**Registered number: 01360086 Charity number: 276017** ## **DELAPAGE LIMITED** **(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Company, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 7| |**Independent Auditors' Report on the Financial Statements**|8 - 11| |**Consolidated Statement of Financial Activities**|12| |**Consolidated Balance Sheet**|13| |**Company Balance Sheet**|14| |**Consolidated Statement of Cash Flows**|15| |**Notes to the Financial Statements**|16 - 35| ## **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023** ## **Trustees** A C Becker M I Frenkel D Goldberg C Kahn R Kaufman J J Posen **Company registered number** 01360086 **Charity registered number** 276017 ## **Registered office** 28 The Ridgeway London NW11 8TB ## **Company secretary** S H Ollech ## **Independent auditors** Wilder Coe Ltd Chartered Accountants & Statutory Auditors 1st Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL Page 1 ## **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023** The Trustees (who are also directors of the charity for the purposes of the Companies Act 2006) present their Annual Report together with the audited financial statements of the Company, Delapage Limited and its subsidiaries (the 'Group') for the year ended 31 March 2023. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). ## **OBJECTIVES AND CHARITIES** ## **a. POLICIES AND OBJECTIVES** The objectives of the charity are: - the advancement of religion in accordance with the Orthodox Jewish faith; - the advancement of Orthodox Jewish education; - the prevention and relief of poverty; - the advancement of health and provision of accommodation to those who need it by reason of age, ill health, disability, financial hardship or other disadvantage; and - any other purpose that may be regarded as analogous to any of the preceding purposes. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. ## **b. STRATEGIES FOR ACHIEVING OBJECTIVES** The Trustees plan to nurture the asset base held by the three trading subsidiaries and continue charitable distributions in the coming financial year. They have employed suitably qualified personnel and have developed policies for both investment and grant distributions. Regulatory and compliance matters will be treated with the highest priority and appropriate diligent attention. ## **c. GRANT-MAKING POLICIES** The charity advertises its detailed grant making policies on the charity's website (see www.delapage.org/documents). The over-riding objectives of the charity are to sponsor projects that may not be possible without external funding. In addition, the objective is that the projects proposed are creative and target achieving major change. The objectives of the charity is to support the orthodox Jewish community in all its multi-faceted endeavours. The policy guidelines, when met by applicants, ensure that the aims are met. Delapage requires awardees to confirm that the funds are accounted for in strict accordance with the terms of the award contracts entered into between Delapage and the applicants. ## **d. PUBLIC BENEFIT** The Trustees confirm that they have, in the administration of the Charity, paid due regard to the public benefit guidance published by the Charity Commission under section 4 of the Charities Act 2011. Page 2 **DELAPAGE LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **ACHIEVEMENTS AND PERFORMANCE** ## **a. REVIEW OF ACTIVITIES** The holding company of the three trading subsidiaries has continued with its mission of distribution funds to good causes. Despite substantial awards made in the year the valuation of the group assets have reduced by only c.2.5%. This can be attributed to a number of key factors. The trading subsidiaries have achieved a number of revaluations based on planning consents received and refurbishments completed. The loan notes (capital and interest) repayments continue to be settled as they have become due. Finally, the Group diversified their investment strategy and have established a portfolio of financial instruments which have also performed well. The company continues to develop its systems and procedures to ensure rigorous compliance and financial controls. During the year ended 31 March 2023, donations were awarded totalling £8,192,795 ( _2022: £9,625,392_ ). Note 9 includes more detail on the awardees. Accruals for outstanding awards is noted as c. £10.48m ( _2022: £11.82m_ ), which also includes grants outstanding from earlier periods. There are a number of possible reasons why this is the case including:- 1. Timing. Projects are occasionally subject to delay for reasons including securing loan finance, receipt of planning permissions and/or tender quotations. 2. Awards are made in a cycle during the course of the financial year and therefore Delapage is often in a position where it has not yet completed its due diligence into the awardees or the project. 3. The award is being paid over a period of years. The accrual for outstanding awards has been reduced by c. 11%, this is principally due to a number of releases made owing to cancelled projects. ## **b. INVESTMENT POLICY AND PERFORMANCE** The Company’s investments comprise its 100% holdings in its three subsidiary companies, Borehamwood Property Limited, Haysport Properties Limited and Twinsectra Limited, valued at cost at 31 March 2023 at £202 _(2022: £202)._ The subsidiary companies have continued to maintain the values of their property portfolios by improving the quality of the properties through selective refurbishments and enhancing values by obtaining planning consents on existing properties for additional development. They have managed to maintain high occupation rates both in the retail and residential sector despite a difficult trading year which was dominated by the effects of the pandemic. In an earlier year, the charity invested in a portfolio of investments managed by a third-party adviser, Sarasin Ltd, experts in the field of managing funds on behalf of charities. In conjunction with our advisers, Trustees have agreed a risk profile based on the anticipation that the portfolio will be held for an extended period. ## **FINANCIAL