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
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
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 2006) present their Annual Report together with the audited financial statements of the Company, Delapage Limited (the 'parent Company') 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 charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
OBJECTIVES AND CHARITIES
a. POLICIES AND OBJECTIVES
The objectives of the charity are:
∙the advancement of religion in accordance with the Orthodox Jewish faith;
∙the advancement of Orthodox Jewish education;
∙the prevention and relief of poverty;
∙the advancement of health and provision of accommodation to those who need it by reason of age, ill health, disability, financial hardship or other disadvantage; and
∙any other purpose that may be regarded as analogous to any of the preceding purposes.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. STRATEGIES FOR ACHIEVING OBJECTIVES
c. GRANT-MAKING POLICIES
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
Page 2
DELAPAGE LIMITED
(A Company Limited by Guarantee)
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 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 2025, donations were awarded totalling £8,068,605 (2024: £10,383,125). Note 9 includes more detail on the awardees.
During the year ended 31 March 2025, donations 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 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 decreased by c. 47%, this is principally due to an increase in the awards settled during the year.
b. INVESTMENT POLICY AND PERFORMANCE
The Company’s investments comprise its 100% holdings in its five subsidiary companies, Borehamwood Property Limited, Haysport Properties Limited, Twinsectra Limited, DLP Liverpool Limited and DLP 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 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.
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
Page 3
DELAPAGE LIMITED
(A Company Limited by Guarantee)
FINANCIAL REVIEW (CONTINUED)
b. RESERVES POLICY
c. PRINCIPAL FUNDING
The principal funding of the three existing subsidiaries, Borehamwood Property Limited, Haysport Properties Limited, Twinsectra Limited, is rent receivable as property investment companies.
During the year, the principal funding of the two new subsidiaries, DLP Liverpool Limited and DLP Hanover Limited was loan notes from the parent. Both are property investment companies.
d. MATERIAL INVESTMENTS POLICY
The Company also has a portfolio of investments, managed by a third-party 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 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.
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
Page 4
DELAPAGE LIMITED
(A Company Limited by Guarantee)
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
c. ORGANISATIONAL STRUCTURE AND DECISION-MAKING POLICIES
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 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
Pay and remuneration for other key management personnel are set in agreement with the trustees.
e. RELATED PARTY RELATIONSHIPS
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 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.
Internal control risks are minimised by the implementation of procedures for authorisation of all transactions by the Trustees together with an ongoing review of the strategy to mitigate risks. Procedures are in place to ensure compliance with all regulatory requirements.
g. FUNCTION OF TRUSTEES
The function of the Trustees is to:
∙oversee the management and administration of the Company and its property;
∙review the governance, risk assessment and system of internal control;
∙consider the financial viability of the Company and its three subsidiary companies; and
∙consider the finance and loan arrangements between the Company, its three subsidiary companies and any third parties as may be relevant.
Page 5
DELAPAGE LIMITED
(A Company Limited by Guarantee)
STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)
h. OPERATIONS
The following sub-committees are in place:
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.
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
FUNDS HELD AS CUSTODIAN
The Company does not hold funds as custodian trustee on behalf of others.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors 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.
Company law requires the Trustees to prepare financial statements for 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 statements; and
∙prepare the financial statements on the going concern 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 Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure 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.
Page 6
DELAPAGE LIMITED
(A Company Limited by Guarantee)
DISCLOSURE OF INFORMATION TO AUDITORS
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 information 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 information and to establish that the charitable Group's auditors are aware of that information.
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 27 December 2025 and signed on their behalf by:
Page 7
DELAPAGE LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELAPAGE LIMITED
We have audited the financial statements 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 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).
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.
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)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' Report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
∙the parent charitable Company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent charitable Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Trustees' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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.
Page 9
DELAPAGE LIMITED
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DELAPAGE LIMITED (CONTINUED)
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.
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
∙Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, charity law, tax and pensions legislation and distributable profits legislations.
∙Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating aspects of the business and therefore may have 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: 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).
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)
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
1st Floor Sackville House
143-149 Fenchurch Street
London
EC3M 6BL
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 2025
Page 12
DELAPAGE LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER: 01360086
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
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 27 December 2025 and signed on their behalf by:
Page 13
DELAPAGE LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER: 01360086
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
The Company's net movement in funds for the year was £10,105,783 (2024 - £(3,068,398)).
The financial statements were approved and authorised for issue by the Trustees on 27 December 2025 and signed on their behalf by:
Page 14
DELAPAGE LIMITED
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
Page 15
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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.
The Group consists of Delapage Limited and all of its subsidiaries.
The Group consists of Delapage Limited and all of its subsidiaries.
2.ACCOUNTING POLICIES
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.
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 exemptions
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 taken 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, includes the charitable Company's cash flow.
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 exemptions
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 taken 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, includes the charitable Company's cash flow.
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.
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 its short-term liabilities.
Page 16
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
Unrestricted funds include revaluations representing the restatement of investment assets at market values.
All incoming resources are included in the Statement of Financial Activities incorporating Income and
Expenditure Account when the parent charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The following policies are applied to particular categories of income:
• Voluntary income received by way of donations is included in full when receivable;
• Investment income is included when receivable; and
• Incoming resources from charitable trading activity is accounted for when earned.
Subsidiary turnover is wholly attributable to the subsidiaries principal activities, being that of property investment and investment income.
Expenditure Account when the parent charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The following policies are applied to particular categories of income:
• Voluntary income received by way of donations is included in full when receivable;
• Investment income is included when receivable; and
• Incoming resources from charitable trading activity is accounted for when earned.
Subsidiary turnover is wholly attributable to the subsidiaries principal activities, being that of property investment and investment income.
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.
Page 17
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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 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.
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.
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.
Page 18
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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.
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.
When an existing investment property is redeveloped for continued use it remains an investment property whilst in development.
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.
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 2025
2.ACCOUNTING POLICIES (CONTINUED)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Financial Activities incorporating Income and Expenditure Account.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the parent charitable Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the parent charitable Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙the recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Page 20
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.ACCOUNTING POLICIES (CONTINUED)
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 2025
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 in note 13.
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 in 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 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 is necessary to impair this asset as it is deemed to be recoverable and there has been no indication to the contrary.
Page 22
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 23
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 24
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The above balance includes cancellations of grants accrued in earlier periods and refunds totalling £2,083,111 (2024: £1,298,393). The level of grants awarded in the year was £8,068,605 (2024: £10,383,125), although some remain unpaid.
2025 grants awarded
Page 25
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 26
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 27
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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 capital losses of £Nil (2024: £Nil) available to carry forward to offset against taxable profits of the same nature. There were no other factors that may affect future tax charges.
FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
As at 31 March 2025, there were capital losses of £Nil (2024: £Nil) available to carry forward to offset against taxable profits of the same nature. There were no other factors that may affect future tax charges.
Page 28
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 29
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
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)
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
||||
|
|
The following were subsidiary undertakings of the Company:
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
(i) Registered office or principal place of business: 28 The Ridgeway, London, England NW11 8TB.
(ii) 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
Page 32
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 33
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The provision for deferred taxation is made up as follows:
Page 34
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 35
DELAPAGE LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
As at 31 March 2025 and 31 March 2024 there was no ultimate controlling party.
Page 36