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2020-08-31-accounts

SMILEYARK KIDS

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2020

COMPANY NO: CE015329 CHARITY NO: 1180233

SMILEYARK KIDS

Financial Statements for the Year Ended 31 August 2020

Contents Page
Legal and Administrative Information 1
Report of the Trustees 2 - 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes forming part of the financial statements 8 - 12

SMILEYARK KIDS

Report of the Trustees for the year ended 31 August 2020

The Trustees presents its report and financial statements for the year ended 31 August 2020

Reference and Administrative information

Charity Name: Smileyark Kids
Charity Registration Number: 1180233
Company Registration Number: CE015329
Registered Office and
Operational Address: 29 Cameron Drive, Dartford. Kent. DA1 5GN
Trustees: Mr Adebayo Olumuyiwa Emanuel
Mrs Mercy Danso
Mrs Omotayo Abosede Osoko
Ms Georgina Salami
Mrs Susan Ikpefuran
Independent examiner: Accounts Fortress Limited
14
Eleanor Close
Dartford
Kent
Bankers: Lloyds Bank
130 Broadway
Bexleyheath
Kent
DA6 7DP

Page 1

SMILEYARK KIDS

Report of the Trustees for the year ended 31 August 2020

Our Aims and Objectives

Purpose and Aims

The objects of the charity are:

To advance and provide facilities for education, training, social welfare, recreation and other leisure time activities with the object of improving the conditions and quality of life of children and families in the London borough of Bexley and surrounding areas

The organisation carries out its purposes by offering breakfast, after school and holiday club facilities for children aged 4-11 years and the operation of a foodbank for those in need.

Ensuring Our Work Delivers Our Aims

The focus of our work servicing families in the Bexley and surrounding areas through provision of breakfast and afterschool care for families, working with local council, providing summer events with the council, working with food banks and delivering food to families in need in the community

How Our Activities Deliver Public Benefit

Through helping the less privileged and vulnerable members of the society, and through the operation of a foodbank and delivery of food parcels.

Who used and benefited from our Services?

Local councils, Children/families, elderly and those who are vulnerable in the community

Financial Review

Reserves Policy

The trustees have established the level of reserves (funds that are freely available) that the charitable should hold. Reserves are needed to bridge the gap between the charity's spending and receiving resources through parental fees and grants. Reserves are also held to cover emergency repairs and expenditure. The charity's policy is that the reserves held should be between six and nine months of the expenditure.

Principal Funding Sources

Aside from the income generated from fees from parents, the principal funding source for the charitable company is currently by way of grants from local authority, fund raising and public donations

Investment Policy

The Charity has cash that is set out in the Charity balance sheet. The objective of the investment policy is to invest cash at banks where the capital is protected. The Charity currently has a policy of keeping any surplus liquid funds in cash at banks where immediate access and security of funds is guaranteed.

Plans for Future Periods

The Charity plans to continue the activities outlined above in the forthcoming years subject to satisfactory funding arrangements. Next year Smileyark Kids plans to gain more granta in the community and be able to reach more families in the provision of food and other community events to help cater to their everyday needs as well as more reach to providing childcare services.

Page 2

SMILEYARK KIDS

Report of the Trustees for the year ended 31 August 2020

Structure, Governance and Management

Governing Document

Smileyark Kids was registered as a Charitable Incorporated Organisation with the Charity Commission on 08 October 2018 (Charity No: 1180233).

Recruitment and Appointment of Trustees

Appointment of charity trustees

2) In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO

Trustees Induction and Training

The charity trustees will make available to each new charity trustee, on or before his or her first appointment:

a) a copy of the current version of this constitution; and

Risk Management

The trustees are working on a Risk Management strategy which comprises:

Page 3

SMILEYARK KIDS

Report of the Trustees for the year ended 31 August 2020

Responsibilities of the Trustees

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable trust as at the balance sheet date and of its incoming resources and applications of resources, including income and expenditure, for the financial year. In preparing those financial statements the Trustees should follow best practice and

o Select suitable accounting policies and then apply them consistently;

o Make judgements and estimates that are reasonable and prudent

o Prepare the financial statements on the on going basis unless it is inappropriate to presume that the charity will continue on that basis.

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time financial position of the charity and enables them to ensure that the financial statements comply with Companies Act 2006. The Trustees 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.

Members of the Board of Trustees

Members of the Board of Trustees, and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 1.

In accordance with charity law, as trustees, we certify that:

So far as we are aware, there is no relevant information of which the charity's accountants are unaware; and as the trustees of the charity we have taken all steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the Charity's accountants are aware of that information.

