2021-03-31-accounts

REFERENCEAND ADMINISTRATIVEDETAILS	.....1
REPORT OFTHETRUSTEE	.....3
STATEMENT OFTRUSTEE'SRESPONSIBILITIES	...16
CONSOLIDATEDSTATEMENT OF FINANCIAL ACTIVITIES.	...27
CONSOLIDATEDBALANCE SHEET	...23
BALANCE SHEET......	...24
CONSOLIDATEDCASHFLOW STATEMENT...........	...25
NOTES TOTHEACCOUNTS.................	26

Corporate Trustee:	Dolphin Square CharitableTrusteeLimited
Brandname:	Dolphin Living
Governors ofCorporateTrustee	David Lavarack (Chair)
	Deirdra Armsby
	Bruce Clitherow
	AndrewGiblin
	JuliaMoulder
	Sarah Philbrick
	Sarah Smith
	JaneStaveley
	AnnaStrongman
Acquisition,Finance and	AndrewGiblin (Chair)
Development Committee	David Lavarack
	Fenella Edge
	JuliaMoulder
	Richard Petty
	SarahPhilbrick
	AnnaStrongman
AuditandRiskCommittee	Jane Staveley (Chair)
	Deidra Armsby
	Ben Laryea
	Sarah Smith
RemunerationandNominations	Bruce Clitherow (Chair)
Committee	AndrewGiblin
	David Lavarack
	JaneStaveley
Key managementpersonnel	Olivia Harris (Chief Executive)
	JamesHedgman
	Sam While
	Octavia Williams

Banker	BarclaysBank plc
	Level 25
	1ChurchillPlace
	London
	E14sHP
Solicitors	CMSCameron McKenna Nabarro Olswang
	LLP
	CannonPlace
	78 CannonStreet
	London
	EC4N 6AF
	StoneKingLLP
	29ElyPlace
	London
	EClN 6TD
	DevonshiresSolicitors
	30Finsbury Circus
	London
	ECZMTDT
Auditor	CroweU.K.LLP
	4thFloor
	StJamesHouse
	StJamesSquare
	Cheltenham,GL50 3PR
lnvestmentManagers	CazenoveCapital Management
	12 Moorgate
	London
	EC2R 6DA

	Intermediate	Social	PRS	TOTAL	Commercial	TOTAL
				No.of homes	units
Homesin management
Portfolioat 31 March2020	sl0	39	111	660	13	673
Additions	73	10	58	141		141
Disposals	(3)			(3)		(3)
Portfolioat 31 March2021	580	49	169	798	13	811
%ofportfolio	72%	6%	20%		z/o	100%
Homesunder construction		10		10		10
Portfolioat 31 March2022	580	59	169	808	13	821
Planning	114	14	171	299		300
Existingunitsdemolished forredevelopment	-96			-96	-11	-107
Forecastto31 March2024	598	73	340	1,011	3	1,014

INANCIALREVIEW
	202L	2020	2019	20t8	20L7
Netassets	f1.66.7	€166.0	f1,64.L	f1,5t.7m	f151.5m
Turnover	fI2.tm	€9.2m	f9.7m	€8.7m	f19.0m
Operating surplus^	f3.7m	f 3.6m	f3.9m	f3.2m	f13.6m
Operating margin	37%	39%	40%	36%	72%
Gearing	67%	68%	690/o	63%	45%
lnterestcover	2,7	2.2	2.5	2.8	8.8
Homesand under
management	798	560	63r	629	600
Homescompletedin
year	1.4L	33		29	L56

