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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 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
07313143 (England and Wales)

Registered Charity number
1146454

Registered office
Units B2-B3
Rock Business Park
Washington
RH20 3GR

Trustees
A P Howes (resigned 17.4.24)
R J Howes (resigned 17.4.24)
D R Player
M Scudamore (appointed 17.4.24)
A Locke (appointed 17.4.24)

Company Secretary
D R Player

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 23 April 2024 and signed on its behalf by:





D R Player - Trustee

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 18,501 78,221

Other trading activities 2 - 735
Total 18,501 78,956

EXPENDITURE ON
Raising funds 5,064 7,358

Charitable activities
Support costs of charitable activities 105,179 71,842
Total 110,243 79,200

NET INCOME/(EXPENDITURE) (91,742 ) (244 )


RECONCILIATION OF FUNDS
Total funds brought forward 92,204 92,448

TOTAL FUNDS CARRIED FORWARD 462 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 7 100 100

CURRENT ASSETS
Stocks 8 - 2,000
Debtors 9 - 122,669
Cash at bank 362 3,193
362 127,862

CREDITORS
Amounts falling due within one year 10 - (35,758 )

NET CURRENT ASSETS 362 92,104

TOTAL ASSETS LESS CURRENT
LIABILITIES

462

92,204

NET ASSETS 462 92,204
FUNDS 11
Unrestricted funds 462 92,204
TOTAL FUNDS 462 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 23 April 2024 and were signed on its behalf by:





D R Player - Trustee

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 78,221

Other trading activities 735
Total 78,956

EXPENDITURE ON
Raising funds 7,358

Charitable activities
Support costs of charitable activities 71,842
Total 79,200

NET INCOME/(EXPENDITURE) (244 )


RECONCILIATION OF FUNDS
Total funds brought forward 92,448

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 100
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:

Team Brit Ltd
Registered office:
Nature of business: inspire with motor sport people with disabilities
%
Class of share: holding
Ordinary 100
31.7.23 31.7.22
£    £   
Aggregate capital and reserves (73,144 ) (68,658 )
(Loss)/profit for the year (4,486 ) 21,430


Kartforce

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. STOCKS
31.7.23 31.7.22
£    £   
Finished goods - 2,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors - (1 )
Amounts owed by group undertakings - 122,670
- 122,669

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Related party balance - 34,958
Accrued expenses - 800
- 35,758

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 92,204 (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 18,501 (110,243 ) (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.