REGISTERED COMPANY NUMBER: 07313143 (England and Wales) REGISTERED CHARITY NUMBER: 1146454
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 July 2021
for Kartforce
K H Accounting 12 Montgomery Road Newbury Berkshire RG14 6HU
Kartforce
Contents of the Financial Statements for the Year Ended 31 July 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 14 |
| Detailed Statement of Financial Activities | 15 to 16 |
Kartforce
Report of the Trustees for the Year Ended 31 July 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2021. The trustees have adopted the provisions of 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
Objectives and aims
To assist wounded service personnel and veterans, by advancing any lawful charitable purpose at the discretion of the trustees and in particular, but not exclusively, by empowering, engaging and inspiring the disabled and disadvantaged community by the provision of training and assistance. Enabling them to participate in karting, and compete alongside able bodied persons in challenging karting events
Public benefit
The trustees have taken regard and operated under the Charity Commissions guidance on public benefit.
ACHIEVEMENT AND PERFORMANCE
The charity continues to achieve its aim of inspiring disabled and disadvantage service personal and veterans with karting, and competing in karting events.
FINANCIAL REVIEW
Financial position
More income was received in the charity this year which enabled the charity to make larger donations which benefited disabled motor sport. Net Surplus for the year was £5 (2020: -£412).
Reserves policy
The charity will maintain sufficient reserves to ensure the continuity of operations.
As at the year end 31st July 2021 the reserves were £92,448 (2020: 92,443).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The charity is governed by its objects as laid out in the memorandum and articles of association.
Recruitment and appointment of new trustees
To employ and remunerate such staff as are necessary for carrying out the work of the charity. The charity may employ or remunerate a trustee only to the extent it is permitted to do so by article 7 and provided it complies with the conditions in that article.
Organisational structure
Day to day running of the charity is carried out by David Player.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
07313143 (England and Wales)
Page 1
Kartforce
Report of the Trustees for the Year Ended 31 July 2021
Registered Charity number
1146454
Registered office
1 St. Leger Court Newbury Berkshire RG14 1TW
Trustees
J R Beardsley (resigned 1.1.21) A P Howes R J Howes D R Player (appointed 1.1.21)
Company Secretary
D R Player
Independent Examiner
K H Accounting 12 Montgomery Road Newbury Berkshire RG14 6HU
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 14 March 2022 and signed on its behalf by:
D R Player - Trustee
Page 2
Independent Examiner's Report to the Trustees of Kartforce
Independent examiner's report to the trustees of Kartforce ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company 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 section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance 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 with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Kim Hedges ACCA K H Accounting 12 Montgomery Road Newbury Berkshire RG14 6HU
14 March 2022
Page 3
Kartforce
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 31 July 2021
| 31.7.21 | 31.7.20 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 43,433 | 30,411 | |
| Other trading activities | 2 | - | 3,583 |
| Total | 43,433 | 33,994 | |
| EXPENDITURE ON | |||
| Raising funds | 7,572 | 12,541 | |
| Charitable activities | |||
| Support costs of charitable activities | 35,856 | 21,865 | |
| Total | 43,428 | 34,406 | |
| NET INCOME/(EXPENDITURE) | 5 | (412) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 92,443 | 92,855 | |
| TOTAL FUNDS CARRIED FORWARD | 92,448 | 92,443 |
The notes form part of these financial statements
Page 4
Kartforce
Balance Sheet
31 July 2021
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Stocks 10 Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
31.7.21 Unrestricted fund £ 100 2,000 122,669 3,437 128,106 (35,758) 92,348 92,448 92,448 92,448 92,448 |
31.7.20 Total funds £ 100 4,000 117,080 11,029 132,109 (39,766) 92,343 92,443 92,443 92,443 92,443 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
Kartforce
Balance Sheet - continued
31 July 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 14 March 2022 and were signed on its behalf by:
D R Player - Trustee
The notes form part of these financial statements
Page 6
Kartforce
Notes to the Financial Statements for the Year Ended 31 July 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Raising funds
The policy for including items within the relevant activity categories of resources expended.
In particular the policy for including items within costs of generating funds, charitable activities and governance costs is to assist wounded service personnel and veterans, by advancing any lawful charitable purpose at the discretion of the directors and in particular but not exclusively by empowering, engaging and inspiring the disabled and disadvantaged community by the provision of the training and assistance. Enabling them to participate in karting and compete alongside able bodied persons in challenging karting events.
the charity has power to do anything which is calculated to further its objects or is conductive or incidental to do so. In particular, the charity has power:
1) to raise funds, in doing so, the charity must not undertake any taxable permanent trading activity and must comply with any relevant statutory regulations.
