Charlty regl•tratJon number 10978711Enqland and Wales) Company r•ulstratlon numbor 04323368 COMET CHARITIES LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
COMET CHARITIES LTD LEGAL AND ADMINISTRATIVE INFORMATION Trust••s B C Josaph M Llsser Lwo Charlty nUMr (England and Wale•) 1097871 Company numb•r 04323368 Regl•ter•d offlc• 63 CranboLme Gardens London UK NW11 OJB Audltor Go1th4ins Umlt8d 75 Maygrove Road Wesl Hampst8ad London NW6 2EG 8ank•rn B8rclOyB B8nk PIC Swi88 Cottage BrBnth 131 Finchl•y Road London NW3 6JA Bank Unil 1 The Mall Edgworg HA8 7BO
COMET CHARITIES LTD CONTENTS Pa Twste89' report Sta¥8ment of trust8, rèsponslblllll•$ Ind•p8'ndent au(Iltol8 Mport stal•monl of fln8nclal ACtW Balancè $h•et statement of c48h flo Note8 to the fin8ndal 8tatoments 10-17
COMET CHARITIES LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JUL Y 2024 The trustees Present thelr annual rèwrt and financlAI Statements frjr the year ended 31 Juty 2024. The finandal statements have been prepAred In acCordanry wlth the 8ccounllng poliaes set out in note 1 to the financial staternants and Comp vAth the Charitvs goveming docum&nt, the Companles Act 2006, FRS 102"The Financial Reports'ng Standard applicable in the UK and Republic ol Ifeland. and the Charities SORP"Accounting and Reporbry by Charities-. Stalemenl ol Recomm8nded Practlce 8pplicBble to charities preparing their accounts in accordonc8 hwth the Financial Rapoitng Standard applicable in the UK and Republic of Ireland IFRS 1021" Objective• and actlvltlos ObloctlY•s and almi The Chorftys was 8stabllsh8d to supp(xt thé advanc8m8nl ol Jwish 119108 tducatlon. Publlc b•n•flt The trusie&s have paid due regard to guklanr• l¥su?d by the ChBrW Comml551on In d8ddlng what gcdvtti88 th8 Charity should undertake. Slgnlllcant actlvltlg• Durfng the year, gr8nl¥ lo sthools and other charlties amounted to £2,157,39412023'. £2.311,8471. Gr•nt m•klng Grants 8re made to charftsble In8UtuUon8 and organlsotlons which Oord th the objec18 of the Charlty. Achl•v•m•nt• •nd p•rfomi•nc• Charl¢8lJle •ctlvltl•• Th8 trus188s consider that Ihe performance ol the charity Ihls yeaf ha5 been rno81 $8liBfaclory. Sub$tsnti81 funds hav8 b8en grant8d to Institullong durtng the p8dod from the contribution3 rec8lvèd from donors. The Statement ol Finencial 8cNv4tl•s shows a surplus for lh• y•ar of £57.214 gftar meklng grants of £2,157,394 •nd tho r¥$8N8¥ stand at1£116,4301. Fln&ncl•l T•vSèw Prlnclpal fundlng sourc•s The ch8rity is pleased and fortunate lo reco8 donations from a number of organlsalions and individu818. R•¥•N•• pollry DurSng the year charfty's In¢orne exceeded Ihe expense5 Incurred. The trustees arg ¥gtl¥fied wth the results for tha year. The truslaes do not seok to mgintsin rg5grve¥. other th8n to ensurg Ih81 they can continue tha ac11vie$ of the charity. Goln9 concern Tho accounls have been prepared on the golng concem basis. The trustees conslder that there are no Material uncert3inlies regarding the charity's abilrty to continue in operational 8xi5tenc& for the foreseeable lulure, which Is deemed to be 12 months from the dat8 of the approval of the financlal statements. Rlsk management The tnJslee8 have assessed the rnajor rfsks to which the Charity is exp050d. 80th manual and auiomated checks are r8gularly invoked, particularly those relating lo the operations and finance of the charity. The tNstee8 are 88li5fied that 8ySt8ms and procedures rniligate any perceived risks. FUTURE PLANS Theve are no significant future plans to report, other th8n to Continue lo rai58 fund5 and rnake tharitab18 donath)ns to continue lo meel the current oblectlvès.
