Registered number: 01360086
Charity number: 276017
DELAPAGE LIMITED
(A Company Limited by Guarantee)
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

DELAPAGE LIMITED
(A Company Limited by Guarantee)
CONTENTS
Page
Reference and Administrative Details of the Company, its Trustees and Advisers
Trustees. Report
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
Notes to the Financial Ststements
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 2025
Trustees
A C Becker
M l Frenkel
D Goldberg
C Kahn
R Kaufman
J J Posen
Company registered number
01360086
Charity registered number
276017
Registered office
28 The Ridgeway
London
NW118TB
Company secretary
S H Ollech
Independent auditors
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors
1 st 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 2025
The Trustees (who are also directors of the charity for the purposes of the Companies Act 20061 present their
Annual Report together with the audited financial statements of the Company, Delapage Limited (the 'parent
Companl) and its subsidiaries (the 'Group') for the year ended 31 March 2025. 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 charttable company comply with the current statutory
requirements. the requirements of the charitable companls governing document and the provisions of the
Statement of Recommended practi￿ (SORP) applicable to charities preparing their accounts in accordanGe with
the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102} (effective 1 January
20191.
OBJECTIVES AND CHARITIES
a. POLICIES AND OBJECTIVES
The objectives of the charity are-
the advancement of religion in accordance wth the Orthodox Jewish faith:
the advancement of Orthodox Jewish education.
the prevention and relief of povety,
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 Ihe asset base held by the five 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 atlention.
c. GRANT-MAKING POLICIES
The charity advertises its detailed grant making policies on the charitys website (see
w.delapage.orgldocuments}. 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 Ihe 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 Ihe 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 2025
ACHIEVEMENTS AND PERFORMANCE
a. REVIEW OF ACTIVITIES
The holding Company of the five trading subsidiaries has continued with its mission of distributing funds to good
causes. Despite substantial awards made in the year the valuation of the Group assets have increased by
c.2.8 %. 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 Ihey have become due. Finally, the Group diversified their
investmenl strategy and have established a portfolio of financial instruments which have also performed well.
The Company continues to develop its systems and prO￿dureS to ensure rigorous compliance and financial
controls.
During the year ended 31 March 2025, donab'ons were awarded totalling £8,068,605 (2024." £10,383,125). Note
9 includes more detail on the awardees.
Accruals for outstanding awards is noted as c. £6.42m (2024.- £12.07m), 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 andlor lender 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 decreased by c. 47 /0. Ihis is principally due to an increase in the awards
settled during the year.
b. INVESTMENT POLICY AND PERFORMANCE
The Companls investments comprise its 100/0 holdings in its five subsidiary companies, Borehamwood
Property Limited, Haysport Properties Limited, Twinsectra Limited, DLP Liverpool Limited and OLP Hanover
Limited, valued at cost at 31 March 2025 at £402 (2024.. £202). DLP Liverpool Limited and DLP Hanover Limited
were incorporated during the year.
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 mainlain 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 Ihis reason, they continue to adopt
the going concern basis in preparing the financial slatements. Further detsils 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 2025
b. RESERVES POLICY
The current reserves policy. as developed by the Trustees, is to protect the Company's Gharitable 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 Ihe time.
. PRINCIPAL FUNDING
The principal funding of the Company is 50V/o 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 existing subsidiaries, Borehamwood Propety Limited, Haysport Properties
Limited, Twinsectra Limited, is rent receivable as property investment companies.
During the year, the principal funding of the Iwo new subsidiaries, DLP Liverpool Limited and DLP Hanover
Limited was loan notes from the parent. Both are propety investment companies.
d. MATERIAL INVESTMENTS POLICY
The material investmenls 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 investrnents. managed by a third-paty adviser, the detail of which is also
dealt with above.
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 regislered 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 co-
opted under Ihe terms of the Memorandum of Association.
Page 4

DELAPAGE LIMITED
(A Company Limited by Guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
c. ORGANISATIONAL STRUCTURE AND DECISION-MAKING POLICIES
The charity holds a 1000/0 shareholding in Borehamwood Property Limited, Haysport Properties Limited,
Twinsectra Limited, DLP Liverpool Limited and DLP Hanover Limited, whose principal activities are property
investment and trading.
The Trustees. who are also the directors for the purpose of company law. and who served during the year and
up to the date of signature of the financial statements were-
A C Becker
M l 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, 1 st 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 re￿1ve remuneration in the
year (2024.. £Nil).
Pay and remuneration for other key management personnel are set in agreement with the trustees.
e. RELATED PARTY RELATIONSHIPS
The Company has five subsidiaries. and their income is mainly derived from their significant propety 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.
f. RISK MANAGEMENT
The Truslees 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 authorisalion 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.
Page 5

