Company registration number. 08950773 Charity registration number.. 1157111 AO Smile Foundation IA company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 Gortons Chartered Accountants Stanmore House 64.68 Blackbum Street Radcliffe Manchester M26 2JS AO Smile Foundation Contents Trustees, Report 1to2 Independent Examinels Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 6t08 AO Smile Foundation Trustees, Report The Iruslees, who are directors for the purposes of company law, present the annua5 report together wlh the financial slalements of the charitable company for the year ended 31 March 2024. The trustees have adopted the provisions of the Accounting and Reporting for Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). OBJECTIVES AND ACTIVITIES The charity's objects are restricted to charitable activities and donations. The primary objective of the foundation is.. To help children be the best they Can be and to create opportunities for those who would othe￿iSe be deprived of such chances. The trustees confimi that Ihey have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidan￿ published by the Charity Commission for England and Wales. ACHIEVEMENTS AND PERFORMANCE During the year AO Smile has created opportunities and inspired the employees of AO World plc to support their community. From February 2024, AO Wodd plc began matching the contributions of ils employees with a £1 donation for every £1 employee donation. This is expected to continue in the next financial year. Donations totslling £13,080 {2023 £34,784) include donations to Kidney Research UK, St Catherine's Hospi￿. Chance Changing Lives and many more. FINANCIAL REVIEW At the year end, there are total unrestricted funds of £222,042 {2023 - £214,303). The trustees, policy is to hold reserves in order to continue to fund ongoing and future ¢h2ritable donation8. The charity will continue to undertake projects lo use its funds and continue in its primary objective to 'help children be the best they can be and create opportunities for those who would otherwise be deprived of such Chances,. STRUCTURE, GOVERNANCE AND MANAGEMENT Nature of governlng document AO Smile Foundation was registered as a non-profit making company on 20 March 2014 (reg no. 089507731 and was registered as a UK charity (reg no. 11571111 by the Charity Commissioners with effect from 19 May 2014. The company was established under a Memorandum of Association which established the object8 and powers of the charitable company and is governed under ils Articles of Association. In the event of the company being wound up trustees are required to contribute an amount not exceeding £1. The charity is a limited company, limited by guarantee, as defined by the Companies Act 2006. Organisational structure AO Smile Foundation does not have any paid employees or any unpaid voluntary workers., all aclivites and management are currently carried out by the tru81ees, or the staff of AO World pl¢. Trustees are elected in accordan￿ wth the Memorandum of Association. The Iruslees have the power to appoint any person who is able and willing lo do so lo be a Iruslee. A trustee shall hold office for three years from the date of appointment al the end of which they shall be eligible for re-appointment for one or more further terms of three years each. Page 1 AO Smile Foundation Trustees, Report REFERENCE AND ADMINISTRATIVE DETAIL Tru8lees'. J C Rob8rt8 D Wilkinson (resigned 9 September 2024) J A L Finnemore R Cr819 lappoinled 9 September 20241 Pilnclpal and Raglstered Office.. Unil 59 The Parklands Loslock Bolton BL6 4SD Company Registration Number. 08950773 Charity Regislrallon Number. 1157111 Independent Examlner.. Gortons Chartered Accounlanls Slanmore House 64-68 Blackburn Street Radcliffe Manchester M26 2JS Small companles provlslon ststement This report has been prepared in accordance with the small companles regime under the Companle5 Act 2006. statement of trustees, rèsponslbllitles The Ifustees (who are also the directors of AO Smile Foundallon for the purposes of company law) are responslble for preparing the Iruslees, roport and the financlal slalemenls In accordance with the United Kingdom A￿oUntIng Standards {Uniled Kingdom Generally Accepted Accounting Pracllc81 and appllcable law and regulations. Company law requires the trusteés lo prepare financial slalemenls for each financSal year. Under company law the Iruslees must not approve tha financlal siatemenls unless they are satisfied that they give a true and fair view of the stale of affalrs of the charitable company and of118 Incomlng resources anLI application of resources, induding