REVIEW** ## **a. GOING CONCERN** After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 3 **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **b. RESERVES POLICY** The current reserves policy, as developed by the Trustees, is to protect the Company’s charitable property, including the Company’s investments in its subsidiary companies and to seek to ensure the solvency of the Company and its subsidiaries. The Trustees continue to follow a reserves policy which reflects the precise risks and financial and other circumstances of the time. ## **c. PRINCIPAL FUNDING** The principal funding of the Company is 50% of the interest and capital repayments received on the unsecured subordinated loan notes by Haysport Properties Limited and Twinsectra Limited. The principal funding of the three subsidiaries, Borehamwood Property Limited, Haysport Properties Limited, Twinsectra Limited, is rent receivable as property investment companies. ## **d. MATERIAL INVESTMENTS POLICY** The material investments of the Company are its subsidiary companies. The policies relating thereto and their performance in the year is dealt with above. The Company also has a portfolio of investments, managed by a third-party adviser, the detail of which is also dealt with above. Page 4 **DELAPAGE LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **a. CONSTITUTION** Delapage Limited is registered as a charitable company limited by guarantee and was constituted under a Memorandum of Association dated 29 March 1978 and is a registered charity (charity number 276017). The principal objective of the charitable Company is to advance religion in accordance with the Orthodox Jewish faith and for such other purposes as are recognised by English law as charitable. ## **b. METHODS OF APPOINTMENT OR ELECTION OF TRUSTEES** The management of the Group and the Company is the responsibility of the Trustees who are elected and coopted under the terms of the Memorandum of Association. ## **c. ORGANISATIONAL STRUCTURE AND DECISION-MAKING POLICIES** The charity holds a 100% shareholding in Borehamwood Property Limited, Haysport Properties Limited and Twinsectra Limited, whose principal activities are property investment and trading. The Trustees who served during the year were as follows: A C Becker M I Frenkel D Goldberg C Kahn R Kaufman J J Posen The charity does not act in tandem with any other charity or organisation in pursuit of its charitable objectives. The Company's auditors are Wilder Coe Ltd, Chartered Accountants & Statutory Auditors, 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL. ## **d. PAY POLICY FOR KEY MANAGEMENT PERSONNEL** All directors, who are also Trustees of the charity, give their time freely and did not receive remuneration in the year _(2022: £Nil)_ . Pay and remuneration for other key management personnel is set in agreement with the trustees. ## **e. RELATED PARTY RELATIONSHIPS** The Company has three subsidiaries, and their income is mainly derived from their significant property portfolios. Trustees have adhered strictly to strict controls whereby when applications for charitable distributions were considered, if any individual Trustee had any conflict of interest they recused themselves from all discussion and decision making with regard to these applications. These occasions are recorded in the minutes of Trustee meeting minutes as matter of routine. Page 5 **DELAPAGE LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)** ## **f. RISK MANAGEMENT** The Trustees have assessed the major risks to which the Group and the Company are exposed, in particular those related to the operations and finances of the Group and the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions by the Trustees together with an ongoing review of the strategy to mitigate risks. Procedures are in place to ensure compliance with all regulatory requirements. ## **g. FUNCTION OF TRUSTEES** The function of the Trustees is to: - oversee the management and administration of the Company and its property; - review the governance, risk assessment and system of internal control; - consider the financial viability of the Company and its three subsidiary companies; and - consider the finance and loan arrangements between the Company, its three subsidiary companies and the loan to the private property company. ## **h. OPERATIONS** The 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 Services|R Kaufman, M I Frenkel| |5.|Awards/Torah|R Kaufman, M I Frenkel| |6.|Awards/Manchester|C Kahn| Trustees have continued to develop additional policies with particular reference for risk management and reserves. Trustees have used, and propose to continue to use, the services of external professional advisers as they deemed necessary. ## **PLANS FOR FUTURE PERIODS** The Trustees' focus is, and will continue to be, to protect the Company’s charitable property, including the Company’s investments in its subsidiary companies and to seek to ensure the solvency of the Company and its subsidiaries. The Trustees will continue to work closely with the directors of the three subsidiary companies, Borehamwood Property Limited, Haysport Properties Limited and Twinsectra Limited, to manage their property investment portfolios. ## **FUNDS HELD AS CUSTODIAN** The Company does not hold funds as custodian trustee on behalf of others. Page 6 DELAPAGE LIMITED IA Company Umlled by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 ￿RCH 2023 STATENEprf OF TRUSTEES. RESPONSIBILITIE8 Thè Trustees (who are also the directors of the Ccfnpany for the purposes of company lawl are ￿sk￿lSible for preparing the Trustees, Annual Report and the financial state￿nts In ￿cOrdanCe with applicable law ?