DELAPAGE LIMITED
(A Company Limited by Guarantee}
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED}
g. FUNCTION OF TRUSTEES
The function of the Trustees is to-
oversee the management and administration of Ihe Company and ils property,.
review the governance, risk assessment and system of internal control,.
consider the financial viability of the Company and its three subsidiary companies. and
Gonsider the finance and loan arrangements bel￿een the Company, its three subsidiary companies and any
third parties as may be relevant.
h. OPERATIONS
The following sub-committees are in place:
Regulatiork & Compliance
Finance
Awards
R Kaufman. D Goldberg
O Goldberg. R Kaufman
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 CompanYs charitable property, including the
Company's inveslments 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 five subsidiary companies,
Borehamwood Property Limited, Haysport Properties Limited, Twinsectra Limited, DLP Liverpool Limited and
DLP Hanover Limited, to manage their property investment porttolios.
FUNDS HELD AS CUSTODIAN
The Company does not hold funds as custodian trustee on behalf of others.
Page 6

DELAPAGE LIMITED
(A Company Llmited by Guarantee>
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
STATEMENT OF TRUSTEES. RESPONSIBIUTIES
The Trustees (who are also the direclors of the Company for the purposes of company law) are responsible for
preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and
regulations.
Company18w requires the Trustees to prepare financial statements fc* each financial year. Under that law. the
Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of
the state of affairs of the Group and the Company and of their incoming resources and application of resources,
including their income and expenditure, for that period. In preparing these financial statements. the Trustees are
required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles of the Charities SORP '
make judgments and accounting estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial ststements; and
prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the
Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Group and the Companys transactions and disclose with reasonable accuracy at any time the financial
position of the Group and the Company and enable them to ensu￿ that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and
hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DISCLOSURE OF INFORMATION TOAUDITORS
Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that:
so far as that Trustee is aware, there is no relevant audit infonnation of which the charitable Group's
auditors are unaware. and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of
any relevant audit infomiation and to establish that the charitable Group's auditors are aware of that
infomation.
AUDITORS
The auditors, Wilder Coe Ltd, will be proposed for reappointment in accordance with section 485 of the
Companies Act 2006.
Approved by order of the members of the board of Trustees on .
behalf by
and signed on their
rg
uste
Page 7

DELAPAGE LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF DELAPAGE LIMITED
OPINION
We have audited the financial ststements of Delapage Limited (the 'parent charitable Company,) and its
subsidiaries (the 'Group') for the year ended 31 March 2025 which comprise the Consolidated Statement of
Financial Activities incorporating Income and Expenditure Account, the Consolidated Balance Sheel, the
Company Balance Sheet, the Consolidated Statement of Cash Flows and the felated 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 Reporling 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 Companvs affairs as at 31
March 2025 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 wtth International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Audilors, responsibilities for the audit
of the financial slatements section of our report. We are independent of the Group in accordance with the elhical
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 eviden￿ 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
acGounting in the preparation of the financial ststements is appropriate.
Based on the work we have perfomed, 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
Companvs ability to continue as a going c￿ncern 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 Ihe infonnation 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 Ihe Annual Report. Our opinion on the financial statements does nol cover the other information and,
except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion
Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other
information is materially inconsistenl 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 misstatemenls, we are required to detemiine whether this gives rise to a material misstatement in the
financial statements themselves. If, based on Ihe 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 MArrERS 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 Trustee5' Report for the financial year for which the financial statements are
prepared is consistent with the financial slatements.
the Trustees, Report has been prepared in accordan￿ 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 lo 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 b￿n received from branches not visited by us. of
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 fihe
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 detemiine is necessary to enable the preparation of financial statements Ihat 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 concem, 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 assuran￿, but is not a guarantee Ihat an audit conducted in
accordance with ISAS {UK} will always detect a material misstatement when it exists. Missiatements 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 wilh and enquiries of management and those charged with governan￿ were held with a view to
identifying Ihose laws and regulations thal 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 signtficance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK
rinancial 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 operaling aspects of
the business and therefore may have a 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- enquirie5 of management and those charged wilh
governance as to whether the entity complies with such laws and regulations- enquiries with the same
concerning any actual or potential lrtigation or claims- inspection of relevant legal correspondence., review of
board minutes- testing the appropriateness of journal entries. and the performance of analyiical review to identify
unexpected movements in account balances which may be indicative of fraud.
No instances of material non-complian￿ were identified. However, the likelihood of detecting irregularities,
including fraud. is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entitls
controls. and the nature, timing and extent of the audit procedures performed. IrrogLJlarities that result from fraud
might be inherently more difficult to detect than irregulartties 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 stalements is located on the Financial
Reporting Council's website at: wwN.frc.o
.uklauditorsres
onsibilities. 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 charilable 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 requiied 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 othef
than the charitable Company and its members. as a body, for our audit work, for this report, or for the opinions
we have formed.
Chris Gent BA FCA (Senior Statutory Auditor)
for and on behalf of
Wilder Coe Ltd
Chartered Accountants & Statutory Audilors
1 st Floor Sackville House
143-149 Fenchurch Street
London
EC3M 6BL
1 December 2025
Page11