		Restricted	Unrestricted			Total
	Note	2021t	2021I			2021 E
lncome andendowments from:
Restricted lncome-GrantsReceivable		504,747				504,747
Charitable activities			10,092,944		10,092,944
Other trading activities			1,113,930			1,113,930
lnvestment income			58,652			58,652
Profit on sale of land and buildings			334,046			334,046
Total		504,747	11,599,572		12,104,319
Expenditure on:
Raising funds
lnvestment management fees			5,216			5,216
Charitable activities
Housing support Strategic development Finance Costs	3 3	- - -	7,443,990 279,651 3,743,514			7,443,990 279,651 3,743,514
Total resourcesexpended		-	11,472,37111,472,371
Netincoming resources before losses on investments		504,747	127,201			631,g4g
Amortisation of goodwill
Netlosses on investments			(5,729)			(5,729)
Netincome		504,747	121,472			626,219
Transfers	15	358,367	(358,367)
Netmovementfor theyear		863,1 14	(236,895)			626,219
Balance broughtfonruardat1April 2020		26,201,353	139,832,429	166,033,792
Balancecarried forwardat31March2021	15	27,064,467	139,595,534	166,660,001

FOR THEYEAR	ENDED	31 MARCH2O2O	31 MARCH2O2O	31 MARCH2O2O
	Note	RestrictedUnrestricted 2020 2020 ge			Total 2020 e
Income andendowments from:
Restricted lncome-Grants Receivable
Charitable activities				8,308,665	8,308,665
Othertradingactivities				699,442	699,442
lnvestment income				188,599	188,599
Profit on saleofland and buildings				23,941	23,941
Total				9,220,6479,220,647
Expenditure on:
Raisingfunds
lnvestment management fees				19,543	19,543
Property management costs
Charitable activities
Housingsupport	3			5,130,707	5,130,707
Strategic development	3			228,546	228,546
Finance Costs				1,802,066	1,802,066
Total resourcesexpended				7,180,862	7,180,862
Netincoming resources before(losses/gains
oninvestments				2,039,785	2,039,785
Amortisation of goodwill				(54,544)	(54,544)
Netlosses on investments				(36,030)	(36,030)
Netincome				1,949,2111,949,211
Transfers	15	2,219,397		(2,219,397)
Netmovementfortheyear		2,219,397		(270,185)	1,949,211
Balance broughtforward at1April2019		23,981,956	140,102,614		164,084,570
Balancecarried forwardat 31 March2020	15	26,201,353	139,832,429		166,033,792

C	ONSOLI	DATED BALA 31MARCH	NCESHEETAS AT 2021
	Note	f	2021 e	t	e 2020
FIXED ASSETS
Freehold buildings	5		94,093,995		94,940,155
Leaeehold buildings	6		147,141,485		89,860,237
Land and buildings under
development Tangible fixed assets	7 I		17,405,545 57,787		68,984,521 35,440
lnvestments	9		7,ggg,o12		11,069,186
			266,587,824		264,879,539
CURRENT ASSETS
Debtors and prepayments	10	2,515,022		3,930,504
Cash at bank	11	8,873,734		9,274,489
		11,388,756		13,204,993
LIABILITIES
Creditors: amounts falling due within one year	12	(4,327,837)		(4,941,170)
NET CURRENT ASSETS			7,060,919		8,263,823
TOTAL ASSETSLESSCURRENT LIABILITIES			273,648,743		273,143,362
Creditors: amounts falling
due aftermorethan oneyear	13		(106,988,742)		(107,109,580)
NET ASSETS			166,660,001		166,033,782
Unrestricted funds			131,766,268		132,415,909
Designated lunds			7,829,269		7,416,520
Totalunrestricted lunds			139,595,535		139,832,429
Restricted funds			27,064,466		26,201,353
TOTALFUNDS	14		166,660,001		166,033,782

