COMPANY REGISTRATION NUMBER: 08016728 CHAIUTY REGISTILITION NUIVIBER: 1148784 LPW LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 DECEMBER 2025 COHEN ARNOLD Charted Accountants & Statutory Auditor New Burlington House 1075 Finchley Road London NWI I OPU
LPW LIMITED COMPANY LIMITED BY GUARANfEE FII¥4ANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 PAGE Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including incomc and expenditure account) Statement of financial position Statement of cash flows io li 12 Notes to the financial statements 13
LPW LIMITED COMPALYY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 DECEMBER 2025 The tnjslees. who are also the directors for th¢ pUoSeS of cotnpany law, present their report and the financial staiements of the charity for the year ended 31 December 2025. REFERENCE AND ADMINISTRATIVE DETAILS Registered charity namt Charity regi$tr4tion llumber Comp4ny regi8trAtlon nujnber 08016728 Prin¢ipAI oftfiee Ydnd registered New Burlington House offiee 1075 Finchley Road London NWI I OPU LPW Limited 1148784 The truslees Mr R Rosenthal Mrs M Rosenthal Mr N Rosenthal Mrs T Cohen Ms D Rosenthal Auditor Cohen Arnold Chartered Accountants & Statutory Auditor New BLirlington House 1075 Finchley Road London NWII OPU Banken Barclays Bank PLC I Churchill Place London United Kingdom E14 5HP STRUCTURE, GOVERNANCE AND MANAGEMENT The charity is constituted as a company limited by 8u#r#ntee. and is therefor¢ governed by its mcmorandum and articles of a550ciation. The day-to-day affairs of the charity are administered by the ¢ouncil of trustees. None of the trustees who are also the directors has any beneficial interest in the company. It Is not rUentlY the intention of the trustees of the charily to appoint new trustees. Should ihe situation change in the future. th¢ truste¢s will apply suitable recruitment training and procedures.
LPW LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 DECEMBER 2025 ORIECTIVES AND ACTIVITIES Charitable Obje¢ts The objects of the charity are: the advancement of religion in accordan¢¢ with orthodox Jewish faith. the advancement of Jewish religious education the relief of poverty- for other puryoses as are recognised by English law as charitable. The charity receives income from its voluntary donations and property investments which il utilis¢5 in the provision and distribution of grants and donations. The trustees confinn that th¢y hav¢ r¢f¢rred lo the guidance contained in the Charity Commission's geneTal guidance on public benefit when reviewing the charity's aims And objectives and in planning future activities and setting ihe grant making policy for the year. ACHIEVEMENTS AND PERFORMANCE During the year the Charity conlinued to support eslablish¢d Jewish orthodox instilutions providing education. religion and relief for the poor and aggregate donations of £731,630 {2024'. £691,020) was distributed in furtherance ofthe charity's objectives. The financial results of the charity for the year ended 31 tkcember 2025 are fully reflected in the Attsched financial slafrmenls together wilh the notes thereon. FINANCIAL REVIEW The charity 8enerates its income from its inv¢stm¢nts and donations from companies and charities connected with th¢ trustees. The charity's ststemeni of financial a¢tivilies shows net income of £625,831 (2024- £5,072,403). Reserves policy It is the policy of Ihe charity to maintain unreslricled funds, at a level which the trustee5 think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year. As at 31 December 2025 th¢ charity hud £31,704,140 in unr¢stri¢ted funds. Grant making pollcy Grant5 are tnade to charitable institutions and organisations which conforni to the objects of the charity &fter the trustees have satisfied themselves as to the bona rides of the recipients. Grants are considered for both capital projects and rettUe funding.