Its Income and expenditure, for that period. In preparing these linanual slalemenls, the Iruslees are required to: seleGI suitable accounting policies and apply them conslstenlly., observe the mathods and prindpl8s In the Charities SORP., make ludgemenls and eslim81es that are reasonable and prudent. slate whether applicable UK Accounting Standards have been followed. subleGI lo any malerial departures disclosed and explained in the financlal stalemenls., and prepare the financial slalements on the golng concem basls unless It Is In8ppropriale to presum8 that the eharllable company will continue in business. The Iruslees are responslble for kgeplng adequaie accounting records th81 are sufficlenl lo show and explain the charStsble company's transactions and dlsclose wllh reasonable accuracy al any lime the financial posillon of the charitable company and enable them to ensure that the financial slalements comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevenllon and del6cllon of fraud and other irregularilles. The annual report W8S approved by the trustees ol the charfly on 6 December 2024 and signed on Ils behalf by.. Trustee Page 2 AO Smile Foundation Independent Examiner's Report to the trustees of AO Smile Foundation I report to the charity tnjslees on my examination of the accounts of the charity for the year ended 31 March 2024 vthich are set out on pages 4 to 8. Responsibilities and basls of report As the charity's trustees of AO Smile Foundation (and also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance wth the requirements of the Companies Act 2006 ('the 2006 Acl'l. Having satisfied myself that Ihe accounts of AO Smile Foundation are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act')- In carrying out my examination I have followed the Directions given by the Charity Commission under sedion 14515)(b) of the 2011 ACL Independent examiner's statement I have completed my examination. I confimi that no matters have come to my attention in connection wth the examination giving me cause to believe.. accounling records were not kept in respect of AO Smile Foundation as required by section 386 of the 2006 Act,. or 2. the a¢¢ounls do not accord wlh those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Aci other than any requirement that the accounts give a 'lrue and fair view which is not a matter considered as part of an independent examination., or 4. the accounls have not been prepared in accordance wth the methods and principles of Ihe Statement of Recommended Practice for accounting and reporting by charities {applicable to charilies preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)). I have no concerns and have come across no other matters in connection wth the examination lo which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Gortons Chartered Accountants Stanmore House 64-68 Blackburn Street Raddiffe Manchester M26 2JS 6 D8￿mber 2024 Page 3 AO Smile Foundation Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account) Total Fund$ Year ended 31 March 2024 Total Funds Year ended 31 March 2023 Unrestricted Note Income and Endowments from: Donations and legacies 25,019 25,019 26,269 Total Income 25.019 25,019 26.269 Expenditure on: Charitable activities 117,280 17,2801 (38,984 Total Expenditure {17,280 17,2801 138.984 Net incomel{expendilure) Net movement in funds 7,739 7.739 12,715 7,739 7,739 112,7151 Reconciliation of funds Total funds brought forward Total funds carried forward 214,303 214,303 227,018 12 222,042 222,042 214.303 The notes on pages 6 10 8 form an integral part of these financial slalemenls. Page 4 AO Smile Foundation (Registration number: 08950773) Balance Sheet as at 31 March 2024 2024 2023 Note Current asset8 Debtors Cash at bank and in hand 10 7,608 219,434 3,578 215,725 227.042 219,303 Credltor8'. Amounts falllng due wllhln ono yèar 5,000 5.0001 Net assets 222,042 214,303 Funds of the charlty: Unrestricted Income funds Unreslricled funds 222,042 214.303 Total funds 12 222,042 214,303 For the financial year ending 31 March 2024 the chartly was enlltled to exemption from audit under seotlon 477 of the CompanSes Act 2006 relating to small companles. Directors, responsibilities.. The directors have not required the charity to obtain an audit of ils accoLrnts for the year In question in accordanca wtlh section 476., and The directors acknowledge their responsibili￿e$ for complying ￿th the requirements of Iha Act with respe¢l lo accounllng records and the preparation of accounts. Approved by the board on 6 December 2024 and signed on Ils behalf by.. tee The notes on pages 6 to 8 fomi 8n Inlegral part of these financlal statements. Page 5 AO Smile Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 I Charity status The charity is a private company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. 