COMET CHARITIES LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 structure, gov•Tn•nc• and munagement Governlng document Th• Chadty is conlrollad by ils govèrnlng documènt. th8 mamorandum and artides of assoclatson, and constitutes a company limited by guarantee as deffned by the Companies Act 2006. The trustees. who are also th8 direetors for the purpose of company Lgw. and who served during the yoar and up to the date of signature ot th8 financio18tatsments We.. B C Joseph M Lésser Lwdf R•crulim•nt And appolntm•nl of tru•t•è• If necessary. naw trustees are recrult8d from the peTsono1 eClactS of exlsting trustae8. Organlsatlonal Btructure The trustees manage the day to day runnlng of the charfty and makè all do¢l$lon$. Inductlon And tralnlng of n•w tru•ts New ITuslees undergo a briefing to 8nsur8 thay ar8 awar8 of È4)th thelr legg1 and Professional r8sw8ibillfj•s under tharity and company law. Audltor In 8CCOTdance wtth the companws 8rtlcles, a rogoluthjn proposlng (hat Gc4dwns Llmlled be re8ppolntèd 89 audltor of the ccffjpany will be put a¢ a General Meeung. OIKlo*urn of Informatlon to wdltor The trust995 have wnffirmed that there is no inforrnalion of whith they are awgro vthith is relevant to th8 audit, but of which the auditor Is unawar8. They h8V8 further conflmied thgt they have taken appropriate steps to Identify Buch relevant Informatlon and to establlsh that the auditor 18 aware of 8uch Infomi8don. The Iruste pproved by th8 Board of Trusla88. M LiJ•gr Tnjslee
COMET CHARITIES LTD STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2024 The trustees. a 8180 the directors of Comet Ch8ritles Ltd for the purpose of company law, are r8spon8ible for propaThng the Trustees. Report and the financial statements in accordance with applicable law and United 'ngdoM Accounting Standards Iunited Kingdom Generally Accepted Accouniing Pfaclicel. Company law requlrns th? trustaes to prepare financial Statements for each financial year which give a true and fw'r vlew of th8 3ts19 of 8ff8iTg of the Ch8rity and of the incoming r8scxJrceB and application of resources, induding the Incom& and axpenditur8. of th8 ch8ritabl8 company for th8t year. In preparlng th•s8 financial stat8mènts. tho Iru8te88 are qUIred to.. select suitable accounts'ng polidas and then apply them con¥lstenUy', observe the rnethods and prlnclples In e ch8lIeS SORP,. - rnakejudgements and estimaies ihat are roasonabla and wudent.. state whether applicable UK Accounting St8nd8rd¥ have bgen followed. Subleet to any mAtedg1 departures di$do8ed and eyplained In the flnanclal slat6menls,' and pr?p8re the finandal 5tstements on the going concern basi8 unless it is inappropriata to pre8ume that the Chanty VAII conUnu• In op•r811on. The trustees ara r8sponsibl• for kè8plnu adaquats accounting records th8t disclo8• rèasonablè accuracy at any lime the financ481 posits'on of the Chgrtty and 8nabl8 thèm tts ensura that th• flnanclal slalam&nts Comply wlth Ihè Ctsmpanlès Act 2006. They are also responslbla for 88feguardlng the assets of the Charity 8nd hence for tsking r•asonablè slèps ft>r the pvtIon and del8ction of fraud and olh8r irregularities.
COMET CHARITIES LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COMET CHARITIES LTD Opinion We h&ve hudlted the flnÈndal ststemenls ol Comet Charitles Ltd (the 'Charily'l for the year ended 31 Juty 2024 which comprlse the 818lerngnt of fin8ncial 8ctivlUes, the bal8nce sheet. the stal&ment of cash fiow8 and noles to the financial statements, including significant aceounling policies. The financial reports'ng frarnework that has been applied in their prepPr8tN 1$ applicable low and United Kingdom Accounting Standard8, including Fln8nci81 Reporting Slantjard 102 The Financial Rpporting Standard applicable in Ihe UK and R8public ol Ir81?nd Iunited Kingdom Generally Accepted Accounbng Practice). In our opinion, the financial statements.. glve a tru¢ and lair view of the stste of tho tharltable companls