LPW LIMITED COMPANY LIMITED BY GUA114NTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (conftttued) YEAR ENDED 31 DECEMBER 2025 FINANCL4L REVIEW f¢oJrfln¥ed) Investment Powers and Policy Under the memorandum and articles of association, the charity has the power to make any investment which the trustees see fil provided that funds ulilised are not immediately required for use in connection with any of its objects. The trustees regul&rly revi¢w the charity's position and needs in r¢skXCt of the investment policy. Th¢ charity holds investments of primarily residential and ¢ommerei&l property. The investment income is distributed in accordance with the charity's objects. PRINCIPAL RISKS AND UNCERTAILYfiES Risk manag¢ment The tru$lees have ideniified and reviewed the major risks to which the charity is exposed, in particular those relpAted lo the operations and finance of the charity, and are satisfied that systems are in plY4¢¢ to mitigale those risks. Fln8ncig1 risk mAnAgement And poli¢i¢s The charity holds or issues financial instruments in order to achiev¢ thr¢¢ main objectives bein8: a) to finance its operations b) lo manage its exposure to interest and currency risks arising from op¢ralions and from its sour¢¢s of rinance; and c) to generate funds. In addition various financial instruments (e.g. debtors, creditors. prepayments and accruals) arise directly from the charity's operations. Credit Rlsk The charity monitors credit risk closely and considers that its current policies of credit risk checks meets its objectives of mana8in8 exposure lo credit risk. The charity has no significant concentrations of credit risk. Amounts shown in the balance sheet represent the maximum anticipated credit risk exposure. It is r¢cogni8ed thal systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. PLANS FOR FUTURE PERIODS The trustees plan to continue to make distributions in accordance with their grnnt making policy and lo ensure that an appropriate level of r¢s¢rves are maint&in¢d. TRUSTEES, RESPONSIBILITIES ST ATEMENr The trustee5. who arc also directors for the piirposes 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 Accounling Practice). Company law requires the charity trustees to prepar¢ financial statements for each year which give true and fair view of ihe stale of affairs of ihe charit&ble company and the incoming resources and application of re50ur¢¢5. including the income and expenditure. for that period.
LPW LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (cvnirttued) YEAR ENDED 31 DECEMBER 2025 In preparing these financial stat¢m¢nts, the tNste¢s are required to- s¢lect suitable accounting policies and then apply them consi5tently> observe the methods and principles in the applicable Charities SORP. make judgments and COuntIng estimates th81 are reasonable and prudent. prepare the financial slatements on the going concern basi$ unless it is inappropriate to presume that the charity will continue in business. Th¢ trust¢es are responsible for keeping adequaie accounting records th8t are sufficient to show and explain the charity's transactions and disclose with rehsonable accurdcy at any lime the financial position of the charity and enable them to ensure that the financial 5tateTnents comply with the Companies A¢t 2006. They are also responsible for safeguarding the assets of the charity and h¢nee for taking rea$onable steps for the prevention and detection of fraud and other irregularities. AUDITOR Each of the persons who is a truslee al the date of approval of this report confimis that: 50 far as they are aware. there is no relevant audit infonnation of which the charity's auditor is unaware. and they have taken all steps that they ought to have taken as a trustee to make themselves awar¢ of any relevant audit information and to establish that the charity's auditor is aware of that information. The auditor is deemed lo have been re-appointed in accordance with section 487 of the Companies Act 2006. SMALL COMPANY PROVISIONS This report has been prep8red in accordance with the provisions applicable to companies entitled to the small companies exemplion. The trustees, annual report was approved on 16 July 2026 and signed on behalf of the board of trustees MRRROS NTHAL Trustee
LPW LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORIS REPORT TO THE MEMBERS OF LPW LIMITED YEAR ENDED 31 DECEMBER 2025 OPINION We have audited the financial st&tem¢nls of LPW Limited (the 'charity') for the year ended 31 December 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is appli¢able law and United Kingdom Accounting Stsndards. including FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepied Accounting Practic¢). In our opinion the financial statements: give a true and fair view of the state of ihe ¢h8riry's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure. for lh¢ year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice. have been prepared in ac¢ord8nce with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with Internaiional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial stateinents section of our report. We are independent of the ehariry in Accordance with the ethical r¢quirements 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 evidenc¢ we have obtained is suificient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATG TO GOING CONCERN In auditing the financial statements. we have conclud¢d th4t the trustees, use of the going concern basis of accounting in the preparation of the fin&ncial statements is appropriate. Based on the work we have perfomjed. we have not identified any material uncertainties relating to cvcnls or conditions that. individually or collectively, may cast significant doubt on the charity's ability lo continue as a 80in8 concern for a period of at least twelve months from when the financial statements are authori5¢d for issue. Our responsibilities and the responsibilities of the trustees with respect Io 80ing concern are d¢s¢ribed in the relevant sections of this report.
