2021-03-31-accounts - Delapage Limited

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				Page
Reference and Administrative		Details ofthe Company,	its Trustees and Advisers
Trustees' Report				2- 10
Independent	Auditors' Report	on the Financial Statements		11 - 14
Consolidated	Statement of Financial Activities			15
Consolidated	Balance Sheet			16
Company Balance Sheet				17
Consolidated	Statement ofCash Flows			18
Notes to the	Financial Statements			19-34

Year	Awardee			Award	Paid	Accrued	Total
							accrued
2018/19	Yeshivo Ketano Gateshead			E300,000	EO	E300,000
	Side-by-Side			E150,000	EO	E150,000
	Heichal Haotoroh			E100,000	E65,000	E65,000
	Grants &E100,000	(2)		E115,000	E50,000	E65,000	E550,000
2019/20	NWLSPC			E2,525,540	E1,394,799	E1,130,741
	Nezer Hatoroh			E200,000	EO	E200,000
	BnosManchester			E135,000	EO	E135,000
	Hatzola Edgware			E132,000	E35,000	E97,000
	BaisHatalmud			E100,000	EO	E100,000
	Grants &E100,000	(12)		E484,600	E60,600	E424,000	E2,086,741
2020/21	NWLSPC			E2,198,436	E774,337	E1,424,099
	Gateshead Jewish Primary School			E600,000	EO	E600,000
	Bnos Devorah			E430,000	EO	E430,000
	Torah Umesorah Teachers Centre London			E360,000	EO	E360,000
	Pardes House Primary Kindegarten		re	E330,000	EO	E330,000
	Ateres High School			E265,000	EO	E265,000
	Yesodai Hatorah School Jewish Day Manchester			E250,000	EO	E250,000
	Me'or High School			E225,000	E75,000	E150,000
	ChildrenAhead			E210,000	E45,000	E165,000
	Hasmonean High School (Boys)			E200,000	E120,000	E80,000
	Menorah Foundation			E200,000	EO	E200,000
	Bais Soroh Schnirer	NWL		E160,000	E60,000	E100,000
	Ateres Elisheva			E150,000	EO	E150,000
	Yeshivas Ohr Chodosh			E125,000	EO	E125,000
	Bnos Bais Yaakov Kinsbury			E100,000	EO	E100,000
	Gateshead Mikve			E100,000	EO	E100,000
	Sha'arai Torah			E100,000	EO	E100,000
	Grants &E100,000	(13)		E558,500	E89,325	E469,174	E5,398,273
					Total Accrual		E8,035,014

Th	e following sub-committees are in place:	e following sub-committees are in place:
1.	Regulation & compliance		R Kaufman,	D	Goldberg
2.	Finance		D Goldberg,	R	Kaufman
3.	Awards/Education		A C Becker,	D	Goldberg
4.	Awards/Community	Service	R Kaufman,	M	I Frenkel
5.	Awards/Torah		R Kaufman,	M	I Frenkel
6.	Awards/Manchester		C Kahn

				Unrestricted	Total	Total
				funds	funds	funds
				2021	2021	2020
			Note	E	E
INCOME FROM:
Property rental and investment		actiwties	3	4,177,426	4,177,426	4,580,264
Investment income			4	10,918,270	10,918,270	8,636,519
Exceptional items				3,714,164	3,714,164	2,626,886
TOTAL INCOME				18,809,860	18,809,860	15,843,669
EXPENDITURE ON:
Raising funds:
Property rental and investment		actiwties		2,627,141	2,627,141	2,045,842
Administrative and finance	costs			395,707	395,707	245,259
Governance				121,349	121,349	206,007
Chantable activities:
Expenditure on chantable	actiwties			8,022,762	8,022,762	7,765,299
TOTAL EXPENDITURE				11,166,959	11,166,959	10,262,407
NET INCOME BEFORE NET LOSSES ON INVESTMENTS				7,642,901	7,642,901	5,581,262
Net losses on investments				(9,827)	(9,827)
NET INCOME BEFORE TAXATION				7,633,074	7,633,074	5,581,262
Taxation			11	(276 784)	(276 784)	190749
				7,356,290	7,356,290	5,772,011
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward				88,269,909	88,269,909	82,497,898
Net movement in funds				7,356,290	7,356,290	5,772,011
				95,626,199	95,626,199	88,269,909
TOTAL FUNDS CARRIED	FORWARD
The notes on pages 19to 34 form part ofthese financial			statements.