affairs as at 31 July 2024 and of Its Incuning resources and 8ppllcallon of r8¥ource¥, includlng Ils income and expendllure, lor the year Ih8n ended.. have been property prepared in accordance with Unlled Kingdom Generally Acreptad Accountlng Practice., and havg bn prspgred In a¢cord8n¢& wlth Ihg requlremgnts of the Compani88 Act 2006. Ba•18 for oplnSon W8 conductad our audlt In accordance wllh Intematlonal Standards on Auditing IUKI IISA5 IUKII and appllcable law. Our responslblliJ8s undar thos8 Standards ar• further described in the Auditors responsibilitS for the 8udit ol the fi'nanclal sf8fements section of our report. We are Indep8ndent of the Charlty In accordancè whh the elhlcal requirements that are relevant to our audit of the financial ststements In the UK. Including th8 FRC'S Ethical St8nd8rd, and wo have fulfilled our other elhicgl responbIlItIeS In accordance with ihese requirernents. We belleve that the audlt ovldenca wa h8v6 obt8lned Is sufflclent and appropriate to provlde a basis for our opinion. Concluslon• r•latlng to golng conc•m In auditlng the financlal 51atement¥, w* hAvè concluded that the trusia06' US8 of the gobng concem b¥¥ls of cuntIng In the preparadon ol the finandal staiements 16 appropriate. Based on the work we have performed, we have not identified any material uncertainties relats'ng to events or ndIon8 Ihat, Indlvldually or eollèctlvèly, MAY cast slgnlflcAnt doubt on tha charlty's oblllty lo conJnue as 8 golng concam for g p8rk)d of at lèast trmlvo months from whon the flnandal statements are aulhorised for issu¢. Our re5ponsibillll8s and the respon81bllltl8s of th8 dlreGlor5 wlth respect 10 9olng concam ai8 dasulb8d in th relevant sections of this report. oth•r InfonnJtlon The other inlomation comprises the inlom)atlon incjuded In the annual report other than th? flnan¢lal statemgnts and our auditorfs report thereon. The trustees are responsible for the other inforrn8tion wntglned wlthin the annual repori. Our opinion on the financlal staternents does not cover the other information and, excepl io the extent otherwise explicllly ststed in our report, we do not expre53 any forrn of 855ur8nce eondusion Ihereon. OLbr responslbility is lo read the other infomiation and, In deing so, Consider whethèr thè other infomabon is materially inconsistent with the fin8nci81 stgternents or our knowlBdge obtain8d in th8 cours8 01 the audit, or olherwse 8ppe8rs to b& mat&rlally mls$l8ted. 11 we Identtfy such mal8rfal Ineonslstand&s or apparent material rnis5tatements, wè are requlred to dètemiln& whgthor this gives to a material mlsstatement in the financial statements thern5eIV. If. basèd on the wort( wè hav8 pèrfomied. we conclude Ihot the Is a mBterial mlsstatement of th13 other Infonnation, w8 are requlred to r8POrt that f8cL W8 have nolhing to report in this regard. Oplnlons on other matters prescrlbed by the Compan1•$ Act 2006 In our oplnion. based on tho work undertaken in the course of our èudlt= the inlomialion given in the Iruslees. report for the financial year for which the flnanclal statem8nts are prepared, whith includes the directors. report prepared for Ihe KKJrpo898 of IpanY law, Is consistent wlth the rin8noal 5tat8m8nts', and the directors. report included wthin the trustees. report has been prepared in 8ccordane• ¥Mth 8ppltcabla18gal requSr8rnent5.
COMET CHARITIES LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COMET CHARITIES LTD Matter8 on vthlch we are requir•d to report by oxcoptlon In the light of the knowledge and under5t8ndlng of the Ch8rlty and tts envlrnnment obtained in the course of the audit, W8 h8V8 not id8ntif18d mat8rf81 rnisstat8m8nt5 Iri th8 directors, report induded within Ihe trustees. report. We h8vè I1hIng to rèport In rèspact of the followlng mattars In ralatlon to whlth the Companies Act 2006 r•quir8S us to report lo yeu Il, In our opinion.. adequate accounting records have not been kept, or relums adequate lor our audit have not been received