￿d regulations. Cryany law raquireg the Trustees to prepara ftnand81 statements ts exh flnandal year. Undor ¢4Jmpany law, the Trustee$ must not approve the finandal statement8 unless they aro salsfied that ihey give a true and fair vlew of the stsle of affair6 of the Group and the Company and of thèir incoming resource5 and application of sources, 1ndL￿Ing theii irKomg and expenditure, for that period. In preparing these financial slalements, the Trustees are required to.. select suitable a￿untIng p)Ilcie8 and then apply them condSten￿y', observe the nEthods prlnciples of the ChadUes SORP., make jud9mnts and w)unting esb'mates Ih8t are reasonoble and prudent., state whather applicable UK Accounting Standards have been follovmd, Subject to any materfal departures dlsdosed ond explained in thè finandal stslemgnts,. and prepare the financlal statements on the going ¢onc8rn ba&s unle881118 Inappropriate to pres￿n￿ that thg Group wlll contlnue In budne88. Trustee8 are responsib18 for keepiThJ ad￿uate acuun15ng rewr(l$ that 8fe suffidenl to show and explaln the Group and the Compan¥s transaction$ and d18d08e wlih reasonable accuraw at any time the financial posltlon of the Group and the Corrpany and enab￿ them to gnsure that the financial statemgnlB comply wth the Companies Act 2006. They aro also respon$ibl8 fc¢ safeguarding the aSBels of the Group and tre ComrAny and hence for tsklng reag0nal￿e steps for tr)e prevention and deteth'on of fraud and other Irregularities. DISCLOSURE OF INFORMATION TO AUDITORS E&h ollh& per80ns who are Tru$lee8 at tho lirre W¥￿￿ th18 Tru¥te8$' Repjrt Is approved h88 cnnflrmed thaL' so far as that Tru8ta8 16 a4rdre, there 1$ no relevant audlt InfomTation of ￿1(*) the tharftaue group'¥ auditors are unaware, and that Trustee has takgn all the Step8 that ought lo have been taken as a Tiustsè In order to te awa￿ of any relevant audlt Infomwtlon and to esWll3h that the ch8rftable group's auditors are aware of that infom)allon. AUDITORS auditors, Wilder Coo Ltd. VAII be prop)8ed for rEapFdntment Sn accordanee wlth 8ectl¢)n 485 of the Cotyynies Act 2c￿. Approved by order of the membefs of the board of Trustees on 2.7￿.%.3.............. ... and signed on thelr Ixham ty. (Trus **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELAPAGE LIMITED** ## **OPINION** We have audited the financial statements of Delapage Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities incorporating Income and Expenditure Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated 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 applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **BASIS FOR OPINION** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **CONCLUSIONS RELATING TO GOING CONCERN** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 8 **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELAPAGE LIMITED (CONTINUED)** ## **OTHER INFORMATION** The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' Report has been prepared in accordance with applicable legal requirements. ## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: - the parent charitable Company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or - the parent charitable Company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## **RESPONSIBILITIES OF TRUSTEES** As explained more fully in the Trustees' Responsibilities Statement, as set out on page 10, the Trustees (who are also the directors of the charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true 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 the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable Company or to cease operations, or have no realistic alternative but to do so. Page 9 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELAPAGE LIMITED (CONTINUED)** ## **AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity: - Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, charity law, tax and pensions legislation and distributable profits legislations. - Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating aspects of the business and therefore may have an material effect on the financial statements. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 10 **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELAPAGE LIMITED (CONTINUED)** ## **USE OF OUR REPORT** This report is made solely to the charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable Company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Charlotte Willmore BFP ACA (Senior Statutory Auditor)** for and on behalf of ## **Wilder Coe Ltd** Chartered Accountants & Statutory Auditors 1st Floor Sackville House 143-149 Fenchurch Street London EC3M 6BL 27 November 2023 Date: ........................................... Page 11 **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023** |**Note**
**INCOME FROM:**
Property rental and investment activities
3
Investments
5
Other income
6
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds:
4-8
Property rental and investment activities
Administrative and finance costs
Governance
Charitable activities:
9
Expenditure on charitable activities
**TOTAL EXPENDITURE**
**NET EXPENDITURE BEFORE NET GAINS ON**
**INVESTMENTS**
Net gains on investments
**NET EXPENDITURE BEFORE TAXATION**
Taxation
12
**NET MOVEMENTS IN FUNDS**
**RECONCILIATIONS OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**2023**
**£**
**4,369,509**
**2,159,692**
**607,055**
**7,136,256**
**2,480,077**
**225,685**
**137,853**
**6,844,834**
**9,688,449**
**(2,552,193)**
**43,727**
**(2,508,466)**
**242,837**
**(2,265,629)**
**91,488,410**
**(2,265,629)**
**89,222,781**|**Total**
**funds**
**2023**
**£**
**4,369,509**
**2,159,692**
**607,055**
**7,136,256**
**2,480,077**
**225,685**
**137,853**
**6,844,834**
**9,688,449**
**(2,552,193)**
**43,727**
**(2,508,466)**
**242,837**
**(2,265,629)**
**91,488,410**
**(2,265,629)**
**89,222,781**|_Total_
_funds_
_2022_
_£_
_4,377,367_
_2,107,423_
_2,150,666_
_8,635,456_
_2,519,284_
_223,397_
_165,599_
_9,102,341_
_12,010,621_
_(3,375,165)_
_31,779_
_(3,343,386)_
_(794,403)_
_(4,137,789)_
_95,626,199_
_(4,137,789)_