DELAPAGE LIMITED
(A Company Limited by Guarantee
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND
EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Note
INCOME FROM:
Property rental and investment activities
Investments
Other income
4,269,840
12.283,361
3.182,714
4,269,840
12,283,361
3,182,714
4,827,277
2,497,050
5,470,629
TOTAL INCOME
19.735,915
19,735,915
Y2,788,956
EXPENDITURE ON:
Raising funds-
Property rental and investment aclivities
Administrative and finance costs
Governance
other raising funds
Charitable activities..
Expenditure on charitable activities
4,371.726
161,319
352,429
{18,050)
4,371.726
161,319
352,429
(18,050)
4,301,653
320,273
175,698
5,985.494
5,985,494
9,084, 732
TOTAL EXPENDITURE
10,852,918
10,852,918
13,882,356
NET INCOMEI (EXPENDITURE) BEFORE NET GAINS
ON INVESTMENTS
Net gains on investments
8,882,997
1,103.905
8,882,997
1,103,905
(1, 093,400)
16,861
NET EXPENDITURE BEFORE TAXATION
Taxation
9,986,902
9,986,902
{1,010,3841 (1,010,384)
(1, 076, 539)
(869,500)
12
NET MOVEMENTS IN FUNDS
8,976,518
8,976,518
(1, 946, 039)
RECONCILIATIONS OF FUNDS:
Total funds brought fotward
Net movement in funds
87.276,742
8,976,518
87,276,742
8,976,518
89,222, 781
(1, 946, 039)
TOTAL FUNDS CARRIED FORWARD
96,253,260
96,253,260
87,276,742
The Consolidated Statement of Financial Aclivities 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
(A Company Llmfted by Guarantee)
REGISTERED NUMBER: 01360086
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
2025
2024
Note
FIXED ASSETS
Investment properties
Investments
Social investments
13
70,925,236
32.049.718
1,649.364
60,611,889
32, 170.620
1, 609,397
14
15
104,624.318
94,391,906
CURRENT ASSETS
Debtors.. 8mounts falling due after more than
one year
Debtors: amounts falling due within one year
Cash at bank and in hand
1,084,388
2,960.184
1,193,973
936,638
5,327, 760
6,207,034
5238.545
12,471,432
Creditors: amounts falling due within one
year
17
(7,499,396)
(14,486, 773)
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT
LIABILITIES
(2.260.851)
(2,015,341)
102,363.467
(6.110,207)
92.376,565
Deferred tax
18
(5,099.823)
NET ASSETS
96,253,260
87,276,742
General funds
19
96,253.260
87, 276. 742
TOTAL FUNDS
96,253,260
87,276, 742
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on ..2.Tr../￿ l !- and
signed on their behalf by:
DGOI
The notes on pages 16 to 36 form part of these financial statements.
Pag8 13