		31MAR	CH2021
	Note	t	2021 e	t	e 2020
FIXEDASSETS
Freehold buildings	5		69,010,634		69,620,834
Leasehold buildings	6		147,141,494		89,850,237
Landandbuildings under
development	7		15,041,853		66,027,502
Tangiblefixedassets	I		57,787		35,440
lnvestments	9		33,948,674		37,128,848
			265,200,432		262,662,861
CURRENT ASSETS
Debtorsandprepayments	10	6,607,326		7,790,405
Cashatbank	11	8,446,109		9,745,099
		15,053,435		16,535,503
LIABILITIES
Creditors: amounts falling duewithinone year	12	(3,766,849)		(3,392,758)
NET CURRENTASSETS			11,286,586		13,142,745
TOTAL ASSETSLESSCURRENT		LIABILITIES	276,487,019		275,805,606
Creditors: amounts falling
dueaftermorethanone
year	13		(106,988,742)		(107,109,580)
NETASSETS			169,498,276		168,696,026
Unrestricted funds			134,409,320		134,918,080
Designated funds			8,024,490		7,576,593
Totalunrestricted funds			143,433,809		142,494,673
Restricted funds			27,064,466		26,201,353
TOTALFUNDS	14		169,498,276		168,696,026

	Note	2021	2020
		f	E
Cashflows from operating activities:
Net cash usedirroperatingactivities	a	3,489,485	094,903
Cashflowsfrominvesting activities:
Dividends, interestandrentsfrominvestments		58,654	188,599
Proceeds from the saleofproperty, plant and equipment		1,570,206	1,364,983
Purchase of property,plantand equipment		(8,446,088)	(17,929,431)
Proceeds from sale of investments		3,098,174	13,337,992
Netcash used in investing activities		(3,719,054)	(2,937,857)
Cashflows fromfinanc!ngactivities:
Repayments of borrowing		(171,166)	(50,328)
Net cash provided byfinancingactivities		(171,166)	(50,328)
Gashand cashequivalents:
Changeinthereporting period		(400,755)	(2,293,221)
Balance broughtforwardat1April		9,274,489	11,567,710
Cash and cashequivalentsattheend ofthe
reporting period		8,873,734	9,274,489
Note
a.Reconciliation of cash flows from operatingactivities
Net income forthereporting period		626,219	1,949,211
Adjustmentsfor:
Depreciation charges		2,371,796	1,431,187
Amortisationofcostsofraising finance		76,272	59,927
Losses on investments		5,729	36,030
Dividends, interestandrentsfrominvestments		(58,654)	(188,599)
Profit on the saleoffixed assels		(334,046)	(23,941)
lncrease/(Decrease) in debtors		1,415,482	(1,206,352)
(Decrease)/lncrease in creditors		(613,333)	(1,362,500)
Netcashused inoperating activities		3,489,465	694,963

RESOURCES EXPENDED	2021		2020
	Groupt	Charityt	Group E	Charityt
Charitableactivities
Housingsupport costs
Staff costs	855,160	234,205	697,603	513,252
Grants payable	45,149	10,000	135,519	660,050
Direct costs	3,153,780	2,488,771	2,027,963	1,780,704
Property management	786,900	614,494	651,830	504,842
Office costs	68,381	53,071	75,724	55,732
Legal andprofessionalfees	112,342	195,944	94,599	71,555
Support costs	6,141	29,549	16,306	29,351
Auditfees	20,800	18,514	20,340	33,880
Depreciation :buildings	2,395,337	1,974,020	1,410,823	1,287,223
	7,443,990	5,518,568	5,130,707	4,936,589

ESOURCES EXPENDED(conti	nued)
		2021		2020
	Group		Charity	Group	Charity
	q		E	E	s
Strategic developmentcosts Staff costs	19,639		324,711	27,299	27,345
Direct costs	18,372
Office costs	94,431		73,579	92,448	64,867
Legal and professionalfees	135,529		34,323	83,160	77,492
Audit fees	3,200		3,200	3,120	3,120
Other	8,481		25,181	22,519	40,693
	279,651		460,994	228,546	213,517

	2021			2020
Grants comprise:	GroupI	Charity q	Groupt		Charityt
Paidinthe year	45,149	129,441	135,519		831,193

