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2024-03-31-accounts

Registered number: 01360086 Charity number: 276017

DELAPAGE LIMITED

(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 - 36

DELAPAGE LIMITED

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

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 2024

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 2024. 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:

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 2024

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 2024, donations were awarded totalling £10,383,125 ( 2023: £8,192,795 ). Note 9 includes more detail on the awardees.

Accruals for outstanding awards is noted as c. £12.07m ( 2023: £10.48m ), 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 increased by c. 15%, this is principally due to an increase in the awards granted in the current year.

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 2024 at £202 (2023: £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.

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 2024

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 2024

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 (2023: £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 2024

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:

h. OPERATIONS

The following sub-committees are in place:

1. Regulation & Compliance R Kaufman, D Goldberg
2. Finance D Goldberg, R Kaufman
3. Awards All Trustees, in appropriate sub-groups as required.

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 Limtted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILrriES The Trustees (who are also the directors ol the Company for thè purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in aceord8nce with applicable law and regulations. Company law r8quire5 the Trustees to prep8rtr financial statements for èach financial year. Under company law, the Trustees must not ?pprove the financial statèments unless they are satisfied that thèy give a true and fair viaw of thè state of affair5 of the Group and the Company and of their Incoming resources and appliealion of restsur¢es, including their income 8nd expenditure, for that pèriod. In preparing thése financial st8t8m8nts. the Trustees are required to.. select surtable accounting policie5 8nd then apply them consistèntly., observe the rnethods and principle5 of the Charities SORP make judgm8nts and accounting estlmètos that are reasonablo and Pfudenl., state whether 8pplic8ble UK Accounting Standards have been follow8d, subject to iny mal•ri81 departures disclosed and èxpl8inèd in the finarscial slalements,. and prepare the flnanc1al stataments on the going ¢oncern basis unless it is inappropriate to presume that the (3roup will conlbnue in business. The Trustees are responsible lor kèèplng adequate accounting records that are sufficiont lo show and éxplain the Group ond the Companvs transactions and disclose Yvlth rèasonable accuracy at any tlme the Iinanclol posrtion of the Group 8nd the Company and enable them to ensure th8t th8 financial statements eomply with tha Companies Act 2008. They are also re5pon51bl6 for safeguarding thè 8SSgts ol the Group and the Company and henco for taking reasonablè steps lor the prevention and detection of tr8ud and other irregularitlOS DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are Trustees at the time whan this Trustees. Report 1$ approved has confirmed that.. so far es that Trustee Is aware, thertr is no rèlevant audf( information of which the ¢h4ritable group'8 audrtors are unawere, and th8t Trustee has taken all the steps that ought lo have bèèn taken as a Twstee in order to be aware of any felevanl audit information and to estsbli$h that the charrtable group's auditor5 are awarè ol th81 infomiation. AUDITORS Tha auditors, Wilder C¢• Ltd, will be proposed Icr reappointmgnt in a¢¢ordance wlh section 485 of the Corrpanies Act 2006 Approvod by order of the rnembers of the board of Trustees on beham by. and signed on thèir P8ge 7

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 2024 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:

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:

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:

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:

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

3 December 2024

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 2024

Note
INCOME FROM:
Property rental and investment activities
4
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
2024
£
4,821,277
2,497,050
5,470,629
12,788,956
4,301,653
320,273
175,698
9,084,732
13,882,356
(1,093,400)
16,861
(1,076,539)
(869,500)
(1,946,039)
89,222,781
(1,946,039)
87,276,742		 Total
funds
2024
£
4,821,277
2,497,050
5,470,629
12,788,956
4,301,653
320,273
175,698
9,084,732
13,882,356
(1,093,400)
16,861
(1,076,539)
(869,500)
(1,946,039)
89,222,781
(1,946,039)
87,276,742		 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

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 36 form part of these financial statements.

