2022-03-31-accounts

THE DOLPHIN SQUARE CHARrrABLE FOUNDATION (Registsred Charity Number: 1110090) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022

THE DOLPHIN SQUARE CHARITABLE FOUNDATION

REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022

CONTENTS

REFERENCE AND ADMINISTRATIVE DETAILS .......................................................................... 1 REPORT OF THE CHAIR ................................................................................................................... 3 REPORT OF THE TRUSTEE ............................................................................................................. 5 STATEMENT OF TRUSTEE'S RESPONSIBILITIES ................................................................... 17 INDEPENDENT AUDITOR'S REPORT .......................................................................................... 18 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ................................................. ..22 CONSOLIDATED BALANCE SHEET ........................................................................................... ..24 BALANCE SHEET ............................................................................................................................ ..25 CONSOLIDATED CASHFLOW STATEMENT .............................................................................. 26 NOTES TO THE ACCOUNTS ........................................................................................................ .. 27

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS Corporats Trustee: Dolphin Square Charitable Trustee Limited Brand namé: Dolphin Lniing Governors of Corporats Trustee Andrew Giblin (Chair) Deirdra Amisby Bruce Clitherow Jo Moran Julia Moulder Sarah Philbrick Sarah Smith Jane Staveley Anna Strongman Acquisition, Ftnance and Development Committee Julia Moulder (Chair) Fenella Edge Andrew Giblin Richard Petty Sarah Philbrick Anna Strongman Audlt and Risk Committee Jane Staveley (Chair) Deidra Armsby Ben Laryea Sarah Smith Operations Committee Richard Petty (Chair) Bru￿ Clitherow Ben Laryea Jo Moran Sarah Philbrick Remuneration and Nominatlons Committee Bruce Clitherow (Chair) Andrew Giblin Richard Petty Jane Staveley Key management personnel Olivia Harris {Chief ExeoJlr¥e) Gary Preston David Stevenson Octavia Williams Laura Talmage

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS (Continued) Banker Barclays Bank plc Level 25 1 Churchill PLqck London E14 5HP Solicltors CMS Cameron McKenna Nabarro Olswang LLP Cannon Pla 78 Cannon Street London EC4N 6AF Stone King LLP 29 Ely Place LorKlon EC1N 6TD Devonshires Solicitors 30 Finsbury Circus London EC2M 7DT Auditor Crowe U.K. LLP 4th Floor St James House St James Square Chelienham, GL50 3PR Investment Managers Cazenove Caprtal Management 12 Moorgate London EC2R 6DA

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE CHAIR FOR THE YEAR ENDED 31 MARCH 2022 FOREWORD The pandemic continued to present the Group and its residents with a challenging environment during the 2021122 finan￿al year. Against this extremely drfficult backgrourKI, our team have maintained our proactive and collaborative apwoach Nvhilst continuing to provide high quality and affordable homes to hard wcKking LorKloners with little disrupts'on to service levels. Following the disposal of seven homes during the year, the Group's portfolio totalled 791 homes at the year end. At vthich time occupancy was 98.5%. Health and safety Achieving full compliance with health and safety regulations remains firmty at core of our approach. We regularfy review our portfolio and take appropr5ate aciion to keep our homes safe and compliant wth emerging fire safety legislation. Envlronmental, soclal and governance IESG) monitoring and reporting Like all organisations, particulady those within real estate, we have both a responsibilty and financial imperative to measure and imwove our su$tainats'lty perfO￿ance. Our primary charitable objedive is to "provide reasonable as￿stanCe to those who cannot afford to renl or buy near their place of th". Delivenng on this social purpose. with particular focus on affordability of our homes. both in tenns of ￿nt and utilities, is therefore priority. As a property owner and developer. we are able to contribuie to the reduction of ￿rbon emissions through location, design, use and retrofrt of ow properties. In 2020, the Group SVI￿d up as an earfy adopter of The Good Economy ESG reporting standard and delivered our first report in 2021. We corrtinue to actively address our environmental impact and will be reporb'ng on this in more detail in our second report in Autumn 2022. Supportlng our resldents The challenges fa￿d by our residents caused by the continuing pandemic are varied and, in some cases, extensive. We have ¢ontinued our open dialogue wtth all residents and have encouraged those in need to approach us for assistance. particularly those in financial hardship resulting from the various lockdowns. The respjnse has been positive and we have provided assistance through rent deferrals where appropnate.

