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2025-05-31-accounts

REGISTERED COMPANY NUMBER: 10171387 (England and Wales) REGISTERED CHARITY NUMBER: 1174404

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2025

FOR

CHABAD LUBAVITCH OF BRISTOL

Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE

CHABAD LUBAVITCH OF BRISTOL

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2025

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Statement of Financial Position 8 to 9
Notes to the Financial Statements 10 to 16

CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st May 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Page 1

CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2025

OBJECTIVES AND ACTIVITIES

Activities and Achievements

Chabad of Bristol serves as a community resource centre for Jewish students and the wider Jewish community in Bristol and across the South West. In planning and delivering the activities outlined below, the trustees have had due regard to the Charity Commission's guidance on public benefit and are satisfied that the charity's programmes advance Jewish education, religious practice and community cohesion for the benefit of the public.

Religious Services and Education

Throughout the year, the charity delivered weekly educational programmes for children, students and adults. These included structured classes, study groups and discussion-based learning opportunities designed to promote knowledge and understanding of Jewish faith, heritage and practice.

Regular Shabbat services, communal meals and festival programmes were held, providing accessible opportunities for individuals and families to participate in Jewish religious life. These activities support spiritual wellbeing, reduce social isolation and strengthen community cohesion.

Online learning platforms continued to extend the charity's reach beyond Bristol, enabling individuals living in more remote areas of the South West to access Jewish education and communal engagement.

Student Engagement - Chabad on Campus

Chabad of Bristol operates as Chabad on Campus for Bristol and the wider South West region, providing religious, educational and pastoral support to Jewish students studying at local universities.

Weekly Shabbat dinners were held throughout the academic year, offering students a welcoming and inclusive environment in which to experience communal Jewish life. These gatherings provide both religious engagement and an important source of peer support for students living away from home.

Weekly courses and discussion-based learning sessions were delivered on campus and at Chabad House, enabling students to explore Jewish thought, ethics and tradition in a structured format.

Pastoral care remains central to the charity's student provision. Care package deliveries and visits were made to students who were unwell or experiencing difficulty, ensuring practical and emotional support when needed.

To assist students in maintaining religious practice, kosher food supplies were made available locally for purchase, addressing limited regional availability.

Temporary sukkot were erected on campuses across the South West during the festival of Sukkot, enabling students to participate in festival observance in an accessible manner.

Students also participated in a European Pegisha Shabbaton, providing opportunities for wider communal engagement, leadership development and connection with Jewish peers from across Europe.

Chaplaincy and Pastoral Support

The charity maintained regular chaplaincy provision in hospitals, prisons and universities across the region. In addition, home visits and care package deliveries were provided to individuals in need of pastoral support.

These services ensure that members of the Jewish community, particularly those who may be vulnerable or isolated, have access to religious guidance, emotional support and practical assistance. The trustees consider this work an important expression of the charity's commitment to community welfare.

Youth Programming

Page 2

CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2025

OBJECTIVES AND ACTIVITIES

The charity expanded its youth provision through a range of educational initiatives designed to provide engaging and accessible Jewish learning opportunities for children of different ages.

Weekly JewQ classes were delivered, offering a structured and enjoyable Jewish educational experience for primary-aged children. Participants also had the opportunity to take part in the JewQ Championship programme, which encourages independent study, confidence and pride in Jewish knowledge within a supportive environment.

A local branch of the international Gan Yisrael network was established, providing a structured summer programme combining recreational activities with Jewish educational content.

In addition, Ganeinu continued to operate as an enriched childcare and early-years provision for pre-school children. It offers a nurturing environment that integrates age-appropriate early learning with Jewish values and traditions, supporting children's social, emotional and educational development.

Collectively, these youth programmes support families within the community, strengthen children's connection to their heritage and contribute to the continuity of Jewish education in the region.

Schools and Interfaith Engagement

School visits led by the Rabbi continued throughout the year in Bristol and surrounding areas. Interactive presentations on Judaism enable pupils to learn directly about Jewish beliefs and practices in an engaging and informative manner.

These visits contribute to interfaith understanding, promote respect for diversity and support wider community cohesion.

Public Events and Regional Programming

Public Chanukah menorah lightings were organised in multiple cities and campuses across the South West. These events are open to the wider public and provide an opportunity to celebrate Jewish culture and tradition in an inclusive and accessible manner.

Regional programming was further developed through additional educational and community events delivered throughout the year. Trustees have continued to explore opportunities to broaden provision for Jewish individuals and families living further afield, including in Devon and Cornwall, in order to improve access to religious and community services.

Demand for the South West Jewish Art Calendar increased during the year, alongside the distribution of seasonal educational publications produced for the major Jewish festivals. These materials provide accessible educational content and promote awareness of Jewish traditions and practice.