_91,488,410_| |---|---|---|---| The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 35 form part of these financial statements. Page 12 DELAPAGE LIMITED IA Company Umlted by Guarantee) REGISTERED NUMBER: 01360086 CONSOUDATED BALANCE SHEEr AS AT 31 MARCH 2023 2023 2022 FIXED ASSETS Invesknenl propertie¥ Investsnents 13 14 15 66,411.846 26.909,297 689,532 54.579.277 27,341.687 589,532 ial InV￿tryents 82.910,674 82,510,496 CURREpif ASSETS Debtors.. arnunls falllng dl￿ after rmre tran one year Debtors.. affK)un18 falllng due ￿th5n year Cash 81 bank and In hand 18 1,036,638 4.034,417 17,296,922 300,000 4,216,558 22,096,111 22,366,977 26,61Z669 Credllors.. amounts falllng due ￿h1n ono 17 111,824,547> (13, 159,491) NEf CURRENT ASSETS TOTAL ASSEfs LESS CURRENT LIABILITIES 10,642.430 13.453.178 93,463,104 94963,674 Daferred tsx 18 14,230,323) (4,474264) NET ASSEf8 89,222,781 91,488.410 Unrestrfcted funds General fund8 89.222.781 91.488.410 Tot81 funds 19 89,221781 91,488,410 TOTAL FUNDS 89,222,781 91,488,410 The Trustees ￿kn￿ledge Ih86r respon8it4li￿aS fci ￿MPlyir￿j wKh the rgquiremonts of the Act vAlh respect to acKxiunting recor(Is and preparation of financial statements. The fin8ncial statements were apyoved and authorf8ed for issue by the Trustse8 on - and slgned on thelr behalf by.. The notes on pages 16 to 35 form part ofthese finandal ststement& Pag&13 DELAPAGE LIMITED IA Company Llmltsd by Guarantee) REGISTERED NUMBER: 01360086 COMPANY BALANCE SHEEr AS AT 31 MARCH 2023 2023 2022 FIXED ASSErs Investmènts al Investments CURREKfASSEr8 14 15 4371,569 689.532 5, 729,484 589,532 Debtors Cash at bank and In hand 18 14082,130 1*4TI,711 11.999,942 18.594, 770 29.669,841 30,594,718 Credllors: ￿￿)Unts falllng du8 wlhin one 17 110.495,096) {11,835.342J NEf CURRENT AS3Ef8 19,064.746 14 759,376 NEf ASSETS 25,026.836 25,078,392 CHARITY FUNDS Unrestrl¢ted fund8 26,025036 25.078.392 TOTAL FUNDS 25,025,838 25.078,392 Tha Comp8nY8 net ffovement In fvnd8 for the year w88 £IS2.5581 (2022- £4, 734,223). Tha TfU8tee8 ack￿ledge thelr resp3n8lbilltsos for Canp￿n9 tho requlretrnnts of the vAlh res￿￿ to countlng reco￿$ and preparatbn offinandal Btat8rnnts. Th? financlal statsnwnts were approved and aulhorised for18sue by the Tru8tees on .. .. and slgned cfi Ihelr b8hall by.. D Goldbe (Trus notes on pag9$ 16 to 35 fcm part of these finandal 8taterrnnts. Page 14 ## **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023** |**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash used in operating activities
**CASH FLOWS FROM INVESTING ACTIVITIES**
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
**NET CASH USED IN INVESTING ACTIVITIES**
**CASH FLOWS FROM FINANCING ACTIVITIES**
Repayments of borrowing
**NET CASH PRODUCED FROM FINANCING ACTIVITIES**
**CHANGE IN CASH AND CASH EQUIVALENTS**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 16 to 35 form part of these financial statements|**2023**
**£**
**(5,041,665)**
**538,350**
**(390,572)**
**979,354**
**(885,656)**
**241,476**
**-**
**-**
**(4,800,189)**
**22,096,111**
**17,295,922**|_2022_
_£_
_(3,413,123)_
_2,307,431_
_(2,119,010)_
_297,465_
_(422,712)_
**63,174**
_300,000_
**300,000**
**(3,049,949)**
_25,146,060_
_22,096,111_| |---|---|---| Page 15 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **1. GENERAL INFORMATION** Delapage Limited (company number: 01360086, charity number: 276017), having its registered office and principal place of business at 28 The Ridgeway, London, NW11 8TB, is a company limited by guarantee, incorporated in England and Wales. ## **2. ACCOUNTING POLICIES** ## **2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS** The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Delapage Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. The parent charitable Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. ## **2.2 COMPANY STATUS** The parent charitable Company was set up as a registered charity limited by guarantee on 27 March 1978. In the event of the parent charitable Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the parent charitable Company. ## **2.3 FUND ACCOUNTING** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the parent charitable Company and which have not been designated for other purposes. Unrestricted funds include revaluations representing the restatement of investment assets at market values. Page 16 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. ACCOUNTING POLICIES (continued)** ## **2.4 INCOME** All incoming resources are included in the Statement of Financial Activities incorporating Income and Expenditure Account when the parent charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The following policies are applied to particular categories of income: - Voluntary income received by way of donations is included in full when receivable; - Investment income is included when receivable; and - Incoming resources from charitable trading activity is accounted for when earned. Subsidiary turnover is wholly attributable to the subsidiaries principal activities, being that of property investment and investment income. ## **2.5 EXPENDITURE** Expenditure is accounted for on an accruals basis as a liability is incurred. Expenditure includes any VAT which is not fully recovered, and is reported as part of the expenditure to which it relates. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Charitable expenditure comprises those costs incurred by the Group in the delivery of its activities and services to its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable Company and include the audit fees and costs linked to the strategic management of the charity. ## **2.6 GRANTS PAYABLE** Grants payable are payments made to third partieis in the furtherance of the charitable objects of the charitable Company. Single or multi-year grants are accounted for when the conditions for their payment have been met or where there is a constructive obligation to make a payment. A constructive obligation arises when the charitable Company has communicated its intention to award a grant to a recipient who then has a reasonable expectation that they will receive a grant and when any conditions attached to the grant are outside of the control of the charitable Company such as obtaining planning permission. ## **2.7 TAXATION** The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Page 17 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. ACCOUNTING POLICIES (continued)** ## **2.8 INVESTMENTS** Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. Investments held as fixed assets are a form of financial instrument and are shown at the net present value of future cash flows using the effective