This report has been prepared,

By order of trustees:

Adebayo Emanuel Adebayo Emanuel (Jun 30, 2021 14:04 GMT+1) Adebayo Emanuel

Mr Adebayo Olumuyiwa Emanuel Trustee/Director

Page 4

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SMILEYARK KIDS

Statement of Financial Activities (including Income and Expenditure Account) for the year ended Smileyark Kids

Notes
Incoming Resources
Incoming Resources from generated funds
Charitable Activities
2
Donations and Grants
3
Total incoming resources
Resources expended
Expenditure on Charitable Activities
4
Administrative and Support Cost
5
Governance cost
6
Total resources expended
Net Incoming resources before other
recognised gains
Net movement in funds
Reconciliation of funds
Total funds brought forward
Prior Year Adjustment
Total funds carried forward		 2020
2020
2019
Unrestricted
Funds
Restricted
Funds
Total Funds
Total Funds
£
£
£
£
110,032
110,032
157,881
500
4,194
4,694
110,532
4,194
114,725
157,881
(78,402)
(2,616)
(81,018)
(99,249)
(38,871)
(583)
(39,454)
(44,936)
(600)
-
(600)
(500)
(117,873)
(3,199)
(121,072)
(144,684)
(7,342)
995
(6,347)
13,197
(7,342)
995
(6,347)
13,197
77,703
10,054
87,757
71,764
-
(10,054)
(10,054)
-
70,361
995
71,356
84,961

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

Page 6

SMILEYARK KIDS

Balance Sheet as at 31 August 2020

Notes
Fixed Assets
Tangible Assets
10
Current Assets
11
Debtors
Other Receivables
Prepayments
Cash at bank and in hand
Creditors: Amount falling due within a year
12
Net Current Assets
Total assets less current liabilities
Creditors: Amount falling due after more than one year
13
Net Assets
14
Unrestricted Funds
15
Restricted Funds
15
Total Funds		 2020
£
39,666
11,518
12,464
1,599
84,927
110,508
(29,401)
81,106
120,772
(49,416)
71,356
70,362
995
71,356		 2019
£
48,534
9,358
-
1,530
69,378
80,266
(9,001)
71,265
119,799
(32,042)
87,757
77,704
10,053
87,757

For the year ending 31 August 2020 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Trustees’ responsibilities:

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The Financial Statements were approved by the board on _____and signed onJun 30, 2021 its behalf by:

Adebayo Emanuel

Adebayo Emanuel (Jun 30, 2021 14:04 GMT+1)

Mr Adebayo Olumuyiwa Emanuel Director/ Trustee

Page 7

SMILEYARK KIDS

Notes forming part of the financial statements for the year ended 31 August 2020

1. Accounting Policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

(a) Basis of Accounting

The financial statements have been prepared under the historical cost conversion and in accordance with the financial reporting standard for smaller entities. The financial statements have been prepared in accordance with the statements of recommended practice (SORP). Accounting and reporting by charities published in October 2000, applicable Accounting standards and the companies Act 2006.

The financial statements are prepared on a going concern basis under the historic cost convention. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £

(b) Fund Accounting

General funds are unrestricted funds and are available for use at the discretion of the trustees in furtherance of the general objectives of the company. Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for the particular purpose. The cost of raising and administering such funds are charged against the specific funds. The aim and use of each restricted fund is set out in the notes to the financial

(c ) Incoming Resources

All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. The following specific policies are applied to particular categories of income: Voluntary income is received by way of grants, donations and gifts, and are included in full in the Statement of Financial Activities when receivable. Grants, where delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Donated services and facilities are included at the value to the charity where this can be quantified. provided by volunteers has not been included in these accounts.

Invested income is included when receivable.

Incoming resources from charitable trading activity are accounted for when earned.

Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.

(d) Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates: Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to strategic management of the charity. All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource.

Page 8

SMILEYARK KIDS

Notes forming part of the financial statements for the year ended 31 August 2020

1. Fixed Assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives on the following basis:

Motor Vehicle 20% Straight Line Furniture and Fixture 20% Straight Line Plant and Machinery 20% Straight Line Computer Equipment 33.3% Straight Line

Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.

2. Income

Charitable Activities
3. Other Income
Donations and Legacies
Miscellaneous Income		 Unrestricted
Restricted
2020
2019
Total
Total
£
£
£
£
110,032
-
110,032
157,881
110,032
-
110,032
157,881
Unrestricted
Restricted
2020
2019
Total
Total
£
£
£
£
500
4,194
4,694
-
-
-
500
4,194
4,694
-

Analysis of Expenditure on Charitable Activities

4. Charitable Activities
Activities undertaken directly
Wages and Salaries
Management allowance
Temporary Staff and Recruitment
Staff Training and Other Staff Cost
5. Administrative and Support Cost
Premises Costs
Software
Office running
Bank Charges and Card repayment
Telephone & Internet Charges
Depreciation
Impairments
Motor Expenses
Insurance
Equipment Expensed
Finance Cost
6. Governance Cost
Accountancy Fees
Total Resources Expended		 Activities
Undertaken
Directly
Support Cost
Governance
2020
2019
£
£
£
£
£
4,658
-
-
4,658
7,753
47,321
-
-
47,321
63,240
18,560
-
-
18,560
20,000
9,782
-
-
9,782
7,191
697
-
-
697
1,065
81,018
-
-
81,018
99,249
-
13,677
-
13,677
22,646
-
2,809
-
2,809
1,593
-
1,008
-
1,008
3,130
-
372
-
372
-
2,871
-
2,871
2,341
-
11,522
-
11,522
4,980
-
297
-
297
2,796
-
3,521
-
3,521
2,796
-
672
-
672
1,223
-
1,150
-
1,150
1,869
1,554
1,554
1,561
-
39,454
-
39,454
44,936
-
-
600
600
500
-
-
600
600
500
81,018
39,454
600
121,072
144,684

Page 9

SMILEYARK KIDS

Notes forming part of the financial statements for the year ended 31 August 2020

7. Net Incoming Resources for the Year

This is stated after charging:

Depreciation
Impairment
Accountant's Remuneration
Other Accruals		 2020
£
11,522
297
600
1,643
14,062		 2019
£
4,980
-
500
2,872
8,352

8. Trustee Remuneration & Related Pay Transactions

The trustees were not paid any remuneration or received any other benefits during the year. No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charitable company during the year.

