,704|**Non-current**
**liabilities**
**£**
9,074
35,000
(9,074)
-
35,000|**Total**
**funds**
**£**
**120,537**
**70,000**
**-**
**(76,833)**
**113,704**|
|---|---|---|---|
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.
Page 18
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **13. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
General Funds - all funds
**Restricted funds**
Water Harvest
Future Dreams
**Total restricted funds**
**Statement of funds - prior year**
**Unrestricted funds**
General Funds - all funds
**Restricted funds**
Water Harvest
Breast Cancer
DEC Earthquake
**Total restricted funds**|**Balance at 1**
**September**
**2023**
**£**
**562,738**
**-**
**-**
**-**
_Balance at_
_1 September_
_2022_
_£_
_384,364_
_-_
_-_
_-_
_-_|**Income**
**£**
**305,148**
**20,631**
**22,516**
**43,147**
_Income_
_£_
_251,931_
_39,184_
_30,500_
_30,351_
_100,035_|**Expenditure**
**£**
**(209,935)**
**(20,631)**
**(22,516)**
**(43,147)**
_Expenditure_
_£_
_(73,557)_
_(39,184)_
_(30,500)_
_(30,351)_
_(100,035)_|**Balance at**
**31 August**
**2024**
**£**
**657,951**|
|---|---|---|---|---|
|||||**-**
**-**
**-**|
|||||_Balance at_
_31 August_
_2023_
_£_
_562,738_|
|||||_-_
_-_
_-_
_-_|
Page 19
Docusign Envelope ID: C4428565-AD8E-4674-B3D1-2D42163E714D
## **THE MONSOON ACCESSORIZE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024**
## **14. Summary of funds**
## **Summary of funds - current year**
|General funds
Restricted funds
**Summary of funds - prior year**
General funds
Restricted funds|**Balance at 1**
**September**
**2023**
**£**
**562,738**
**-**
**562,738**
_Balance at_
_1 September_
_2022_
_£_
_384,364_
_-_
_384,364_|**Income**
**£**
**305,148**
**43,147**
**348,295**
_Income_
_£_
_251,931_
_100,035_
_351,966_|**Expenditure**
**£**
**(209,935)**
**(43,147)**
**(253,082)**
_Expenditure_
_£_
_(73,557)_
_(100,035)_
_(173,592)_|**Balance at**
**31 August**
**2024**
**£**
**657,951**
**-**
**657,951**|
|---|---|---|---|---|
|||||_Balance at_
_31 August_
_2023_
_£_
_562,738_
_-_
_562,738_|
## **15. Related party transactions**
During the period, donations of £213,084 (2023: £226,316) were received from the operational companies of the Monsoon and Accessorize Brands Group including, Accessorize Stores Ltd, Accessorize Brands Ltd, Monsoon Stores Ltd, and Monsoon Brands Ltd. The debtor balance outstanding at period end is £3,707 (2023: £8,359). A Trustee of the Trust is also a non-executive director of each of these entities.
During the year, the Trust loaned £643,018 to Adena Services Limited, a non-executive director of which is also a Trustee of the Trust. The net interest rate on the loan is variable per the interest on the Borrower's business deposit account, less 0.25% Borrower's fee on the loan principal. During the year, the Trust earned net interest of £9,859, which comprises gross interest of £10,410 less Borrower's fee of £551. At the year end, the total amount due to the Trust was £652,877.
Page 20