Collaboration with Bristol Hebrew Congregation

Chabad of Bristol continued to support the Bristol Hebrew Congregation through the provision of ministerial services, educational courses, Cheder teaching and assistance with Jewish holiday events. This collaboration strengthens communal infrastructure and supports continuity of religious provision within the city.

Security and Risk Management

Following a security review of the Chabad House premises, and with the assistance of grants and private donations, a number of physical security enhancements were installed during the year. Trustees regularly review risk and safeguarding arrangements to ensure that the premises remain safe and welcoming for all beneficiaries.

Community Infrastructure - Bristol Mikvah Project

Page 3

CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2025

OBJECTIVES AND ACTIVITIES

The Bristol Mikvah project remains an ongoing priority. Trustees continue to oversee the legal, structural and planning processes necessary to establish a purpose-built Mikvah facility to serve the Bristol and wider South West Jewish community. While progress has taken longer than initially anticipated, regulatory and planning matters are being carefully addressed to ensure the long-term viability and compliance of the project.

Public benefit

The trustees have carefully considered the public benefit requirements and their duty to ensure that they are compliant with them. They feel that the activities as detailed below, more than adequately, satisfy the public benefit requirement.

Volunteers

There were 5 volunteers during the year.

FINANCIAL REVIEW

Financial position

The statement of financial activities show a net surplus for the year of £80,594 (2024 : £133,978). The net reserves of £636,252 ( 2024 : £555,658) will be carried forward to the following year to be used towards the charity's objectives.

Investment policy and objectives

The Memorandum and Articles of Association authorises the Trustees to make and hold investments using the general funds of the charity, as may be thought fit by them subject to any limitations and obligations imposed upon them by the Charities Act 2011 and the Trustee Investments Act 2000.

Reserves policy

The charity's reserves policy is to maintain sufficient reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. As all income is derived from voluntary donations, the trustees review this position on a regular basis.

In view of this the trustees aim to maintain a level of reserves sufficient to meet three months basic operating costs.

Having regard to the above the Trustees are of the opinion that the cash reserves totalling £127,356 held as at the year end would be sufficient to meet three months basic operating costs and, they intend to increase the reserves held in the forthcoming year.

There were no restricted funds as at the year end. The Trustees consider that the present level of reserves and funding is adequate to support the continuing operation of the charity, at current levels.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

All Directors of the company are also Trustees of the Charity, and there are no other Trustees. All of the Trustees named above served throughout the year. The Board has the power to appoint additional trustees as it considers fit to do so.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

10171387 (England and Wales)

Registered Charity number

1174404

Page 4

CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2025

Registered office

7 Unity Street Bristol Avon BS1 5HH

Trustees

Rabbi M M Singer Rabbi P P Efune L Y Cohen

Independent Examiner

Akiva Kahan FCA Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE

Approved by order of the board of trustees on 10th March 2026 and signed on its behalf by:

Rabbi M M Singer - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHABAD LUBAVITCH OF BRISTOL

Independent examiner's report to the trustees of Chabad Lubavitch of Bristol ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st May 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Akiva Kahan FCA

Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE

11th March 2026

Page 6

CHABAD LUBAVITCH OF BRISTOL

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MAY 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Other income
Total
EXPENDITURE ON
Charitable activities
3
Finance costs
Charitable activities
Admin costs
Rent and rates
Accountancy
Total
Net gains/(losses) on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
2025
Unrestricted
fund
£
270,488
3,989
-
274,477
26,888
63,606
43,948
26,812
1,440
162,694
(31,189)
80,594
555,658
636,252
2024
Total
funds
£
253,444
2,034
11,500
266,978
24,738
55,361
(946)
52,487
1,360
133,000
-
133,978
421,680
555,658

The notes form part of these financial statements

Page 7

CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387)

STATEMENT OF FINANCIAL POSITION 31ST MAY 2025

Notes
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Investments
11
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
13
NET ASSETS
FUNDS
15
Unrestricted funds
TOTAL FUNDS
2025
Unrestricted
fund
£
737,664
12,585
33
127,356
139,974
(3,415)
136,559
874,223
(237,971)
636,252
636,252
636,252
2024
Total
funds
£
738,947
8,584
31,178
122,795
162,557
(1,713)
160,844
899,791
(344,133)
555,658
555,658
555,658

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 8

CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387)

STATEMENT OF FINANCIAL POSITION - continued 31ST MAY 2025

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 10th March 2026 and were signed on its behalf by:

M M Singer - Trustee

The notes form part of these financial statements

Page 9

CHABAD LUBAVITCH OF BRISTOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold - Over the period of the lease Plant and machinery - 25% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

continued...

