Afri Kids Foundation
Reg. No.: 119-244 NPO
ANNUAL FINANCIAL STATEMENTS
for the year ended 28 February 2015
Sarah GM Chaitowitz
Chartered Accountants (S.A)
Issued 13 May 2015
1
Afri Kids Foundation
Reg. No. 119-244 NPO
ANNUAL FINANCIAL STATEMENTS
for the year ended 28 February 2015
Country of Incorporation South Africa and Mozambique
Nature of Business Working to provide support to women and children
and development in Southern Africa
Members
Mbazweli Frederick Mbala
Herita Margaret
Susanne Kassy
Blaise Meule
Kashindi Wilondja
Agustino Mbuone
Marie Mbutola
Nokutola Guru
Business address No 17 Miller Street, Braamfontein
Johannesburg
South Africa
Postal address P.O. Box 773 Melrose Arch, 2076
Johannesburg, South Africa
Bankers
Accounting Officer Sarah GM Chaitowitz
Chartered Accountants (S.A)
Company Registration 114 - 244 - NPO
2
Afri Kids Foundation
Reg. No. 119-244 NPO
ANNUAL FINANCIAL STATEMENTS
for the year ended 28 February 2015
The report and statements set out below comprise the annuual financial statements presented to members :
CONTENTS PAGE
Report of the accounting officer 3
Balance Sheet 4
Income Statement 5
Statement of changes in equity 6
Cash Flow Statements 7
Notes to the financial statements 8 - 10
Supplementary schedules
Detailled income statement 11
Schedules to the financials statements 12
APPROVAL OF FINANCIAL STATEMENTS
The annual financial statements set out on pages 5 to 15 were approved and signed by the members
on 13 May 2015 and signed on their behalf.
Mbala
Afri Kids Foundation Member
Johannesburg
Sarah GM Chaitowitz 3
Chartered Accountants (S.A)
Registered Auditors
Registration number 1994/001263/281
Randburg - Johannesburg, RSA
Po Box 34133 64 Oliver Tambo Avenue Tel : 0027 11 098 2900
Melrose Arch Randburg Fax : 0027 11 098 3240
2076 Johannesburg Mobile : 0027 60 3450 851
Republic of South Africa
[email protected]
[email protected]
REPORT OF THE ACCOUNTING OFFICER TO Afri Kids Foundation
for the year ended 28 February 2015
We have audited the accompanying financial statements of the Afri Kids Foundation (Association incorporated under
S21 of the Companies Act), which comprise the directors’ report, the statement of financial position as at 28 February
2015, and the statement of comprehensive surplus, statement of changes in reserves and statement of cash flows for the
year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 27
to 37.
Directors’ Responsibility for the Financial Statements
The directors are responsible for the preparation and fair presentation of these financial statements in accordance with
South African Statements of Generally Accepted Accounting Practice, and in the manner required by the Companies
Act in South Africa.
This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting
and applying appropriate accounting policies; and making accounting estimates that are reasonable in the
circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. Except as discussed in the
basis for qualified audit opinion paragraph below, we conducted our audit in accordance with International Standards
on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by the directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Qualification
In common with similar organisations, it is not feasible for the association to institute accounting control over certain
cash transactions prior to the initial entry in the accounting records. Accordingly, it was impracticable for us to extend
our examination beyond the transactions actually recorded.
Audit opinion
Except for the effects of any adjustments which might have been necessary had it been possible for us to extend our
examination in this regard, in our opinion, the financial statements fairly present, in all material respects, the financial
position of the association at 28 February 2015 and the results of its operations and statement of cash flows for the year
then ended in accordance with South African Statements of Generally Accepted Accounting Practice, and in the
manner required by the Companies Act in South Africa.
Accounting and secretarial duties
With the written consent of all members, we have performed certain accounting and secretarial duties.
Mbala
Chartered Accountants (S.A) Representative of the Board Members
Registered Auditors of theAfri Kids Foundation
Registration number 1994/001263/281
Randburg
17-Jun-15
Sarah GM Chaitowitz
5
Afri Kids Foundation
BALANCE SHEET AT 28 FEBRUARY 2015
2015 2014
Notes $ $
ASSETS
Non-current assets 15 149 19 722
Fixed assets 2 10 544 15 117
Deposits 3 4 605
- 4 605
-
Prepaid Expense 6 300 -
Cash and Cash Equivalents 834 024 151 299
Total Assets 855 473 171 021
EQUITY AND LIABILITIES
Capital and reserves (25 803) (2 805)
- -
Accumulated loss (25 803) (2 805)
Non-current liabilities 38 017 37 429
Capital Funds Accounts 4 11 522 37 429
Other Funds 4 26 495 -
Current liabilities 843 259 136 397
- -
Trade and other payables 843 259 136 397
- -
- -
Total equity and liabilities 855 473 171 021
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Afri Kids Foundation
INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2015
2015 2014
Notes $ $
Income 5 583 527 503 200
Cost of sales - Purchases (478 327) (354 443)
Gross Profit 105 200 148 757
Other Income - -
Operating Costs (128 147) (151 562)
Operating Profit (22 947) (2 805)
Interest received 1 -
Interest paid (52) -
Deficit for the Year (22 998) (2 805)
#REF! #REF!
