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Kenya Limited ALIVE & KICKING KENYA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2019 Alive & Kicking Kenya Limited Annual report and financial statements For the year ended 31st December 2019 CONTENTS PAGE Company information 1 Report of the directors 2 Statement of directors' responsibilities 3 Report of the independent auditor 4 - 5 Financial statements: Profit and loss account 6 Balance sheet 7 Statement of cash flows 8 Notes 9 - 13 Supplementary information: Manufacturing account Appendix I Schedule of operating expenditure Appendix II Alive & Kicking Kenya Limited Company information For the year ended 31st December 2019 Board of directors Philip Charles Carlton Appleton* (Chairman) Catherine Georgia Kenyatta* John Herbert* Nicholas Charles Allen* Martin Charles Barnard* Tristram Jones Parry* Guy Maughfling* Diana Carson* Josephine Ryan** Dr Joseph Jesse Masiga Evelyn Carol Radull Ali Hussein Kassim Wanjiku Kiragu Nzioka Siwadie Waita Shaka Philip John Kwach Rose Wairimu Maket William Sykes* *British **Irish Company secretary Equatorial Secretaries and Registrars P.O. Box 47323, 00100 Nairobi. Nairobi, Kenya. Registered office Plot No. L.R. No. 209/9705 Mombasa Road P.O. Box 27641, 00506 Nairobi, Kenya. Independent auditor RSM Eastern Africa LLP Certified Public Accountants 1st Floor, Pacis Centre, Slip Road, off Waiyaki Way, Westlands P.O. Box 349, 00606 Nairobi, Kenya. Principal bankers Absa Bank Kenya PLC Westlands Branch, P.O. Box 14403, 00800 Nairobi, Kenya. NCBA Bank Kenya PLC Mara and Ragati Road P.O. Box 30437, 00100 Nairobi, Kenya. 1 Alive & Kicking Kenya Limited Report of the directors For the year ended 31st December 2019 The directors submit their report together with the audited financial statements for the year ended 31st December 2019. Directorate The directors who held office during the year and to the date of this report are set out on page 1. Principal activities Alive & Kicking Kenya Limited is a social enterprise registered in Kenya in 2005, as a Company limited by guarantee without shares and “not for profit”. The Company provides ethical employment for people from vulnerable backgrounds including people living with disabilities and promotes access to play and wellness through our community outreach programs. The Company also upcycles used leather to balls, which are donated (waste to play). The principal activity of the Company is the manufacturing and selling of durable, high quality, hand stitched leather sport balls including footballs, volley and rugby balls. Business review The Company has achieved an increase in revenue in 2019, mainly due to increased retail sales and targeted sales promotions during school holidays. During the year the Company relocated its operations from Mombasa Road to a more spacious, value for money centre within Amref Child Development Centre in Mutuini, Dagoretti. The new location is increasing the Company's profile and brand awareness. Our community impact during 2019 included working in collaboration with a number of community groups promoting awareness of health and wellness. It is estimated that 103,390 children and youth played with a ball donated by the Company and its partners during 2019. Further, the Company sustained over 45 ethical jobs in 2019, indirectly supporting 180 staff family members. The Company also successfully piloted a new product during 2019 known as a "business in a box" in collaboration with GIZ. The "business in a box" provided ball making material and training to refugees to assist their income generating opportunities and promote access to play and wellness. The impact results from the pilot project indicated that over 95% of participants reported increased income through ball sales and/or repairs. Scaling up "business in a box" will contribute towards income diversification for the Company and increase access to play and wellness to vulnerable children and youth which is the Company's core mission and vision. Subsequently at the start of 2020, there has been decrease in retail sales by 60% mainly due a key consignment retail client Tusker Mattresses Limited not adhering to contractual payment terms. Therefore, making the Company to cease the supply of balls to them. Further as from March 2020, the country was affected by the global Covid-19 pandemic thus making it a difficult trading year with negative impact on the cash flows. The Company has reduced its operations since March 2020 with the main focus on business survival. Statement as to disclosure to the Company's auditor With respect to each director at the time this report was approved: (a) there is, so far as the director is aware, no relevant audit information of which the Company's auditor is unaware; and (b) the director has taken all the steps that the director ought to have taken as a director so as to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Terms of appointment of the auditor The directors approve the annual audit engagement contract, which sets out the terms of the auditor's appointment and the related fees. The agreed auditor's remuneration of KSh 375,000 has been charged to profit and loss in the year. By order of the board …………………………………… Director Nairobi …………..…………………... 2020 2 Alive & Kicking Kenya Limited Statement of directors' responsibilities For the year ended 31st December 2019 The Kenyan Companies Act, 2015 requires the directors to prepare financial statements for each financial year that give a true and fair view of the financial position of the Company as at the end of the financial year and of its profit or loss for that year. It also requires the directors to ensure that the Company keeps proper accounting records that: (a) show and explain the transactions of the Company; (b) disclose, with reasonable accuracy, the financial position of the Company; and (c) enable the directors to ensure that every financial statement required to be prepared complies with the requirements of the Companies Act, 2015. The directors accept responsibility for the preparation and presentation of these financial statements in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities and in the manner required by the Kenyan Companies Act, 2015. They also accept responsibility for: i) designing, implementing and maintaining internal control as they determine necessary to enable the presentation of financial statements that are free from material misstatement, whether due to fraud or error; ii) selecting suitable accounting policies and applying them consistently; and iii making accounting estimates and judgements that are reasonable in the circumstances. Having made an assessment of the Company’s ability to continue as a going concern, the directors are not aware of any material uncertainties related to events or conditions that may cast doubt upon the Company’s ability to continue as a going concern. The directors acknowledge that the independent audit of the financial statements does not relieve them of their responsibilities. Approved by the board of directors on ………………………………….. 2020 and signed on its behalf by: …………………………………… …………………………………… Director Director 3 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF ALIVE & KICKING KENYA LIMITED Opinion We have audited the accompanying financial statements of Alive & Kicking Kenya Limited (the "Company"), set out on pages 6 to 13 which comprise the balance sheet as at 31st December 2019, the profit and loss account and statement of cash flows for the year then ended, and notes, including a summary of significant accounting policies. In our opinion the accompanying financial statements give a true and fair view of the financial position of the Company as at 31st December 2019 and of its financial performance and cash flows for the year then ended in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities and the Kenyan Companies Act, 2015. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statements in Kenya, and we have fulfilled our ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Other information The directors are responsible for the other information. Other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon, other than that prescribed by the Kenyan Companies Act, 2015, as set out below. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
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