DELAPAGE LIMITED
(A Company Llmlted by Guarantee)
REGISTERED NUMBER: 01360086
COMPANY BALANCE SHEEr
AS AT 31 MARCH 2025
2025
2024
Note
FIXED ASSErs
Investments
Social investments
14
15
20.249.517
1,649,364
10,355,821
1,609,397
21,898,881
11,965,218
CURRENT ASSETS
Debtors: amounts falling due after more than
one ye8r
Debtors.. amounts falling due within one year
Cash at bank and in hand
16
147,750
16,162.303
284.343
16
17,071,453
5,002,055
16,594,396
22,073,508
Creditors: amounts falling due within one
year
17
(6,430.056)
(12,081,288)
NET CURRENT ASSErs
10,164.340
9,992,220
NET ASSETS
32,063.221
21,957,438
CHARITY FUNDS
Unrestricted funds
32,063,221
21,957,438
TOTAL FUNDS
32,063,221
21,957,438
The Companls net movement in funds for the year was £10.105.783 (2024 - £(3,068,398)).
The Trnstees acknowledge their responsibilities for comrjlying wth the requirements of the Act with respect to
accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on .
and signed on their behalf by.
The notes on page5 16 to 36 fomi part of these financial statements.
Page 14

DELAPAGE LIMITED
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities
932,732 (5,095, 146)
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
Loan repayments received
455,021
150,000
(6,908,514} (1, 734, 643)
13,246,262
3,444, 521
(22,738,560) (7.853, 620)
9,999,998
NET CASH (USED IN) I PRODUCED FROM INVESTING ACTIVITIES
(5,945.793) (5,993,742)
CHANGE IN CASH AND CASH EQUIVALENTS
(5,013,061) {11,088,888)
6,207,034 17,295,922
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
1,193,973
6,207, 034
The notes on pages 16 to 36 form part of these financial statements
Page 15

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GENERAL INFORMATION
Delapage Limited (company number." 01360086. charity number." 276017), having its registered office and
principal place of business at 28 The Ridgeway. London. NW118TB, is a company limited by guarantee.
incorporated in England and Wales.
The Group consists of Delapage Limited and all of its subsidiaries.
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 Practi￿ 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 benefrt entity under FRS 102. Assets and liabilities
are initially recognised at historical cost or transaction value unless othe￿iSe staled 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 underlakings. The results of
the subsidiaries are consolidated on a line by line basis.
Functional and presentation currency
The financial statements are prepared in sterling, which is the functional currency of the charitable
Company. Monetary amounts in these financial statements are rounded to the nearest £.
Parent Company disclosure exempttons
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.
The parent charitable Company has laken advantage of the exemption from preparing a statement of
cash flows. on the basis that it is a qualifying entity and the group statement of cash flows, included in
these financial statements, indudes the charitable Companvs cash flow.
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 GOING CONCERN
The financial statements have been prepared on the assumption that the Group is a going concern.
When assessing the foreseeable future, the directors have looked at both the budget for the next 12
months from the date of this report and the cash at bank available as at the date of approval of this
report and are satisfied that the Group should be able to cover its activities and meet ils short-term
liabilities.
Page 16

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES (CONTINUED)
2.4 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Twslees 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.
Investment income, gains and losses are allocated to the appropriate fund.
2.5 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 lo particular categories of income..
Voluntary income receNed by way of donations is included in full when receivable"
Investment income is included when receivable,. and
Incoming reSoUr￿S 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.
2.6 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 activibes 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 lo ils beneficiaries. It includes both costs that can be allocated directly to such activities
and those costs of an indirect nature necessary to support them.
Govemance 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.
Expendilure is recognised once there is a legal or constructive obligation to transfer economic benefit
to a third party, it is probable Ihat 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. induding 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 aclivilies 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.
Page 17

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES (CONTINUED)
2.6 EXPENDITURE (CONTINUED)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Group's objectives. as well as any associated support costs.
2.7 GRANTS PAYABLE
Grants payable are payments made to third parties 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 b￿n met or where there is a constructive obligation to make a payment.
A constructive obligation arises when the charriable Company has communicated its intention to
award a grant to a recipient who then has a reasonable expeclation 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 pemiission.
2.8 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 Ihe 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.
2.9 INVESTMENTS
Investments in listed company shares are ￿MeasUred 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 Accounl.
Investments in subsidiaries are valued at cost less provision for impaimient.
Page 18

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES (CONTINUED)
2.10 INVESTMENT PROPERTIES
Investment properties comprise freehold and leasehold land and buildings. These are a combination
of residential and commeraal units and are measured initially at cost, including related transaGtion
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 caffied at fair value, based on market value, after
which they are valued annually by independent external valuers or held at directors, valuation rf
appropriate. The changes in fair value and impainnents resulting from losses of economic benefit are
recognised in the Statement of Financial Activities incorporating Income and Expenditure Account.
The fair value of an investmenl propety reflects. among other things, rental income from current
leases and assumptions about rental income from futu￿ 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 cosl 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 il remains an investment
property whilst in development.
2.11 SOCIAL INVESTMENTS
Social investments comprise freehold land and buiklings. 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
Aclivities incorporating Income and Expenditure.
Page 19

