2023-03-31-accounts - The Dolphin Square Charitable Foundation

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REFERENCE AND ADMINISTRATIVE	DETAILS .. .
REPORT OF THE CHAIR.
REPORT OF THE TRUSTEE
STATEMENT OFTRUSTEE'S RESPONSIBILITIES.		..17
INDEPENDENT AUDITOR'S REPORT		..18
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES.......		.....23
CONSOLIDATED BALANCE SHEET.		..24
BALANCE SHEET.		..25
CONSOLIDATED CASHFLOW STATEMENT.
NOTES TO THE ACCOUNTS. ..		..27

Corporate	Trustee:	Trustee:		Dolphin Square	Charitable
Brand name:				Dolphin Living
Governors	ofCorporate Trustee			Andrew Giblin (Chair)
				Deirdra Armsby
				Bruce Clitherow
				Jo Moran
				Julia Moulder
				Sarah Philbrick
				Sarah Smith
				Jane Staveley
				Anna Strongman
Acquisition,		Finance and		Julia Moulder (Chair)
Development		Committee		Fenella Edge
				Andrew Giblin
				Richard Petty
				Sarah Philbrick
				Anna Strongman
Audit and Risk Committee				Jane Staveley (Chair)
				Deidra Arrnsby
				Ben Laryea
				Sarah Smith
Operations	Committee			Richard Petty (Chair)
				Bruce Clitherow
				Ben Laryea
				Jo Moran
				Sarah Philbrick
Remuneration		and	Nominations	Bruce Clitherow	(Chair)
Committee				Andrew Giblin
				Richard Petty
				Jane Staveley
Key management			personnel	Olivia Harris (Chief Executive)
				Jacqueline England
				Gary Preston
				Octavia Williams

nancial return	that ensures	the continued	financial viability and g	financial viability and g	rowth ofthe	Charity.
			Number ofhomes
		Intermediate	Social	PRSI Market sale	TOTAL	Commercial units
Portfolio at 31	INarch 2022	573	49	169	791	13	804
Additions		31			31		31
Disposels		(3)			(3)		(3)
Portfolio at 31	March 2023	601	49	169	819	13	832
%ofportfolio		72%	6%	20%	96%	2%	100%
Homes under construction		25			25		25
Forecast to 31 March 2024		626	49	169	844	13	857
Planning:
Parkhouse	Street	13	21	51	85	5	90
Forecast to 31 March 2027		639	70	220	828	18	947

		FOR THE YEA	R ENDED	31 MARCH 2	023
				Restricted	Unrestricted	Total
				2023	2023	2023
			Note	6
Income and endowments		from:
Restricted income —grants Charitable activities		receivable			11,386,521	11,386,521
Other trading activities Investment income					1,249,946 113,530	1,249,946 113,530
Profit on sale of land and	buildings				344,436	344,438
Total					13,094,433	13,094,433
Expenditure on:
Raising funds
Investment management		fees
Charitable activities Housing support Strategic development Finance costs					8,352,486 284,853 4,325,371	8,352,486 284,853 4,325,371
Total resources expended					12,962,710	12,962,710
Net income					131,723	131,723
Transfers			15
Net movement for the year					131,723	131,723
Balance brought forward	at 1 April 2022			28,412,800	139,988,550	168,401,350
Balance carried forward	at 31INarch 2023		15	28,412,800	140,120,273	168,533,073

		FOR THE YE	AR ENDED	31 MARCH 2	022
				Restricted	Unrestricted	Total
			Note	2022 f	2022f	2022f
income and endowments	from:
Restricted income —grants		receivable		68,782		68,782
Charitable activities					11,126,556	11,126,556
Other trading activities					612,299	612,299
Investment income					8,014	8,014
Profit on sale of land and	buildings				654 027	654 027
Total				68,782	12,400,896	12,469,678
Expenditure on:
Raising funds
Investment management		fees
Charitable activities
Housing support					(6,555,574)	(6,555,574)
Strategic development					(262,823)	(262,823)
Finance costs					(3,909,932	3,909,932
Total resources expended					(10,728,329)	(10,728,329)
Net income				68,782	1,672,567	1,741,349
Transfers			15	1,279,551	(1,279,551)
Net movement for the year				1,348,333	393,016	1,741,349
Balance brought forward	at	1 April 2021		27,064,467	139,595,534	166,660,001
Balance carried forward at		31 March 2022	15	28,412,800	139,988,550	168,401,350

