REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
Kartforce |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
for |
Kartforce |
Kartforce |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 | to | 5 |
Notes to the Financial Statements | 6 | to | 12 |
Kartforce (Registered number: 07313143) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
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 2023. 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 |
Intercompany loan and director loan were written off in the year, impacting income and expenditure by £86912, this has been shown in exceptional items as both are not ongoing or recurring. These are historical items and not actual bank transactions in the year. This has impacted the results, reducing reserves and creating a Deficit in the years Income & Expenditure. Deficit results for the year was £91744 (2022:deficit £244). |
Reserves policy |
The charity will maintain sufficient reserves to ensure the continuity of operations. |
As at the year end 31st July 2023 the reserves were £461 (2022: £92,204). |
During the year the intercompany loan with TeamBrit Ltd was written off of £116721. The directors loan that was owed to David Player was written off -£29809. Both are shown in exceptional items in the Statement of Financial Activities (Income & Expenditure). |
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. |
Kartforce (Registered number: 07313143) |
Report of the Trustees |
for the Year Ended 31 July 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
Day to day running of the charity is carried out by David Player. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
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 |
Kartforce |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31 July 2023 |
31.7.23 | 31.7.22 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities | 2 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 92,204 |
Kartforce (Registered number: 07313143) |
Balance Sheet |
31 July 2023 |
31.7.23 | 31.7.22 |
Unrestricted | Total |
fund | funds |
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 | 92,204 |
TOTAL FUNDS | 92,204 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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. |
Kartforce (Registered number: 07313143) |
Balance Sheet - continued |
31 July 2023 |
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 |
Kartforce |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
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. |
Kartforce |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
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. |
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. |
Investments |
Investments in subsidiary companies are held at cost. |
2. | OTHER TRADING ACTIVITIES |
31.7.23 | 31.7.22 |
£ | £ |
Sales | - | 735 |
Kartforce |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
3. | SUPPORT COSTS |
Management |
£ |
Support costs of charitable activities | 87,179 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022. |
5. | EXCEPTIONAL ITEMS |
At the year end the intercompany loan with TeamBrit Ltd was written off showing a cost in the financial statements of £116721. |
The directors loan account balance was found not be due and has now been credited to exceptional items -£29809. |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
Kartforce |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted |
fund |
£ |
TOTAL FUNDS CARRIED FORWARD |
92,204 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
MARKET VALUE |
At 1 August 2022 and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 | 100 |
At 31 July 2022 | 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: |
Registered office: |
Nature of business: inspire with motor sport people with disabilities |
% |
Class of share: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
(Loss)/profit for the year | ( |
) |
Kartforce |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
8. | STOCKS |
31.7.23 | 31.7.22 |
£ | £ |
Finished goods |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Trade debtors | ( |
) |
Amounts owed by group undertakings |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Related party balance | - | 34,958 |
Accrued expenses |
11. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.8.22 | in funds | 31.7.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 92,204 | (91,742 | ) | 462 |
TOTAL FUNDS | (91,742 | ) | 462 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 18,501 | (110,243 | ) | (91,742 | ) |
TOTAL FUNDS | ( |
) | (91,742 | ) |
Kartforce |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
11. | MOVEMENT IN FUNDS - continued |
Comparatives for 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 |
Comparative 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 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.8.21 | in funds | 31.7.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 92,448 | (91,986 | ) | 462 |
TOTAL FUNDS | 92,448 | (91,986 | ) | 462 |
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 | 97,457 | (189,443 | ) | (91,986 | ) |
TOTAL FUNDS | 97,457 | (189,443 | ) | (91,986 | ) |
Kartforce |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
12. | RELATED PARTY DISCLOSURES |
At the year end a balance was due from its subsidiary Team Brit Ltd of £0 (2022: £122,670). This amount shown in debtors. Donations paid in the year £15,712 (2022: £70,175) |
D Player (key management) a balance was owed to him of £0 (2022: £34,958). This amount is shown in creditors. |