Company No: 11167906(England and Wales)

Contents

• Company information
• Accountant's Report
• Balance Sheet
• Notes to the financial statements

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Collective (Global Investments) Limited for the period ended 31 March 2019 which comprises the Balance Sheet and the related notes 1 to 6 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_

It is your duty to ensure that The Collective (Global Investments) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Collective (Global Investments) Limited. You consider that The Collective (Global Investments) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of The Collective (Global Investments) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of The Collective (Global Investments) Limited, as a body, in accordance with the terms of our engagement letter dated 25 April 2019. Our work has been undertaken solely to prepare for your approval the financial statements of The Collective (Global Investments) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Collective (Global Investments) Limited and its Board of Directors as a body for our work or for this report.

Deloitte LLP
Accountant

1 New Street Square
London
EC4A 3HQ
United Kingdom

21 October 2019

For the period ending 31 March 2019 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

• the members have not required the Company to obtain an audit of its financial statements for the period in accordance with section 476;
• the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• these financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Collective (Global Investments) Limited (registered number: 11167906) were approved and authorised for issue by the Board of Directors on 18 October 2019. They were signed on its behalf by:

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the period.

General information and basis of accounting

The Collective (Global Investments) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 14 Bedford Square, London, WC1B 3JA, United Kingdom.

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of The Collective (Global Investments) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors believe that notwithstanding the net liabilities of £662,277, the Company's financial statements should be prepared on a going concern basis on the grounds that current and future source of funding or support from group entities will be adequate to meet the Company's needs for a period of at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

2. Employees

3. Debtors

4. Creditors: amounts falling due within one year

The amount owed to the Group undertakings are interest free and repayable on demand.

5. Related party transactions

The number of directors in the Company throughout the period was 2 and there were no other employees. The directors are the only key management personnel of this Company.

Included within the creditors is an unsecured inter-company loan of £516,467 owed to The Collective (Living) Limited. The loan is interest-free and repayable on demand.

6. Ultimate controlling party

The ultimate controlling party is N.M. Merchant Settlement Trust (Jersey).