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE CHAIR FOR THE YEAR ENDED 31 MARCH 2022 (continued) Strategy The Board forynulated a nthv strategy in 2020 which will take the Group through to 2024. It is based around three core pillars.. customers. our homes, arwj growth. which are discussed in more detail later on in this rep￿*.. Surveying is an Irnp￿ant tool to understand the views of our Gustomers, our approach induded a portfolio-wide survey. alongside other touch-point surveys and we held several meetings with residents, both in-person and virtually. These will infomi and help us improve the services we offer. Refurbishment of 12 home$ completed during the year alongside a project to improve connectivity at our homes. We carried out stock COnd￿"0n surveys at our older homes which will inform future plans for improvements of these homes. We contracted to wrchase a further 21 homes for interniediate rent in Westminster which. alongside 10 homes already under contract. V•ryll complete in summer2022. Our plans for the redevelopment of the New Era estste ¢ontinue wtth an updated planning application due for sulxnission in summer 2022. AlorKJside this we have also updated and sUbm￿ed our plannirvJ application for 85 homes in Southwark. Strong financlal position The Group's undedyirvJ financial perfomiance during the year has been strong. Wrth a full year of income from the schemes at Lanark Road and Kingsland Road whith completed last year together with the current year acquisitsons. revenue has increased by £0.4m to £12.5Tn and we achieved an operating surplus of £0.3m. Despite the end of the government's furlough s¢heme, our rent collection remains strong and V￿ have seen only a relalively small increase in arrears. Our balance sheet Gontinues to grow arKI strengthen with net assets of £168.4m. We vill leverage this strong positi'on to support our development plans with new lending fa¢ilrties. Looklng forward This is my firsl report as Chair as, after 10 years wilh the Group, David Lavarack stepped down during the year. I would like to thank him for the dedication and leadership he provided over that period which has helped the organisation to achieve significant progress and growth over the past decade. providing home$ for the many people who keep London going and who help to make it such a successfijl. vibrant and mulb'cultural aty. l am looking forward to continuing David's legacy. together wilh the capable and dedicated team of trustees. exe¢ulives and staff. Andrew Glblln (Chair of Govemors)

DOLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 The Trustee presents the annual repcKt and audited financial statements for the year ended 31 March 2022. These financial statements reflect the results of Charity aTrJ its subsidbaries (the "Group"). ESTABLISHIAEKr The Dolphin Square Charrtable Foundati￿ 'Charity") was first registered as a charity on 17 June 2005 urKJer registered Chanty Number 111(M)90. Its goveming documenl is a Trust Deed dated 11 May 2CK)5. TRUSTEE Dolphin Square ChaniatAe Trustee Limited is the corp(nte trustee of the Charity. Its Govemors are as follows.. And￿W Giblin (Chair) Deirdra Amsby BrurR Clitherow Jo Moran Julia Moulder Sarah Philbrick Sarah Smith Jane Staveley Anna Strongman The company serrtary is Olivia Harris. There are four dasses of w*mbership: The t)olphin Square Trust (rewesented by Bruce Clither(M) Westminster Crty Council (rewesented by Deirdra Armsby) Crtywest Homes Other Govemors The rights of the various dasses of members are set out in the Memorandum and ArtiC￿S but in summary are.. The right to nominate a govemor and to veto a govemorfs ￿mov¥1. The right to nominate a govemor and to veto certain amendments to artides. The right to nominate a govemor No speGial rights.