interest rate method. All gains and losses whether realised or unrealised are combined and included within the Consolidated Statement of Financial Activities incorporating Income and Expenditure Account. Investments in subsidiaries are valued at cost less provision for impairment. ## **2.9 INVESTMENT PROPERTIES** Investment properties comprise freehold and leasehold land and buildings. These are a combination of residential and commercial units and are measured initially at cost, including related transaction costs. These are held as an investment to earn rental income and for capital appreciation and are stated at the fair value at the Balance Sheet date. After initial recognition, investment properties are carried at fair value, based on market value, after which they are valued annually by independent external valuers or held at directors’ valuation if appropriate. The changes in fair value and impairments resulting from losses of economic benefit are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account. The fair value of an investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions. Subsequent expenditure is added to the asset’s carrying amount only when it is probably that future economic benefits associated with the item will flow to the parent charitable Company and the cost of the item can be reliably measured. Other repairs and maintenance expenditure is charged to the Consolidated Statement of Financial Activities incorporating Income and Expenditure Account during the financial period in which it occurred. When an existing investment property is redeveloped for continued use it remains an investment property whilst in development. ## **2.10 SOCIAL INVESTMENTS** Social investments comprise freehold land and buildings. They are initially measured at cost, including related transaction costs. After initial recognition, social investments are carried at fair value, based on market value. The changes to fair value and impairments are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account. Associated income is included within other income and expenditure within expenditure on charitable activities in the Statement of Financial Activities incorporating Income and Expenditure. Any gains or losses on disposal are included within other income in the Statement of Financial Activities incorporating Income and Expenditure. Page 18 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. ACCOUNTING POLICIES (continued)** ## **2.11 CURRENT AND DEFERRED TAXATION** The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Financial Activities incorporating Income and Expenditure Account. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the parent charitable Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: - the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. ## **2.12 DEBTORS** Short-term are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.13 CASH AT BANK AND IN HAND** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.14 LIABILITIES AND PROVISIONS** Short-term creditors are measured at the transaction price. Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the parent charitable Company anticipates it will pay to settle the debt or the amount it has received as advances payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost. Page 19 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **2. ACCOUNTING POLICIES (continued)** ## **2.15 FINANCIAL INSTRUMENTS** The Group only enter 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 and loans to related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised present value using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 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 the Consolidated Statement of Financial Activities incorporating Income and Expenditure Account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the parent charitable Company would receive for the asset if it were to be sold at the Balance Sheet date. Page 20 **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT** In order to properly apply the company's accounting policies, as described above, the directors are required to make judgements and estimates in respect of the carrying values of assets and liabilities which may not be apparent from other sources of information. The directors base these critical accounting judgements and estimations on previous historical experience and other factors which they judge to be relevant. Judgements and estimates will invariably differ from actual results and hence such judgements and estimates are reviewed by the directors on an ongoing basis. ## Critical accounting estimates and assumptions: The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: ## **Valuation of investment properties** The fair value of investment properties is determined by the directors of the group. Fair value has been determined by reference to _inter-alia_ , marketing reports, letting status, planning status and physical inspection of properties. The valuation is subjective to, among other factors, the nature of the property, its location and expected future rental. Changes in market conditions or other factors can impact the valuations. As a result, the valuation of the investment properties incorporated into the financial statements is subject to a degree of uncertainty and is made on the basis of assumptions that may prove to be inaccurate, particularly in periods of volatility or low transaction flow in the market. If any of the assumptions prove to be incorrect, this could result in the actual valuation differing from the valuation incorporated into the financial statements and the difference could have a material effect on the financial statements. The financial impact of investment properties can be seen per note 13. ## **Impairment of unsecured subordinated loan notes** Changes in facts and in the directors' evaluations and assumptions may give rise to impairment losses being required on the fixed asset investment. These assts are periodically reviewed for any indication of impairment, taking into consideration historical experience and knowledge of the financial position of the group involved. At this present time, the directors do not believe that it is necessary to impair this asset as it is deemed to be recoverable and there has been no indication to the contrary. ## **4. PROPERTY RENTAL AND INVESTMENT ACTIVITIES** |Rent receivable