from branches not vislled by UB.. or tho finonclwl $t8tements ore not in agrgemgnt with the accounting recA)rds and returns., or certain disdosures of trustees, rernuneratson sperified by law are not made.. or we hBV8 not rec8Sv8d 811 the Inlorniatlon ond &xplangtions we require lor our audit., or the truste88 Were not entitled to prepare the financial slaternents Sn a¢cordAn¢& with the small cornpanles reglme and take advantage ol the small cornpanies. exernptions in pr8paring the trustees, f8POrt and fro)m the requirement to preparoi 8 strategic report. As explained more fully in the statement of trustees, responslbllitie$, trusl•ès, who are also the dlreclors of the Charity lor the purpose of comp8ny18w, responsible for the preparation ol the financial statements and for being satl¥fitrd Ihal thèy glvè a truè and falr vlèw, and for such Inlèrnal control as the trustees determinè Is n8c8s98ry to •nabla the pr6parallon of financAal statemènts that ar6 free trorn mated81 mi3slalemont, vthathér due to fraud or error. In preparing the financlal staternents, the trusleeB are re5ponslbl for a$s8sslng the Charity's ability to continue as a going concern, discjosing, a3 8pplic8ble, matter5 related to going concem and using the golng concem bas15 of gccounling unless the truslgeB 9hr Inlend to Ilquidato the charitable company or its cease opernllon$, or hav¢ no rali$ti¢ 8tsm¥tsv¢ but to do 80. Audltorfs r••pon•lblllll•• for th• audlt ol tho flnancl•l •t•lement• Our objectives a to obtain reasonable a55urance about whether the financial 5talemenly a6 ¥ whdts ar6 free from material mls818temenl, whether due to froud or error, and to issue an 8udlto)rfB report that Indudes our oplnlon. Reasonable assurance is a high level ol assurance but is nol a guaranle¢ Ihot an oudit conducted in accordance wth ISAS IUKI wlll alway8 det8Ct 8 m8ted81 mlsst8temènt vjhen rt exists. Mi58talem8nts can arise from fraud or error and ara conslder6d mat8rlal11. indivldually or In the oggregate, they could reasonabty be exp?d•d to inTrJen the economlc deci3ion3 01 users taken on the basls of the88 financSal 3tatemenls. Irregularities are instances ol non-compllance wrth laws and regulation5. Thè oblèctlv8s of our audlt are to obtoln sufficienl appropriate audit evldence regardlng Cofflpliance with laws and r8gu18ts.ons that have a direct effect on th8 determinatlgn ol materi818mount5 and dlsd05uS in th¢ financial stat8ment5, to perform audit procedur88 to help identlfy Instances of non-compllance wlh other laws And règulatlons that may have a materfal effect on thè fin8nci81 tstgmènts, and lo respond approprlataly to Id•nUfled or suspacted non-compliance with 18w8 And r•gul#tions denttfied durlng tha audlt. The extenl to whSch our proCeduS are capable of detethng irregularblles, Induding fraud, 18 d&talled b810w.
COMET CHARITIES LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF COMET CHARITIES LTD In Idenlitying and a55essing risks of mBterl81 rnlsstatement In respect ol irregul8rities. includlrrfJ fraud and non- ¢ompllanc¢ th laws and iegulatlons. our Pf¢xedures Induded the following.. We enquired of manag8ment, which included obtaining and f8ving supporting documentation, concerning the charity's policies and procedures r8lating to the intem81 control¥ 88tBblished to mitigate risks relaled to fraud OT non-¢ompll8n¢e wlth law8 and regulallons. We VIew9d thg finondal sts18menl dl8c108ure8 And testad th89è to supportlng documentaUon to compliance wth applieabla laws and regulations. In addresslng th& risk of Iraud through management overrlde ol controls. we lesl8d the appropriaton•5s of joumal entries and other adjustments, assessed whether the judgernentB made In m8king aecounllNJ 8sUrnat8s are indicatlve of a pot&ntSal bias and tested 8ignlflcant tranBaclion8 Ihat aro unusual or tho outside the norm81 course of business. Becatsse of Ihg inherent limitations ol an audit, there is a rfsk that w• VAII not d•tèct all ltyegularities. inchjding