			Note		2023 8		2022 6
FIXEDASSETS
Freehold buildings Leasehold buildings					69,911,134 148,726,652		70,128,274 144,240,476
Land and buildings under development Tangible fixed assets Investments					9,157,636 97,376 26,059,666		15,914,044 61,524 33,947,570
					253,952,484		264,291 888
CURRENT ASSETS
Debtors and prepayments Cash at bank			10 11	11,498,964 21,558,645		7408 946 9,451,253
				33,057,609		16,860, 199
LIABILITIES
Creditors: amounts due within one year		falling	12	(2,330,725)		(3,163,644)
NET CURRENT ASSETS					30,726,884		13,696,555
TOTAL ASSETS	LESSCURRENT			LIABILITIES	284,679,348		277,988,443
Creditors: amounts		falling
due after more than year		one	13		(116,212,686)		(106,717,722)
NET ASSETS					168,466,662		171,270,721
Unrestricted funds					133,230,229		136,296,441
Designated funds					6,823,633		6,561,480
Total unrestricted	funds				140,053,862		142,857,921
Restricted funds					28,412,800		28,412,800
TOTAL FUNDS			15		168,466,662		171,270,721

FOR	THE YEAR	ENDED	31 MARCH	2023
			Note	2023	2022
					6
Cash flows from operating activities: Net cash used in operating activities				994,202	1,850,365
Cash flows from investing activities: Interest from investments				113,350	8,014
Proceeds from the sale ofproperty,	plant and equipment			1,273,979	2,981,109
Purchase ofproperty, plant and equipment				(11,259,492)	(3,368,241)
Amounts invested
Proceeds ofsales of investments				7,887,904
Net cash used in investing activities				(1,984,259)	(379,118)
Cash flows from financing activities: Repayments of borrowing New financing net offees				(132,130) 12,489,007
Net cash provided by financing activities				12,356,877
Cash and cash equivalents: Change in the reporting period Balance brought forward at 1 April				11,366,820 10,344,981	1 471 247 8,873,734
Cash and cash equivalents at the reporting period	end ofthe			21,711,801	10,344,981
Note
a.Reconciliation ofcash flows from operating		activities
Net income for the reporting period				142,460	1,741,349
Adjustments for
Depreciation charges				1,517,479	994,004
Amortisation ofcosts of raising finance				70,905	72,232
Interest from investments				(113,350)	(8,014)
Profit on the sale offixed assets				(344,436)	(654,292)
(Decrease)/increase in debtors				(367,415)	1,226,234
Increase/(decrease) in creditors				88,559	(1,521,148)
Net cash used in operating activities				994,202	1,850,365

Office and	computer	equipment	33%straight	line
Office improvements			20% straight	line
Furniture	in tenanted	property	33%straight	line
Freehold	buildings		Over 100to	150years
Leasehold	properties		Over the lower oftheir lease term and
			150years

RESOURCES	EXPENDED	EXPENDED	Group		Charity
			2023	2022	2023	2022
				6		6
Charitable activities
Housing support costs
Staff costs			1,050,102	1,024,417	506,109	605,744
Grants payable			197,133	216,015	3,302,353	100
Direct costs			4,270,122	3,076,677	3,289,142	3,156,567
Property management			1,037,697	1,019,044	799,863	803,314
Office costs			110,981	77,048	100,889	126,335
Legal and professional		fees	81,535	73,064	138,086	160,088
Support costs			13,929	10,956	32,727	25,914
Audit fees			80,551	54,343	43,407	37,780
Depreciation:	buildings		1,530,436	1,004,008	1,455,477	964,462
			8,352,486	6,555,574	9,668,053	6,080,304
Strategic development		costs
Staff costs			26,043	24,881	12,953	22,785
Direct costs
Office costs			123,778	118,563	112,522	78,084
Legal and professional		fees	112,597	100,897
Audit fees			3,200	3,350
Other			19,235	15,132
			284,853	262,823	125,475	100,869