Page 10

CHABAD LUBAVITCH OF BRISTOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025

1. ACCOUNTING POLICIES - continued

Financial instruments

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. INVESTMENT INCOME

INVESTMENT INCOME
2025 2024
£ £
Deposit account interest 3,945 1,837
Interest receivable 44 197
3,989 2,034

3. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Finance costs
Charitable activities
Admin costs
Rent and rates
Accountancy
Direct
Costs
£
-
63,606
17,121
26,812
-
107,539
Support
costs (see
note 4)
£
26,888
-
26,827
-
1,440
55,155
Totals
£
26,888
63,606
43,948
26,812
1,440
162,694

continued...

Page 11

CHABAD LUBAVITCH OF BRISTOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025

4. SUPPORT COSTS

Management
£
Finance costs
-
Admin costs
24,683
Accountancy
-
24,683
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Governance
Finance
costs
£
£
2,474
24,414
-
2,144
-
1,440
2,474
27,998
2025
£
1,283
Totals
£
26,888
26,827
1,440
55,155
2024
£
1,102

5. NET INCOME/(EXPENDITURE)

6. TRUSTEES' REMUNERATION AND BENEFITS

Rabbi Menachem Singer received remuneration totalling £8,450 (2024 : £6,400) from the charity for the provision of non-trustee related services.

The charity made pension contributions of £3,250 on behalf of Rabbi Singer for non-trustee related services.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st May 2025 nor for the year ended 31st May 2024.

7. STAFF COSTS

The average monthly number of employees during the year was as follows:

8.

No of staff
No employees received emoluments in excess of £60,000.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Other income
Total
2025
2024
2
2
Unrestricted
fund
£
253,444
2,034
11,500
266,978

EXPENDITURE ON

continued...

Page 12

CHABAD LUBAVITCH OF BRISTOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Unrestricted
fund
£
Charitable activities
Finance costs 24,738
Charitable activities 55,361
Admin costs (946)
Rent and rates 52,487
Accountancy 1,360
Total 133,000
NET INCOME 133,978
RECONCILIATION OF FUNDS
Total funds brought forward 421,680
TOTAL FUNDS CARRIED FORWARD 555,658

9. TANGIBLE FIXED ASSETS

COST
At 1st June 2024 and 31st May 2025
DEPRECIATION
At 1st June 2024
Charge for year
At 31st May 2025
NET BOOK VALUE
At 31st May 2025
At 31st May 2024
Long
leasehold
£
740,194
1,697
1,171
2,868
737,326
738,497
Plant and
machinery
£
1,703
1,253
112
1,365
338
450
Totals
£
741,897
2,950
1,283
4,233
737,664
738,947

continued...

Page 13

CHABAD LUBAVITCH OF BRISTOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025
£
Other debtors - Mikvah Plan
12,585
11.
CURRENT ASSET INVESTMENTS
2025
£
Funding Circle Ltd
33
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Social security and other taxes
(759)
Credit Card
1,624
Accrued expenses
2,550
3,415
13.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025
£
Bank loans (see note 14)
237,971
14.
LOANS
2024
£
8,584
2024
£
8,584
2024
£
31,178
2024
£
(757)
-
2,470
1,713
2024
£
344,133
2024
£
(757)
-
2,470
1,713

The bank loan is secured by a first charge over the long leasehold property.

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
TOTAL FUNDS
follows:
Incoming
resources
£
274,477
274,477
At 1.6.24
£
555,658
555,658
Resources
expended
£
(162,694)
(162,694)
Net
movement
At
in funds
31.5.25
£
£
80,594
636,252
80,594
636,252
Gains and
Movement
losses
in funds
£
£
(31,189)
80,594
(31,189)
80,594
At
31.5.25
£
636,252
636,252
80,594

continued...

Page 14

CHABAD LUBAVITCH OF BRISTOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS
At 1.6.23
£
421,680
421,680
Net
movement
in funds
£
133,978
133,978
At
31.5.24
£
555,658
555,658

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS
Incoming
resources
£
266,978
266,978
Resources
Movement
expended
in funds
£
£
(133,000)
133,978
(133,000)
133,978
Resources
Movement
expended
in funds
£
£
(133,000)
133,978
(133,000)
133,978
133,978

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS
At 1.6.23
£
421,680
421,680
Net
movement
in funds
£
214,572
214,572
At
31.5.25
£
636,252
636,252

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS
Incoming
resources
£
541,455
541,455
Resources
expended
£
(295,694)
(295,694)
Gains and
Movement
losses
in funds
£
£
(31,189)
214,572
(31,189)
214,572
Gains and
Movement
losses
in funds
£
£
(31,189)
214,572
(31,189)
214,572
214,572

Page 15

continued...

CHABAD LUBAVITCH OF BRISTOL

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2025

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st May 2025.

Page 16