		CONSOLIDATED	CONSOLIDATED	BALANCE SHEET
		AS AT	31	MARCH 2021
				2021		2020
		Note		6
FIXEDASSETS
Investment properties		12		63,763,299		50,108,643
Investments		13		26,627,826		'11,889,950
				80,391,225		61,998,593
CURRENT ASSETS
Debtors: amounts	falling due after more
than one year		14		550,000	5,000,000
Debtors: amounts	falling due within	one
year		14		2,637,928	2,285,536
Cash at bank and	in hand		25,146,060		28,973,626
			28,333,988		36,259,162
Creditors: amounts	falling due within one
year		15		(9,416,759)	(6,581,466)
NET CURRENT ASSETS				18,917,229		29,677,596
TOTAL ASSETS	LESSCURRENT
LIABILITIES				99,308,454		91,676,289
Deferred tax				(3,682,255)		(3,406,380)
NET ASSETS				95,626,189		88,269,909
Total funds		17		95,626,199		88,269,909
TOTAL FUNDS				95,626,199		88,269,909

	FOR THE YEA	R END	ED 31 MARCH	2021
					2021	2020
				Note	E
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash (used in)/provided by operating activities				18	(2,012,432)	8,859,996
CASH FLOWS FROM INVESTING	ACTIVITIES
Proceeds from the sale oftangible	fixed assets				378,844	2,284,582
Purchase oftangible fixed assets					(1,403,797)	(156,688)
Proceeds from sale of investments					2,165,701
Purchase of investments					(7,105,882)
NET CASH (USED IN)/PROVIDED	BYINVESTING ACTIVITIES				(5,965,134)	2,127,894
CASH FLOWS FROM FINANCING	ACTIVITIES
Repayments of borrowing received					5,000,000
New loans provided					(850,000)
NET CASH PROVIDED BYFINANCING ACTIVITIES					4,150,000
CHANGE IN CASH AND CASH EQUIVALENTS		IN THE	YEAR		(3,827,566)	10,987,890
Cash and cash equivalents at the beginning ofthe year					28,973,626	17,985,736
CASH AND CASH EQUIVALENTS	AT THE END	OF THE YEAR		19	25,146,060	28,973,626
The notes on pages 19to 34 form	part ofthese financial		statements

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
		E	E
Rent receivable		4,177,426	4,177,426	4,580,264
Cost ofsales		(2,627,141)	(2,627,141)	(2,045,842)
Net income from property activities	rental and investment	1,550,285	1,550,285	2,534,422

			Unrestricted	Total	Total
			funds	funds	funds
			2021	2021	2020
			E	E
Bank and	other interest	receivable	10,871,164	10,871,164	8,624,668
Dividends	received - listed investments		47,106	47,106	11,851
			10,918,270	10,918,270	8,636,519

					Unrestricted	Total	Total
					funds	funds	funds
					2021	2021	2020
					E	E
Net	profit	on disposal	of investment	properties	263,396	263,396	1,706,388
Fair	value	movement	on investments		3,450,768	3,450,768	920,498
					3,714,164	3,714,164	2,626,886

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
		E	E
Administrative	expenses	395,707	395,707	245,259