THE DOLPHIN P￿UARE CHARrrA8LE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 IAARCH 2022 {¢ontlnu•d) STRUCTURE. GOVERNANCE AND MANAGEMENT Dolphin Square charitab￿ Trustee Limited (the'Trustee-) is a company limited by guarantee (number 5442737, incorporated 4 May 20051 and was formed to declare the trust and to act as trustee of the Charity. The Charrty was onginally furKled by a total of £125m received in accordan￿ Imth the Deed of Gift between Dolphin Square Trust Limrted and the Tntstee as trustee of the Chanty. These monies were realised fr(Kn the sale of leasehokl interests held by Westminster Crty Council and the Dolphin Square Trust (Industrial & Provthnt Society.. 16737R) in the Dolphin Square mansion t4ock in Pimlico. The Trustee hokls the assets to appty tt income arKI, at rt8 disuetion, the ¢apital in furtherance of the objedives. The Govemors meet quarterly to set the strategy and policAe$ of the Charity and monrtor operational activty and financial performance. Day-to-day management of the work of the Chanty is delegated to the Chief Executive and her team. The Chanty has commrttees coveriry areas of specialised interest: AcquisilKXI. Finance & Development: Audrt & R￿k,. operat￿$. arKI RemuneratK)n & Nominations. Ttrw committees meet gularfy and help to implement the Bowd'$ deos1o￿ and report to the main board. From time-t(Aime new Govemors are recruited. based on assessment of the Charrty's I￿SinesS requirements. The method of recxuitinent. irKlu¢tiM and appraisal of Governors is decided upon by the Board in accordance with the artides and in light of besl practice wrthin the sector. All prospective Governors are asked to attend a lull meeting and. if appointed. will be inducted into th8 procedures of the Charrty by the Chief Executive arKI her staff. A number of training opportunities have been Klentifd and Governors are encouraged to pticipate in those that they feel to be of use. The Governors of the tjolphin squa￿ Charitable Foundation received no remuneration during the year. Details of Govemors. expenses and ￿lated party transactions are disclosed in notes 16 and 18 to the accounts. Govemors are required to disdose all relevant interests and register them with the Chief Executive and in accordance with the Charty's policy wrthdrH from decisions where a conflict of interest arises Several Govemors are active in the affordable housing sector. The Charty's trust deed recognises the potential for conflicts of intere8t to occur and regulates how they are managed at Board meetings.

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 (continued) SUBSIDIARIES, STRUCTURE, GOVERNANCE AND MANAGEMENT The Charty has three subsidiaries. Dolphin Living Limited (Community benefit society number 32446R, regulated by the Regulator of Soaal Housing), Hoxton Regeneration Limited and DSF Developments Limited. A number of Govemors and staff of the Charity are diredors of the subsidiaries. Dolphin Living Limited also has independent directors. The subsidiaries hold regular Board meetings and directors are invited to attend committee meetings as necessary. In accordance with nonnal industry wactice independent directors of Dolphin Living Limited receive ￿muneration. All staff are jointly employed by the Charty and its subsidiaries. Eath entty is responsibk for its own direct costs. The Charity has entered into a cost sharing agreement for central costs with its subsidiaries based upon staff allocations. The Charty enters into other arms-length transath'ons with its subsidiaries. OBJECTIVES AND ACTIVITIES The Obj'ectives of the Charity are to: °Provide reasonable assistance in securing accommodation within the Cty of Westminster for individuals (and any dependants living with them) are in need of accommodation as a result of: their employment in the public or voluntary sectors or in relevant employment in the Cty of Westminster and the surrounding area, having regard to the fact that suth individuals could not afford to secure such acc(xnmodation on nomial commercial terms., or finan￿al hardship, social or economic need, age, ill health. disakn'lrty or any other need.. The objectives define the interpretation of the temis "public se(lor.' °voluntary sector," and 'relevant employment.. They also describe the consumation required between the Charity and Westminster City Council regarding the detemination of the needs of peop￿ living in the area and the activities of the Charity. which will meet those needs With the consent of Westminster City Council, the Charity may secure accommodation outside of the cty of Westminster.