Cost of sales|**Unrestricted**
**funds**
**2023**
**£**
4,369,509
(2,480,077)
1,889,432|**Total**
**funds**
**2023**
**£**
**4,369,509**
**(2,480,077)**
**1,889,432**|_Total_
_funds_
_2022_
_£_
_4,377,367_
_(2,519,284)_
_1,858,083_| |---|---|---|---| Page 21 ## **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **5. INVESTMENT INCOME** |Bank and other interest receivable
Dividends received - listed investments|**Unrestricted**
**funds**
**2023**
**£**
2,041,846
117,846
2,159,692|**Total**
**funds**
**2023**
**£**
**2,041,846**
**117,846**
**2,159,692**|_Total_
_funds_
_2022_
_£_
_2,012,292_
_95,131_| |---|---|---|---| ||||_2,107,423_| ## **6. OTHER INCOME** |Net profit on disposal of investment properties
Fair value movement on investments|**Unrestricted**
**funds**
**2023**
**£**
356
606,699
607,055|**Total**
**funds**
**2023**
**£**
**356**
**606,699**
**607,055**|_Total_
_funds_
_2022_
_£_
_204,098_
_1,946,568_| |---|---|---|---| ||||_2,150,666_| ## **7. ADMINISTRATIVE AND FINANCE COSTS** ||**Unrestricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2023**|**2023**|_2022_| ||**£**|**£**|_£_| |Administrative expenses|225,685|**225,685**|_223,397_| Page 22 ## **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **8. GOVERNANCE COSTS** |Auditors' remuneration (Charity)
Legal and professional fees
Staff salaries
National Insurance
Insurance
Other costs
**ANALYSIS OF GRANTS**
Net grants awarded to other charities|**Unrestricted**
**funds**
**2023**
**£**
14,616
41,247
65,000
8,437
6,804
1,749
137,853
**Grants to**
**Institutions**
**2023**
**£**
6,844,834|**Total**
**funds**
**2023**
**£**
**14,616**
**41,247**
**65,000**
**8,437**
**6,804**
**1,749**
**137,853**
**Total**
**funds**
**2023**
**£**
**6,844,834**|_Total_
_funds_
_2022_
_£_
_14,520_
_88,035_
_50,000_
_7,065_
_5,403_
_576_| |---|---|---|---| ||||_165,599_| ||||_Total_
_funds_
_2022_
_£_
_9,102,341_| ## **9. ANALYSIS OF GRANTS** Page 23 **DELAPAGE LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **9. ANALYSIS OF GRANTS (continued)** The above balance includes cancellations of grants accrued in earlier periods totalling £1,347,961 ( _2022: £523,051_ ). The level of grants awarded in the year was £8,192,795 ( _2022: £9,625,392_ ), although some remain unpaid. ## **2023 grants awarded** |**023 grants awarded**|||| |---|---|---|---| |**Awardee**|**Awarded**|**Average**|**No**| |Beis Chinuch Primary School Edgware|£2,110,000||| |Kollel Distribution|£716,762||| |Seminar Bnos Devorah|£486,820||| |Borehamwood Kollel|£350,000||| |Schools Distribution|£300,000||| |Crossroads Manchester|£250,000||| |Ahavas Torah Grammar School|£200,000||| |Seaquins (Westcliff)|£200,000||| |Yeshivas Keser Hatorah|£200,000||| |Manchester Mesivte|£170,000||| |Comet Charities|£160,439||| |Nesivos Chaim UK|£150,000||| |Goldstar|£150,000||| |Etz Chaim|£150,000||| |Ateres High School Gateshead|£135,000||| |Jewish Day|£125,000||| |North London Welfare|£125,000||| |Toras Moshe Manchester|£120,000||| |Children Ahead|£100,000||| |Side By Side|£100,000||| |**TOTAL AWARDS > £100,000**|**£6,299,021**|**£314,951**|**20**| |**TOTAL AWARDS < £100,000**|**£1,893,774**|**£30,545**|**62**| |**TOTAL ALL AWARDS**|**£8,192,795**||| Page 24 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **9. ANALYSIS OF GRANTS (continued)** **2022 grants awarded Awardee Awarded Average No** Tashbar Edgware £1,250,000 Comet Charities £775,755 MGS Charitable Trust £509,414 Tashbar Manchester £500,000 Kollel Distribution £449,183 Menorah High Grammar School for Girls £400,000 Schools Distribution £300,000 The Wells Trust £250,000 Hendon Adass £250,000 Side by Side £250,000 The Broughton Charitable Trust £200,000 Toras Emess (T.E.T. Trust) £150,000 Amudim £150,000 Beis Soroh Schneirer £150,000 Menucha £150,000 Bnos Margulis Viznitz Girls £130,000 Seven Shepherds Farm £130,000 Yeshivas Ohr Torah Ltd £100,000 Baer Hatora Ltd £100,000 Tiferes High School Manchester £100,000 Torah Voda'as £100,000 Hasmonean Grammar £100,000 Manchester Beis Yaakov £100,000 **TOTAL AWARDS > £100,000 £6,594,352 £286,711 23 TOTAL AWARDS < £100,000 £3,031,040 £33,308 91 TOTAL ALL AWARDS £9,625,392** ## **Awarded Average No** ||**2023**||**2022**|| |---|---|---|---|---| |**Activity**|**Amount**|**%**|**Amount**|**%**| |Community Services|£1,485,274|18.13%|£2,222,500|23.09%| |Education|£4,116,439|50.25%|£5,381,169|55.91%| |Welfare Services|£292,000|3.56%|£611,240|6.35%| |Torah|£2,299,082|28.06%|£1,410,483|14.65%| |**TOTAL**|**£8,192,795**|**100.00%**|**£9,625,392**|**100.00%**| Page 25 **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **10. AUDITORS' REMUNERATION** ||**2023**|_2022_| |---|---|---| ||**£**|_£_| |Fees payable to the Group's auditor for the audit of the Group's annual||| |accounts|**13,416**|_13,416_| |Fees payable to the Company's auditor and its associates in respect of:||| |The auditing of accounts of associates of the Company|**38,688**|_38,688_| ## **11. STAFF COSTS** |Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2023**
**£**
**149,000**
**12,722**
**1,651**
**163,373**|_Group_
_2022_
_£_
_130,500_
_12,635_
_1,321_
_144,456_|**Company**
**2023**
**£**
**65,000**
**8,437**
**330**
**73,767**|_Company_
_2022_
_£_
_50,000_
_7,065_
_-_| |---|---|---|---|---| |||||_57,065_| One employee received remuneration amounting to more than £60,000 in the current year, in the bracket of £80,000 to £90,000. In the prior year, one employee received remuneration amounting to more than £60,000, in the bracket of £80,000 to £90,000. Wages and salaries relate to amounts paid to key management personnel of the group. During the year, no Trustees received any remuneration or other benefits _(2022: £Nil)_ . During the year, no Trustees received any benefits in kind _(2022: £Nil)._ During the year, no Trustees received any reimbursement of expenses _(2022: £Nil)._ The average number of persons employed by the Company during the year was as follows: |Trustees