Ih¢s¢ le$dlng to 8 m8terf81 mis$t8tem¢nt In the fln8nd81 $tgt•mants or non-eompllance with regulation. The ri8k is also greater regardlng Irregularltias occurriny du& io fraud rather than error, as fraud invofve5 intentional concealment, forgery, colluslon, oml8slon or mlsrepre98ntatlon. A lurther de3p¢o0n of our re8ponslbllllles Is available on th8 Financl?l Reporung Councll's w•bslta 8t.. http8'.11 w.frr.org.uklaudlk)r8rgspon¥lbllilles. dgscrfplbn forms p#rt of our audlior'8 r8port. U•• ol our r•port ThLs report Is made solely lo the choritable companls mernbers, a8 a body, In accord8nc8 with Chapler 3 01 Part 18 of the Companies Act 2006. Our audit work has been undertakèn so that might stat8 to the charitable company's membèrs those mattera wè ore r8qulr¢d to $tale to them In an audltor'g report gnd for no other purpose. To the tullést 8Xt•nt p&rrnltt8d by law. wa do not accèpt or assuma r•sponsibllity to anyone olher than the th8rit8blè compony and the chorltsble company's members as a bo¢ty, for our audlt work. for thls rèport. or for th• oplnlons w• have forrned. Anthony Epton IS•nlor Statutory Audltorl Frx and on behalf of Goldwln8 Llmltsd, Slalulory Audltor Chartered Accountants 75 M8ygrove Road West Harnpstsad London NW6 2EG Date". 14/0512025
COMET CHARITIES LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Unr•strlct•d R•strlci•d lund lund8 2024 2024 Total Unfestrlcted R8stricted funds funds 2023 2023 Totsl 2024 2023 Not Incom• Irom: Don811on¥ 8nd legacle Inv85tments 1,846,466 17 543,452 2,389,918 17 1,924,684 35 440.137 2,384.821 35 Totsl incom• 1.846,483 543,452 2.389,935 1,924,719 440,137 2,364,856 endltur• n: Ral$lng lun¢$ 54,445 54,445 41,622 41,822 Charitable 8ctiwbe8 1,734,824 543,452 2,278,276 2,049,077 440.137 2.489,2t4 Tot•1 •xp•ndltur• 1,789.269 543,452 2.332,721 2.090,699 440,137 2,530.838 N•t Ineom•ll•xyndl¢ur•} for th• y•arl N•t mov•m•nt In fund• 57,214 57,214 1185,9801 1165.9801 Fund ba18nce8 at 1 Augu8t 2023 1173,6441 1173,6441 17,6641 17.6641 Fund balan¢•• at 31 July 2024 1116.4301 1116.4301 1173,8441 1173,6441 Thè statémènt of financial acUv5Ue8 Include6 all galns and IoBBes recognl¥ed In thè yèar. Thè stat8m&nt of tlnancial acUvlti88 InL*Jdes all yalns and lo8sg5 re¢ognlsèd In thè yèar. All Income and expendStu del0 from continulng actlvliles. The slalernent of flnanclal oct1lIeS 0150 complles ¥t tho requlremants for an Incorne and expenditure account under the Cornpanies Act 2006.
COMET CHARITIES LTD BALANCE SHEET ASAT31 JULY2024 2024 2023 Note> Current au•ts Debtor5 Cash at bank and in hand 13 7,500 32,676 27,149 27,149 40,176 Cr•dltor•: •mount• falllng du• wlthln on• y••r 14 18,5791 14,8001 Net current a88et8 18.570 35,378 Cr•dltor*: •mounts l•lllng du• •ft•r mor• than on• y••r 15 1135.0001 1209,020 N•t Il•bllStl•• 1116,430 1173,6441 Th• funds of th• Charfty Unr•stri¢t•d funds 1116,4301 1173,844} 1116,4301 1173.6441 Th8 fln8nclal st 13/05/2025 pproved by th• trustee8 on ......................... M Llsser Tru•t•• Cpmpany r8glstrglon number 04323368 (England and Wale81
COMET CHARITIES LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Not•J Cash flows from operatlng actlvltle• Cash generated fromllabsorbed by) operations 64,697 1172.7151 Investlnq actlvltl•• Investment Income rocelv•d 17 35 N•t eah g•n•rnt•d from Inv•rtlng 17 35 Flnonclng acilvltl• Ropaymènt ol btsrrowings Repayrnenl of bBnk108n8 160,0001 110,2411 180,0001 110,4911 N•t ¢••h u••d In fin•nclng a¢Uvlti (70,241} 170.4911 N•t d•cr•aH In cash and cash •qulv•l•nt¥ 15,527) 1243,1711 C86h and c88h equSvalents at beglnnlng of year 32,676 275.847 C••h and ¢a•h •qulv•l•nts •t •nd of y••r 27,149 32.678