THE DOLPHIN SQUARE CHARrrABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 (continued) ACHIEVEMENTS AND PERFORMANCE Homes available to rent During the year we disposed of seven homes from our porttolio which n(yw comprise5 791 homes for rent and 13 commercial units. Of the total portfolio 72% is inte￿￿edIate rent, provKJing homes at an average rent of 600A of market rent whilst delivering a financial retum that ensures the continued financial viability and growth of the Charity. Numbor of homes PRSI M•rk0t Intemiodl•te Soclal TOTAL Comm•r¢lal units TOTAL Portfollo at 31 IAarch 2021 169 13 Additions Disposals Portlolio at 31 Il•r¢h 2022 171 S73 {7) 791 169 13 % ofportlThftio Homes under construction Forn¢a$t to 31 March 2023 31 31 31 169 822 13 835 Planning.. New Era Existing units deffKAished for redevelopment Parkhouse Street 91 102 199 200 (*) 196} (12) {108) 13 21 51 85 Forecast lo 31 Mar¢h 2025 612 76 322 1,010 1.017 We continue to meet our charitable ot¥'ectives with the majority of our affordable housing being intermediate rental homes These homes provide stable tenancies at a range of rents affordable to households earning less than the affordable housing incomes limils set annually by the Mayor of London. Priority is given to those who can afford the rent yet eam the least and those who will most fully occupy each home. In followng our charitable objects. VR aim to priorttise those with a Westminster connection. Alongside our intermediate ￿nts1 homes we provKle a smaller number of homes at affordable and social rent that are sul¥'ed to nominations by the local authority. We also own and a portfolio of homes for those with a more acute housing need. Both our Inte￿nediate and social rent units are cross-subsidised by the 169 market rent units. Throughout the year we achieved compliance (2021.. 95%) with our Health and Safety KPI targets. These KPIS include.. ensuring homes have cUT￿nt fire and general risk assessments. and valid gas and electrical certificates: and that they have been inspected in the current year.

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 Icontlnued) ACHIEVEMENTS AND PERFORMANCE (continuod) Development propertles and plpellne Development continued at The Broa¢Jway, a development in the heart of Westminster, where the Charity has purchased 10 homes for intermediate rent. These units are expected to be completed by June 2022. providing 10 high quality intermediate homes for working Londoners on modest incomes. During the year we agreed to purchase 21 homes for intemediate rent in Westminster. 13 of these, at Milbank. completed in Awil 2022. a further eight on Wardour Street are expected to complete in July. In July 2020, the London Borough of Hackney resolved to grant planning consent for the New Era estate in Hackney where 199 new homes will be buili. We have continued to work with the London Borough of Hackney and a revised application will be submitted in Summer 2022 to alter the tenure from build-to-rent to market sale for 102 homes. We are having ongoing discussions with the London Borough of Southwark on our planning ap￿ICatIOn for the redevelopment of 85 homes at Parkhouse Street. Camberwell. We continue to be adive in the market looking for opportunitw to a¢quire sites, completed properties and existing homes. We remain committed to our Westminster beneficiaries, albeit acknowledging that in balancing costs against number of beneficiaries, we will continue to seek opportunities in areas that provide a sustainable commuie to Westminster as *ell as making acqusitions wiihin Westminster. Strategy During 2020, the Board and the executive team fomiulated a new three-year strategy to take the Group through to 2024. The strategy is broken down into three areas of focus.. customers,. our homes" and growih. Customers Our customers are our charitatAe beneficiaries. Over the next three years we will Contin￿ lo fO￿lS on.. affordability and deliverirvJ internediate rents at an average of two thirds of local market rent; irnproving service levels and customer satisfaction by staying ahead of all regulatory requirements including health & safety. reviewing and streamlining our approach to repairs, and enhancing technology to improve the customer experience. and being innovative in the way we service our customers. Our homes Both new and existing homes should meet the evolwng needs of our customers in tem)s of quality, sustainabilrty and safety. Vle wll continue to improve our 200+ okler homes through estate refurbishment or regeneration in consultation wtlh our Customers and by refurbishing individual homes as they fall vacant or as needs are KIentif￿. We always aim for 100% healih and safety compliance at our homes., and create a sustainability strategy in line with emerging best practice and plan how to ddiv8r this across our homes.