2) to buy, take on lease or in exchange, hire or otherwise acquire any property and maintain and equip it for use.
3) to sell, lease or otherwise dispose of all or any part of the property belonging to the charity. In exercising this power, the charity must comply as appropriate with sections 36 and 37 of the Charities Act 1993, as amended by the Charities Act 2006.
Page 7
continued...
Kartforce
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
1. ACCOUNTING POLICIES - continued
Raising funds
4) to borrow money and to change the whole or any part of the property belonging to the charity as security for repayment if the money borrowed or as security for a grant or discharge of an obligation. The charity must comply as appropriate with sections 38 and 39 of the Charities Act 1993, as amended by the Charities Act 2006, if it wishes to mortgage land.
Charitable activities
The charity can co-operate with other charities, voluntary bodies and statutory authorities and to exchange information and advice with them. The charity can establish or support any charitable trusts, associations formed for any of the charitable purposes included in the objects.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost Computer equipment - 25% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Investments
Investments in subsidiary companies are held at cost.
Page 8
continued...
Kartforce
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.7.21 | 31.7.20 | |
| £ | £ | |
| Fundraising events | - | 250 |
| Sponsorships | - | 3,333 |
| - | 3,583 | |
| SUPPORT COSTS | ||
| Management | ||
| £ | ||
| Support costs of charitable activities | 2,305 |
3. SUPPORT COSTS
Support costs of charitable activities
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 31.7.21 | 31.7.20 | |
|---|---|---|
| £ | £ | |
| Hire of plant and machinery | - | 1,596 |
| Other operating leases | 600 | - |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2021 nor for the year ended 31 July 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2021 nor for the year ended 31 July 2020.
6. STAFF COSTS
| 31.7.21 £ Wages and salaries - - The average monthly number of employees during the year was as follows: 31.7.21 Part time employees - No employees received emoluments in excess of £60,000. |
31.7.20 £ 7,020 7,020 31.7.20 1 |
|---|---|
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continued...
Kartforce
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 30,411 |
| Other trading activities | 3,583 |
| Total | 33,994 |
| EXPENDITURE ON | |
| Raising funds | 12,541 |
| Charitable activities | |
| Support costs of charitable activities | 21,865 |
| Total | 34,406 |
| NET INCOME/(EXPENDITURE) | (412) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 92,855 |
| TOTAL FUNDS CARRIED | |
| FORWARD | 92,443 |
Page 10
continued...
Kartforce
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
8. TANGIBLE FIXED ASSETS
| 8. | TANGIBLE FIXED ASSETS | |||
|---|---|---|---|---|
| Plant and | Computer | |||
| machinery | equipment | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 August 2020 | 35,505 | 3,582 | 39,087 | |
| Disposals | (35,505) | (3,582) | (39,087) | |
| At 31 July 2021 | - | - | - | |
| DEPRECIATION | ||||
| At 1 August 2020 | 35,505 | 3,582 | 39,087 | |
| Eliminated on disposal | (35,505) | (3,582) | (39,087) | |
| At 31 July 2021 | - | - | - | |
| NET BOOK VALUE | ||||
| At 31 July 2021 | - | - | - | |
| At 31 July 2020 | - | - | - | |
| 9. | FIXED ASSET INVESTMENTS | |||
| Shares in | ||||
| group | ||||
| undertakings | ||||
| £ | ||||
| MARKET VALUE | ||||
| At 1 August 2020 and 31 July 2021 | 100 | |||
| NET BOOK VALUE | ||||
| At 31 July 2021 | 100 | |||
| At 31 July 2020 | 100 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Team Brit Ltd
Registered office: Nature of business: inspire with motor sport people with disabilities
| % | |||
|---|---|---|---|
| Class of share: | holding | ||
| Ordinary | 100 | ||
| 31.7.21 | 31.7.20 | ||
| £ | £ | ||
| Aggregate capital and reserves | (90,088) | (142,495) | |
| Profit/(loss) for the year | 52,407 | (6,290) |
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Kartforce
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
| 10. | STOCKS | |||
|---|---|---|---|---|
| 31.7.21 | 31.7.20 | |||
| £ | £ | |||
| Finished goods | 2,000 | 4,000 | ||
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.7.21 | 31.7.20 | |||
| £ | £ | |||
| Trade debtors | (1) | (1) | ||
| Amounts owed by group undertakings | 122,670 | 116,481 | ||
| Other debtors | - | 600 | ||
| 122,669 | 117,080 | |||
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.7.21 | 31.7.20 | |||
| £ | £ | |||
| Bank loans and overdrafts (see note 13) | - | 8 | ||
| Related party balance | 34,958 | 38,958 | ||
| Accrued expenses | 800 | 800 | ||
| 35,758 | 39,766 | |||
| 13. | LOANS | |||
| An analysis of the maturity of loans is given below: | ||||
| 31.7.21 | 31.7.20 | |||
| £ | £ | |||
| Amounts falling due within one year on demand: | ||||
| Bank overdrafts | - | 8 | ||
| 14. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.8.20 | in funds | 31.7.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 92,443 | 5 | 92,448 | |
| TOTAL FUNDS | 92,443 | 5 | 92,448 |
Page 12
continued...
