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2021-07-31-accounts

Charity Registration No. 1054291

Company Registration No. 02524333 (England and Wales)

COMETVILLE LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

COMETVILLE LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Rabbi A Halpern Pardes House & Beis Yaacov Primary Schools Foundation

Secretary Mr A Strom Charity number 1054291 Company number 02524333 Registered office 44 Warwick Avenue Edgware Middlesex HA8 8UJ Auditor Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG

COMETVILLE LIMITED

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 13

COMETVILLE LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2021

The trustees present their annual report and financial statements for the year ended 31 July 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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

The charity was formed for the advancement of religion in accordance with the orthodox Jewish faith and the relief of poverty.

The charity is also actively involved in raising funds for general education.

Public benefit

The trustees confirm their compliance with the duty to have regard to the public benefit guidance published by the Charity Commission when reviewing the charity's aims and objectives in planning future activities.

Significant activities

In relation to the charity's activities there were no significant activities undertaken during the period.

Grantmaking

Grants are made to charitable institutions and organisations which accord with objects of the charity.

Volunteers

During the year charity did not have any volunteers to help with the objective of the charity.

Achievements and performance

The trustees consider that the performance of the charity this year has been most satisfactory.

Financial review

The Statement of Financial Activities shows a net surplus of £383,527 and the reserves stand at a surplus of £3,129,971.

Reserves policy

The charity does not maintain a reserve policy, as reserves are distributed when they become available, at the trustees' discretion. The present level of funding is adequate to support the continuation of its objects and the trustees consider the financial position of the charity to be satisfactory.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Future plans

There are no significant future developments to report.

Structure, governance and management

Governing document

The charity is a company limited by guarantee and is controlled by its governing document, the memorandum and articles of association as defined by the Companies Act 2006, the Charities Act 2011 and the Statements of Recommended Practice, "Accounting and Reporting by Charities", issued in July 2014. The charitable company was formed on 20 July 1990. The charity is managed and controlled by the directors who are also the trustees, who meet regularly.

COMETVILLE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2021 The trustees. who are also the diredors for the purtM)se of c4Jmpany law. and who serve(I durfng the year and up to the dale of signature of the financlal statements were: R8bbiA Halpem Pardes House & Bels Yaacov Pflmary Schools Foundation Recruitment and appointment of new trustees 11 is not the Intention of the charity lo appoint new trustees. Shouid the sttuation change in fulure, the trustees will apply suitable recruitrnenl. induction and training procedures. All of thg Iruslees ar9 members ol the company and guarante8 to contribute £1 in th8 event of a wlnding up. The entire board meets on regular basis. at least quartety, or more rf required. Audltor In accordance with the (>)mpanYs arlides. a res01￿10n Fycyosing that Goldwins Limited be reappointed 88 auditor of the company will be pul al 8 General Meeting. Dlsclosure of InfOnna￿On to audltor Each of th8 trustees has confimied that there is no infomiation of which they ar8 aware which is relevant to the audit, bul of which the auditor is unaware. They have further eonfimied that they have taken appropriate steps lo identify such r8levanl information and to 6Stablish that the auditor is aware of such inf0M￿tion. The trustees, report %YdS approved by the Board ofTwstees. Rabbl A Halpo Trustee Dated: 16 March 2022

COMETVILLE LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2021

The trustees, who are also the directors of Cometville Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

COMETVILLE LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF COMETVILLE LIMITED

Opinion

We have audited the financial statements of Cometville Limited (the ‘charity’) for the year ended 31 July 2021 which comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. 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 charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and , except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

COMETVILLE LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF COMETVILLE LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors ' r eport included within the trustees' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .

COMETVILLE LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF COMETVILLE LIMITED

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior Statutory Auditor) for and on behalf of Goldwins Limited

16 March 2022

Chartered Accountants Statutory Auditor

75 Maygrove Road West Hampstead London NW6 2EG

COMETVILLE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021

Unrestricted Unrestricted
funds
funds
2021
2020
Notes
£
£
Income from:
Donations and legacies 2 392,702
899,908
Expenditure on:
Charitable activities 3 9,175
27,079
Net income 383,527
872,829
Other recognised gains and losses
Revaluation of tangible fixed assets -
7,367,275
Net movement in funds 383,527
8,240,104
Fund balances at 1 August 2020 10,113,719
1,873,615
Fund balances at 31 July 2021 10,497,246
10,113,719

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

COMETVILLE LIMITED BALANCE SHEET ASAT31 JULY2021 2021 2020 Nolgs Flxed assets Tangible assets 11.0(h).OCN) 11,000.000 Currertt as$ets Cash al bank and in hand 304 Creditors: amounts falling due vAthin one year (502.848) {886.5851 Net current liabilitses (502,754) (886.281) Total assets less current Ilabllities 10,497.246 10,113,719 Income funds nr icted funds General unreslricted fund$ Revaluation reserve 3.129,971 7,367.275 2.746.444 7.367,275 10,497.246 10.113,719 10.497,246 10,113,719 The financial statements were approved by Ihe Trustees on 16 Marth 2022 bbi A H81pe Trustse Company Registratlon No. 02524333

COMETVILLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

Charity information

Cometville Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 44 Warwick Avenue, Edgware, Middlesex, HA8 8UJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

COMETVILLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

(Continued)

1.5 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 benefit will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all cost related the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings

Nil

Freehold land and buildings are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

COMETVILLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

2 Donations and legacies

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Donations and gifts 392,702 899,908

3 Charitable activities

Share of support costs (see note 4)
Share of governance costs (see note 4)
Support costs
Support
costs
Governance
costs
£
£
Bank charges and
interest paid
7,175
-
Audit fees
-
2,000
7,175
2,000
Analysed between
Charitable activities
7,175
2,000		 2021
£
7,175
2,000
9,175
9,175		 Other
2021
£
7,175
2,000
9,175
Support
costs
Governance
costs
£
£
25,079
-
-
2,000
25,079
2,000
25,079
2,000		 Other
2020
£
25,079
2,000
27,079
2020
£
25,079
2,000
27,079
27,079

4 Support costs

Governance costs includes payments to the auditors of £ 2,000 for audit fees.

COMETVILLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

5 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

6 Employees

The average monthly number of employees during the year was 0 (2020: 0).

7 Tangible fixed assets

Tangible fixed assets
Freehold land and buildings
£
Cost or valuation
At 1 August 2020 11,000,000
At 31 July 2021 11,000,000
Carrying amount
At 31 July 2021 11,000,000
At 31 July 2020 11,000,000

The trustees confirm the fair value as at 31 July 2021.

8 Loans and overdrafts

Bank loans
Payable within one year		 2021
£
298,886
298,886		 2020
£
682,623
682,623

COMETVILLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

9 Creditors: amounts falling due within one year

Notes
Bank loans
8
Other creditors
Accruals and deferred income
Analysis of net assets between funds
Fund balances at 31 July 2021 are represented by:
Tangible assets
Current assets/(liabilities)		 2021
2020
£
£
298,886
682,623
201,962
201,962
2,000
2,000
502,848
886,585
Unrestricted
funds
Unrestricted
funds
2021
2020
£
£
11,000,000
11,000,000
(502,754)
(886,281)
10,497,246
10,113,719

10 Analysis of net assets between funds

11 Related party transactions

There were no disclosable related party transactions during the year (2020 - none) .