LPW LIMtTED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LPW LIMITED YEAR ENDED 31 DECEMBER 2025 OTHER INFORMATION The other information comprises th¢ information included in the annual repor( other than the financial statements and our &udilor's report thereon. The trustees are responsible for the other infotination. Our opinion on the financial statements does not cover the other inforniation and. except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In conneclion with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so, consider whether the other infornjation is materially inconsislent with the financial 51atements or our knowledge obtained in the audit or otherwise appears to be materially tnisstaled. If we identify such material inconsisfrncieg or apparent material misstatements, we are required lo deterniine whether there is a mal¢rial misstatement in the financial statements or a material misstatement of the other inforn)ation. If. based on the work we have perforn)ed, we conclude that there is a material misstatement of this oiher infonnalion, we are required to report that fact. We have nothing to report in this regard. OPINtONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit.. the inforniation given in the trustees, report for Ihe financial year for which the financial statemenls are prepared is consistent with the financial stslements. and the trust¢¢s' report hAS been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In lh¢ light of the knowledse and ttnderstandin8 of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. W¢ hav¢ nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion- adequate accounting rOrdS have noi been kept, or returns adequaie for our audit have not been receiv¢d from branches not visited by us. or the financial statements are not in a8re¢m¢nt with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are nol made. or we have not received all the infomiation and explanations we require for our audit; or the trustees were not entitled lo prepare the financial statements in CordanCe with the small companies r¢gime and take advanla8e of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
LPW LIMITED COMPANY LIMITED B Y GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LPW LIMITED YEAR ENDED 31 DECEMBER 2025 RESPONSIBILITIES OF TRUSTEES As explained tnore fully in Ihe truslees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a trne 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 Ihe financial stalements, the trustees are responsible for assessing the charity's ability to continue as a going ¢on¢ern, disclosing, as applicable, marters r¢lated to going concern and using the going concem basis of accounling unless th¢ trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. AUDITOR'S RESPONStBILITtES FOR THE AUDIT OF THE FINANCiAL STATEMENTS Our objectives are to obtain reasonable gssurance about whether the financial statements as a whole are free from material tnissiatemenl, whether due to fruud 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 thul audit conducled in accordance with ISAS (UK) will always detect a material misslat¢m¢nt when il exists. Misstatrments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expecled to influence the economic decisions of user5 taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance wilh law5 and regulations. We design procedures in line with our responsibilities, ouilin¢d above, to detect material misslaiemenls in respect of irregularities, including fraud. The extent to which our procedures are Capable of detecting irregularities, including fraud is detailed below.. We obtained an understsnding of the legal and tEgulatory frameworks that are applicable lo the company? and d¢l¢rniin¢d that the most relevant to Ihe presentation of the financial slalement5 are those thal relate to the reporting l¢gislation (UK GAAP and the Companies Act 2006), the relevant tsx regulations in the United Kingdom, the Landlord And Tenant Aet, the UK General Data Protection Re8ul&tion (GDPR), Health & Safety Regulations and the Bribery Act. W¢ understood how Ihe company is complying with those frameworks through discussion with the Iru5tee5 and senior management, and by identifying the company's poli¢ies and procedures regarding compliance with laws and regulations. We also identifia those meTnbers of management who have the primary resw>nsibility for ensuring compliance with laws and re8ulations, and for reporting any known instances of non-cotnplianc¢ lo the trustees. We ¢ommuni¢8ted these identified frameworks among51 our audit team and remained alert to any indications of non-compliance throu8hout the audit. We ensured that the engagement team had sufficient competence and capability to identify or re¢o8nise non-compliance with laws and regulations. We discussed with the trustees and senior management the policies and procedures regarding compliance with these legal and regulatory frarnewot*s. We assessed the susceptibility of ihe company's financial stalements to material misstatement. including how fraud might occur, by reviewing the company's identified risks and enquiry with the trnstees senior management during the planning and finalisalion phases of our audit. The susceptibility to such material mis5tatemeni was deterniined to be low.