THE t)OLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 (continued) ACHIEVEMENTS AND PERFORMANCE (continued) Strategy (continued) Growth We will continue to provide good homes at below local market rent and to further improve our service levels and customer satisfaction. We have agreed an obJ"ective to grow our portfolio of affordable homes, wtth an addrtional 200 uniis to be delivered by 2024. Our new and existing homes will be ￿￿11 d8Si9ned for city living, built to a h￿h starKlard, safe and have long-teryn sustainabilty. Following the year end, we have completed the wrchase of 13 intemiediate rent homes at Millbank, Westminster. Construction continues at The Broadway and Wardour Street developments in Westminster where the Group has foThvard purchased 10 and eight intermediate rent homes with completion due in July 2022. These acquisitions bwll take our portfolio to 822 homes. A key element of the growth strate9y is the development of the New Era estate in Hackney. The Board and Executive team have invested signffjicant amounts of time and energy to the development over a numter of years We continue to interact with tenants and wilh the London Borough of HaGkney. There has been a dear focus on getting the design right to maximise our charitable objectNes, provide for the existing tenants and create sufficient returns on the investment. Having received resolution to grant planning approval we continue to work wth the LorKlon Borough of Hackney to delNer as many affordable homes as possible. New Era remains a signfficant strategic development for us. To achieve our growth targets and proceed with New Era are currently negotiating new sources of funding whi¢h will complete later this ye¥. Envlronmental. social and governance (ESG) monltoring and reporting Our stakeholders include our residents, local communities. investors. local government, our staff and Board. It is becoming increasingly important to maintain and increase our current and future appeal through measuring, reporting and improving our sustainabilty credentials. To this end, in 2020, the Group signed up as an early adopter of The Good Economy ESG re￿IlI¥j standard which sels out a number of baseline sustainabilty measures against which adopters must report and evidences our ommitment to achieving high perfO￿nan￿ in all areas of ESG. We are measured as an organisation on our environmental and social impacts and nsks, and the quality of our govemance. The objectives of ESG reporting closely align to the Group's charitable objeciives. our culture and the future legislative requirements we expect to emerge in coming years. We delr¥ered our first report in 2021 and our second reFQrt is due in Autumn 2022. In both our homes, our office and thr(wh development and our supply chain we will: minimise our carbon footpn'nt thrO￿3h reducing electricty and gas usage, and wioritising carbon reduction measures in our homes. developments and refurt)ishments', monitor our construdion wojects to reduce the environmental impact of activities on site" risk assess all our construction, development and refurbishment projects against the predicted local impacts of Climate change., develop sustainable procurement Pro￿sseS for our goods and services; assess and improve car￿n emissions across our housiro stock,. 10

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 (contlnued) Envlronmentsl, so¢ial and governance (ESG) monitoring and reporting (continued) deliver net gain biodiversity at our developments, creating great places for both people and nature to thrive., work Y￿th residents so they can make greener Choi￿5. and encourage our residents to put the environment first and to integrate good environmental practices into their everyday lives. Dunng the year. we undertook a review of the available industry benchmarks. Consideration was given to audien￿ (resident or investor>, scope, service levels and cost and SHIFT by Suss Housing was selected as a sustainability measurelbenchmark. We will complete the Suss benchmark report this summer. in time to include the outcomes in our 2022 Sustainability Report. A sustainability group comprising the CEO and other senior members of staff was established during the year to monitor and review our pryress against the Group's targets. Additionally, Suss Housing have been instructed to map out our Net Zero Carbon roadmap. This roadmap will be updated quarterly and used to guide the improvements required for each irKJividual property. Funding In 2017, we successfully issued a £25m charity tw)nd. The Charty still has a further £20m of bonds available for future issue if required. We are cU￿entlY negotiating new funding facilities which will complete during the coming year as we look to implement our development and acquisition strategies. The financial strength of the Gr(￿p remains strong with cash or near cash being £10.3m and a net asset position of £168.4m. Tho team Our Executive team, led by Olivia Harris as Chief Executive. comwses 13 employees across property acquisition & development. property lethng & management, and finan￿ & management. Remuneration is reviewed annually with referen￿ to current salanes. wage infiation and market rates. Management sets the remuneration for all staff except for senior management whose remuneration is set by the Remuneration and Nominations Committee vtho also approve the overall salary expenditure. Key management personnel is made up of Olivia Harris (Chief Executive), Gary Preston (Finance Director), DavKI Stevenson (Development Director). Ociavia Wlliams (Operations and Compliance Director- on matemty leave) and Laura Talmage (operations Director- matemity leave cover).

