report and financial statements - asos foundation

REPORT AND FINANCIAL STATEMENTSFor the year ended 31 August 2017

Charity number: 1153946Company number: 08658508

ASOS Foundation Report and financial statements for the year ended 31 August 2017 1

Contents

Company informationReport of the Board of TrusteesStatement of financial activities (including income and expenditure account)Balance sheetStatement of cash flowsNotes to the financial statements

22

10111213

ASOS Foundation report and financial statements for the year ended 31 August 2017 2

Charity Name: ASOS Foundation

Charity registration number:1153946

Company registration number: 08658508

Registered office and operational address: Greater London HouseHampstead RoadLondon NW1 7FB

Board of TrusteesNick Robertson (Chairman)Jane BanksNick BeightonLouise McCabeFiona Stubbs

SecretaryAndrew Magowan

Independent Reviewer Patricia Mitchell

The Board of Trustees (“the Board”) submit their Report and the independently reviewed Financial Statements of the ASOS Foundation for the year ended 31 August 2017.

Board of TrusteesThe Board during the period under review and up to the date of signing the Financial Statements were:

Nick Robertson Jane Banks* Nick Beighton Louise McCabe Fiona Stubbs*

* Denotes Independence of Trustee

The organisation is a charitable company, registered in England and Wales, limited by guarantee and incorporated on 21 August 2013. It registered as a charity on 25 September 2013.

Purposes and aims“We open doors, we remove barriers. We help young people change their lives for the better.”

ASOS Foundation creates opportunities that enable disadvantaged young people to reach their potential. The ASOS Foundation provides inspiration, education, support, infrastructure and training to enable socially or economically disadvantaged young people to overcome barriers and progress towards economic independence.

The outcome the ASOS Foundation seeks is that a young person is able to move from one life stage to the next. For example, from unemployment to training, from training to an apprenticeship, from homelessness to a home, or in rural Kenya to be freed from the daily need to carry water across long distances and to be able to engage in economic or personal development activities.

Company information

Report of the Board of Trustees


This section of the Report details the activities of the ASOS Foundation by geographical location.

In the UK the groups we work with are unemployed or homeless young people, young people who are underachieving in education or who have underachieved in education, young people leaving care, young offenders and ex-offenders.

In India our partner charity Udayan Care provides homes and education for children age six and upwards, who are homeless due to being orphaned, abused or abandoned.

In Kenya we work with two charitable trusts based in the Kasigau Corridor on community projects to relieve poverty, improve health and wellbeing and provide education. To ensure infrastructure projects are relevant and sustainable, consultations are held with elected groups of community representatives before any work begins.

Prior to formation of the ASOS Foundation as a registered charity (2013), the charitable activities were carried out as a charitable trust known as ‘ASOS Foundation’ under the umbrella of the Charities Aid Foundation (charity registered in England and Wales number 268369).

The activities of the ASOS Foundation

Ensuring our work delivers our aims

Our work is focussed in three geographical areas: the UK, India and Kenya. Our priority is to enable young adults to overcome social and economic disadvantage. The interventions we provide to achieve this vary between the three geographic areas in focus.

The ASOS Foundation works in collaboration with long term trusted partners who are based in the regions where our projects are located. Our programmes are developed in consultation with these partners who help us ensure that funding is used appropriately, effectively and sustainably. Trustees visit ASOS Foundation funded projects and meet with our partners, community stakeholders and young people affected by the programmes. We also engage directly with young people at a grass roots level, and maximise the benefits of sharing skills and expertise from our corporate funder, ASOS.com Limited (company number: 03584121).

We review our aims, objectives and activities each year and agree key projects for the coming twelve months. Throughout the year progress is monitored at regular Board meetings. This helps us ensure our aims, objectives and activities remain focused on our stated purposes.

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The Board of Trustees consider how planned activities will contribute to the aims and objectives that they have set.

Prince’s Trust Around one in five young people in the UK are not in work, education or training. Youth unemployment costs the UK economy £10 million a day in lost productivity, while youth crime costs £1 billion every year (Source: The Prince’s Trust).