LPW LIMITED COMPANY LIMITED B Y GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LPW LIMITED YEAR ENDED 31 DECEMBER 2025 Based on this understanding we designed our audit procedures to identify non•COtnpliance with th¢ identified legal and regulatory frdmeworks. which were part of ovr procedures on the relaied financial Stament items. Our procedures included revi¢wing the company's internal controls policies and procedures, reviewing the minutes of board meetings and coeSpOndence with regulatory bodies including HMRC, testing transactions outside the nornial course of Ihe business and journal entries. and discussions with the trustees and senior management. Owing to Ihe inhereni limitations of an audit. there is an unavoidable risk that we may not have detected soine material misstatements in the financial statements. even though we have properly planned and perfornied our audit in accordance with auditing standards. For ¢x2mple, the further removed non-compliance with laws and regulations (irregularities) is from the evenls and transactions reflccted in the financial slalements. the less likely the inherently limited proc¢dur¢s required by auditin8 Standards would identify it. In addition. as with any audit. there retnained a higher risk of non-deteclion of irregularities. as these may involve collusion, forgery, intentional omissions. misrepresentalions, or the override of internal controls. We are not responsible for pr¢venting non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an uudit in accordance with ISAS (UK), we exercise professional judgment and maintain professional s¢¢pticism throughout the audit. We also.. Identify and assess the risks of material misstatwnent of the financial statements, whether due to Iraud or error, design and perfom audit procedure5 responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detectin8 a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inlentional omissions. misrepresenlalions, or the Oveide of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effecliveness of the internal Control. Evaluate the appropriateness of accounlirtg policies used and the reasonableness of accounting ¢stimates and related dilosUreS made by the trusiees. Conclude on the appropriateness of the trustees, use of the going con¢¢rn basis of accounting and, based on the audit evidence obiained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue a5 a going concern. If we conclude that a material uneertainty exists. we are required to draw attention in our audilor'5 report to the rel8t¢d disclosures in the financi81 statements or. if such disclosures are inadequate, lo modify our opinion. Our ¢on¢lusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cea5¢ to continue as a going concern. Evaluate the overall presentation, structure &nd content of the financial statements, including the disclosures, and whether the financial stat¢m¢nls represent the underlying transactions and events in a manner that Achieves fair presenlation.