Page 12

DELAPAGE LIMITED IA Company Limited by Guarantee) REGISTERED NUMBER.. 01360086 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note FIXED AssErs Investment properties Investmen15 Social invo$lm8nts 13 14 15 60,611,889 32,170.020 1,809,397 55.411.845 26,909,2g7 589,532 94,391.906 82,910,674 CiIRRENT ASSETS Deblor5' amounts falling due after mora than one year D8blors.' amounts falling due wrthin one y*8r Cash al bank and in hand 16 938,838 S,327,760 6,207.034 1.036.638 4,034.417 17,295,922 16 12,471,432 22.366.977 Creditors.. amounts falling d¢Je within one year 17 114,486,773) (11,824.547) NET CURRENT ILIA8ILITIESVA88ETS TOTAL ASSETS Less CURRENT LIABILITIES 12,015,341) 10, 542,430 92,378,565 93,453. 704 (4.230.323) Deferred lax 18 15,099,8231 NET ASSETS 87,276,742 B9.222, 781 General fund8 19 87,276,742 89,222, 781 TOTAL FUNDS 87,276,742 89.222. 781 The Trustees acknovAedge their re8ponsibilities for complying wlth the require￿￿￿t$ of th• Act with ￿sPect to 8¢¢ounting records and preparation ol financial slatemenls. The financial stsléments waré approved and authorls¢d Tor issue by the Trustèès on and sigrted on their behalf by. D Goldbe (Tru e notes on pages 16 to 38 form part of these )Inancial ststements. Page 13

DELAPAGE LIMITED IA Company Limited by Guarant￿) REGISTERED NUMBER: 01360086 COMPANY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note FiXED ASSETS Invg$lnwnts Social Inve51m•nls CURRENT ASSETS 14 15 10,355,821 1,609,397 5.371,559 589.532 Dobtors Cash at bank and in hand 17,071,453 5.002,055 14.082.130 15.477, 711 22,073,508 29.559.841 Creditors" amounts falling due wrthin one yaar 17 112,081,288) (10,495,096) NET CURRENT ASSETS 9,992.220 t9, 064, 745 NET ASSETS 21,957,438 25.025, a36 CHARITY FUNOS Unrestricted fund$ 21,gS7,438 25,025,￿6 TOTAL FUNOS 21.957,438 25,025, &76 The Compan1$ net mowmenl in funds for the ye•r was £13,068.3981 (2025- £(52,556)J. Thé Trustees acknowledge their responsibilities for complwng with the requirements of th• Act with re$pèet to acoounling records and praparalion ol financial statements. The financlal statemen15 were approved and aulhorised for Issu8 by the Trus1¢*s on and signed on their behalf by.. DGOI (Tr The notes on pages 16 to 36 form part ofthe5e financlal stst8ments. Page 14

DELAPAGE LIMITED

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

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) / PRODUCED FROM INVESTING 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 36 form part of these financial statements		 2024
£
(5,095,146)
150,000
(1,734,643)
3,444,521
(7,853,620)
(5,993,742)
(11,088,888)
17,295,922
6,207,034		 2023
£
(5,041,665)
538,350
(390,572)
979,354
(885,656)
241,476
(4,800,189)
22,096,111
17,295,922

Page 15

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 2024

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:

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.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Page 17

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (continued)

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.

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.

Page 18

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (continued)

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 19

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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:

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 debtors 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 20

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 21

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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
2024
£
4,821,277
(4,301,653)
519,624		 Total
funds
2024
£
4,821,277
(4,301,653)
519,624		 Total
funds
2023
£
4,369,509
(2,480,077)
1,889,432

Page 22

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. INVESTMENT INCOME

Bank and other interest receivable
Dividends received - listed investments		 Unrestricted
funds
2024
£
2,256,081
240,969
2,497,050		 Total
funds
2024
£
2,256,081
240,969
2,497,050		 Total
funds
2023
£
2,041,846
117,846
2,159,692