Directors|**Group**
**2023**
**No.**
**6**
**2**
**8**|_Group_
_2022_
_No._
_6_
_2_| |---|---|---| |||| |||_8_| Page 26 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **12. TAXATION** ||**2023**||_2022_|| |---|---|---|---|---| ||**£**||_£_|| |**CORPORATION TAX**||||| |UK corporation tax charge on surplus for the year|**1,932**||_1,394_|| |Adjustments in respect of previous periods|**172**||_-_|| |**TOTAL CORPORATION TAX**|**2,104**||_1,394_|| |**DEFERRED TAX**||||| |Origination and reversal of timing differences|**(244,941)**||_793,009_|| |**TOTAL DEFERRED TAX**|**(244,941)**||_793,009_|| |||||| |**TAX ON SURPLUS ON ORDINARY ACTIVITIES**|**(242,837)**||_794,403_|| |The tax assessed for the year is higher than (_2022_-_higher than_) the standard rate of corporation tax i||||n| |the UK of 19% (_2022_-_19%_). The differences are explained below:||||| ||**2023**||_2022_|| ||**£**||_£_|| |Net expenditure before tax|**(2,508,466)**||_(3,343,386)_|| |Net expenditure multiplied by the standard rate of corporation tax in the UK||||| |of 19_(2022 - 19%)._|**(476,609)**||_(635,243)_|| |**EFFECTS OF:**||||| |Expenses not deductible for tax purposes|**79,876**||_36,338_|| |Loss/(profit) on sale of fixed assets|**333**||_(38,779)_|| |Adjustments to tax charge in respect of prior periods|**172**||_-_|| |Capital gains|**-**||_402,293_|| |Non-taxable income|**(811,045)**||_(1,309,189)_|| |Spreading following transition to FRS 102|**206,302**||_206,302_|| |Deferred tax|**(244,941)**||_793,009_|| |Charity net expenditure not deductible for tax purposes|**1,003,075**||_1,339,672_|| |**TOTAL TAX (CREDIT)/CHARGE FOR THE YEAR**|**(242,837)**||_794,403_|| |||||| The tax assessed for the year is higher than ( _2022_ - _higher than_ ) the standard rate of corporation tax in the UK of 19% ( _2022_ - _19%_ ). The differences are explained below: Where possible, the taxable profits of subsidiaries will be paid to the parent charitable Company within 9 months of the reporting date and therefore the taxable profits of subsidiaries will be reduced and the corporation tax charge is reduced accordingly. ## **FACTORS THAT MAY AFFECT FUTURE TAX CHARGES** As at 31 March 2023, there were capital losses of £1,750 ( _2022: £Nil_ ) available to carry forward to offset against taxable profits of the same nature. There were no other factors that may affect future tax charges. Page 27 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **13. TANGIBLE FIXED ASSETS** ## **GROUP** |**COST OR VALUATION**
At 1 April 2022
Additions
Disposals
Revaluation on disposals
Revaluations
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
_At 31 March 2022_|**Freehold**
**investment**
**properties**
**£**
**51,108,154**
**390,572**
**(535,004)**
**(3,000)**
**980,000**
**51,940,722**
**51,940,722**
_51,108,154_|**Long term**
**leasehold**
**investment**
**properties**
**£**
**3,471,123**
**-**
**-**
**-**
**-**
**3,471,123**
**3,471,123**
_3,471,123_|**Total**
**£**
**54,579,277**
**390,572**
**(535,004)**
**(3,000)**
**980,000**
**55,411,845**
**55,411,845**
_54,579,277_| |---|---|---|---| The cost of the investment properties at 31 March 2023 is £26,839,119 _(2022: £26,983,551)_ and the uplift following professional and Directors' valuations undertaken is £28,575,726 ( _2022: £27,595,726)_ . The fair value of investment property has been determined by the directors of the Company. Fair value has been determined by reference to _inter-alia_ , marketing reports, letting status, planning status and physical inspection of properties. Page 28 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **14. FIXED ASSET INVESTMENTS** |**GROUP**
**COST OR VALUATION**
At 1 April 2022
Additions
Disposals
Revaluations
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
_At 31 March 2022_|**Listed**
**investments**
**£**
**7,341,687**
**885,656**
**(944,745)**
**(373,301)**
**6,909,297**
**6,909,297**
_7,341,687_|**Unsecured**
**subordinated**
**loan notes**
**£**
**20,000,000**
**-**
**-**
**-**
**20,000,000**
**20,000,000**
_20,000,000_|**Total**
**£**
**27,341,687**
**885,656**
**(944,745)**
**(373,301)**
**26,909,297**
**26,909,297**
_27,341,687_| |---|---|---|---| ## **GROUP MATERIAL INVESTMENTS** As previously reported, following a Court approved process involving the restructuring of debtor and creditor balances with former related party entities, the Company now holds unsecured subordinated loan notes issued by a counterparty to the restructuring with an aggregate value of £40.0 million at 31 March 2023 _(2022: £40.0 million)_ . These loan notes are repayable in instalments commencing in May 2015 through to 2029 and carry an escalating coupon. The Company has also granted a conditional option to its property asset manager, geared to certain performance criteria, in respect of up to £2.5million of the new loan notes maturing in 2029. In the prior year the Directors reviewed the basis of the valuation of these assets adopted hitherto and as a result reduced the discount factor applied to derive the net present value. This resulted in an increase to the net assets in the prior year. No movement has been reflected in the current year as a result of no capital movements. Page 29 **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **14. FIXED ASSET INVESTMENTS (continued)** |**COMPANY**
**COST**
At 1 April 2022
Additions
Disposals
Revaluations
At 31 March 2023
**NET BOOK VALUE**
At 31 March 2023
_At 31 March 2022_|**Shares in**
**group**
**undertaking**
**£**
**202**
**-**
**-**
**-**
**202**
**202**
_202_|**Listed**
**investments**
**£**
**5,729,282**
**885,656**
**(944,745)**
**(298,836)**
**5,371,357**
**5,371,357**
_5,729,282_|**Total**