LPW LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDitTOR'S REPORT TO THE MEMBERS OF LPW LIMITED (cmiinried) YEAR ENDED 31 DECEMBER 2025 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significani d¢fi¢i¢ncies in internal control that w¢ id¢ntify duriThg our audit. USE OF OUR REPORT This report is made solely to the charity's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work h&$ been undertaken so that we might state to the charity's members those matters we are required to st&t¢ to them in an auditols rewirt and for no other purpose. To the fullest extent pern)itt¢d by law. we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body. for our audit work. for this reporL or for the opinions we have fomed. ID LDBERG FCA (SENIOR STATUTORY AUDITOR) or and on behalf of Cohen Arnold Chartered Accounthnts & StAtOry Auditor New Burlington House 1075 Finchley Ro&d London NWII OPU 16 July 2026
LPW LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES {ITrICLUDING INCOME AND EXPENDITURE ACCOUWt) YEAR ENDED 31 DECEMBER 2025 2025 Unrestricted funds Total funds Total funds 2024 Note INCOME AND ENDOWMENTS Donations and legacies Inveslment income 87,965 2.029,092 2.117.057 87,965 2.029,092 4.897,128 1,674,867 TOTAL INCOME 2,117,057 6.571,995 EXPENDITURE Exp¢ndilure on raising funds.. Investment management costs Exp¢nditure on charilablc activities TOTAL EXPENDITURE (740.004) (740,004) (792,665) (751.222) (751,222) (706,927) (1.491,226) (1,491,226) (1.499,592) &7 NET INCOME AND NET MOVEMENT IN FUNDS 625.831 625,831 5,072.403 RECONCILIATION OF FUNDS Total funds brought foriward TOTAL FUNDS CARIUED FORWARD 31,704.140 31,704,140 26,631,737 32.329,971 32,329.971 31,704,140 The slatement of finAnci818ctivities includes all gain5 and losses recognised in the year. All income and expenditure derive from continuing activities. The note5 on pages 13 to 20 form part of thes¢ finan¢lal ststement 10
LPW LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2025 2025 2024 Iyote FIXED ASSETS Inv¢stm¢nts 12 35,140,671 34,595,463 CURRENT ASSETS Debtors Cash at bank and in hand 13 232.749 1.996.518 140,189 2.007.836 2.229.267 2,148.025 CREDITORS: amounts fAlllng due wlthin one yeAr NET CURRENT LIABILITIES 14 (5,039,967) (39,348) (2,810,700) 2.108,677 TOTAL ASSETS LESS CURRENT LIABILITILS 32.329.971 36,704.140 CREDITORS: amounts f4llin% due after more ¢hAn one yegr 15 (5.000,000) 31,704,140 NET ASSETS 32,329.971 FUNDS OF THE CHARITY Unresiricled funds 32,329,971 32,329,971 31.704.140 TOTAL CHAIUTY FUNDS 16 31,704.140 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial stalemenis. were approved by the board of trustees and authorised for i55u¢ on 16 July 20 , and are signed ort behalf of ihe board by.. MRRR I'ruste¢ SENTHAL The notes on poges 13 t• 20 form part Of these financial stAteTheDts.
LPW LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2025 2025 2024 CASH FLOWS FROM OPERATING ACTivfTIES Net income 625,831 5.072.403 Adjuslmenlsfvr." Divid¢nd% interest and rents from investtnents Other interest receivable and similar income Accrued expenses Non-cash donaled a55et (1,281,569) (873,005) (7,519} (9,197) 4.545 3,527 (4.700,000) (658,712) (506.272) 7.519 9.197 (651,193) (497.075) Cash generated from operations Interesl received Net cash used in operatin8 aciivities CASH FLOWS FROM INVESTING ACTtVITIES Dividends. inl¢resl und rents from investm¢nts Purchases of other investments Changes in trade and other debtors Changes in trade and oiher creditors Net cash from investing activities 1.281.569 (545,208) (92,560) (3.926) 639.875 873.005 (38.119) 80,174 15.009 930.069 NET (DECREASE)IINCREASE IN CASH AND CASH LQUIVALENTS CASH AND CASH EoifivALENTS AT BEGllYNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR (11,318) 2,007,836 432.994 1,574,842 2,007,836 1,996,518 The notes on pages 13 to 20 form pllrt of thest finAncial st*tements. 12