Profit After tax #REF! #REF!
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Afri Kids Foundation
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 28 FEBRUARY 2015
Capital Fund Accumulated Total
Account Funds /
(Deficit)
$ $ $
Balance at 01 March 2013 - - -
Accumulated Capital Funds from Members 37 429 37 429
Accumulated Deficit for the Year - (2 805) (2 805)
Balance at 28 February 2014 37 429 (2 805) 34 624
Capital Funds from Members 588 588
Deficit for the Year - (22 998) (22 998)
Balance at 28 February 2015 38 017 (25 803) 12 214
8
Afri Kids Foundation
CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2013
2015 2014
Notes $ $
Cash flows from operating activities 682 137 138 325
Cash generated by operating activities 8.1 682 188 138 325
Interest paid (52) -
1 -
- -
Cash flows from investing activities - (24 455)
- -
Acquisition of fixed assets - (19 850)
Deposit - (4 605)
Cash flows from financing activities 588 37 429
- -
Increase / (Decrease) in Members loans (25 907) 37 429
Increase / (Decrease) in long term liabilities 26 495 -
- -
Increase in cash and cash equivalents 682 725 151 299
Cash and cash equivalents at beginning of year 151 299 -
Cash and cash equivalents at end of year 834 024 151 299
9
Afri Kids Foundation
NOTES TO THE FINANCIAL STATEMENTS AT 28 FEBRUARY 2015
1. Accounting policy
The financial statements are prepared on the historical cost basis. The following is the principal
accounting policy used by the corporation.
1.1 Revenue recognition
Sales are recorded in the financial statements at the date the goods are delivered to customers or
services are performed.
1.2 Fixed assets
Fixed assets are stated at cost less accumulated depreciation. Depreciation is calculated on the
straight line method to write off the cost of the asset, or the revalued amounts, to their residual values
over their estimated useful lives as follows:
Computer Equipment -4 Years
Office Equipment -5 Years
Furniture & Fittings -5 Years
2 Fixed Assets
Motor Computer Office Furniture Other fixed Total
vehicles equipment equipment & fittings assets
2015 2015 2015 2015 2015 2015
Carrying amount at
beginning of year - 8 581 2 113 4 424 - 15 117
-
Gross carrying amount - 11 605 2 540 5 705 - 19 850
Accumulated depreciation - (3 024) (427) (1 281) - (4 733)
-
Revaluation - - - - - -
Additions - - - - - -
Impairement of assets - - - - - -
Disposals - - - - - -
Depreciation - (3 027) (501) (1 045) - (4 573)
Depreciation on disposal - - - - - -
Carrying amount at the
end of the year - 5 554 1 612 3 379 - 10 544
-
Gross carrying amount - 11 605 2 540 5 705 - 19 850
Accumulated depreciation - (6 051) (928) (2 326) - (9 306)
- 5 554 1 612 3 379 - 10 544
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Afri Kids Foundation
NOTES TO THE FINANCIAL STATEMENTS AT 28 FEBRUARY 2015
Motor Computer Office Furniture Other fixed Total
vehicles equipment equipment & fittings assets
2014 2014 2014 2014 2014 2014
Carrying amount at
beginning of year - 1 297 632 2 067 - 3 996
-
Gross carrying amount - 1 505 690 2 255 - 4 450
Accumulated depreciation - (208) (58) (188) - (454)
-
Revaluation - - - - - -
Additions - 10 100 1 850 3 450 - 15 400
Impairement of assets - - - - - -
Disposals - - - - - -
Depreciation - (2 816) (369) (1 093) - (4 279)
Depreciation on disposal - - - - - -
Carrying amount at the
end of the year - 8 581 2 113 4 424 - 15 117
-
Gross carrying amount - 11 605 2 540 5 705 - 19 850
Accumulated depreciation - (3 024) (427) (1 281) - (4 733)
- 8 581 2 113 4 424 - 15 117
2015 2014
$ $
3 Other non current assets
Deposit 4 605 4 605
4 605 4 605
- -
- -
- -
- -
4 Members Capital Fund Account
0 6 147 6 147
Herita Margaret 1 150 1 150
Susanne Kassy 1 750 1 750
Blaise Meule 1 215 1 215
Kashindi Wilondja 1 260 1 260
Other Members 26 495 25 907
38 017 37 429
- -
- -
- -
5 Gross revenue
Gross revenue comprises turnover ,which excludes value- 583 527 503 200
added tax and represents the invoiced value of services
supplied.