6. OTHER INCOME

Net profit on disposal of investment properties
Fair value movement on investments		 Unrestricted
funds
2024
£
150,000
5,320,629
5,470,629		 Total
funds
2024
£
150,000
5,320,629
5,470,629		 Total
funds
2023
£
356
606,699
607,055

7. ADMINISTRATIVE AND FINANCE COSTS

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Administrative expenses 320,273 320,273 225,685

Page 23

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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
2024
£
13,818
73,656
65,000
4,155
17,079
1,990
175,698
Grants to
Institutions
2024
£
9,084,732		 Total
funds
2024
£
13,818
73,656
65,000
4,155
17,079
1,990
175,698
Total
funds
2024
£
9,084,732		 Total
funds
2023
£
14,616
41,247
65,000
8,437
6,804
1,749
137,853
Total
funds
2023
£
6,844,834

9. ANALYSIS OF GRANTS

Page 24

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. ANALYSIS OF GRANTS (continued)

The above balance includes cancellations of grants accrued in earlier periods and refunds totalling £1,298,393 ( 2023: £1,347,961 ). The level of grants awarded in the year was £10,383,125 ( 2023: £8,192,795 ), although some remain unpaid.

2024 grants awarded

024 grants awarded
Awardee Awarded Average No
Hasmonean Grammar Boys £1,360,000
Shiras Devorah £1,000,000
Kollel Distribution £785,850
Pardes House Grammar School £684,000
Seminar Bnos Devorah £388,465
Menorah Grammar School £328,712
Elyon £300,000
Nafsheinu NWL - Project 2 £200,000
Rebbeim Project £180,000
Yeshivas Mekor Chaim £180,000
Beis Hatalmud £150,000
Kerem Shloime £150,000
Tomchei Shabbes £150,000
Me’or High School £125,000
Orach Chayim £110,000
Taharenu £110,000
Beis Soroh Schneirer £100,000
Chinuch UK £100,000
Friends of Luzern Yeshiva £100,000
Hendon Adass £100,000
Community Concern London £100,000
Mechinoh L’Yeshiva £100,000
Nafsheinu NWL – Project 1 £100,000
Satmar Cheder Manchester £100,000
Yeshiva Ohr Chodosh £100,000
TOTAL AWARDS > £100,000 £7,102,027 £284,081 25
TOTAL AWARDS < £100,000 £3,281,098 £35,281 93
TOTAL ALL AWARDS £10,383,125

Page 25

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. ANALYSIS OF GRANTS (continued)

2023 grants awarded Awardee

2023 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
2024 2023
Activity Amount % Amount %
Community Services £1,969,700 18.97% £1,485,274 18.13%
Education £5,201,175 50.09% £4,116,439 50.25%
Welfare Services £616,535 5.94% £292,000 3.56%
Torah £2,595,715 25.00% £2,299,082 28.06%
TOTAL £10,383,125 100.00% £8,192,795 100.00%

Page 26

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10. AUDITORS' REMUNERATION

2024 2023
£ £
Fees payable to the Group's auditor for the audit of the Group's annual
accounts 13,818 14,616
Fees payable to the Company's auditor and its associates in respect of:
The auditing of accounts of associates of the Company 40,220 40,515

11. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2024
£
164,000
16,561
2,641
183,202		 Group
2023
£
149,000
12,722
1,651
163,373		 Company
2024
£
65,000
4,155
1,321
70,476		 Company
2023
£
65,000
8,437
330
73,767

One employee received remuneration amounting to more than £60,000 in the current year, in the bracket of £90,000 to £100,000.

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 (2023: £Nil) . During the year, no Trustees received any benefits in kind (2023: £Nil). During the year, no Trustees received any reimbursement of expenses (2023: £Nil).

