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← Kartforce

2022-07-31-accounts

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 2022

for Kartforce

K H Accounting 12 Montgomery Road Newbury Berkshire RG14 6HU

Kartforce

Contents of the Financial Statements for the Year Ended 31 July 2022

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 13
Detailed Statement of Financial Activities 14

Kartforce

Report of the Trustees for the Year Ended 31 July 2022

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 2022. 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 Deficit for the year was £244 (2021: surplus £5).

Reserves policy

The charity will maintain sufficient reserves to ensure the continuity of operations.

As at the year end 31st July 2022 the reserves were £92,204 (2021: 92,448).

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.

Page 1

Kartforce

Report of the Trustees

for the Year Ended 31 July 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

07313143 (England and Wales)

Registered Charity number

1146454

Registered office

1 St. Leger Court Newbury Berkshire RG14 1TW

Trustees

A P Howes R J Howes D R Player

Company Secretary

D R Player

Independent Examiner

Kim Hedges 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 20 April 2023 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 2022.

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:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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 The Association of Chartered Certified Accountants

K H Accounting 12 Montgomery Road Newbury Berkshire RG14 6HU

20 April 2023

Page 3

Kartforce

Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31 July 2022

31.7.22 31.7.21
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 78,221 43,433
Other trading activities 2 735 -
Total 78,956 43,433
EXPENDITURE ON
Raising funds 7,358 7,572
Charitable activities
Support costs of charitable activities 71,842 35,856
Total 79,200 43,428
NET INCOME/(EXPENDITURE) (244) 5
RECONCILIATION OF FUNDS
Total funds brought forward 92,448 92,443
TOTAL FUNDS CARRIED FORWARD 92,204 92,448

The notes form part of these financial statements

Page 4

Kartforce

Balance Sheet

31 July 2022

Notes
FIXED ASSETS
Investments
7
CURRENT ASSETS
Stocks
8
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
11
Unrestricted funds
TOTAL FUNDS		 31.7.22
Unrestricted
fund
£
100
2,000
122,669
3,193
127,862
(35,758)
92,104
92,204
92,204
92,204
92,204		 31.7.21
Total
funds
£
100
2,000
122,669
3,437
128,106
(35,758)
92,348
92,448
92,448
92,448
92,448

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 5

continued...

Kartforce

Balance Sheet - continued

31 July 2022

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 20 April 2023 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 2022

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 2022

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.

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 2022

2. OTHER TRADING ACTIVITIES
31.7.22 31.7.21
£ £
Sales 735 -
3. SUPPORT COSTS
Management
£
Support costs of charitable activities 1,167
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.7.22 31.7.21
£ £
Other operating leases - 600
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2022 nor
for the year ended 31 July 2021.
Trustees' expenses
There were no
trustees' expenses paid for the year ended 31 July 2022 nor for the year
ended 31 July 2021.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 43,433
EXPENDITURE ON
Raising funds 7,572
Charitable activities
Support costs of charitable activities 35,856
Total 43,428
NET INCOME 5

Page 9

continued...

Kartforce

Notes to the Financial Statements - continued

for the Year Ended 31 July 2022

6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
fund
£
RECONCILIATION OF FUNDS
Total funds brought forward 92,443
TOTAL FUNDS CARRIED
FORWARD 92,448
7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
MARKET VALUE
At 1 August 2021 and 31 July 2022 100
NET BOOK VALUE
At 31 July 2022 100
At 31 July 2021 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
31.7.22 31.7.21
£ £
Aggregate capital and reserves (68,658) (90,088)
Profit for the year 21,430 52,407

Page 10

continued...

Kartforce

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

8. STOCKS
31.7.22 31.7.21
£ £
Finished goods 2,000 2,000
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.22 31.7.21
£ £
Trade debtors (1) (1)
Amounts owed by group undertakings 122,670 122,670
122,669 122,669
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.22 31.7.21
£ £
Related party balance 34,958 34,958
Accrued expenses 800 800
35,758 35,758
11. MOVEMENT IN FUNDS
Net
movement At
At 1.8.21 in funds 31.7.22
£ £ £
Unrestricted funds
General fund 92,448 (244) 92,204
TOTAL FUNDS 92,448 (244) 92,204
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 78,956 (79,200) (244)
TOTAL FUNDS 78,956 (79,200) (244)

Page 11

continued...

Kartforce

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

11. MOVEMENT IN FUNDS - continued

Comparatives for 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
Comparative 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
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement At
At 1.8.20 in funds 31.7.22
£ £ £
Unrestricted funds
General fund 92,443 (239) 92,204
TOTAL FUNDS 92,443 (239) 92,204
A current year 12 months and prior year 12 months combined net movement in fund
included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 122,389 (122,628) (239)
TOTAL FUNDS 122,389 (122,628) (239)

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Page 12

continued...

Kartforce

Notes to the Financial Statements - continued for the Year Ended 31 July 2022

12. RELATED PARTY DISCLOSURES

At the year end a balance was due from its subsidiary Team Brit Ltd of £122,670 (2021: £122,670). This amount shown in debtors. Donations paid in the year £70,175 (2021: £30,930

D Player (key management) a balance was owed to him of £34,958 (2021: £34,958). This amount is shown in creditors.

Page 13

Kartforce

Detailed Statement of Financial Activities
for the Year Ended 31 July 2022
31.7.22 31.7.21
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations (2,500) -
Grants & donations 80,722 43,432
Kart Equipment (1) 1
78,221 43,433
Other trading activities
Sales 735 -
Total incoming resources 78,956 43,433
EXPENDITURE
Raising donations and legacies
Event costs 7,358 7,572
Charitable activities
Purchases 500 2,621
Donations 70,175 30,930
70,675 33,551
Support costs
Management
Rent - 600
Accountancy fees 820 820
Bank charges 141 261
Motor expenses 17 18
Postage 24 -
Software 38 38
Subscriptions 65 68
Sundry 32 -
Subcontractor costs 30 -
Legal & Professional fees - 500
1,167 2,305
Total resources expended 79,200 43,428
Net (expenditure)/income (244) 5

This page does not form part of the statutory financial statements

Page 14