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES (CONTINUED)
2.12 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
enacled 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 Balan￿ 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 rf 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.
2.13 DEBTORS
Short-term debtors a￿ recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
2.14 CASH AT BANK AND IN HAND
Cash at bank and in hand includes cash and short-tenn 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.
2.15 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 a 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 advance payments for Ihe 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 al the pre-tax discount rate thal reflects the risks specrfic 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 2025
ACCOUNTING POLICIES (CONTINUED)
2.16 FINANCIAL INSTRUMENTS
The Group only enter into basic financial instruments transactions that result in the recognition of
financial assels 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 presenl value using the effective interest method. Debt instruments that
are payable or re￿1vable within one year, typically trade debtors and creditors, are measured, inilially
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 impaimient is found, an
impairmenl loss is recognised in the Consolidated Statement of Financial Activities incorporating
Income and Expenditure Account.
For financial assets measured at amortised cost, the impainnent 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 impainnent loss is the current effectsve interest rate determined under the
conlract.
For financial assets measured at Gost 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 2025
CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
In order to properly apply the Compan￿5 accounting policieg, as described above. the directors are
required to make judgements and estimates in respect of the carrwng values of assets and liabilities which
may not be apparent from other SoUr￿S of information. The directors base these critical accounting
judgemenls and estimalions on previous historical experien￿ and other factors which they judge to be
relevant. Judgements and estimates will invariably differ from actual resulls 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
detemiined 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 nalure 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
stalements 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
assumplions 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 investrnent properties can be seen in note 13.
Impairnient 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 assets 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 15 necessary to impair this asset as
il is deemed to be recoverable and there has been no indication to the contrary.
PROPERTY RENTAL AND INVESTMENT ACTIVITIES
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Rent receivable
Cost of sales
4,269,840
4,269,840
4,821,277
(4.371.726) 14,371,726) (4,301,653)
(101,886) (101,886)
519,624
Page 22

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
INVESTMENT INCOME
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Bank and other interest receivable
Dividends received - listed investments
12,042,741
240,620
12,042,741
240,620
2,256,081
240,969
12,283,361 12,283,361
2, 497, 050
OTHER INCOME
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Net profit on disposal of investment properties
Fair value movement on investments
455,021
5,727,693
455,021
5,727,693
150, 000
5, 320, 629
6,182,714
6,182,714
5,470, 629
ADMINISTRATIVE AND FINANCE COSTS
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Administrative expenses
161.319
161,319
320,273
Page 23

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GOVERNANCE COSTS
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Auditors, remuneration (Charily)
Legal and professional fees
Staff salaries
National Insurance
Pensions
Insurance
Other costs
16,734
162,698
154,320
3,690
2,642
7,952
4,393
16.734
162.698
154,320
3,690
2,642
7,952
4,393
13,818
73,656
65,000
4.155
17,079
1,990
352,429
352,429
175,698
ANALYSIS OF GRANTS
Grants to
Institutions
2025
Total
funds
2025
Total
funds
2024
Net grants awarded to other charities
5,985,494
5,985,494
g,084, 732
Page 24

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ANALYSIS OF GRANTS (continued)
The above balance includes cancellations of grants accrued in eadier periods and refunds totalling
£2,083,111 (2024." £1,298,393). The level of grants awarded in the year was £8.068,605 12024..
£10,383, 125), although some remain unpaid.
2025 grants awarded
2025 grants awarded
Awardee
Ateres Bels Yakov
Kollel Dislribution
Menorah Grammar School
The Beth Jacob Foundation
Bnos Yisroel
Hasmonean Grammar School
Pardes House Grammar School
Ateres Elisheva
Seminar Bnos Devorah
Yeshivas Kesser Halorah
Bonei Olom Manchester
Crossroads Manchester
Naaleh (via Hearo Trust)
Yeshivas Darchei Sholom
Filey Foundation {The Decoy Trust)
Menucha
SAGE
Hatzola Edgware
Toras Emess
Awarded Average
£1.100.000
£841.523
£400.000
£300.000
£250.000
£250,000
£250.000
£175,000
£160.000
£160.000
£150,000
£150,000
£150,000
£150.000
£100.000
£100.000
£100,000
£100.000
£100.000
No
TOTAL AWARDS > £100,000
TOTAL AWARDS < £100,000
TOTAL ALL AWARDS
£4,986,523 £262.449
£3,082,082
£34.245
£8,068,605
19
90
Page 25