**£**
**5,729,484**
**885,656**
**(944,745)**
**(298,836)**
**5,371,559**
**5,371,559**
_5,729,484_| |---|---|---|---| Page 30 ## **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **14. FIXED ASSET INVESTMENTS (continued)** ## **PRINCIPAL SUBSIDIARIES** The following were subsidiary undertakings of the Company: |**Names**|**Company**|**Registered office or principal**|**Principal activity**|**Holding**|**Included in**| |---|---|---|---|---|---| ||**number**|**place of business**|||**consolidation**| |Twinsectra Limited|01226586|28 The Ridgeway, London,|Property investment|100%|Yes| |||NW118TB|||| |Haysport Properties Limited|01360843|28 The Ridgeway, London,|Property investment|100%|Yes| |||NW118TB|||| |Borehamwood Property Limited|12230858|28 The Ridgeway, London,|Property investment|100%|Yes| |||NW118TB|||| The financial results of the subsidiaries for the year were: |**Names**|**Income**|**Expenditure**|**Profit for the**|**Net assets/**| |---|---|---|---|---| ||**£**|**£**|**year**|**(liabilities)**| ||||**£**|**£**| |Twinsectra Limited|**2,679,154**|**(2,202,859)**|**476,295**|**19,606,282**| |Haysport Properties Limited|**4,619,755**|**(2,088,763)**|**2,530,992**|**44,587,031**| |Borehamwood Property Limited|**18,675**|**(12,246)**|**6,429**|**3,733**| Page 31 **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **15. SOCIAL INVESTMENTS** ## **GROUP AND COMPANY** |**COST OR VALUATION**
At 1 April 2022 and 31 March 2023
Social investments comprise:
**Programme related investments**|**Programme**
**related**
**investments**
**£**
**589,532**| |---|---| |**Property**|**Total**|_Total_| |---|---|---| |**2023**|**2023**|_2022_| |**£**|**£**|_£_| |589,532|**589,532**|_589,932_| ## **16. DEBTORS** |**DUE AFTER MORE THAN ONE YEAR**
Other debtors
**DUE WITHIN ONE YEAR**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2023**
**£**
**1,036,638**
**391,883**
**-**
**2,431,816**
**1,210,718**
**5,071,055**|_Group_
_2022_
_£_
_300,000_
_537,766_
_1_
_2,455,783_
_1,223,008_
_4,516,558_|**Company**
**2023**
**£**
**100,000**
**-**
**13,398,661**
**200,000**
**383,469**
**14,082,130**|_Company_
_2022_
_£_
_300,000_
_-_
_11,066,473_
_250,000_
_383,469_| |---|---|---|---|---| |||||| |||||_11,999,942_| Page 32 ## **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** |**17.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**Group**
_Group_
**2023**
_2022_
**£**
_£_
Trade creditors
**55,296**
_147,097_
Corporation tax
**1,932**
_2,303_
Other creditors
**291,461**
_282,296_
Accruals and deferred income
**994,278**
_905,993_
Accruals for grants awarded
**10,481,580**
_11,821,802_
**11,824,547**
_13,159,491_
**18.**
**DEFERRED TAXATION**
**GROUP**
At the beginning of the year
Charged to profit and loss|**Company**
**2023**
**£**
**-**
**-**
**100**
**13,416**
**10,481,580**
**10,495,096**
**2023**
**£**
**(4,475,264)**
**244,941**
**(4,230,323)**|_Company_
_2022_
_£_
_-_
_-_
_100_
_13,440_
_11,821,802_
_11,835,342_
_2022_
_£_
_(3,682,255)_
_(793,009)_
_(4,475,264)_| |---|---|---| ## **COMPANY** The company has no provision for deferred taxation _(2022: £Nil)_ . The provision for deferred taxation is made up as follows: |Revaluation of investment properties
Spreading of tax on FRS 102 transitional adjustment|**Group**
**2023**
**£**
**(3,687,423)**
**(542,900)**
**(4,230,323)**|_Group_
_2022_
_£_
_(3,535,389)_
_(939,875)_
_(4,475,264)_| |---|---|---| Page 33 **DELAPAGE LIMITED** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **19. SUMMARY OF FUNDS - GROUP** ## **SUMMARY OF FUNDS - CURRENT YEAR** ||**Balance at 1**||||**Gains/**|**Balance at 31**| |---|---|---|---|---|---|---| ||**April 2022**|**Income**|**Expenditure**|**Taxation**|**(Losses)**|**March 2023**| ||**£**|**£**|**£**|**£**|**£**|**£**| |Total funds|**91,488,410**|**7,136,256**|**(9,688,449)**|**242,837**|**43,727**|**89,222,781**| |**SUMMARY OF FUNDS - PRIOR**||**YEAR**||||| |||||||_Balance at_| ||_Balance at_||||_Gains/_|_31 March_| ||_1 April 2021_|_Income_|_Expenditure_|_Taxation_|_(Losses)_|_2022_| ||_£_|_£_|_£_|_£_|_£_|_£_| |Total funds|_95,626,199_|_8,635,456_|_(12,010,621)_|_(794,403)_|_31,779_|_91,488,410_| Included with total funds of the group are non-distributable reserves relating to the subsidiary companies totaling £24,885,302 _(2022: £24,060,337)_ . ## **RECONCILIATION OF NET MOVEMENTS IN FUNDS TO NET CASH FLOW FROM OPERATING 20. ACTIVITIES** |Net expenditure for the year (as per Statement of Financial Activities)
**ADJUSTMENTS FOR:**
Increase in debtors
(Decrease)/increase in creditors/provisions
Profit on disposal of fixed asset investments
Revaluation/ net present value movement on investment properties and
investments
**NET CASH PROVIDED BY/ (USED IN) OPERATING ACTIVITIES**
**21.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**|**Group**
**2023**
**£**
**(2,265,629)**
**(554,497)**
**(1,579,885)**
**(34,955)**
**(606,699)**
**(5,041,665)**|_Group_
_2022_
_£_
_(4,137,789_| |---|---|---| |||_(1,628,629_
_4,535,741_
_(235,877_
_(1,946,568_| |||| |||_(3,413,122_| |||| Cash in hand |**Group**|_Group_| |---|---| |**2023**|_2022_| |**£**|_£_| |**17,295,922**|_22,096,111_| Page 34 **DELAPAGE LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023** ## **22. ANALYSIS OF CHANGE IN NET DEBT** ||**At 1 April**||**At 31 March**| |---|---|---|---| ||**2022**|**Cash flows**|**2023**| ||**£**|**£**|**£**| |Cash at bank and in hand|**22,096,111**|**(4,800,189)**|**17,295,922**| ## **23. RELATED PARTY TRANSACTIONS** The table below provides details of awards made in the year where Trustees have been conflicted. The conflicts have arisen where Trustees are auditors, advisers and or present Trustees of the charities listed. Procedures for dealing with conflicts of interest have been included in the Trustee's report. |||**Value of**|**Amount**| |---|---|---|---| |||**donation**|**outstanding**| |||**committed**|**at the year**| |**Awardee**|**Trustee(s)**||**end**| |Ateres Beis Yakov|J J Posen|£35,000|£Nil| |Bayis Sheli|D Goldberg|£10,000|£Nil| |Beis Chinuch Primary School|D Goldberg|£20,000|£Nil| |Beis Chinuch Primary School Edgware|D Goldberg|£2,110,000|£2,110,000| |Beis Ruchel D'Satmar|D Goldberg|£15,000|£Nil| |Beis Soroh Schneirer|J J Posen|£50,000|£50,000| |Bikkur Cholim|D Goldberg|£99,424|£66,000| |Chinuch UK|D Goldberg|£85,000|£Nil| |Kef Kids|D Goldberg|£21,000|£21,000| |Mesila UK|C Kahn|£10,000|£Nil| |Side By Side|D Goldberg|£100,000|£Nil| |Torah Temimo|R Kaufman|£16,000|£16,000| There are no other related party balances that require disclosure. ## **24. CONTROLLING PARTY** As at 31 March 2023 and 31 March 2022 there was no ultimate controlling party. Page 35