	YEARENDED31 MARC	H2O21(continued)
4.	STAFFCOSTS	2021	2020
		e	e
	Gross salaries	845,836	753,714
	Employer's Nlcontributions	102,363	90,171
	Employer's pension contributions	127,503	89,288
		1,075,702	933,173
	Key management benefits	560,003	577,845

	202 1	2020
t60,000-f69,999	1
€70,000 -f79,999		;
t80,000-[89,999	1
€90,000 -f99,999	1
[100,000-t109,999	1	;
e140,000-t149,999	1	1

	YEARENDED31 M	ARCH 2021(continued)
5.	FREEHOLDLAND AND BUILDINGS:	GROUP
		Land t	BuildingsI	Total t
	COST
	Cost at1April2020	37,575,498	60,498,310	98,073,808
	Additions		605,793	605,793
	Disposals	(314,286)	(307,863)	(622,149)
	Completions
	Gost at 31 March2021	37,261,212	60,796,239	99,057,451
	DEPRECIATION
	Balance at1April2020		3,133,653	3,133,653
	Chargeinthe year		829,804	829,804
	Bafance at 31March2021		3,963,457	3,963,457
	Netbook valueat 31March2021	37,261,212	56,932,793	94,093,995
	Netbookvalue at31March2020	37,575,498	57,364,657	94,940,155
	FREEHOLDLAND AND BUILDINGS:	CHARITY
		Land I	Buildings g	Total €
	COST
	Costat1April2020	16,667,249	55,665,279	72,332,528
	Additions		544,119	544,118
	Disposals	(314,286)	(101,687)	(415,973)
	Completions
	Costat31March2021	16,352,963	56,107,710	72,460,673
	DEPRECIATION
	Balanceat1April2020		2,711,694	2,711,694
	Chargeinthe year		745,039	745,039
	Disposals		(6,694)	(6,694)
	Bafance at31March2021		3,450,039	3,450,039
	Netbook valueat 31March2021	16,352,963	52,657,671	69,010,634
	Net book value at31March2020	16,667,249	52,953,595	69,620,934

		Buildings
		under
	Land €	development E	Totalf
Cost at1April2020	7,041,749	61,942,772	68,984,521
Additions		7,496,307	7,496,307
Completions		(59,075,284)	(59,075,284)
Costat 31 March2021	7,O41,749	10,363,796	17,405,545
LAND AND BUILDINGS UNDER DEVELOPMENT: CHARITY
		Buildings
		under
	Landt	development €	Totalt
Cost at1April2020	7,041,749	58,985,753	66,027,502
Additions		8,089,634	8,089,634
Completions		(59,075,283)	(59,075,283)
Costat 31 March2021	7,041,749	9,000,104	15,041,853

	Office	Computer	Total
	lmprovements	and Office
		Equipment
	E	E	E
COST
Cost at1April2020	29,354	64,868	94,222
Additions	43,212	14,435	57,647
Disposal		(530)	(530)
Costat 31March2021	72,566	78,773	151,339
DEPRECIATION
Balanceat1April2020	13,755	45,026	58,781
Chargeinthe year	16,314	'18,647	34,961
Disposal		(1e0)	(1eo)
Balance at 31March2021	30,069	63,483	93,552
Netbook valueat 31March2021	42,497	15,290	57,787
Net bookvalue at 31March2020	15,599	19,841	35,440

FIXEDASSET INVESTMENTS:GROUP
	2021 t	2020 t
Marketvalue at1April	1,205,729	5,441,759
Additions
Disposals	(1,200,000)	(4,200,000)
Unrealisedlosses	(5,729)	(36,030)
Marketvalueat 31 March		1,205,729
Cashheld asaninvestment	7,889,012	9,863,457
Total market valueat 31 March	7,889,012	11,069,186
Historical cost at31March	7,889,012	11,069,945
Market valuesat 31 March areanalysedas:	2021t	2020t
Bonds		1,205,729
Cash	7,889,012	9,863,457
	7,ggg,o12	1 1,069,186
FIXEDASSET INVESTMENTS: CHARITY
	2021t	2020 €
Market value at1April	27,265,391	31,501,421
Additions
Disposals	(1,200,000)	(4,200,000)
U nrealised gains/(losses)	(5,729)	(36,030)
Market valueat 31 March	26,059,662	27,265,391
Cashheld as an investment	7,889,012	9,863,457
Totalmarket valueat 31 March	33,948,674	37,128,848
Historicalcost at31March	30,636,352	33,843,204