LPW LIMITED COMPANY LIMITED BY GUARANfEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 GENERAL INFORMATION The Charity is a public ben¢fit entity and a private company limited by guarantee. registered in England and Wales and a re8lStered charity in Engl&nd and Wales. The address of the registered 01¢¢ is New Burlington House. 1075 Finchley Road, London. NWI I OPU. STATEMELYf OF COMPLIANCE These financial statements hav¢ been prepared in complianc¢ with FRS 102, 'The Financial Reporting Standard appli¢obl¢ in ihe UK and the Republic of Ireland,. the Stalem¢nt of Recommended Practice applicable lo charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) Bulletin l and the Charitie5 Act 2011. ACCOUNTING POLICIES B*sig of preparation The financial slat¢ments have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure. The financial slatemenls are prepared in sterling. which is the functional currency of the entity. Going concern The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the trnslees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the charity and 8vail&ble sources of finance. Judgements And key 8our¢es of estimation uncertainty The prepardtion of the financial statements requires managemenl lo make judgements. ¢5timates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed And are based on experience and oiher factors. including expectations of fiitiir¢ events that are believed lo be reasonable under the circumstances. Judgements made by the directors in the application of these accovntirkg policies that have signifi¢ant effect on the financial statements and estimates with a si8nificant risk of material adjustment in the next year are as follows.. (i) Propety valuation The valuation of the Company's investment property 15 inherently Subjective. depending on many factors including the nature of the property. its location and expected future net rental values. market yields and comparable markd trans&ctions. Therefore, the valuation is subject lo a degree of uncertainty and is made on the basis of assumptions which may not prove to be Qurate, particularly in periods of ditTicult market or economic conditions. (li) Trade and other debtors Management use5 details of the age of trade and other debtors and the status of any disputes together wtth external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value. 13
LPW LIMITED COMPAIYY LIMITED BY GUARAKfEE NOTES TO THE FINANCIAL STATEMENTS {co•flwied) YEAR ENDED31 DECEMBER2025 ACCOUNTING POLICIES IcoKllTh#ed) TaxAtion The charity is not liable to direct taxation on its income or gains, whether realised or noL as il falls within the various exemptions liable lo r¢gisler¢d charities. Accordingly. the charity does not recognise any defetTed tsx liability on propety revaluations as no tax would be due in the event of a disposal as the charity would benefit from the relevant exemption& as il will llpply all funds for qualifying charitable purposes. Fund accounting Unreslricted funds availabl¢ for use at the dIretIon of the trustees to further any of the charity's purp05es. Designated funds are unrestricted fvnds earmarked by the Iruslees for a p&rticular future project or commitment. There are no design8l¢d funds as at the Balance Sheet date. Restricted funds are subjected to restriction5 on their expenditur¢ d¢¢lared by the donor or Ihrou8h the terms of an appeal. and fall into one of two sub-classes.. restricted income fund5 or endowment fund5. There are no Restricted Funds as at the Balance Sheet date. Incoming r¢$ourceg All income is included in the slat¢ment of financial activities when entitlemeni has passed to the charity. it Is probable that the economic benefits associated with the transaction will flow to the charity And the amount can be reliably m¢asured. Income from donations or grants is r¢¢oBlli5ed when there is evidence of entitlement lo the gift, receipt is probabl¢ 8nd its amount can be measured reliably. Regources expended Expenditure is r¢cognised on an accruals basis a5 a liability 15 incurred. Expenditure includes any VAT which cannol be fully recovered, and is classified under headings of the statement of financial activities to which it relates: Expenditure on raising funds includes the costs of all fundraising activities. evenl8, investment management costs, non-eharitable trading activities. and the sale of donated goc>ds. Expenditure on charitable activilies includes all costs incurred by a charity in undertaking a¢tivities that further its charitable &im8 for the benefit of its beneficiaries, including those support Costs and costs relatin8 to the governance of the charity apportioned to charitable activities. Gran¢s payable Grants payable are charged to the statement of financial activities once the charity has made a commitment to pay the grant and this has been comtnunicated to the beneficiary or the grant has been paid, whichever is earlier. Governanee costs Governance costs in¢lud¢ the cost of the preparation and audit of the finaTJcial stalemenls 8nd the osl of any legal advice to the trustee5 on governance or constitutional matter5. 14