STAFF COSTS			2023	2022
			8
Gross salaries			998,626	900,228
Employer's Nl contributions			97,486	101,051
Employer's pension		contributions	153,476	141,414
			1,249,568	1,142,693
Key.management	benefits		598,385	585,788

	2023	2022
860,000 - 869,999	3	4
870,000 - 879,999	0	1
880,000 - 889,999	0
890,000 - 899,999	0
8100,000 - 8109,999	1
8110,000 - F119,999	1
8140,000 - 8149,999	0
8150,000 - F159,999	1

FREEHOLD LAND AND BUILDINGS:
Group	Land 6	Buildings 6	Total 6
COST
At1 April 2022 Additions	42,344,016	56,680,445 155,183	99,024,461 155,183
At 31 March 2023	42,344,016	56,835,628	99,179,644
DEPRECIATION
At 1 April 2022		3,855,851	3,855,851
Charge in the year		397,907	397,907
At 31 March 2023		4,253,758	4,253,758
NET BOOK VALUE
At 31 March 2023	42,344,016	52,581,870	94,925,886
At 31 March 2022	42,344,016	52,824,594	95,168,610
Charity
COST
At 1April 2022 Additions	21,435,768	51,995,395 148,703	73,431,163 148,703
At 31 Nlarch 2023	21,435,768	52,144,098	73,579,866
DEPRECIATION
At 1 April 2022		3,302,889	3,302,889
Charge in the year		355,843	365,843
At 31 March 2023		3,668,732	3,668,732
NET BOOK VALUE
At 31 March 2023	21,435,768	48,475,366	69,911,134
At 31 March 2022	21,435,768	48,692,506	70,128,274

LEASEHOLD BUILDINGS
Group		Total
		E
COST
At 1 April 2022		149,022,248
Additions		7,369,382
Disposals Transfers from land and buildings	under development	(974,148) 7,344,486
At 31 March 2023		162,761,948
DEPRECIATION
At 1 April 2022 Charge in the year		4,781,772 1,110,193
Disposals		(48,145)
At 31 March 2023		5,843,820
NET BOOK VALUE
At 31 March 2023		156,918,128
At 31 March 2022		144,240,476
Charity		Totalf
COST
At 1April 2022 Additions		149,022,248 181,464
Disposals Transfers from land and buildings	under development	(974,148) 6,298,013
At 31 March 2023		154,527,577
DEPRECIATION
At 1 April 2022		4,781,772
Charge in the year		1,067,298
Disposals		(48,145)
At 31 March 2023		5,800,925
NET BOOK VALUE
At 31 March 2023		148,726,652
At 31 March 2022		144,240,476