IXEDASSETINVESTMENTS: GHARITY(Continued)
Marketvaluesat 31March2021areanalysedas:	2021f	2020f
Bonds		1,205,729
lnvestmentinsubsidiaries	100	100
PurchaseofShares	26,059,562	26,059,562
Cash	7,889,012	9,863,457
	33,948,674	37,128,848

		2021I	2020 e
Cash		7,889,012	9,963,457
Subsidiaries
	DSF	Dolphin	Hoxton
	Developments	Living	Regeneration
	Limited	Limited	Limited
CompanyNumber	8327131	32446R	597445
lncorporation	England	England	England
Shareholding	100%	100%	100%
	2021 t	2021I	2021 E
Assets	2,062,946	987,918	23,206,243
Liabilities	(2,062,846)	(522,706)	(4,415,127)
Fund/net assets	100	421,590	18,791,116
lncome	(2,045,010)	(1,551,573)	(1,036,142)
Expenditure	2,045,010	1,548,880	1,036,142
ProfiV(loss)		2,693

DEBTORS
		2021		2020
		g		e
	Group		Charity	Group	Charity
Tradedebtors	1,396,076			1,202,837
Otherdebtors	781,733		913,231	995,319	1,147,487
Prepayments	337,213		335,424	189,848	187,950
lntra group debts			5,358,671		4,912,468
Downham Road LtdLoan				1,542,500	1,542,500
	2,515,022		6,607,326	3,930,504	7,790,405

YEAR	ENDED31MARCH 2021(continued	ENDED31MARCH 2021(continued	)
12.CREDITORS: AMOUNTS	FALLINGDUE WITHIN ONEYEAR
	2021 I		2020 E
	Group	Gharity	Group	Charity
Trade creditors	1,666,578	1,883,043	1,437,318	93,359
Development creditors
Socialsecurity&other taxes	22,095	20,133	22,912	22,912
VAT	7,499	7,488	52,614	52,614
Accruals	1,052,949	1,018,227	1,456,827	1,407,265
Development retentions	646,472		1,301,386
Loans
Intercompany creditors Other creditors	932,355	g37,g5g	670,113	1,199,113 617,495
	4,327,837	3,766,949	4,941,170	3,392,759

13.CREDITORS:AMOUNTS	FALLINGDUEAFTERMORETHAN 2021 It	ONEYEAR	2020
Amountsdue: Onetotwo years	Group g5,g0g Charity 85,808	Group 81,056	Charity 81,056
Two to five years	389,346 389,346	369,087	369,087
More than five years	106,513,588 106,513,588	106,659,437	106,659,437
	106,988,742 106,999,742	107,109,590107,109,590