All the revenue comprise:
Working to provide support to women and children
and development in Southern Africa
11
Afri Kids Foundation
NOTES TO THE FINANCIAL STATEMENTS AT 28 FEBRUARY 2015
6 Operating profit / (loss)
Operating profit is stated after:
Expenditure
Accounting officer remuneration
- Accounting fee 5 000 2 000
Depreciation
- Fixed assets 4 573 4 733
Lease rentals
- Premises 15 642 11 379
7 Investment income
Interest income
- Interest received 1 -
8 Notes to the cash flow statements
8.1 Cash generated by operating activities 682 188 138 325
Net Profit for the year before taxation (22 998) (2 805)
Adjusted for:
Interest paid 52 -
Interest received (1) -
Depreciation 4 573 4 733
(18 374) 1 928
Changes in working capital
(Increase) / decrease in trade and other payables (6 300) -
Increase / (decrease) in trade and other payables 706 862 136 397
700 562 136 397
8.2 Cash and cash equivalents
Cash and cash equivalents consist of cash on hand and
balances with banks. Cash and cash equivalents included in
the cash flow statement comprise the following balance
sheet amounts:
Cash and cash equivalents 834 024 151 299
9 Trade and other receivables
Prepaid Expense 6 300 -
6 300 -
10 Trade and other payables
Trade Payables 179 385
Accrued Income Baring Foundation - 136 012
Accrued Income caomic Relief 150 000 -
Accrued Income DFID 688 080 -
Accounting Fees 5 000
843 259 136 397
11 Comparative figures
Certain comparative figures have been reclassified
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Afri Kids Foundation
DETAILLED INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2013
2015 2014
$ $
Income 5 583 527 503 200
Project Grant - DFID 321 612 142 388
Comic Relief 59 000 95 000
National Lottery Distribution Fund 200 000 265 812
Other Grants 2 100
Other Fee 815
Cost of sales - Purchases 478 327 354 443
National Lottery Distribution Fund 198 000
Project Grant - DFID 221 599 93 175
Comic Relief 58 728 86 189
National Lottery Distribution Fund - 175 079
Gross Profit 105 200 148 757
Other Income - -
Interest received 1 -
105 201 148 757
Expenditure 128 199 151 562
Accounting Fees 6 000 10 000
Accounting Officer Remuneration 5 000 2 000
Bank Charges 6 269 5 879
Cleaning - 83
Computer Expenses 1 757 2 377
Consulting Fees 88 3 400
Courier & Postage 234 718
Depreciation 4 573 4 733
Entertainment Expenses 174 741
Interest paid 52 -
Printing & Stationery 944 9 252
Rent, Water & Electricity 15 642 11 379
Repairs & Maintenance 200 764
Salaries & Wages 77 700 81 400
Staff Welfare 185 -
Telephone,postage and fax 8 656 13 647
Transport 725 5 189
Deficit for the Year (22 998) (2 805)
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Afri Kids Foundation
SCHEDULES TO THE FINANCIAL STATEMENTS
28 FEBRUARY 2015
TAX CALCULATION
2015 2014
Net profit per year per the income statement (22 998) (2 805)
Less : Non-taxable items - -
-
- -
Add : Non Deductible Items - -
- -
Profit before tax adjusted for non-taxable and non deductible items (22 998) (2 805)
Temporary differences - -
- -
- -
- -
- -
- -
Taxable amount / ( Loss ) for the year (22 998) (2 805)
Assessed loss brought forward from preceding year of assessment
(excluding capital loss) (2 805) -
Calculated income / (loss) before capital gain (25 803) (2 805)
Add 50% of net capital gain - -
Taxable income (including capital gain) (25 803) (2 805)
Taxation
Current tax expense Tax thereon at 15% as a small business corporation - -
Deferred Tax - -
STC - -
Income tax Expense - -
- -
Calculation of tax liability
Amount owing at the beginning of the year - -
Tax owing / (prepaid) for the current year
Normal tax - -
Normal tax per calculation above - -
Less 1st provisional payment - -
Less 2nd provisional payment - -
Less PAYE (Attach original IRP5) - -
Amount owing at the end of the year - -
Deficit for the Year (22 998) (2 805)