				Unrestricted	Total	Total
				funds	funds	funds
				2021	2021	2020
				E	E
Auditors'	remuneration		(Chanty)	12,960	12,960	13,080
Legal and professional			fees	45,105	45,105	117,234
Intenm	Managers'	fees	and expenses			901
Staff salanes				50,000	50,000	40,000
National	Insurance			5,584	5,584	26,914
Insurance				3,814	3,814	3,814
Other costs				3,886	3,886	4,064
				121,349	121,349	206,007

				Grants to	Total	Total
				Institutions	funds	funds
				2021	2021	2020
				E	E
Grants awarded		to other chanties		8,022,762	8,022,762	7,765,299
AUDITORS'	REMUNERATION
						As restated
					2021	2020
					E
Fees payable	to	the Group's	auditor for the audit ofthe Group's	annual
accounts					12,960	13,080

				Group	Group	Company	Company
				2021	2020	2021	2020
				E		E
Wages and	salanes			120,000	96,316	50,000	40,000
Social secunty costs				10,032	15,816	5,584	19,821
Contnbution	to defined	contnbution	pension
schemes				1 312	438
				131,344	112,570	55,584	59,821

	Group	Group
	2021	2020
Trustees
Directors
	8	7

				2021	2020
				E
CORPORATION TAX
UK corporation tax charge		on surplus	for the year	909
TOTAL CORPORATION		TAX		909
DEFERRED TAX
Ongination and reversal	of timing differences (see note 16)			275,875	(190,749)
TOTAL DEFERRED TAX				275,875	(190,749)
TAX ON SURPLUS ON	ORDINARY		ACTIVITIES	276,784	(190,749)
FACTORS AFFECTING	TAX CHARGE FOR THE YEAR

UK of19%(2020- 19	%	).Th	e differen	ces are explained	below:
						2021	2020
						E
Net income before tax						7,633,074	5,581,262
Net income multiplied	by the		standard	rate ofcorporation	tax in the UK of19
(2020 - 19%).						1,450,284	1,060,440
EFFECTS OF:
Expenses not deductible		for	tax purposes			84,792	59,955
Profit on sale offixed assets			not taxable			(50,045)	(324,214)
Capital gains						16,065	429,274
Non-taxable income						(1,705,901)	(1,432,345)
Creation oftax losses							588
Utilisation oftax losses						(588)
Spreading following transition			to FRS	102		206,302	206,302
Deferred tax						275,875	(190,749)
TOTAL TAX CHARGE	FOR		THE YEAR			276,784	(190,749)

			Long term
		Freehold	leasehold
		investment	investment
		properties	properties	Total
		E	E	E
COST OR VALUATION
At 1 Apnl 2020		46,657,520	3,451,123	50,108,643
Additions		1,403,797		1,403,797
Disposals		(251,103)		(251,103)
Revaluation	on disposals	135,655		135,655
Revaluations		2,366,307		2,366,307
At 31 March	2021	50,312,176	3,451,123	53,763,299
NET BOOK	VALUE
At 31 March	2021	50,312,176	3,451,123	53,763,299
At 31March	2020	46,657,520	3,451,123	50,108,643

			Unsecured
		Listed	subordinated
		investments	loan notes	Total
GROUP		E	E	E
COST OR VALUATION
At 1 Apnl 2020		613,111	11,276,839	11,889,950
Net present	value movement		9,723,161	9,723,161
Net receipts	in the year		(1,000,000)	(1,000,000)
Revaluations		1,084,461		1,084,461
Disposals		(2,175,528)		(2,175,528)
Additions		7,105,882		7,105,882
At 31 March	2021	6,627,926	20,000,000	26,627,926

	Shares	in
	group		Listed
	undertaking		investments	Total
COMPANY		E	E	E
COST
At 1 Apnl 2020	202			202
Revaluations			327,673	327,673
Disposals			(2,175,528)	(2,175,528)
Additions			7,105,882	7,105,882
At 31 March 2021	202		5,258,027	5,258,229