2 General Informatlon The charity was incorporated as a company in the United Kingdom and the registered office is Unit 5a, The Parklands, Lostock, Bolton, BL6 4SD. 3 A¢countlng policies Summary of signiticant accountlng policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless olhenmise slated. Statement of compliance The financial slalements have been prepared in accordance with the appropriate Financial Reporting Standard applicable in the UK and Republic of Ireland ('FRS 102.1, the Companies Act 2006, and the relevant Statement of Recommended Practice relating to Charity accounting - "Ch8rilies SORP IFRS 1021" The SORP'S full title is.. Accounting and Reporting by Charities.. Statement of Recommended practi￿ applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). Basls of preparation AO Smile Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise staled in Ihe relevant accounting policy notes. Income and endowment$ All income. including donations and legacies, is ￿COgnised once the charity has enlillement lo the in￿me, certainty of receipt and the amount can be measured with sufficient reliability. Incoming resources from tax reclaims are included in the statement of financial activities at the same time as the gift to which they relate. Charitable actlvities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and ServI￿S for ils beneficiaries. It includes both costs that Can be allocated directly lo such acliviles and those costs of an indirect nature necessary to support them. Governance costs These include the costs allribulable to the charity's compliance with constitutional and statutory requirements, including the preparation and examination of the stalulory accounts and the costs of trustees, meetings. Cash and cash equivalents Cash and cash equivalents comprise cash in hand and cash at bank, and other short-tem) highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Further details of each fund are disclosed in note 12. Going concern The Irusteeg consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Page 6 AO Smile Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 4 Income from donations and legacles Total 2024 Total 2023 Donations from AO World plc group staff (from salaries) 25,019 26,269 25,019 26.269 5 Expenditure on charitable actlvlties Total 2024 Total 2023 Note Charitable donations made Governance costs 13,080 4.200 34,784 4,200 17.280 38,984 6 Analysls of governance costs Total 2024 Total 2023 Independent examination Accounts preparation and tax complian VAT on professional costs 1,500 2.000 700 1,500 2,000 700 4,200 4,200 7 Trustees remuneratlon and expenses No Iruslees, nor any persons connected with them, have received any remuneration from the charity during the year. No Iruslees have received any reimbursed expenses or any other benefits from the charity during the year. 8 Independent Examiner's remuneration 2024 2023 Independent examination, accountancy and lax compliance services VAT element 3,500 700 3,500 700 4,200 4.200 9 Taxation As a registered charity, the company is generally exempt from tax on its income or gains. in accordance with the provisions of Part 11 Corporation Tax Act 2010. 10 Debtors 2024 2023 Accrued income 7,608 3,578 11 Creditors.. amounts falling due wlthin one year 2024 2023 Accruals 5,000 5.000 Page 7 AO Smile Foundation Notes to the Financial Statements for the Year Ended 31 March 2024 12 Funds Balance at I April 2023 Incomlng resources Resources expended Balance at 31 March 2024 Unrestrlcted General funds 214,303 25,019 {17,2801 222,042 Balance at 1 Aprll 2022 Incoming resources Resources expended Balance at 31 March 2023 Unrestricted General funds 227,018 214,303 13 Related party transactions The company directors and charity trustees are currently Mr Roberts, Mrs Finnemore 2nd Mr Craig. Mr Roberts is a director of AO Worfd plc, the supporting company. and of other group companies, Mrs Finnemore is the Company Secretary and Legal Director and Mr Craig provides adminislralion for the charity. The AO World pl¢ group {including ils subsidiaries) has supported the company this year, as.. The group has provided staff resou￿$ at no cost to the charity. There was broadly the equivalent of one full-time member of staff working on the charity's behalf throughout the period. Staff in group companies have supported the charity significantly by direct donalions from their salaries. Page 8