LAND AND BUILDIN	GS UNDER D	EVELOPMENT
			Buildings
			under
Group		Land 6	development 6	Total 6
At1 April 2022 Additions		7,041,749	12,234,981 4,461,221	19,276,730 4,461,221
VAT adjustment Transfer to leasehold	buildings		(664,047) (7,344,466)	(664,047) (7,344,466)
Transfer to fixed assets			(107,060)	(107,060)
Amounts written off			(3,959)	(3,959)
At 31 March 2023		7,041,749	8,576,670	15,618,419
Charity
At 1 April 2022 Additions		7,041,749	8,872,295 289,985	15,914,044 289,985
VAT adjustment Transfer to leasehold buildings Transfer to fixed assets			(664,047) (6,283,132) (44,674)	(664,047) (6,283,132) (44,674)
Transfer to subsidiary Amounts written off			(51,000) (3,540)	(51,000) (3,540)
At 31 March 2023		7,041,749	2,115,887	9,157,636
TANGIBLE FIXEDASSETS
		Office	Computer	Total
Group and Charity		improvements	and office
			equipment
			E
COST
At 1 April 2022 Additions		72,566 44,674	106,504 16,433	179,070 61,107
Disposal		(29,354)	(5,154)	(34,508)
At 31 March 2023		87,886	117,783	205,669
DEPRECIATION
At 1 April 2022 Charge in the year Disposal		36,716 8,642 (29,354)	78,830 16,100 (4,641)	117,546 24,742 (33,995)
At 31 March 2023		18,004	90,289	108,293
NET BOOK VALUE
At 31 March 2023		69,882	27,494	97,376
At 31 March 2022		33,850	27,674	61,524
		35

FIXEDASSET IN	VESTMEN	TS:
				2023	2022
Group					8
Cash held as an investment					7,887,904
Historical cost					7,887,904
Charity				2023 E	2022f
Investments in subsidiaries				26,069,666	28,059,688
Cash held as an investment					7,887,904
				26,069,666	33,947,570
Historical cost				26,069,666	33,947,570
Investments which	individually	represent	more than	5'%%d ofthe portfolio by market value are:
Group and Charity				2023	2022
				E	E
Cash					7,887,904

		DSF	Dolphin	Hoxton
		Developments	Living	Regeneration
		Limited	Limited	Limited
Company	number	8327131	32446R	597445
Incorporation		England	England	England
Shareholding		100%	100%	100%
		2023	2023	2023
		E	6
Assets		809,482	12,421,198	22,551,288
Liabilities		(812,240)	(9,012,427)	(4,879,609)
Fund/net	assets	(2,758)	3,408,771	17,671,679
Income		298,583	5,066,736	1,047,482
Expenditure		(294,961)	(2,096,656)	(604,521)
Profit/(loss)		3,622	2,970,080	422,961

DEBTORS
	Group		Charity
	2023	2022	2023	2022
Trade debtors	299,571	249,201	178,603	125,223
Other debtors	1,162,253	862,456	1,127,224	787,804
Prepay ments	194,379	177,131	191,717	175,150
Amounts owed by subsidiaries			'10,001,420	6,320,769
	1,656,203	1,288,788	11,498,964	7,408,946

CREDITORS: AMOUNTS	FALLING DUE AFTER MORE THAN ONE YEAR
Group	2023 6	2022 8
Loans maturing:
Within one year In one to two years In two to five years In more than five years	118,208 126,439 25,434,634 95,668,636	214,376 214,376 25,643,130 82,494,709
	121,347,917	108,566,591
Unamortised issue costs	(2,202,414)	(1,645,163)
	119,145,503	106,921,428
Due within one year	(106,185)	(203,706)
Due in more than one year	119,039,318	106,717,722
Charity	2023 K	2022 5
Loans maturing: Within one year In one to two years In two to five years In more than five years	118,208 126,439 25,434,634 92,743,636	214,376 214,376 25,643,130 82,494,709
	118,422,917	108,566,591
Unamortised issue costs	(2,104,046)	(1,645,163)
	116,318,871	106,921,428
Due within one year	(106,185)	(203,706)
Due in more than one year	116,212,686	106,717,722

	2023	2022	Interest rate	Maturity
				Year
Fixed rate
Loan	53,493,438	53,493,438	3.73'/0	2046
Loan	26,000,000	26,000,000	348o/o	2046
Loan	5,000,000		5 350/o	2042
Loan	5,000,000		5.42'/0	2053
Charity bond	25,000,000	25,000,000	4 250/0	2026
	114,493,438	104,493,438
Floating rate
Loan	3,929,479	4,073,153	2.25'%%d above	2041
			base rate
Loan	2,925,000		1.350%%d above	2032
			base rate
	121,347,917	108,566,591