Names					Company	Registered office	or principal	or principal	Principal	activity	Holding	Included
					number	place of business						consolidation
Twinsectra	Limited				01226586	28 The Ridgeway,	London,	NW11	Property	investment	100%	Yes
						8TB
Haysport	Properties		Limited		01360843	28 The Ridgeway,	London,	NW11	Property	investment	100%	Yes
						8TB
Borehamwood		Property		Limited	12230858	28 The Ridgeway,	London,	NW11	Property	investment	100%	Yes
						BTB

Twinsectra	Limited
Haysport	Properties	Limited
Borehamwood Property			Limited

Income	Expenditure	Profit for	Net assetsl
E	E	the year	(liabilities)
		E	E
9,242,105	(2,354,596)	6,887,509	26,934,816
9,141,305	(2,727,133)	6,414,172	48,355,335
18,550	(11,584)	6,966	(7,919)

			Group	Group	Company	Company
			2021	2020	2021	2020
			E		E
DUE AFTER	MORE THAN ONE YEAR
Other debtors			550,000	5,000,000	550,000
			Group	Group	Company	Company
			2021	2020	2021	2020
			E		E
DUE WITHIN	ONE YEAR
Trade debtors			536,777	401,473
Amounts owed by group		undertakings			11,399,454	11,361,803
Other debtors			851,341	784,006	300,000
Prepayments	and accrued income		1,249,810	1,100,057	383,469	559,931
			2,637,928	2,285,536	12,082,923	11,921,734

			Group	Group	Company	Company
			2021	2020	2021	2020
			E		E
Trade creditors			201,360	81,931
Corporation	tax		909
Other creditors			289,629	233,577	100	100
Accruals and	deferred	income	889,246	906,690	12,960	12,540
Accruals for	grants awarded		8,035,615	5,359,268	8,035,615	5,359,268
			9,416,759	6,581,466	8,048,675	5,371,908

GROUP
		2021	2020
		E
At the beginning	ofthe year	3,406,380	3,597,129
Charged/(credited)	to profit and loss	275,875	(190,749)
		3,682,255	3,406,380

The provision	The provision	for deferred	taxation	is made
					Group	Group
					2021	2020
					E
Revaluation		of investment	properties		2,856,869	2,374,872
Spreading	oftax on FRS		102transitional	adjustment	825,386	1,031,508
					(3,682,255)	(3,406,380)

								Balance at
		Balance at 1					Gains/	31 March
		April 2020	Income	Expenditure		Taxation	(Losses)	2021
		E	E		E	E	E	E
Total	funds	88,269,909	18,809,860	(11,166,959)		(276,784)	(9,827)	95,626,199

			Balance at
Balance at			31 March
1 April 2019	Income	Expenditure	2020
82,497,898	15,843,669	(10,071,658)	88,269,909

												Group	Group
												2021	2020
												E
	Net (expenditure)hncome			for the	year	(as	per	Statement		of	Financial
	Actiwties)											7,356,290	5,772,011
	ADJUSTMENTS FOR:
	(Increase)/decrease		in debtors									(52,393)	4,080
	Increase in creditors											3,111,168	1,474,470
	Profit on disposal	of	fixed	asset investments								(253,569)	(920,498)
	Revaluation / net present			value movement		on	investment		properties		and
	investments											(12,173,928)	2,529,933
	NET CASH (USED		IN)/PROVIDED		BYOPERATING ACTIVITIES							(2,012,432)	8,859,996
19.	ANALYSIS OF CASH AND CASH				EQUIVALENTS
												Group	Group
												2021	2020
												E
	Cash in hand											25,146,060	28,973,626

Group		Group
2021		2020
E
25,146,060	28,	973,626

						At 1 April		At 31 March
						2020	Cash flows	2021
							E	E
						E
Cash	at	bank	and	in	hand	28,973,626	(3,827,566)	25,146,060
						28,973,626	(3,827,566)	25,146,060