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ANALYSIS OF GRANTS (continued)
2024 grants awarded
Awardee
Hasmonean Grammar Boys
Shiras Devorah
Kollel Distribution
Pardes House Grammar School
Seminar Bnos Devorah
Menorah Grammar School
Elyon
Nafsheinu NWL- Project 2
Rebbeim Project
Yeshivas Mekor Chaim
Bels Halalmud
Kerem Shloime
Tomchei Shabbes
Me'or High School
Orach Chayim
Taharenu
Bels Soroh Schneirer
Chinuch UK
Friends of Luzem Yeshiva
Hendon Adass
Community con￿rn London
Mechinoh L'yeshiva
Nafsheinu NWL- Project 1
Satmar Cheder Manchester
Yeshiva Ohr Chodosh
Awarded Average
£1.360.000
£1.000.000
£785.850
£684,000
£388.465
£328.712
£300.000
£200.000
£180.000
£180,000
£150.000
£150.000
£150.000
£125.000
£110.000
£110,000
£100,000
£100,000
£100.000
£100.000
£100.000
£100,000
£100.000
£100.000
£100,000
TOTAL AWARDS > £100,000
TOTAL AWARDS < £100,000
TOTAL ALL AWARDS
£7,102,027
£3,281,098
£10,383,125
£284,081
£35,281
25
93
2025
Amount
2024
Amount
Comrnunity Services
Education
Welfare Service5
Torah
£2.092.820
£3.742.625
£574.638
£1,658,523
25.94/0
46.390/¢
7.12/
20.560
£1.969.700
£5.201,175
£616.535
£2.595,715
18.97°
50.090
5.94°
25.000/0
TOTAL
£8,068,605
100.00°
£10.383,125
100.00°A
Page 26

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
10. AUDITORS, REMUNERATION
Fees payable to the Group's auditor for the audit of the Group's annual
accounts
16,734
13,878
Fees payable to the Companys auditor and its associates in respect of:
The auditing of accounts of associates of the Company
40,459
40,220
11. STAFF COSTS
Group
2025
Gmup
2024
Company Company
2025
2024
Wages and salaries
Social security costs
Conlribution to defined contribution pension
schemes
154,320
3,690
164,000
16,561
70,320
(6,646}
65,000
4,155
2,642
2,641
1,320
1,321
160,652
183,202
64,994
70,476
One employee received remuneration amounling to more than £60.000 in the current year, in the braGket
of £80,000 to £100,000.
In the prior year. one employee received remuneration amounting to more than £60.000, in the bracket of
£90.000 lo £100,000.
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 (2024.- £Nifj.
During the year, no Trustees recetved any benefits in kind (2024.- £Ni4.
During the year, no Trustees received any reimbursement of expenses (2024." £Ni4.
The average number of persons employed by the Company during the year was as follows:
Group
2025
Group
2024
Directors of subsidiaries
Page 27

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
12. TAXATION
2025
2024
CORPORATION TAX
TOTAL CORPORATION TAX
DEFERRED TAX
Changes to tax rates
1,010,384
869,500
TOTAL DEFERRED TAX
1,010,384
869,500
TAX ON SURPLUS ON ORDINARY ACTIVITIES
1,010,384
869,500
The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in
the UK of 250k (2024 - 25°/0). The differences are explained below:
2025
2024
Net incomel(expenditure) before tax
9,986,902
(1, 076,539)
Net expenditure multiplied by the standard rate of corporation tax in the UK
of 250/0 (2024 . 250h).
EFFECTS OF:
2,496,726
(269, 135)
Expenses not deductible for lax Purposes
Gain on disposal of fixed assets not taxable
Capital gains
Non-taxable income
Spreading following transilion to FRS 102
Deferred tax
Charity net expenditure not deductible for tax purposes
Creationl(utilisation) of tax losses
671,783
(107,120)
90,295
{1.818,626) (2, 120,271)
271,451
271,449
1,010,384
869,500
{1,605,167)
1,581,015
658
(438)
537,380
TOTAL TAX (CREDIT)ICHARGE FOR THE YEAR
1,010,384
869,500
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 2025, there were capilal losses of £Nil (2024.. £NiO available lo carry forward to offset
against taxable profits of the same nature. There were no other factors that may affect future tax Gharges.
Page 28