The average number of persons employed by the Group during the year was as follows:

Group Group
2024 2023
No. No.
Directors of subsidiaries 3 3

Page 27

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. TAXATION

2024 2023
£ £
CORPORATION TAX
UK corporation tax charge on surplus for the year - 1,932
Adjustments in respect of previous periods - 172
TOTAL CORPORATION TAX - 2,104
DEFERRED TAX
Origination and reversal of timing differences 869,500 (244,941)
TOTAL DEFERRED TAX 869,500 (244,941)
TAX ON SURPLUS ON ORDINARY ACTIVITIES 869,500 (242,837)
The tax assessed for the year is higher than (2023-higher than) the standard rate of corporation tax in
the UK of 25% (2023-19%). The differences are explained below:
2024 2023
£ £
Net expenditure before tax (1,076,539) (2,508,466)
Net expenditure multiplied by the standard rate of corporation tax in the UK
of 25%(2023 - 19%). (269,135) (476,609)
EFFECTS OF:
Expenses not deductible for tax purposes 537,380 79,876
Loss on sale of fixed assets - 333
Adjustments to tax charge in respect of prior periods - 172
Non-taxable income (2,120,271) (811,045)
Spreading following transition to FRS 102 271,449 206,302
Deferred tax 869,500 (244,941)
Charity net expenditure not deductible for tax purposes 1,581,015 1,003,075
Utilisation of tax losses (438) -
TOTAL TAX (CREDIT)/CHARGE FOR THE YEAR 869,500 (242,837)

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 2024, there were capital losses of £Nil ( 2023: £1,750 ) 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 28

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. TANGIBLE FIXED ASSETS

GROUP

COST OR VALUATION
At 1 April 2023
Additions
Revaluations
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Freehold
investment
properties
£
51,940,722
714,778
4,055,266
56,710,766
56,710,766
51,940,722		 Long term
leasehold
investment
properties
£
3,471,123
-
430,000
3,901,123
3,901,123
3,471,123		 Total
£
55,411,845
714,778
4,485,266
60,611,889
60,611,889
55,411,845

The cost of the investment properties at 31 March 2024 is £27,553,897 (2023: £26,839,119) and the uplift following professional and Directors' valuations undertaken is £33,057,992 ( 2023: £28,572,726) .

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 29

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. FIXED ASSET INVESTMENTS

GROUP
COST OR VALUATION
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Listed
investments
£
6,909,297
7,853,620
(3,427,660)
835,363
12,170,620
12,170,620
6,909,297		 Unsecured
subordinated
loan notes
£
20,000,000
-
-
-
20,000,000
20,000,000
20,000,000		 Total
£
26,909,297
7,853,620
(3,427,660)
835,363
32,170,620
32,170,620
26,909,297

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 2024 (2023: £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 30

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. FIXED ASSET INVESTMENTS (continued)

COMPANY
COST
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Shares in
group
undertaking
£
202
-
-
-
202
202
202		 Listed
investments
£
5,371,357
7,853,620
(3,427,660)
558,302
10,355,619
10,355,619
5,371,357		 Total
£
5,371,559
7,853,620
(3,427,660)
558,302
10,355,821
10,355,821
5,371,559

Page 31

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 2,660,379 (2,525,479) 842,808 19,565,627
Haysport Properties Limited 4,406,591 (4,051,540) 3,539,970 45,754,904
Borehamwood Property Limited 10,440 (15,364) (4,924) (1,191)

Page 32

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. SOCIAL INVESTMENTS

GROUP AND COMPANY

COST OR VALUATION
At 1 April 2023
Additions
At 31 March 2024
Social investments comprise:		 Programme
related
investments
£
589,532
1,019,865
1,609,397

Programme related investments

Property Total Total
2024 2024 2023
£ £ £
1,609,397 1,609,397 589,532

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
2024
£
936,638
698,555
-
2,413,877
2,215,328
6,264,398		 Group
2023
£
1,036,638
391,883
-
2,431,816
1,210,718
5,071,055		 Company
2024
£
-
-
15,612,937
100,000
1,358,516
17,071,453		 Company
2023
£
100,000
-
13,398,661
200,000
383,469
14,082,130