COMET CHARITIES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 A¢countlng poll¢l Charlty InformOn Comet Charities Ltd 15 a priv8te company lirnlte¢Y by guarantee incorporated England 8nd Wales. The registered offic8 Is 63 Cranbouma GArd&ns, London, NW11 OJB. UK. 1.1 Accountlng conv•nilon The fin8nclal stalernent8 have been prepared In accordance wlth the Charivs governing docurnenl, the Cornpanies Art 2006, FRS 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland. I-FRS 102.1 and the charities SORP 'Accountlng and Reporting by CharilSe5'. Stsl8ment of Recommended Practic& applic8ble lo chariti8s pr8paring their accounts In 8ceA)rdance th the Financ181 Reports'ng Slondord 8pplic8ble In the UK and Republlc ol 1relar IFRS 3021. leffeve 1 J8nu8ry 20191. The Charity is a Publlc 88n8fl1 Entity 38 d8ffned by FRS 102. The flnanclal statements gre prgparad In slorflng, leh 16 thè functlon81 currèncy of the Charfty. Monetsry amounts in these financial statements are rounded io the naarest £. Thè flnancial $tat•ments have boen prepared undw the hlstorical cost convenlbn. The pllnclpal accounting polScl•s adoptèd arè sèt out below. 1.2 Golng conc•rn The other dItOrS conflm Ihelr ongolng 8L4PPOrt ol Ihe charity via loan advances. Al the time of gppfoving the flnanclal statements, tha trust&e$ hav¢ a r¢8sonable oxpoctsllorn th81 the Chgrfty has adequatè resour¥ to continue in oper8ts'on81 existence for the foreseeable futuw. Thus the tru8te88 continua io bdopt tha golng conrom baBIB of accounting In prep8rlng the flnanclal siat8ments. 1.3 ChaTltabl• fund* Unreslrfctad funds are av8ilabl• fcy u$• ot th• dl$cr•Jon of lh• trust••$ In furth•rgnca of Ihelr charftAbl• objeclives. Rostricted funds are ssjblect lo speclfic condlUon9 by donor8 or grantors os lo how they may be used. The purpo88s snd u8es of the ieslricted funds ale Sel oul in the noies to the )Inancial stalementy. Endowment funds ore sublect lo $podfle ¢ondltlons by donors th•t th& pItal must ba rnalntalned by th¢ Ch8rty. 1A Incom• Inco is recognised when the Charity is legally entf(led to it after any perfomiance condilions have been mèt, thè amounts can te measured reliably, and il is probable that Incorne will be receiv8(t. Cash don8llons are recognised on recelpt. Other donollon¥ rIgnISed once the Chadty has been notlfied of th8 donation, unless perf(Jmignc8 conditions ruIr6 d618rral of th8 8mount. IncDme lax recoverabla In relation io donations received under GiftAid or de8ds of covenant is recounised at the time of the donation. Leyacie5 arè rocognised on receipt or otherwise rf the Charity has been notified of an impending distribution, the amount Is known, bnd receipt 18 expected. If the amount is not known, the legacy Is tmated 83 contSngent asset. 10
COMET CHARITIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accountlng pollcl {Contlnued} 1.5 Expenditure Expenditure is recognised onca there 15 a legal or constructiv8 obtigation to make a payment lo o third party, it is probable that settlement vlll be required and the 8Tnounl ol the obl1g80 con be measured reliably. Expenditure is classified under the following activity heading5'. Costs ol raising lund5 comptiS8 Df (x)515 Incurred by thè charitBbl• company in inducing third partt'es to make voluntary contrlbtstions to It. as well as tho cost of any acllvilies with 8 fundraising purpose. Expendhture on chaTttaa activitles Includes th6 costs of deliverlng sefvIc86 undertaken to further the purposes of Ihe charity and their assooated support costs. Other expenditwe represents those iiems nol falling into any other heading. 1.6 Ca•h and c••h oquivalent8 Cash and cash equIVants Includ• Cash in hand, dèposits h&ld at call wlh banks, other short-lemi liquid Inve5tm8nts wlth orlginal malurfti•s of thm months or less. and bank 0rdraft8. Bank overdrBfts or8 8hown wilhin borrowingB in current liabilities. 