14. MOVEMENTONRESERVES: GROUP	14. MOVEMENTONRESERVES: GROUP	14. MOVEMENTONRESERVES: GROUP
	Balance 1April 2o2O €€	Surplus/ (deficit)	Netlosses on lnvestmentst	Transfer t	Balance 31 March 2021 E
Unrestricted funds	132,415,909	162,350	(5,729)	(806,264)131,766,266
Designated funds
WHOA fund	5,680,847	(35,149)			5,645,698
Sinking fund	1,735,673			447,897	2,183,570
Totalunrestricted
funds	139,832,429	127,201	(5,729)	(358,367)	139,595,534
Restricted Funds	26,201,353	504,747		358,367	27,064,467
	166,033,782631,948		(5,729)		166,660,001
MOVEMENTONRESERVES: GROUP
	Balance 1April 2019 se	Surplus/ (deficit)	Netlosses on lnvestments c	Transfer c	Balance 31 March 2020 €
Unrestricted
funds	133,336,876	2,110,711	(36,030)	(2,995,648)	132,415,909
Designated funds
WHOA fund	5,477,962	(125,469)		328,354	5,680,847
Sinking fund	1,287,776			447,897	1,735,673
Totalunrestricted
funds	140,102,614	1,985,241	(36,030)	(2,219,397)	139,832,429
Restricted Funds	23,981,956			2,219,397	26,201,353
	164,084,570	1,985,241	(36,030)		166,033,792
MOVEMENTON RESERVES: CHARITY
	Balance 1April 2o2o 8f	Surplus/ (deficit)	Netlosses on Investmentst	Transfer t	Balance 31 March 2021t
Unrestricted funds	134,918,080303,232		(5,729)	(806,264)	134,409,319
Designated funds WHOAfund Sinkingfund	5,840,921 1,735,673			447,897	5,840,921 2,183,570
Totalunrestricted
funds	142,494,674	303,232	(5,729)	(358,367)	142,433,910
Restricted Funds	26,201,353	504,747		358,367	27,064,466
	169,696,027807,978		(5,729)		169,499,276

MOVEMENTON RESERVES: CHARITY	MOVEMENTON RESERVES: CHARITY	MOVEMENTON RESERVES: CHARITY
	Balance 1April 2019 E€	Surplus/ (deficit)	Netlosses on lnvestments E	Transfer t	Balance 31 March 2020 €
Unrestricted funds	136,325,746	1,624,013	(36,030)	(2,995,648)	134,918,080
Designated funds WHOAfund Sinkingfund	5,512,566 1,287,776			328,355 447,997	5,84A,921 1,735,673
Totalunrestricted
funds	143,126,087	1,624,013	(36,030)	(2,219,397)	142,494,674
Restricted Funds	23,981,957			2,219,397	26,201,353
	167,108,044	1,624,013	(36,030)		168,696,027

15.	NET ASSETSACROSS	FUNDS: GROUP
		Restricted	Designated	Unrestricted
		Funds	Funds	Funds
		2021	2021	2021
	Fixedassets	g 27,064,466	E	€ 239,523,459
	Current assets		7,829,268	3,559,488
	Liabilities			(111,316,579)
	TotalFunds	27,064,466	7,829,268	131,766,269
	NETASSETS ACROSSFUNDS: CHARITY
		Restricted	Designated	Unrestricted
		Funds	Funds	Funds
		2021	2021	2021
	Fixedassets	g 27,064,466	s	e 238,135,966
	Current assets		8,024,490	7,029,945
	Liabilities			(110,755,591)
	TotalFunds	27,064,466	8,024,490	134,409,319
	NETASSETS ACROSSFUNDS: GROUP
		Restricted	Designated	Unrestricted
		Funds	Funds	Funds
		2020t	2020 E	2020 E
	Fixedassets	26,201,353		238,678,186
	Current assets		7,416,520	5,788,473
	Liabilities			(112,050,750)
	TotalFunds	26,201,353	7,416,520	132,415,909
	NETASSETS ACROSS	FUNDS:CHARITY
		Restricted	Designated	Unrestricted
		Funds	Funds	Funds
		2020t	2020 e	2020I
	Fixedassets	26,201,353		236,461,508
	Assets		7,576,593	8,959,910
	Liabilities			(110,502,338)
	TotalFunds	26,201,353	7,576,593	134,918,080

OPERATING LEASE:GROUPANDCHARITY Lease paymentswithinoneyear Lease payments later than oneyearnot laterthanfiveyears	2021 t0 58,220 177,136	2o2o 79,772

he Charity andtheGroup:
2021	2021	2020	2020
Authorisedt	Contractedt	Authorisedt	Contractedt
Capitalcommitments6,757,6254,213,796		10,271,2848,343,643