The Prince’s Trust supports young people from 13 to 30 years old who are unemployed, and those struggling at school and at risk of exclusion. Many of the young people helped by the Prince’s Trust are in or leaving care, facing issues such as homelessness or mental health problems, or have been in trouble with the law.

Prince’s Trust programmes funded by ASOS Foundation give young people the practical and financial support they need to stabilise their lives. This includes helping to develop key skills, confidence and motivation, and enabling young people to move into work, education or training.

In partnership with the Prince’s Trust, the ASOS Foundation creates opportunities for young people in fashion, customer care and web design/technology. Our ‘Get Started’ courses run in London, Hemel Hempstead and Birmingham, are aimed at building confidence and skills. This year ASOS Foundation funded and delivered ‘Get Started’ courses for 66 young people.

Our ‘Get Into’ programmes, launched in 2014, are four-week workplace training schemes to help unemployed people into technology and retail careers. One of the UK highlights of 2017 was being able to gain roles for five young people within the ASOS IT team across mobile, QA and business analysis, as a result of them completing our second ‘Get Into Technology’ course in London. The four young people ASOS took on after the 2016 programme were also given permanent roles, showing the long term impact of these programmes. In 2017 we launched a similar programme ‘Get into Retail’, providing training in buying and merchandising in e-commerce. Nine people gained temporary roles at ASOS as a result.

For the past three years, ASOS Foundation has also funded small individual grants through the Prince’s Trust Development Awards programme, to help young people overcome financial barriers to taking up work, training or education opportunities. This year 104 young people benefited from the Awards, covering interview travel costs, clothing, equipment and assistive workplace technology.

1. United Kingdom partnerships - Prince’s Trust, Arrival Education and Centrepoint


Arrival Education

Arrival Education has a mission to address social mobility for those who need it the most, by engaging young people in education, and forging connections with businesses in order to encourage employers to recognise a more diverse source of talent. In 2017 ASOS Foundation continued to fund the ‘Success for Life’ programme, which was designed to increase the job readiness of disadvantaged young people. ASOS volunteers supported the programme by delivering a GCSE workshop for young people at risk of underachieving in their exams, hosting an insight day where students had the opportunity to learn about a career in Law and acting as mentors to young people. In total, 40 students from 18 schools were supported through the programme in 2017.

Centrepoint

Youth homelessness is an increasing area of concern in the UK. Centrepoint’s website highlights that over 150,000 young people seek help with homelessness in the UK every year.

Many of the young people participating in ASOS Foundation/ Prince’s Trust programmes are experiencing difficulties with family or housing, or are already homeless. Trustees recognised that homelessness is a significant barrier for young people in the UK, and agreed that the ASOS Foundation should establish a partnership to address it. We began to work with Centrepoint in March 2016 and increased funding during 2017, becoming a significant funder of the charity’s National Youth Homelessness Helpline. The Helpline launched in March 2017, providing vulnerable young people with the information and support they need to prevent them from becoming homeless.

Centrepoint, is the UK’s leading youth homelessness charity focussed on improving the lives of homeless young people, with a mission to prevent and eradicate youth homelessness altogether. Homelessness is not just a housing problem. There many reasons why young people become homeless, including family breakdown and mental health issues.

For this reason, ASOS Foundation also supports the charity’s mental health and wellbeing programmes, funding key roles in delivering mental health services to young homeless people in London and Barnsley.

The mission of Udayan Care is ‘a nurturing home for every orphaned child, an opportunity for higher education for every girl and for every adult, the dignity of self-reliance and the desire to give back to society.’

Udayan is a Sanskrit word meaning ‘Eternal Sunshine’. Udayan Care aims to bring sunshine into the lives of disadvantaged sections of society that require intervention. Registered in 1994 as a Public Charitable Trust, Udayan Care works to empower vulnerable children, women and youth, in 14 cities across 9 states of India.

