##
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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|Trustee Limited|
|---|---|---|---|---|---|---|
|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|||
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|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|
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|||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|
##
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##
|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||
##
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##
|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|
##
##
##
##
##
##
##
|13.|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|
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##
|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|