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2024-07-31-accounts

Charity registration number 1191936

Company registration number 12128205 (England and Wales)

AMAZING KIDS CLUB LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

AMAZING KIDS CLUB LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr W Weissman
Mr S Schwarcz
Mr A Z Rosenthal
Mrs B Elkouby
Mr C Steinhart
Charity number 1191936
Company number 12128205
Registered office 20 Elm Park Avenue
London
England
N15 6AT
Independent examiner Precision Ltd
32 Castlewood Road
N16 6DW
Bankers Santander
2 Triton Square
Regent's Place, London
NW1 3AN

AMAZING KIDS CLUB LTD

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 7 - 16

AMAZING KIDS CLUB LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2024

The trustees present their report and financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 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)" (effective 1 January 2019).

Objectives and activities

The charity's objects are to help young people advance in life. The charity achieves its object through: (A) The provision of recreational and leisure time activities provided in the interest of social welfare, designed to improve their conditions of life.

(B) Providing support and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals.

During the year the charity also provided grants to charitable institutions whose objectives are inline with the charity's above mentioned objectives.

The trustees have paid due regard to the guidance issued by the Charity Commission contained in the Charity Commission's general guidance on public benefit in deciding what activities the charity should undertake.

Achievements and performance

In the period under review the charity operated two childrens clubs, being one in Stamford Hill and for part of the year in Benfleet.

During the year the charity generated income of £701,214 (2023: £1,094,617) and incurred expenses of £767,719 (2023: £1,025,825) resulting in net outgoing resources of £66,505.

The decrease in income and expenses was due to the charity terminating its management of the club in Benfleet during the year.

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to approximately three month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.

The total reserves at the year end were £4,156 in deficit this includes £19,706 of restricted funds, leaving a deficit

of £23,862 of unrestricted funds.

The trustees have increased their fundraising activities post year end to recover the current shortfall in funds. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The charity has stopped operating the club in Benfleet and instead has focused its resources on running the childrens club in Stamford Hill.

Structure, governance and management

The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 29 July 2019 as amended on 17 January 2023.

It was incorporated on 29 July 2019 as a company and registered as a charity on 22 October 2020.

AMAZING KIDS CLUB LTD

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr W Weissman Mr S Schwarcz Mr A Z Rosenthal Mrs B Elkouby Mr C Steinhart

The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures. The trustees administer the day to day running of the charity.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

..............................

Mr C Steinhart

Trustee Dated: .........................

AMAZING KIDS CLUB LTD

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AMAZING KIDS CLUB LTD

I report to the trustees on my examination of the financial statements of AMAZING KIDS CLUB LTD (the charity) for the year ended 31 July 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’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 ACCA, which is one of the listed bodies.

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:

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 financial statements to be reached.

Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW

Dated: .........................

AMAZING KIDS CLUB LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and
legacies
3
8,137
1,000
Charitable activities
4
692,077
-
Total income
700,214
1,000
Expenditure on:
Raising funds
5
4,670
-
Charitable activities
6
763,049
-
Total expenditure
767,719
-
Net (expenditure)/income
for the year/
Net movement in funds
(67,505)
1,000
Fund balances at 1 August
2023
43,643
18,706
Fund balances at 31 July
2024
(23,862)
19,706		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
9,137
20,817
13,650
692,077
1,060,150
-
701,214
1,080,967
13,650
4,670
6,951
-
763,049
1,009,607
9,267
767,719
1,016,558
9,267
(66,505)
64,409
4,383
62,349
(20,766)
14,323
(4,156)
43,643
18,706		 Total
2023
£
34,467
1,060,150
1,094,617
6,951
1,018,874
1,025,825
68,792
(6,443)
62,349

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

AMAZING KIDS CLUB LTD

BALANCE SHEET

AS AT 31 JULY 2024

Notes
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Net (liabilities)/assets
Income funds
Restricted funds
Unrestricted funds		 2024
£
-
34,511
34,511
(18,857)		 £
7,098
15,654
22,752
(26,908)
(4,156)
19,706
(23,862)
(4,156)		 2023
£
85,030
15,057
100,087
(10,622)		 £
5,348
89,465
94,813
(32,464)
62,349
18,706
43,643
62,349

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

.............................. Mr C Steinhart Trustee

Company registration number 12128205

AMAZING KIDS CLUB LTD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2024

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
19
Investing activities
Purchase of tangible fixed assets
Net cash used in investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
(3,731)
(5,556)		 £
28,741
(3,731)
(5,556)
19,454
15,057
34,511		 2023
£
£
(5,704)
-
-
(5,555)
(5,555)
(11,259)
26,316
15,057

AMAZING KIDS CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

Charity information

AMAZING KIDS CLUB LTD is a private company limited by guarantee incorporated in England and Wales. The registered office is 20 Elm Park Avenue, London, N15 6AT, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, due to the ongoing support from the community. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Government grants are recognised under the accrual model. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

AMAZING KIDS CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% RBM Computers 20% RBM

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

AMAZING KIDS CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Grants 8,137 1,000 9,137 20,817 13,650 34,467

AMAZING KIDS CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

4 Charitable activities

Charitable Charitable
Income Income
2024 2023
£ £
Childcare Fees and reimbursed costs 692,077 1,053,150
Ancillary trading income - Educational booklets - 7,000
692,077 1,060,150

5 Raising funds

Unrestricted
funds
2024
£
Fundraising and publicity
Seeking donations, grants and legacies
1,500
Advertising
2,282
Interest payable
888
Fundraising and publicity
4,670		 Total
2023
£
3,642
2,284
1,025
6,951