Starting with the establishment of just one small family home (Ghar) for orphaned and abandoned children in Sant Nagar, Delhi in 1996, Udayan Care has spread its work for disadvantaged groups during the last 22 years by establishing more family homes, helping girls’ education and providing vocational training. To date, Udayan Care has nurtured over 15,000 young people.

India is home to 31 million orphans. Adoption rates are extremely low and there are only 75,000 orphanages; most lacking long term care in a family-like setting, counselling or emotional bonding. In 1996 a group of like-minded individuals developed the idea of Udayan Ghars (homes) for children, based on

2. New Delhi, India - partnership with Udayan Care


the Group Foster Care Model. This Group Foster Care Model ensures children are given the opportunity to enjoy their right to a childhood and develop as socially integrated individuals with a self and family worth.

Udayan Ghars were set up to nurture orphaned and abandoned children in small groups, give them a loving home, family bonding and a sense of belonging, ensuring they have all opportunities to develop as capable, responsible individuals. The first Udayan Ghar was set up in Delhi with just three little girls. Today, 18 years later, the movement has spread to 13 Udayan Ghars in Delhi and the National Capital Region, Jaipur and Kurukshetra where 352 children – boys and girls – have been cared for.

Between 2009 and 2013 the ASOS charitable trust under the umbrella of the Charities Aid Foundation funded the annual running costs of a Udayan home for twelve girls, and in 2011 began to support of a Udayan home for twelve boys too. The ASOS Foundation is committed to continuing support of Udayan Care and the terms are outlined in a Memorandum of Understanding prepared in July 2014. During the financial year ending 31 August 2014 the balance of funds from the CAF Account was transferred to the new ASOS Foundation account to continue this work.

For the past 3 years, ASOS Foundation has been raising funds to build two new, purpose built Udayan Ghars for girls in Noida and Kurukshetra. The Noida home was completed in early 2016. ASOS Foundation trustees, along with ASOS.com volunteers, and trustees from Udayan Care, attended an opening ceremony in celebration. In 2017 work began on a second home in Kurukshetra, which will provide a home for 10 girls and caregivers, as well as self contained aftercare apartments for 18 year olds, a computer training centre for the community and an event space for mentoring programmes.

ASOS.com Limited has further supported this partnership by giving 10 volunteers per year the opportunity to spend a week at a Udayan home in Delhi. Volunteers who successfully complete the recruitment process take on a refurbishment challenge at one of the Ghars, as well as running workshops with the children and each raising a minimum of £700 for the ASOS Foundation. The trips are beneficial for developing the relationship between Udayan Care and building awareness and engagement for the ASOS Foundation amongst ASOS.com employees. ‘Give a Week Away’ has become a popular annual event since its launch in 2014.

Project Pipeline is an ASOS Foundation programme in rural Kenya, in collaboration with SOKO Community Trust and Wildlife Works Carbon Trust. Project Pipeline refers to our three priorities: providing water, developing talent and wellbeing through training, infrastructure and education, and establishing trade (new businesses and sustainable growth).

Background to Project Pipeline

In 2009 ASOS launched a range of African inspired fashion – ASOS Africa, designed by ASOS and manufactured in Kenya by SOKO, a social enterprise. As SOKO grew, the company moved to a new eco-factory in Wildlife Works conservation area in the Kasigau Corridor, approximately 120 miles north of Mombasa. To reflect this heritage, the brand name ‘ASOS Africa’ changed to ‘ASOS Made in Kenya’ in 2016.

3: Kasigau Corridor, Kenya: Project Pipeline


Wildlife Works is the world’s leading project development and Management Company for Reducing Emissions from Deforestation and Degradation (“REDD+”). The mission of the REDD+ project is to protect the forest by providing sustainable livelihoods for the local population. The aim of the SOKO Community Trust is to provide local people with the practical skills needed to see sustainable improvements in their lives and lift themselves out of poverty.