The board of Trustees passed a resolution on 14 January 2020 to appoint the Charity CEO and founder (Mrs Susan Olusola Ikpefuran) as a trustee. The CEO is the only remunerated trustee as she has led the organisation for over 6 years (since inception) until SmileyArk Kids became a registered charity in October 2018. The remaining unpaid trustees consider her appointment to be in the best interest of the charity. The trustees confirm to adopt measures stipulated in clause (7) of the charity's constitution; ensuring any conflicts of interest of this appointment is managed.

9. Taxation

As a charity, Smileyark Kids is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that that these are applied to its charitable objects. No tax charges have risen in the Charity.

10. Tangible Fixed Assets

COST
At 1 September 2019
Additions in period
Impairments in period
At 31 August 2020
DEPRECIATION
At 1 September 2019
Charge in period
Write-off
At 31 August 2020
NET BOOK VALUE
At 1 September 2019
At 31 August 2020		 2020
Computer
Motor
Fixtures
Total
Equipment
Vehicle
& Fitting
£
£
£
£
2,754
50,760
-
53,514
2,951
-
-
2,951
(697)
(697)
5,008
50,760
-
55,768
750
4,230
-
4,980
1,370
10,152
-
11,522
(400)
(400)
1,720
14,382
-
16,102
2,004
46,530
-
48,534
3,288
36,378
-
39,666

11. Debtors: Amounts falling due within one year

Debtors
Other Receivables
Prepayments
Cash at bank and in hand		 2020
£
11,518
12,464
1,599
84,927
110,508		 2019
£
9,358
-
1,530
69,378
80,266

Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

Page 10

SMILEYARK KIDS

Notes forming part of the financial statements for the year ended 31 August 2020

12. Creditors: Amounts falling due within one year

Deferred Income
Accruals
Provision for Doubtful Debt
Other Payables
Lease Liability - Motor Vehicle Finance
13. Creditors: Amounts falling due after more than one year
Lease Liability - Motor Vehicle Finance
Other Creditors		 2020
£
198
2,243
2,053
21,175
3,734
29,401
2020
£
28,308
21,108
49,416		 2019
£
2,059
3,372
-
-
3,571
9,001
2019
£
32,042
32,042

£

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.

14. Analysis of Net Assets Between Funds

Tangible Fixed Assets
Current Assets
Current Liabilities
Long-Term Liabilities
Net Assets at 31 August 2020		 General
Designated
Restricted
Total
Funds
Funds
Funds
Transfers
Funds
£
39,023
-
643
-
39,666
104,288
-
6,220
-
110,508
(8,205)
-
(21,196)
-
(29,401)
(28,308)
-
(21,108)
-
(49,416)
106,798
-
(35,441)
-
71,356

15. Movements in Funds

Restricted Funds:
Total Restricted Funds
Unrestricted Funds:
General Funds
Total Unrestricted Funds
Total Funds		 At 1 September
Incoming
Outgoing
Transfers
At 31 August
2019
Resources
Resources
2020
£
£
£
£
10,053
4,194
(3,199)
(10,053)
995
10,053
4,194
(3,199)
(10,053)
995
77,704
110,532
(117,873)
-
70,362
77,704
110,532
(117,873)
-
70,362
87,757
114,725
(121,072)
(10,053)
71,357

General funds of £71,764 brought forward from 6 years activities operating under unincorporated association; prior to becoming a registered charity in October 2018.

Page 11

SMILEYARK KIDS

Income and Expenditure Account for the year ended 31 August 2020

Income and endowments from:
Charitable Activities
Donations and Grants
LESS OVERHEADS
Premises Costs
Hire of Premises
Administrative expenses - General
Software
Office running
Bank Charges and Card repayment
Equipment Expensed
Telephone & Internet Charges
Insurance
Equipment Expensed
Charitable Activities
Activities undertaken directly
Wages and Salaries
Management allowance
Temporary Staff and Recruitment
Staff Training and Other Staff Cost
Professional Fees
Accountancy Fees
Support Costs
Impairments
Finance Cost
Depreciation
Motor Expenses
Net Income/(expenditure)
Total funds brought forward
Prior Year Adjustment
Surplus carried forward		 £
£
13,677
13,677
2,809
1,008
372
-
2,871
672
1,150
8,883
4,658
47,321
18,560
9,782
697
81,018
600
600
297
1,554
11,522
3,521
16,894		 2020
£
110,032
4,694
121,072

Page 12