LPW LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS ( YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (eoniifv4e Tangible assets Tangible assets are iiiitially recorded at cost, and subsequently 51at¢d at cost less any accumulated depreciation and impainnent losses. Depreciation Depreciation 15 calculated so as to write off the cost or valuation of an asset. less its residual value. over the useful economic life of that asset 8s follows.. Fixtures and fittings 250/0 reducing balance Investmen¢ property Investment properties are properties which are held eith¢r to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition: Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arisin8 from changes in the fair value are recognised in the profit and105s account in the period that they arise. and No depreciation is provided in respect of investment properties applyin8 the fair value model. Investment property fair valu¢ 15 detemjined by the dirtOrS based on their understanding of property market conditions and the specific property concerned. using 8 sales valuation approach, derived from recent comparable transactions on the markeL adjusted by applying discounts to reflect status of occupation and condilion. Acqulsilions and dlsposais of properties Acquisitions and disposals are conSided to have tsken place at the date of legal completion and are iii¢luded in the financial statements accordingly. FlnAnclAI instruments A financial ass¢t or a financial liability is recognised only when the entity boMe9 a party to the contractual provisions of the instrument. Basic financial instrLllnenls are initially recognised al the amount receivabl¢ or payable including any related transaction costs. unless the arrangement constitute5 a finan¢in8 transaction, where il is recognis¢d al th¢ present value of the future payments discounted ai a market rale of interest for a similar debt instrument. Current assets and current liabilities are 5ubsequ¢ntly measured at the cash or other consideration expected to be paid or Teceived and not discounted. Debt instruments are subsequently measured at amortised cost. Is
LPW LIIVAITED COMPANY LIMITED BY GUAIL4NTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (coNliMued) FlnAneial ins¢ruments (¢oNfity¥ed) Financial asts that are measured at COSt or amortis¢d cost are reviewed for objective evtdence of impairnient at the end of each reporting date. If there is objective evidence of impairni¢nL an impairn]¢nt loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Any reversals of impairnienl are recognised immediately. lo the extent thAt the reveal does not result in a carrying amount of the financial asset thai exceeds what the carrying amount would have been had the impairment not previously been recognised. LIMITED BY GUARANTEE LPW Limited is a company limited by guorantee. The liability of each member in the event of winding up is limited to £1. DONATIONS AND LEGACIES Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 DONATIONS Donations received 87,965 87,965 4,897,128 4.897.128 EXPENDITURE ON CHARITABLE ACTTVITIES BY FUND TYPE Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 Donations paid Support costs 731.630 19.592 731,630 19,592 691.020 15.907 691,020 15,907 706,927 751,222 751,222 706.927 16
LPW LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEKfs (Con¢ YEAR ENDED 31 DECEMBER 2025 EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Grant funding of activities Support cost$ Total funds 2023 Total fund 2024 Donations paid Governance costs 731,630 731,630 19,592 751.222 691,020 15,907 19.592 731,6JO 19,592 706,927 Includd in donations paid are grants made to th¢ following institutions.. Keren Habinyan Limited CMZ Ltd British Friends of Chatzer Hakodesh Viznitt Mercaz Chasidei Wiznitz Trust Kehal Chasid¢i Wiznitz Limited Keren Y¢didei Bels Viznilz Lid Rise and Shine Hendon Adath Yisroel Congregation Kupaih Gemach Trust Lubavitch Liverpool Less than £20.000 200,000 i 00.000 72,000 41.000 40.000 36.000 36.000 30,000 25,000 20,000 131,630 Totsl 731.630 Analys18 of Grants to lnjtltutio. Advancement of the Jewish religion Advancement of education Relief of poverty Other general charitable puose$ 147,000 141,800 239,180 203,650 Total 731.630 ANALYSIS OF SUPPORT COSTS Support costs Totydl 2025 Total 2024 Governance cost5 19,592 19.592 15,907 NET INCOME Net income is stated after chArgingl(crediling)'. 2025 2024 Fees payable for the audit of the financial stat¢m¢nts 10,800 10.501 17