As the success of ASOS Made In Kenya has grown, SOKO has been able to employ more tailors and now provides livelihoods for over 45 people in the Kasigau region. SOKO is still growing and can offer work to local people in an area of high unemployment. ASOS Foundation has worked alongside SOKO, Wildlife Works Community Trust and the SOKO Community Trust to support initiatives which

increase the capacity for local people to be able to take up these employment opportunities, by supporting education, skills training and infrastructure.

We focus a large proportion of our resources on providing access to drinking water. Kasigau is an area of low rainfall, high poverty and subsistence agriculture. For the majority of the population in this region, carrying water for many miles is a daily time consuming and exhausting task which prevents individuals, especially young women, from taking part in economic activities or education. Therefore, the ASOS Foundation funding supports water projects to remove a barrier which prevents young people achieving their potential.


Water Projects

The Kasigau Corridor is a dry area without mains water. Women and children in this rural area can walk up to 15km each way to fetch water.

The ASOS Foundation provided funding for Wildlife Works to build a rainwater-harvesting rock catchment and storage tank at Kula Kila. This rock catchment was opened in 2014 and was able to supply drinking water for 7,000 people for up to four months after each rainfall. There are usually two rainy seasons per year. Funding was later provided for an additional storage tank at Kula Kila, which now has capacity to store sufficient drinking reserves all year round.

In 2016, ASOS Foundation has provided funding for Wildlife Works to install a 6km mains water pipeline extension, providing fresh drinking water to a further 3,800 people in the Mackinnon Road community, including two schools. In the Buguta region, we provided funds for another secondary school to install a roof based rainwater catchment system and storage tanks. In 2017, we supported the pipeline extension with a number of storage tanks to protect water supplies to schools and villages if supplies are interrupted.

Kenya experienced a drought during 2017 and during this period the ASOS Foundation worked with the SOKO Community Trust to deliver water by road to seven schools in the Kasigau region, ensuring children’s education and hygiene were not compromised.

Stitching Academy, Kenya

In June 2014 in partnership with the SOKO Community Trust, the ASOS Foundation launched Stitching Academy Kenya; a two-month course teaching advanced, export-standard tailoring skills. The aim of the Stitching Academy is to equip local young people with the training and skills needed to enable them to set up their own businesses or take up new jobs with SOKO or other local manufacturers operating within the government run Export Processing Zones (“EPZs”). Due to the specialist nature of industrial electric sewing machines, this training is very difficult for people to obtain elsewhere and the courses are in high demand. The initiative is therefore seen as a significant economic development by government and local authority representatives. In the financial year ending August 2017, 61 young women and men successfully completed Stitching Academy Kenya training courses.

Stitching Academy Hub

This year ASOS Foundation provided funding for the SOKO Community Trust to set up a business hub sited next to the Stitching Academy, offering graduates low-cost space and equipment to rent and enabling those who do not wish to go into employment to set up new enterprises or use their skills to make garments for their family. The Hub launched in July 2016 at a community event attended by two ASOS Foundation trustees.

Pipeline Roadshow

In 2015, ASOS Foundation funded a community training programme at SOKO Kenya, on how to manage personal finance, make prudent investments and avoid debt. The positive response to this training from community members led to the development of a larger programme called ‘Pipeline Roadshow’ which was launched in the summer of 2016. The Pipeline Roadshow is a rolling programme of community workshops in five rural villages in the Kasigau region covering topics such as family planning, health and hygiene, HIV awareness, financial management, young women’s menstrual health and free eye care clinics. In 2017, a series of eye clinics ran with 644 attending from the local communities (110 children, 178 men and 356 women). 331 participants (238 women, 93 men) trained in Financial literacy and 300 participants (234 women, 66 men) trained in Family Health and Planning.