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
13. INVESTMENT PROPERTY
GROUP
Long-term
leasehold
investment
properties
Freehold
investment
properties
Total
COST OR VALUATION
At 1 April 2024
Additions
Revaluations
56,710,766
6,868,547
3,244,800
3,901.123
60,611,889
6,868,547
3,444,800
200,000
At 31 March 2025
66,824,113
4,101,123
70,925,236
NET BOOK VALUE
At 31 March 2025
66,824,113
4,101,123
70,925,236
At 31 March 2024
56,710,766
3,901, 123 60,611,889
The cost of the investment properties at 31 March 2025 is £34,422,44412024." £27,553, 89n and the uplift
following professional and Directors, valuations undertaken is £36.502,792 (2024.- £33.057,992)-
The fair value of investment property has been determined by the directors of the Company. Fair value
has been determined by reference lo inter-alia. marketing reports, letting stalus, planning status. and
physical inspections of properties.
Page 29

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14. FIXED ASSET INVESTMENTS
Unsecured
Listed subordinated
investments
loan notes
Total
GROUP
COST OR VALUATION
At 1 April 2024
Additions
Disposals
Revaluations
Loan repayments
12,170,620
22,738,560
(12,142,3571
(717,107)
20,000,000
32,170,620
22,738,560
{12,142,357)
(717,107)
(9,999,998)
(9,999,998)
AT 31 MARCH 2025
22,049,716
10.000,002
32,049,718
NET BOOK VALUE
AT 31 MARCH 2025
22,049,716
10,000,002
32,049,718
AT31 MARCH 2024
12. 170,620
20,000,000
32, 170,620
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 £20.0 million at 31 March
2025 (2024.. £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 aption to
ils property asset manager, geared lo certain perfornian￿ criteria. in respect of up to £2.5 million 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 cur￿nt 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 2025
14. FIXED ASSET INVESTMENTS (CONTINUED)
Shares in
group
Listed
undertaking investments
Total
COMPANY
COST OR VALUATION
At 1 April 2024
Additions
Disposals
Revaluations
202
10,355,619
10,355,821
22,738,560 22,738,760
112,142,357) (12,142,357)
(702,707)
1702,707)
200
AT 31 MARCH 2025
402
20,249,115
20,249,517
NET BOOK VALUE
AT 31 MARCH 2025
402 20,249,115 20,249,517
A T31 MARCH 2024
202
10,355,619
1Q,355,821
PRINCIPAL SUBSIDIARIES
The following were subsidiary undertakings of the Company:
Names
Company Registered Principal Class of /0 of
Included in
number office
activity shares holding consolidation
Twinsectra Limited
Haysport Properties Limited
Borehamwood Property Limited
DLP Hanover Limited
DLP Liverpool Limited
01226586 (i)
01360843 (i)
12230858 (i)
16108076 (i)
15850632 (i)
Ordinary 1000/0 Yes
Ordinary 100 % Yes
Ordinary 1000/0 Yes
Ordinary 1000/0 Yes
Ordinary IOOO/o Yes
(i) Registered office or principal place of business: 28 The Ridgeway, London. England NW118TB.
(li) Principal activity: Property investment.
Page 31

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
15. SOCIAL INVESTMENTS
GROUP AND COMPANY
Programme
related
investments
COST OR VALUATION
At 1 April 2024
Additions
1,609,397
39,967
At 31 March 2025
1,649,364
Social investments comprise:
PROGRAMME RELATED INVESTMENTS
Property
2025
Total
2025
Total
2024
1.649,364
1,649,364
1,609.397
Page 32

DELAPAGE LIMITED
(A Company Limited by Guarantee
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
16. DEBTORS
Group
2025
Group
2024
Company Company
2025
2Q24
DUE AFTER MORE THAN ONE YEAR
Other debtors
1,084,388
936,638
147.750
Group
2025
Group
2024
Company Company
2025
2924
DUE WITHIN ONE YEAR
Trade debtors
Amount5 owed by group undertakings
Other debtors
Prepayments and accrued income
686.978
698.555
14,594,833 15,612,937
1,274,000
100,000
293,470
1,358,576
1,618,248
654.958
2,413,877
2.215,328
2,960,184
5,327, 760 16,162,303 17,071.453
Included within amounts owed by group undertakings due within one year is £9,250,000 (2024.-
£15,000,OOO>, which is secured and repayable on demand. Interest is charged at an assumed rate of 70/0.
Included within amounts owed by group undertakings are unsecured, interest-free, have no fixed
repayment date, and are repayable on demand.
Included wilhin other debtors of £1,224,000 (2024.- £Ni4 are amounts that are secured. interest-free, has
no fixed repayment terms. and payable on demand.
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2025
Group
2024
Company Company
2025
2024
Trade creditors
Other creditors
Accruals and deferred income
Accruals for grants awarded
118.708
195,957
333,229
328,198
631.303
1,895,248
6,416,156 12.067,370
100
100
13,800
13,818
6,416,156 12,067,370
7,499,396 14,486,773
6,430,056 12,087,288
Page 33