Kartforce
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
14. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 43,433 | (43,428) | 5 |
| TOTAL FUNDS | 43,433 | (43,428) | 5 |
| Comparatives for movement in funds | |||
| Net | |||
| movement | At | ||
| At 1.8.19 | in funds | 31.7.20 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 92,855 | (412) | 92,443 |
| TOTAL FUNDS | 92,855 | (412) | 92,443 |
| Comparative net movement in funds, included | in the above are as | follows: | |
| Incoming | Resources | Movement | |
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 33,994 | (34,406) | (412) |
| TOTAL FUNDS | 33,994 | (34,406) | (412) |
| A current year 12 months and prior year 12 months combined position is as follows: | |||
| Net | |||
| movement | At | ||
| At 1.8.19 | in funds | 31.7.21 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 92,855 | (407) | 92,448 |
| TOTAL FUNDS | 92,855 | (407) | 92,448 |
Page 13
continued...
Kartforce
Notes to the Financial Statements - continued for the Year Ended 31 July 2021
14. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 77,427 | (77,834) | (407) |
| TOTAL FUNDS | 77,427 | (77,834) | (407) |
15. RELATED PARTY DISCLOSURES
At the year end a balance was due from its subsidiary Team Brit Ltd of £122,670 (2020: £116,481). This amount shown in debtors. Donations paid in the year £30,930 (2020: £6,458).
D Player (key management) a balance was owed to him of £34,958 (2020: £38,958). This amount is shown in creditors.
Page 14
Kartforce
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 July 2021 | ||
| 31.7.21 | 31.7.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Grants & donations | 43,432 | 30,411 |
| Kart Equipment | 1 | - |
| 43,433 | 30,411 | |
| Other trading activities | ||
| Fundraising events | - | 250 |
| Sponsorships | - | 3,333 |
| - | 3,583 | |
| Total incoming resources | 43,433 | 33,994 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Event costs | 7,572 | 14,541 |
| Other | - | (2,000) |
| 7,572 | 12,541 | |
| Charitable activities | ||
| Purchases | 2,621 | 2,417 |
| Donations | 30,930 | 6,458 |
| 33,551 | 8,875 | |
| Support costs | ||
| Management | ||
| Wages | - | 7,020 |
| Vehicle hire | - | 1,596 |
| Rent | 600 | - |
| Accountancy fees | 820 | 920 |
| Bank charges | 261 | 292 |
| Motor expenses | 18 | 219 |
| Postage | - | 34 |
| Software | 38 | 164 |
| Stationery and printing | - | 42 |
| Subscriptions | 68 | 209 |
| Carried forward | 1,805 | 10,496 |
This page does not form part of the statutory financial statements
Page 15
Kartforce
Detailed Statement of Financial Activities for the Year Ended 31 July 2021
| Detailed Statement of Financial Activities for the Year Ended 31 July 2021 |
||
|---|---|---|
| 31.7.21 | 31.7.20 | |
| £ | £ | |
| Management | ||
| Brought forward | 1,805 | 10,496 |
| Travel and subsistence | - | 244 |
| Subcontractor costs | - | 2,250 |
| Legal & Professional fees | 500 | - |
| 2,305 | 12,990 | |
| Total resources expended | 43,428 | 34,406 |
| Net income/(expenditure) | 5 | (412) |
This page does not form part of the statutory financial statements
Page 16