Microfinance (Kiva)

Kiva is an international non-profit organisation based in the USA, providing microfinance loans for small businesses and entrepreneurs. Kiva is the first and largest ‘crowdfunding’ platform in the world with 1.4 million individuals lend-ing to 1.8 million borrowers in 83 countries. Individuals can visit Kiva.org and choose who they want to lend $25 or more to. Individual loans of $25 or more are collected until the borrower’s full loan request is “crowdfunded.” As the borrower repays, lenders can re-lend their money to another borrower, or withdraw it from the system. ASOS Foundation wants to remove economic and social barriers that are preventing young people achieve their goals, and to extend the reach of its programmes in Kenya. In 2015-16 ASOS Foundation made a donation to Kiva which will fund loans to small businesses in Kenya, with a particular focus on start-up enterprises run by women. In 2016-17 ASOS.com employees took part in the selection of the loan beneficiaries, as a way of directly engaging them with the work of the Foundation.


The ASOS Foundation works with trusted registered charities to deliver programmes and infrastructure to support socially or economically disadvantaged young people. Our charitable purposes therefore come under the categories of prevention and relief of poverty, education and training, overseas aid, community development, children and young people.

How our activities deliver public benefit

For the year ended 31 August 2017 the ASOS Foundation recorded a net decrease in funds of £73,958 (2016: Increase of £87,814).

Principal funding sources The ASOS Foundation’s principal funding source during the financial year ended 31 August 2017 was its corporate funder ASOS.com Limited which donated £559,000 (2016: £360,856). The ASOS Foundation has also received sample sale donations run by ASOS.com Limited of £131,831 (2016: £40,668) and donations of £55,442 (2016: £21,729) from customers and employees. Other smaller funding sources include supplier donations (see note 2).

Going concern

The Board believe that preparing Financial Statements on the going concern basis is appropriate due to the continued financial support of ASOS.com Limited. The Board have received confirmation that ASOS.com Limited intend to support the ASOS Foundation for at least 12 months from the date these Financial Statements are approved.

Financial review

Our plans for 2018 and beyond are to continue to work with our existing partners and programmes, including the following:

UKTo continue our Prince’s Trust ‘Get Into Technology’ and ‘Get into Retail’ programmes, which will give 24 young people four weeks job-based training along with insight into the variety of roles available in fashion retail and technology.

To continue our partnership with Centrepoint, funding the national homelessness helpline, a Clinical Lead post and two mental health practitioner roles in Barnsley.

IndiaTo open our third Udayan Care home in the Delhi region and extend our annual maintenance support to include the 12 girls who will live there.

KenyaTo work closely with SOKO Community Trust and Wildlife Works Community Trust and the Kasigau community to identify and act on new opportunities to increase fresh water provision in villages and schools. To launch a water and hygiene programme for seven schools, including building toilet blocks, providing fresh water and tanking, and launching health and hygiene clubs for pupils.

To launch a programme supporting girls’ menstrual health and education, providing washable sanitary pads made by small businesses using the Stitching Academy Hub.

To continue to offer Stitching Academy graduates the opportunity to use the Hub in Maungu for their own projects or to run small enterprises.

To consider ways of positively engaging male community members in the Pipeline Roadshow, particularly in connection with women’s development programmes.

Funding To further develop our communications and fundraising activities, including external events, and promotion of payroll giving, and further engaging the employees and customers of ASOS.com Limited.

Plans for future periods


Governing document

The ASOS Foundation is a charitable company limited by guarantee governed by its Articles of Association. It is registered as a charity with the Charity Commission. In the event of the company being wound up members are limited to a liability of £1.

Appointment of Trustees

The Board are also charity trustees for the purposes of Charity law. The term of appointment for the Trustees has not been specified; therefore, Trustees remain in office until they cease to hold office in accordance with Article 26 of the Articles of Association (Disqualification and Removal of Trustees).

All Trustees give their time voluntarily and receive no benefits from the charity.

Trustee induction and training

New Trustees undergo orientation briefings regarding their legal obligations. They also receive information on the Board of Trustees, decision-making processes and the business plan. During the induction period they meet key personnel and other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisation

The Board, which can have up to seven members, administers the charity. The Board normally meets quarterly. One of the Trustees, Louise McCabe (Director of Corporate Responsibility for ASOS.com Limited), is appointed to manage the day-to-day operations of the charity. To facilitate effective operations this Trustee has delegated authority, within the terms of delegation approved by the Trustees, for operational matters including

Structure, governance and management

finance. The delegated powers include managing the charity by implementing the policy and strategy within the budget approved by the Trustees and advising the Trustees in relation to such policy, strategy and budget. Louise McCabe also reports regularly to the Trustees on activities undertaken in managing the charity and provides regular management accounts which are sufficient to explain the financial position of the charity.