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 20221¢ontlnued) PUBLIC BENEFIT The Charity has had regard to the guidano issued by the Chaiity Commission in respect of public benefit under the Charities Act 2011. The Board of Govemors is keen to ensure there is an effective and appropriate balance of activty addressing the objectives of the Charity, I￿th of which generate public benefit. Every development scheme the Chwity undertakes will have a proportion of the development providing a¢¢ommodation at rents lower than those available in an open market. This benefits those working in the City of Westminster and Greater London by redurAng travel time and expense and providing a sta￿e tenancy with limited rental increases in a property that is managed for the benefit of the tenants. These factors improve qualty of life for those working in the Cty of Westminster and Greater London who are not able to afford market rents. The Charity provides accommodation to those in more acute financial hardship such as the homeless in the City of Westminster. The benefioaries are housed in accommodation in the City of Westminster which is appropriate to their needs and family composition. The Charity also invests in projeGts that support the homeless to obtain work and wovides accommodation to the beneficiaries of the projects. The provision of accommodation is an¢knr key stabilty fador supporting those entering the workplace. CHARITY CODE OF GOVERNANCE The Charity has adopted the Charity Code of Govemano as set out by the Charities Commission. The Charity substantivety complies with the C&Je of Govemance and aspires to adopt all of the Code. FUTURE LEGLISLATION We actively track emerging legislation which, at present, includes the Fairer Private Rented Sector While Paper. Currently, it is too early to understand the impact on our organisation as much of the detail will only be decided foll0v￿n9 consultation with the sector. INVESTfiiENT POUCY The Charity's treasury policy, induding rts investment strategy for non-property assets, is regulady under review by the Acquisition, Finance and Development Committee. In accordance with the reserves policy the Committee ensures that the projected investment in properties and operating costs can be Covered by readily available funds, whilst ensuring that the risks inherent in the investment portfolio are mitigated arKI ￿tum8 are maintained. During tre year investment perfornan¢e has been in line with the investrn8nt strategy. RESERVES POLICY The reserves policy of the Chartty is to hold sufficient INuid assets and undrawn loan facilities to meet all ¢ommitTnents and at least 12 months of operating costs. The reserves of the Charity invested in liquid assets are hekl to provide ￿rtaintY of amount, at maturity, to match the Chanty's utilisation of these funds in its property development activities. 12

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 (Gontinued) RESERVES POLICY (continued) The Charbty has reserves of £168.4m invested in propert￿, wotking caprtal and liquid assets. Included in general resep4es are £2 6m of reserves designated for the long-temi maintenance of the properties A review of the lrfe cycle costs indicates that significant exFenditure from designated serves is unlikely for 10 years as the majority of the proFerties owned by the Charity are new build properties. Free reserves, exduding fixed assets. long-tem debt arKI committed funds. is £2.9m. This is in excess of our target of 12 months of operating costs as funds are hèld for acquisition opportunit&%. FINANCIAL REVIEW 2022 £168.4m £12.5m 2021 2020 2019 2018 Net assets £166.7m £12.Im £166.Om £164.Im £161.7m Turnovèr £9.2m £9.7m £8.7m Operatlng surplus, Operatlng margln Gearlng Interèst ¢over £5.6m £3.7m E3.6m 39% £3.9m £3.2m 33% 31% 40% 36% 63% 64% 69% Homes and under management Homes completed in year 791 798 660 631 629 141 33 29 1 Operating surF4us eXd￿eS co*, restrKted vNeslment Ir￿ and gwtr.ll amtylisBlion. Tumover during 2021122 was signrfirAntly up last year due to a full yearfs in¢ome from Lanark Road and Kingsland Road developments which completed last year. This was offset by the absence of grant income this year (2021.. £0.5ml and a decrease in income results'ng from the disposal of seven homes that did not deliver our strategic ot¥'ectives (2021.. three). Rental income is received from hvo types of property. purpose-built developments and existing stock that the Charity has acquired and three sources. income from kases: at intermediate rent- at mar1(et rent {residential and ¢ommercial),' and to residents under its obj'ective to assist those in acute housing need. Expendrture in the year was considerably higher than during the prewous year which included addrtional costs incurred in running new properties at Kingsland Road and Lanark Road. Furthemio capitalised Interest was reduced resulting in higher interest cost as major developments during the year came to an end. In addition, h￿her property management and depreciation costs refleds the increased portfolio size. We expect our costs to again increase in 2022r23 in correlation wrth the increased revenue from the new homes being introduced. Net income for the Group for the year was £1.7m (2021.. £0.6m). After realised and unrealised losses on investments, general reserles of £168.4m (2021.. £166.7m) were carried forward. 13

