COMPANY REGISTRATION NUMBER: 08016728
CHAIUTY REGISTILITION NUIVIBER: 1148784
LPW LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
31 DECEMBER 2025
COHEN ARNOLD
Charte￿d 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¢ pU￿oSeS 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 rU￿entlY 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 r￿ettUe 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 RELAT￿G 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 r￿OrdS 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 Sta￿ment items. Our procedures included revi¢wing the company's internal controls
policies and procedures, reviewing the minutes of board meetings and co￿eSpOndence 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
Ove￿ide 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 di￿losUreS 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 & StA￿tOry 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
0￿1¢¢ 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 dI￿retIon 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 dir￿tOrS 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 conSide￿d 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 b￿oMe9 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 as￿ts 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 reve￿al 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 pu￿ose$
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￿¢t￿ber
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 y￿r
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