Group	At				At
	1 April			Non-cash	31 March
	2022	Cashflowe	Transfers	changes	2023
	E	6	8	6	E
Cash	(10,344,981)	(2,196,094)	(9,170,726)		(21,711,801)
Cash held as
investments	(7,887,904)	(1,282,822)	9,170,726
Loans due within
one year	203,706		(97,521)		106,185
Loans due in more
than one year	106,717,722	12,153,170	97,521	70,905	119,039,318
	88,688,543	8,674,254		70,905	97,433,702
Charity
Cash	(9,451,253)	(2,936,666)	(9,170,726)		(21,558,645)
Cash held as
investments	(7,887,904)	(1,282,822)	9,170,726
Loans due within
one year	203,706		(97,521)		106,185
Loans due in more
than one year	106,717,722	9,326,538	97,521	70,905	116,212,686
	89,582,271	5,107,050		70,905	94,760,226
		40

			NOTES TO THE A YEAR ENDED 31 MARCH	NOTES TO THE A YEAR ENDED 31 MARCH	CCOUNTS 2023 (continued)
15.	MOVEMENTS		IN RESERVES
				At			At
Group				1 April 2022 6	Surplus/ (deficit) K	Transfer	31 March 2023f
	Unrestricted	funds		133,427,070	(130,430)		133,296,640
	Designated	funds
	WHOA	fund		3,930,013	(185,743)		3,744,270
	Sinking	fund		2,631,467	447,896		3,079,363
	Total unrestricted		funds	139,988,550	131,723		140,120,273
	Restricted funds			28,412,800			28,412,800
				168,401,350	131,723		168,533,073
				At			At
				1 April	Surplus/		31 March
				2021 E	(deficit) F	Transferf	2022 6
	Unrestricted	funds		131,766,266	1,888,582	(227,778)	133,427,070
	Designated WHOA	funds fund		5,645,698	(216,015)	(1,499,670)	3,930,013
	Sinking	fund		2,183,570		447,897	2,631,467
	Total unrestricted		funds	139,595,534	1,672,567	(1,279,551)	139,988,550
	Restricted funds.			27,064,467	68,782	1,279,551	28,412,800
				166,660,001	1,741,349		168,401,350
Charity				At			At
				1 April 2022	Surplus/ (deficit)	Transfer	31 March 2023
				K	6
	Unrestricted	funds		136,296,441	(3,066,212)		133,230,229
	Designated	funds
	WHOA	fund		3,930,013	(185,743)		3,744,270
	Sinking	fund		2,631,467	447,896		3,079,363
	Total unrestricted		funds	142,857,921	(2,804,059)		140,053,862
	Restricted funds			28,412,800			28,412,800
				171,270,721	(2,804,059)		168,466,662

16.	NET ASSETSACROSS	FUNDS
		Restricted	Designated	Unrestricted
		funds	funds	funds
Group			E	E
At 31	March 2023
	Fixed assets	28,412,800		239,147,009
	Current assets		6,823,633	16,544,371
	Liabilities			(122,394,740)
	Total funds	28,412,800	6,823,633	133,296,640
At 31	March 2022
	Fixed assets	28,412,800		238,222,444
	Current assets		6,561,480	5,072,289
	Liabilities			(109,867,663)
	Total funds	28,412,800	6,561,480	133,427,070
Charity
At 31	March 2023
	Fixed assets	28,412,800		225,539,664
	Current assets		6,823,633	26,233,976
	Liabilities			(118,543,411)
	Total funds	28,412,800	6,823,633	133,230,229
At 31	March 2022
	Fixed assets	28,412,800		235,879,088
	Current assets		6,561,480	10,201,031
	Liabilities			(109,881,366)
	Total funds	28,412,800	6,561,480	136,198,753

23:	23:
OPERATING LEASE:Group and Charity		2023f	2022f
Lease payments	within one year	68,338	87,159
Lease payments	later than one year not later than five years	68,338	89,976