Trustees’ responsibilities in relation to financial statements

The Trustees are responsible for preparing an Annual Report and Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare Financial Statements for each financial year which give a true and fair view of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those Financial Statements, the Trustees are required to:

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities Statement of Recommended Accounting Practice (“SORP”)

• Make judgements and estimates that are reasonable and prudent; and

• Prepare the Financial Statements on the going concern basis unless it is not ap-propriate to assume that the company will continue on that basis.

The Board are responsible for keeping proper accounting records that disclose, with reasonable accuracy at any time, the financial

On behalf of the Board of Trustees

N BeightonTrustee

position of the charitable company and that enable the Trustees to ensure that the Financial Statements comply with the Companies Act 2006. The Board is also responsible for safeguarding the assets of the ASOS Foundation and hence is responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of Disclosure to our Independent Reviewer

The Board of Trustees, who served during the year and up to the date of this Report are set out on page 2. The Trustees are also Directors.

In so far as the Trustees are aware at the time of approving the Annual Report:

• There is no relevant information, being information needed by the independent reviewer in connection with preparing the Report, of which the independent reviewer is unaware; and

• The Trustees have taken all the steps that ought to have been taken in order to become aware of any relevant information and to ensure that the charity’s independent reviewer is aware of that information.

Independent Review

The Financial Statements of the ASOS Foundation have been independently reviewed for the year ended 31 August 2017. These comprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Income:

Incoming resources from generated funds Donations and grants Activities for generating funds Fundraising events ASOS employee fund raising Other IncomeTotal income Expenditure:

Cost of generating funds Bank charges Other costsCharitable activities Total expenditure

Net income and net movement in funds for the period

Net movement in funds

Reconciliation of fundsTotal funds brought forward

Total funds carried forward

Note

2

3

Unrestricted Funds

Year ended31-Aug-17

£

755,380

11,466 117,265

2,000 886,111

(290)(14,566)

(945,213)(960,069)

(73,958)

(73,958)

536,884

462,926

Unrestricted Funds

Year ended31-Aug-16

£

424,768

198,96343,372

-667,103

(272)(77,310)

(501,707)(579,289)

87,814

87,814

449,070

536,884

ASOS Foundation statement of financial activities (Including income and expenditure account) For the year ended 31 August 2017

All income and expenditure derive from continuing activities.


Non-Current AssetsInvestments

Current AssetsCash at bank and in handDebtors

Current LiabilitiesPayablesAccruals

Net Assets

The funds of the charity:General funds

Total charity funds

Note

4

5

6

As at31-Aug-17

£

22,874

438,270 2,182

-(400)

462,926

462,926

462,926

As at31-Aug-16

£

22,874

410,323135,750

(31,713)(350)

536,884

536,884

536,884

Notes 1 to 9 on pages 13 to 16 form part of the Financial Statements.

The Trustees have prepared the Financial Statements in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These Accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the Annual Accounts required by the Companies Act 2006 and are for circulation to members of the company

The Financial Statements of the ASOS Foundation, registered number 08658508 on pages 10 to 16, were approved by the Board of Trustees and authorised for issue on May 16 2018 and were signed on its behalf by:

N BeightonTrustee

ASOS Foundation balance sheetAs at 31 August 2017


Net cash generated from operating activities

Cash and Cash equivalents at the beginning of the year

Increase/(Decrease) in cash and cash equivalents in the year

Total cash and cash equivalents at the end of the year

Note

9

Year ended31-Aug-17

£

27,947

410,323

27,947

438,270

Year ended31-Aug-16

£

(16,223)

426,546

(16,223)

410,323

ASOS Foundation statement of cash flowsFor the year ended 31 August 2017


The following principal accounting policies have been applied consistently in dealing with items which are considered material to the Company’s Financial Statements:

Accounting convention

The Financial Statements for the year ended 31 August 2017 have been prepared under the historical cost convention and are in accordance with the Companies Act 2006 applicable United Kingdom law and accounting standards.