1.7 F5nanclal InJtrurn•nt The Charlty has elected to apply the provlsK)ns of Section 11 'Baslc Flnandal In8lTumenl8' and Sts¢tlon 12 'Oth8r Financial Instrurnenls153ue8' of FRS 102 to all of rts financial instruments. Flnandol instruments ara r8cognlsèd In thè Ch8r+Vs bal8ne• sheèt vknèn the Chartty bacomes party to thè contractual provlslons of the instrument. Flnanclal assèts and li8bllitlg8 arg offset, with Ihg nel amounts presented in the flnanLaAI stAt8ments. wh•n there Is 8 legally enforceabla nght to $¢t off tha r•¢o9nld •m¢uni$ and theré 9 an intontion to Sett on a n81 bas15 or to reallse the as5el and s8tt18 th8 Ilabllity 8imuKan8ousIy. Basic finana81 assets, which Include debtors and cash and bank balances, are inltl8lly measured al transactson Pri including transaction costs and ar8 subsequently rrIed at amortised cost using the effecllve Interest method unles5 the arrangemant constltutes a finandng transaction. where the transaction is measured al the present value of the futur8 receipts discounied at a rnarket rale of interest. Financi81 as5e15 classlfi¢d as receivable wthln cme year 8re not arnorbsed. B•slc flnanclal Il•bllltle• Basic financial li8bilities, including uedilors and bank loans Bre initially Tecognised at tr8ns8Ction price unless the arrangement constitutes a financing transaction, where the debl instrurnenl is measured at ihe present Value of the future P8yTnents discounted at a market rale of interest. Financ3al liabilities dassifi8d as payable within one year a not amortised. Debt inBtwments are 5ub3equently carried at amortlsed cost. usSng the effectlve intere31 method. Trade credltors 8re (Ajligats'ons to pay for goods Services that have been acquired in th8 ordlnary course of opera05 from suppliers. Amounts payab18 are clas5ifi8d 88 current liabilitl85 if payrnent is due Wthin one year or less. If not. they are presented 85 non-current li8bilitie5. Trade creditors 8r8 r8c(yJnlsed initi8lly 8t transaction price and sUbsènI1Y m8asur8d at amortlsad eosL using thé 8ff8ctlv& interest m&thod. Derecognftlon of IlnanGlal Ilabllltles Financlal IlabllStlBs are derecogniBed when the ChariV5 contractual obligatfiDn8 èxplrè or arè dischargèd or canc¥llèd. 11
COMET CHARITIES LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 JUL Y2024 Accountlng polic1• IContlnu•d) 1.8 Employeè ntI•ll The cost of any unused holid8y entill&ment1g recognlsed in the period in which the employee's services are r8celved. Termin81ion benefit5 are recognlsed immediately as an expense when the Charity IB dernonstsybty comrnitted to terminate the ernploym8nt of an 8mploye8 or lo provid8 terrnin8tion benefits. Crltlul a¢countlnq •JJtlm¥t•$ and Judgornents In the 8ppllcatlon of the Charfty's accounting policle8, the trustee5 are requlred to mak• ludgemonts. •stlmates and assumptlons about the carrying amount of assets and liAbillties that ara not r•Adily opparent from othor sourcès. The èstlmstès and assodgted assumptlons ar8 baged on hlstorfcal aXpart8n and oth&r facto that are conslder6d to bo relant. A¢tual rèsults may differ from those estimates. The estimates and underfng assumpllons ar8 revl8wed on an ongoing b89i5. Rev+slons lo aecounting e$tlmot¢¥ recogni88d in the period in which the 88llFnale Is rewsed where the rtvlslon offe¢ts only th8t p6riod, or In th• perlLhJ of th? revlBlon and fvture perlod8 whet? the r*vlsion affects both cJJtTanl and lutur• periods. In¢orn• from donatlon• •nd10gKI•• Unr••trlci•d R••trl¢t•d fund• fund8 2024 2024 Tot•1 unltrICd R••tklet•d fund• fund• 2023 2023 Totsl 2024 2023 Donation8 and gifts 1,848,486 543.452 2.389,918 1,924,884 440,137 2,364,821 The Tnjstees are immensaty gr8t8ful to tha Trusi888 ol Delapaga Ltd for thelr ongoing sUPPCrt, pa81, Pf88enl and luture commitrnents. In¢om• from inve•lment• UnM#trlet•d Unr•itrlel•d fund• fundj 2024 2023 Interest recelvable 17 35 Exp•ndlturn on rai•ing funds Unr•strlet•d Unr•8trlct•d lunds funds 2024 2023 Fundralslng and publlcFty other fundraising costs 41,622 12