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 {contlnued) GOING CONCERN The Covid-19 pandemic has impacted both the UK economy arKI to a besser exient the charity's operations and finances. Vthile the longer tem impacts of the pandemic still remain unknown, we 8xpect that. in the short-term, the situation is manageable by the charity. The pandemic has had a marginal impact on the Core operations of the Charity and Group. Costs have increased refiecting greater wear and tear v￿thin our properties. Vthilst W￿ have seen a small InC￿8$e in the rent arrears positson our Collecti￿ rates of our resKlential income have remained high and the impact has been modest. Where tenants have approached the Chatity for assistance, we have •Jdressed each case individually and on its merits. We are provKling as much assistance as we can where appropriate to tenants and want to y￿rk with them to overcome any financial hardship thèy may sustain. The Charity, as disclosed in this report. has substantial cash reserves. Having f0￿casted the Group's cashflow OLrt to 2023124, and having stress tested the rental receipts and costs impacted by Inte￿$t rate and inflationary increases, over that same period, the Govemors consider that the Group has sufficient cash reserves to meet any potential falls in rental income as well as any interest rate and inflationary cost increases. Staff now vmrk a minimum of two days in t1￿ office wilh the remainder remotely. The IT platform supporting remote wor￿n9 continues to work well and in April 2022 we transferred our systems to be completely 'cloud' based strengthening our strategy of working anywhere at any time. We have experienced no down time in systems during the yearwith no dtsrupkn'on to the serrfice levels expeded of the Group. Last year we respeafied and retendered our property management services and as a result reappointed Touchstone CPS for a further term of a minimurn of three years. We have a continuous dialogue with the Touchstone CPS who are key to delivering the Group's serrf1￿ m(thl and they continue to operate and deliver a solid servi￿. They are part of a lar9er housing group of companies and are financially secure. The exe¢utive team continue to monitor the financial position and perfomiance of the Charity closely with uwjates on key metrics wovided to Govemots on a monthly basis. The Govemors. although acknowledging the wtential impact of Covi(k19. are satIsf￿d that the financial strength that underpins the Charity provides sufficient cOnfKIen￿ that the Charity and its subsidiaries have the ability to continue to operate as a going cOn￿M. 14

THE tM)LPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 20221contlnued) BUSINESS RISK MITIGATION POLICY The Governors are resFM)nsible for safeguarding the assets of the Charity and for ensuring that rt is fully compliant Y￿th relevant regulations and best wactice. They ￿VEW the key risks to which the Charity is exposed at least On￿ a year. tts3ether with the operating and financial Complian￿ controls that have been implemented to mitigate those risks. The detailed risk fegister is maintained by the executive team and a strategic risk register is prepared for regular review by the Audit & Risk Committee. and annually by the Board. The Board are of the view that the formal ongoing process for identifying, evaluating and managing the Charity's signifiGant risks that has been in place for the year ending 31 March 2022 continues to be appropriate for the Charity. The key risks identified in the most re￿nt review by the Board. including factors that are likely to affect the financial performan￿ or position going forward are: external market risks including supply chain. cost inflation and labour shortages that would impact on the Charrty's ability to deliver serrfices artd manage costs" regulatory changes, in particular around sustainats'lty. fire safety and housing delivery policy, which increase costs and potentially absorb signfficant amounts of management resources, as well as impacting on the delNery of housing for Inte￿edIate rent.. insufficient business continuity capacity in the event of a critical oremergency event. which could r8suIt in cessation or delay of delivery of strategic obj'ectives, and in the Most extreme case organisational failure., and dependency on key supFAiers whereby Dolphin has significant exposure to the performance and financial stabilty of a small number of key suppliers. The controb and assurance in place for mitigating those risks are set out in the risk register and include.. oversight by the Board and sub-committees of those risks and assuran￿ on performan¢e measures and reporting intended to mitigate the likelihood of occurrence or impact upon occurrence of those risks crystallising- setting and reporting of Key Performance Indicators; sensitising and stress testing budgets and business plans: implementing service standards which can be flexed as ￿quired., recruiting and retaining suitably qualified and expenenced staff and professional advisors to oversee. advise and manage properties.. providing staff and Board members with training and information to keep abreast of regulatory changes" regular testing of the i￿sInesS continurty plan: robust procurement proces5 induding financial checks. and monthly health and safety moniioring of key supplier perfonnance. The Board continue to thntfy any skills gaps. Recruiiment of new Govemors is focused on acquKing the needed skills. 15