The charity has opted to prepare its Financial Statements using the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and follow the Charities SORP.

As a charity registered in England and Wales, the charitable company also reports in accordance with the Charity Commission for England and Wales’ guidance on public benefit and the Charities Act 2011.

The Financial Statements are presented in sterling and all values are rounded to the nearest pound except where otherwise indicated.

The Financial Statements have been prepared on a going concern basis as explained in the report of the board of Trustees on page 8.

Accounting policies

1. Accounting convention and policies

Unrestricted funds are available for use at the

discretion of the Trustees in furtherance of the general objectives of the charity.

a) Fund accounting b) Investments c) Debtors d) Creditors

Investments are stated at cost and are subject to review for

impairment. When a review for impairment is conducted, the

recoverable amount is determined based on value in

use calculations prepared using management’s

assumptions and estimates.

Debtors are non-interest bearing and are initially recognised at fair value.Subsequently they are

measured at amortised cost using the effective interest

rate method less provision for impairment. A provision for

impairment of trade receivables is established when

there is objective evidence that the Company will not be

able to collect all amounts due according to the original terms

of the receivable.

Trade and other creditors are non-interest bearing and are

recognised initially at fair value and subsequently measured at

amortised cost using the effective interest method.

Notes to the financial statementsFor the year ended 31 August 2017


2. Donations

ASOS.com Limited Donations Supplier Donations Employee DonationsCustomer donationsSample Sale DonationsText to DonateTotal

Year ended31-Aug-17

Unrestricted Funds

£

559,000 9,107

50,557 4,885

131,831 -

755,380

Year ended31-Aug-16

Unrestricted Funds

£

360,8561,488

21,729-

40,66827

424,768

3. Charitable activities

UK : The Prince’s TrustUK : Arrival EducationUK : CentrepointIndia : Udayan careKenya : Project pipelineKivaTotal

Year ended31-Aug-17

Unrestricted Funds

£

115,680 30,000

328,401 233,130 238,002

- 945,213

Year ended31-Aug-16

Unrestricted Funds

£

148,00020,12020,000

164,50095,24253,845

501,707

Unrestricted funds raised by the ASOS Foundation were donated to the following charities:

Notes to the financial statements continued


4. Investments

On the 19 August 2015, Nick Robertson gifted 764 of his ASOS Plc (4006623) shares to ASOS Foundation. At 31 August 2016 and at 31 August 2017, ASOS Foundation therefore held an interest in the following company:

Name of company

ASOS Plc

Country of registration

United Kingdom

Proportion of ordinary shares

held

0.001%

Nature of business

Global fashion retailer Group

company

5. Debtors

Trade Debtors net of impairmentPrepaymentTotal

As at31-Aug-17

£

-2,1822,182

As at31-Aug-16

£

135,750-

135,750

6. Payables

Trade CreditorsTotal

As at31-Aug-17

£

- -

As at31-Aug-16

£

31,71331,713



7. Trustee remuneration & related party transactions

No members of the Board received any remuneration during the year (2016: None).

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year ended 31 August 2017 (2016: None).

8. Taxation

No members of the Board received any remuneration during the year (2016: None).

No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year ended 31 August 2017 (2016: None).

9. Reconciliation of net movement in funds for the period to net cash generated from operating activities

Net movement in funds for the period

Adjusted for :Decrease/(Increase) in Debtors(Decrease)/Increase in PayablesIncrease in AccrualsNet cash generated from operating activities

Year ended31-Aug-17

Unrestricted Funds

£ (73,958)

133,568 (31,713)

5027,947

Year ended31-Aug-16

Unrestricted Funds

£87,814

(135,750)31,713

-(16,223)


report and financial statements - asos foundation

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