AMAZING KIDS CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

6 Charitable activities

Charitable
Charitable
Expenditure Expenditure
2024 2023
£ £
Staff costs 67,940 103,682
Depreciation and impairment 1,981 1,342
Club activities 155,723 301,928
Premises and management costs 218,326 291,369
443,970 698,321
Grant funding of activities (see note 7) 252,420 293,046
Share of support costs (see note 8) 55,733 22,684
Share of governance costs (see note 8) 10,926 4,823
763,049 1,018,874
Analysis by fund
Unrestricted funds 763,049 1,009,607
Restricted funds - 9,267
For the year ended 31 July 2023
Unrestricted funds 1,009,607
Restricted funds 9,267
1,018,874

AMAZING KIDS CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

7 Grants payable

Charitable
Charitable
Expenditure Expenditure
2024 2023
£ £
Grants to institutions:
Youth Space 10,500 -
Beis Aharon Trust - 14,000
Friends of Beis Chinuch Lebonos 35,000 23,500
Friends of Beis Soroh Schneirer - 22,000
JCOCI Educational Foundations Ltd 63,000 88,200
Friends Of Mercaz Hatorah Belz Macnivka - 5,000
CMZ Ltd - 5,000
Correct Routes Limited - 9,500
Ezer Viznitz Foundation - 66,500
Talmud Torah D'chasidei Gur Ltd 4,600 11,000
Mesifta Talmudical College 8,400 7,375
Beis Aharon TT Activity Centre 20,000 -
One Heart Lev Echod 15,000 -
Heichalei Hakodesh Centre Machnovke Belz 14,000 -
Bait Limud Vechessed 10,600 -
Other 71,320 40,971
252,420 293,046

8 Support costs

Office expenses
IT Expenditure
Professional Fees
Audit fees
Accountancy
Legal and professional
Bank fees
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
51,811
-
2,263
-
1,659
-
-
-
-
9,240
-
1,596
-
90
55,733
10,926
55,733
10,926		 2024
£
51,811
2,263
1,659
-
9,240
1,596
90
66,659
66,659		 Support
costs
Governance
costs
£
£
17,369
-
3,654
-
1,661
-
-
1,200
-
2,400
-
1,133
-
90
22,684
4,823
22,684
4,823		 2023
£
17,369
3,654
1,661
1,200
2,400
1,133
90
27,507
27,507

AMAZING KIDS CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

9 Trustees

During the year the charity paid wages of £8,400 to related parties.

The charity has taken appropriate steps to ensure that any potential conflicts of interest or loyalty have been managed appropriately.

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Other pension costs		 2024
Number
8
2024
£
67,917
23
67,940		 2023
Number
13
2023
£
103,518
164
103,682

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

AMAZING KIDS CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

12
Tangible fixed assets
Fixtures and
fittings
Computers
£
£
Cost
At 1 August 2023
110
8,753
Additions
3,234
497
At 31 July 2024
3,344
9,250
Depreciation and impairment
At 1 August 2023
44
3,471
Depreciation charged in the year
825
1,156
At 31 July 2024
869
4,627
Carrying amount
At 31 July 2024
2,475
4,623
At 31 July 2023
66
5,282
13
Debtors
2024
Amounts falling due within one year:
£
Other debtors
-
14
Loans and overdrafts
2024
£
Bank loans
32,408
Payable within one year
5,500
Payable after one year
26,908		 Total
£
8,863
3,731
12,594
3,515
1,981
5,496
7,098
5,348
2023
£
85,030
2023
£
37,964
5,500
32,464

The above long-term loan is guaranteed by the government under the Bounce back loan scheme.

The loan accrues interest at 2.5% p.a.

AMAZING KIDS CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

15 Creditors: amounts falling due within one year

2024 2023
Notes £ £
Bank loans 14 5,500 5,500
Other taxation and social security 3,488 (761)
Other creditors 7,469 3,483
Accruals and deferred income 2,400 2,400
18,857 10,622
16 Creditors: amounts falling due after more than one year
2024 2023
Notes £ £
Bank loans 14 26,908 32,464
17 Analysis of net assets between funds
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Fund balances at 31
July 2024 are
represented by:
Tangible assets 7,098 - 7,098 5,348 - 5,348
Current assets/(liabilities) (4,052) 19,706 15,654 70,759 18,706 89,465
Long term liabilities (26,908) - (26,908) (32,464) - (32,464)
(23,862) 19,706 (4,156) 43,643 18,706 62,349

18 Related party transactions

Other than the transactions disclosed above in Note 9 there were no disclosable related party transactions during the year (2023 - none).

AMAZING KIDS CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

19 Cash generated from operations 2024 2023
£ £
(Deficit)/surpus for the year (66,505) 68,792
Adjustments for:
Depreciation and impairment of tangible fixed assets 1,981 1,342
Movements in working capital:
Decrease/(increase) in debtors 85,030 (75,783)
Increase/(decrease) in creditors 8,235 (55)
Cash generated from/(absorbed by) operations 28,741 (5,704)
20 Analysis of changes in net funds/(debt)
At 1 August 2023 Cash flows At 31 July 2024
£ £ £
Cash at bank and in hand 15,057 19,454 34,511
Loans falling due within one year (5,500) - (5,500)
Loans falling due after more than one year (32,464) 5,556 (26,908)
(22,907) 25,010 2,103