LPW LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 10. TRUSTEE REMUNERATIOLY AND EXPENSES The charity has no staff other than the trustees all of whom giv¢ firely of their time and expertise without any forni of remuneration or other benefit in cash or kind. The charity did not meel any expenses incurred by the trnstees for services provided to the charity. I I. T ANGIBLE FIXED ASSETS Fixtures fdnd fIttI@S Cost At l JanuAry 2025 And 31 December 2023 Depreclatloll At l Janu8ry 2025 and 31 December 2025 Carrying amount At31 December 2025 28,986 28,986 At 31 December 2024 12. INVESTMENTS Investment propertles Falr VAlue At l January 2025 Additions 34,595,463 545.208 At 31 December 2025 35,140,671 Carrying amount At 31 December 2025 35,140,671 At 31 December 2024 34.595,463 All investments shown above are held at valuation. Investment properties The charity's irtvestmenc properties were valued by the trustees as at 31 De£¢mber 2025 based OT] professional valuations carried out in May 2023 by CBRE. which were carried out in Aeeordance wilh the RICS Appraisal and Valuation Stsndards, and 1h¢ trustee5' understanding of property market conditions and the specific properties concerned. In accordance with the Charity's stated accounting policy (see note 3) no depr¢cialion has been provided in respecl of the freehold properties which are held for investment puryoses. The historical cosi of the properties is £20.901,758 (2024.. £20,356,550). 18
LPW LIMITED COMPANY LIMITED B Y GUARANfEE NOTES TO THE FINANCIAL ST ATEMENTS {conllnMedJ YEAR ENDED 31 DECEMBER 2025 13. DEBTORS 2025 2024 Trade debtors Prepayments and accrned income 117,067 115,682 232,749 54,775 85,414 140.189 14. CREDITORS: amounts filllng due within one year 2025 2024 Bank loans and overdrafts Trade credilors Accruals and defenyd income Social Security and other t&x¢s 5.000.000 541 38.716 710 527 34,171 4,650 39,348 5,039.967 The bank loan bears inter¢st at a fixed rate of 3.1570/ts Wlth interest only payments. The loan is repayable in September 2026 and has therefore been r¢rla35ified to amounls falling due within one year. The charity is currently in the process of renewing thc loan for a further 5 years. The bank loan is secured over eertAin of the charity's investment properties. 15. CREDITORS: Amount8 falling due ydfter more ¢han one ye#r 2025 2024 Bank loans and overdrhfts 5,000,000 16. ANAL YSIS OF CHARITABLE FUNDS Unrestricled funds Ai l January 2025 At 31 December 2025 Income Expenditure General funds 31.704.140 2,117,057 (1,491.226) 32.329.971 At l January 2024 At 31 D¢tber Income Expenditure 2024 General funds 26,631,737 6,571,995 {1,499,592) 31,704,140 19
LPW LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (wwlnvd) YEAR ENDED 31 DECEMBER 2025 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Total Funds Funds 2025 Inv¢stments Cuffenl assets Creditors less than l year Creditors greater than l year Net aissets 35.140,671 35,140.671 2229,267 2,229,267 (39,967) (39.967) (5,000.000) (5,000.IM)O) 32,329,971 32.329.971 Unrestricted Total Funds Funds 2024 lrtvestments Current assets Credttors less than l year Creditors greaier than l year Net a58ets 34,595,463 34.595,463 2,148,025 2,148,02S (39.348) (39,348) (5,000,000) (5,000,000) 31.704,140 31.704.140 18. ANALYSIS OF CHANGES IN NET DEBT Ai At l Jan 2025 Cash flows 31 De¢ 2025 Cash at bank and in hand Debi due within one yr Debi due after one year 2,007,836 (11,318) 1,996.518 (5.000,000) (5,000,(K)o) (5,000.000) 5,000.000 (2,992,164) (11.318) (3,003,482) 19. RELATED PARTIES During the year donations in aggregate of £87.965 were received from a Charity which has tnJ5tees connected with the trustees of the charity. No other transactions with related parttes were undertaken such as are required to be disclosed under FRSIO2. 20