Page 33

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Corporation tax
Other creditors
Accruals and deferred income
Accruals for grants awarded		 Group
2024
£
195,957
-
328,198
1,895,248
12,067,370
14,486,773		 Group
2023
£
55,296
1,932
291,461
994,278
10,481,580
11,824,547		 Company
2024
£
-
-
100
13,818
12,067,370
12,081,288		 Company
2023
£
-
-
100
13,416
10,481,580
10,495,096
18.
DEFERRED TAXATION
GROUP
At the beginning of the year
Charged to profit and loss		 2024
£
(4,230,323)
(869,500)
(5,099,823)		 2023
£
(4,475,264)
244,941
(4,230,323)

COMPANY

The company has no provision for deferred taxation (2023: £Nil) .

The provision for deferred taxation is made up as follows:

Revaluation of investment properties
Spreading of tax on FRS 102 transitional adjustment		 Group
2024
£
(4,828,373)
(271,450)
(5,099,823)		 Group
2023
£
(3,687,423)
(542,900)
(4,230,323)

Page 34

DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. SUMMARY OF FUNDS - GROUP

SUMMARY OF FUNDS - CURRENT YEAR

Balance at 1 Gains/ Balance at 31
April 2023 Income Expenditure Taxation (Losses) March 2024
£ £ £ £ £ £
General funds
89,222,781		 12,788,956 (13,882,356) (869,500) 16,861 87,276,742
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
Balance at Gains/ 31 March
1 April 2022 Income Expenditure Taxation (Losses) 2023
£ £ £ £ £ £
General funds
91,488,410		 7,136,256 (9,688,449) 242,837 43,727 89,222,781
RECONCILIATION OF NET MOVEMENTS IN FUNDS TO NET CASH FLOW FROM OPERATING
20. ACTIVITIES
Group Group
2024 2023
£ £
Net expenditure for the period (as per Statement of Financial Activities) (1,946,039) (2,265,629)
ADJUSTMENTS FOR:
Increase in debtors (1,193,343) (554,497)
Increase/(decrease)/in creditors/provisions 3,531,726 (1,579,885)
Profit on disposal of fixed asset investments (166,861) (34,955)
Revaluation / net present value movement on investment properties and
investments (5,320,629) (606,699)
NET CASH PROVIDED USED IN OPERATING ACTIVITIES (5,095,146) (5,041,665)
21. ANALYSIS OF CASH AND CASH EQUIVALENTS
Group Group
2024 2023
£ £
Cash in hand 6,207,034 17,295,922

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DELAPAGE LIMITED

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

22. ANALYSIS OF CHANGE IN NET DEBT

At 1 April At 31 March
2023 Cash flows 2024
£ £ £
Cash at bank and in hand 17,295,922 (11,088,888) 6,207,034

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 in at the year
Awardee Trustee(s) the year end
Beis Soroh Schneirer J J Posen £100,000 £100,000
Bikkur Cholim D Goldberg £40,000 £0
Chinuch UK D Goldberg £100,000 £50,000
Halev re: Gan Menachem D Goldberg £10,000 £0
Hatzola NWL D Goldberg £80,000 £0
Hendon Adass D Goldberg £100,000 £100,000
MARS D Goldberg £25,000 £0
Mesila UK C Kahn £20,000 £0
North London Bikkur Cholim D Goldberg £50,000 £50,000
SEED D Goldberg £33,000 £18,000
Side By Side D Goldberg £50,000 £0
Sunbeams D Goldberg £19,000 £0
Taharenu D Goldberg £110,000 £59,481

There are no other related party balances that require disclosure.

24. CONTROLLING PARTY

As at 31 March 2024 and 31 March 2023 there was no ultimate controlling party.

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