COMET CHARITIES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 EXp•nd1ro on thadtable actlvld•• 2024 2023 DIMct ¢t# Other charitable activits&s 111,905 16S,920 Grant funding ol actlvibas Isee not¢ 71 2.157,394 2,311,847 Sharo of support and gov•rnanc• ¢tI {s•• not• 81 Governanc8 8.977 11.447 2,278,276 2,489,214 Analy818 by lund Unrestricted fund8 Re3trfcted fundg 1,734,824 $43,452 2,049,077 440.137 2,278,276 2,489,214 Gr•nl• p•yJbl• Ourfng th6 yeor followng gr8nt$ wer• made to r•llglouy gducalion81 in¥tltullons. 2024 Grants lo inslilution8'. Beth Jacob Grammer S¢h&Jl Ch8lm Beche89d Edupoor Llrnlted Friénds ol Bèi8 Soroh Sthnolr Keren Coc*mas Shlorno Trust Keren Yashayo Kollel Hakol LTC Trust Company MTV Ltd North London Welfare And Ed(K¥lional Foundallon Pardes House Gf8mmar School Shir Ch8s&d Tomchai Torah B'am Yisroel IT.T.B.Y.I Westhall Ltd Yeshiva Mekor Chaylm Other donations 1¢$$ than £20,000 68,000 20,orJ) 20,000 37,5rJ) 53,860 91,000 47.650 36,380 131.350 75.245 570.577 118,100 20,000 524,966 37,800 589,950 2,157,394 13-
COMET CHARITIES LTD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 Support and govornanco ¢o•ts Governanc• 2024 2023 Audit fees Lèg818nd pTofe88lonal Office and admlnlstrallve gxpen8e8 B4nk charge8 4,800 4,800 4,800 2,840 2.699 1.108 3,917 3,917 8,977 8,977 11.447 Anatysed b#tsveen Chantabl8 acb'vities 8,977 8.977 11,447 N•t mov•rn•nt In fund• 2024 2013 The nel movernent In funds Is stated after char9ln9llcradlllng}'. F••s payable for the audit of the charltys financlal Btatements 4,000 4,000 None of the tru8te88 lor any Wfsonfj nn¢I¥d wlh Ih•ml r1Ved 8ny r•mun•ration or b•n•fits from Ihg Charity during the year. 11 Employ••• Average numb&r of empkJya88 durlng Ihe y?ar wyts O12023.'01. 12 Txatlon Th8 ehadty18 exempt from tsxatlon on It8 acllvlU88 becau88 811 lis Income18 applled for charltable purpo888. 13 D•bt¢r• 2024 2023 Amounts falllng due wlthin one year. Other debtors 7,5C4) 14-
COMET CHARITIES LTD NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 14 Credltors: amounts falllnll dug wlthln one y•ar 2024 2023 Notes Bank108ns Acc¥u81s and defed income 3,779 4,800 4.800 8,579 4,800 15 Cr•dltors: arnounti f•lllng du• 4ft•r morg than on• y•ar 2024 2023 Mote• Bank10gns Oth•r borrowln98 14,020 195,000 135,000 135,000 209,020 Included In oth•r boTrovlngs 18 a loan of £135,000 which18 Tepayable by 29 October 2026. IB Unre•trfct•d fvnd• The unmstrfct•d lund8 ol the tharity compr180 the unexpended balances of donaUonB and grants are not Subject to specrflc condltlon$ by donors 8nd grantors 83 io how Ihey rnay b8 used. These Includg de8ignated funds which hav6 been sel asldtr ottt ol unr•stActed lunds by th• tru8tee$ lor speCC purposes. At 1 August 2023 Incom• Exp•nd5tur• At 31 July 2024 G•nerg1 fund8 173.8441 1,846,483 11.789.269) 1116.4301 Pravlous y••r: Ai 1 August 2022 Incomlng r••aurc•• R•sourc•• •xp•nd•d At 31 July 2023 General funds 17,6641 1,924.719 {2.090.6991 {173.644) 15-
COMET CHARITIES LTD NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 17 Analys55 alnet aM•ts botween funds unr•St¢t•d funds 2024 At 31 July 2024: Current assetsllliabllllles) Long leryn IlabililieB 18,570 1135,000 1116,4301 Unr••trlct•d lunda 2023 At 31 July 2023: Currant assetsllll8bllltle¥l Long tém IIAbllllle8 35,376 209,0201 1173,6441 18 C••h gerat•d fromll•b•othd by) opèrntlon• 2024 2023 Surplu$lldeflrill for tho year 57,214 118S,9801 Adlu8tm•nts for. Inwstmenl income recognls8d In stat&menl of finandal act183 117} 1351 Mov•m•nt• In worklng capltal: Dècreaselllncreasel In debtors (DecreasencrSe in creditors 7.500 7,5001 800 Ca•h g•n•rated fromllabmorbed by) op•ratlon* 64.697 1172,7151 19 Anaty•l• of ch•ng•• In n•t Id•btyfunds At 1 Augy•t Z023 h ffow• 31 Juty 2024 Cash at bank and In hand 32.676 15.5271 27,149 Loans falling due within one year Loans falling due after more than one y88r 13,7791 74,020 13,7791 1135,0001 1209,020) 1176,344) 64,714 (111,6301 16
COMET CHARITIES LTD NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 20 R•latsd party trnn8actlons During the year. grants of £7S.24S ond £37,800 rtr pald to North Lond WeWar¥ and Edu¢alional Foundalion and Yeshivas Mekor Ch8M Llmlted r¥9p&dV&. Ono of thg tru8tse$, Mr B C Jogeph. Is a180 tnjslee in North London Welfare And Educational Foundation and Y?shlvas M8kor Chayim Limited. 17-