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
18. DEFERRED TAXATION
GROUP
2025
2024
At the beginning of the year
Charge for the year
(5,099,823) (4,230,323)
{1.010,384) (869,500)
{6,110,207) (5,099, 823)
The provision for deferred taxation is made up as follows:
Group
2025
Group
2024
Revaluation of investment properties
Spreading of tax on FRS 102 transitional adjustment
{6,110,207) (4,828,373)
(271,450)
{6,110,207) (5,099,823)
COMPANY
The Company has no provision for deferred taxation (2024.- £Nifj.
19. SUMMARY OF FUNDS - GROUP
SUMMARY OF FUNDS- CURRENT YEAR
Balance at
31 March
2025
Balance at 1
April 2024
Gainsl
(Losses)
Income Expenditure
Taxation
General funds
87,276.742 19,735,915 (10,852,918) (1,010,384) 1,103,905 96,253,260
SUMMARY OF FUNDS - PRIOR YEAR
Balarlce al
31 March
2024
Balance al
l Apnl 2023
Gain
(Losses)
Income
Expenditu
Taxation
General funds
89,222, 781 12. 788. 956 (13. 882. 356) (869,500)
16,861 87,276,742
Page 34

DELAPAGE LIMITED
{A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
RECONCILIATION OF NET MOVEMENTS IN FUNDS TO NET CASH FLOW FROM OPERATING
20. ACTIVITIES
Group
2025
Group
2024
Net incomelexpenditure for the year (as per Statement of Financial
Activities)
8,976,518 (1,946,039)
ADJUSTMENTS FOR:
Decreasel(increase) in debtors
Decreasel(increase) in creditorslprovisions
Profit on disposal of fixed asset investments
Revaluation I net present value movement on investment properties and
investments
2,219.826 (1, 193,343)
(5,976,993) 3,531, 726
{1,558,926) (166,861)
{2,727,693} (5,320,629)
NET CASH PROVIDED USED IN OPERATING ACTIVITIES
932,732 (5,095, 146)
21. ANALYSIS OF CASH AND CASH EQUIVALENTS
Group
2025
Group
2024
cash in hand
1,193,973
6,207, 034
22. ANALYSIS OF CHANGES IN NET DEBT
At 1 April
2024 Cash flows
At 31 March
2025
Cash at bank and in hand
6,207,034 (5,013,061)
1,193,973
Page 35

DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
23. RELATED PARVI TRANSACTIONS
.The table below provides details of awards made during the year where Trustees had conflicts of
interest. These conflicts arose where Trustees acted as audilors. advisers. andlor current Trustees of the
charities listed. Procedures for managing conflicts of interest are outlined in the Trustees, Report.
Value of donations
committed in the
year
Amount
outstanding at the
year-end
AV￿rdee
Trustee(s)
Chinuch UK
D Goldberg
£35.000
£0
Hatzola Edgware
D Goldberg
£100,000
£100,000
Intedink
D Goldberg
£50.000
£0
Kef Kids
D Goldberg
£10,000
£0
Mesila UK
D Goldberg
£30.000
£0
Me5ila UK
C Kahn
£30,000
£0
Mother to Mother
D Goldberg
£25,000
£12,500
Naaleh (via Hearo trust)
C Kahn
£150.000
£0
North London Bikkur Cholim
D Goldberg
£20,000
£0
SAGE
D Goldberg
£100,000
£100.000
SEED
D Goldberg
£50.000
£50,000
Shabbat Walk
D Goldberg
£20,000
£0
Side by Side
D Goldberg
£50,000
£50,000
Step by Step
D Goldberg
£50,000
£0
There are no other related party balances that require disclosure.
24. CONTROLLING PARTY
As at 31 March 2025 and 31 March 2024 there was no ultimate controlling party.
Page 36