THE DOLPHIN SQUARE CHARITABLE FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2022 {contlnued> PLANS FOR FUTURE PERIODS We will continue to build <)ur portfolio of SUb￿arket ￿ntaI properties through direct development. working with developers to acquire the affordable housing element of larger schemes and through the acquisition of existing homes where suitable opportunities arise. We Continue to be open to joint venture opportunities with other charitable or benevotent landowners who wish to develop their sites and lack either capital or development expertise. The successes we have had in the schemes which complete following the year end at Millbank ar¥J Wardour Street rAn be used to support futu applications as a joint venture partner and ¥￿ antiapate future opwrtunitie$ and growth through similar joint venture opportunities. Our planning consent for the New Era estate and sulxnitted application at Parkhouse Street, CambenN811 will further enhan￿ our growing portfolio of intermediate rents. We will cautiously progress these developments in tenns of both resource required and financial ¢apacty to deliver them. As the residenkn'al portfolio has grown so the future plans of the Charity have expanded to include the responsibilrties of being a landlord. We aim to provide an exemplary service. ensuring that our homes are re9ularly up3raded arKI t1￿ portfdio delivers its potential. Throughout all the Charity does, from design. through construdion and delNery. to management, there is embedded a strong commitinent to meeting our customers, r￿dS and in doing so fulfilling our tharrtable objectives. We will ¢hampion the provision of sutHnarket ￿ntaI housing as essential in central London and other high value locations. We are following dosely the emerging Build to Rent planning policies aryj. whilst continuing to focus on our charitable objects, are adapting our offering to fit within this framework. lthat sets us apart from other Build to Rent providers is our stated goal to maximise the amount of su￿rnarket rental housing within each development. We aim to help a wide range of beneficiaries and income brackets and this is achieved particularfy effectively and efficiently through our pepsonalised rent. To fund future growth VR will raise addrtional finance as required but will a￿y8 be mindful of maintaining the strong financial stability that currently exists. 16

THE DOLPHIN SQUARE CHARITABLE FOUNDATION STATEMENT OF TRUSTEE'S RESPONSIBILITIES The Trustee is responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Pra¢ti¢e. Law appliGable to tharities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and the Group and of the Group's incoming resour￿$ and appli¢ation of resources of the year. In preparirKJ financial statements givin9 a true and fair view the Trustee should follow best practice and". select suitable accounting policies and apply them consistently.. obserrfe the melhods and principles in the Charities SORP; make judgements and estimates that are reasonable arKI prudent,. state whether appliCa￿e accounting standards and statements of recommended practice have been followed. subj'ect to any departures disclosed and explained in the financial stalements: and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Group will continue in operation. The Trustee is responsibte for keetxng accounting records that disclose with reasonable accuracy the financial position of the Charity and the Group and enable the trustee to ensure that the financial statements Comply ￿￿th the Charities Act 2011 and regulations made thereunder. The Trustee is also resF)onsible for safeguarding the assets of the Group and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. Crowe U.K. LLP has indicated rts willingness to te reappointed as statutory audit(￿. Approved and authorised for issue by the Trustee on 26 July 2022 and signed on it5 behalf. Andrew Glbll {Chair of Govemorsl Julia Moulder (Govemor} 17

INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEE OF THE DOLPHIN SQUARE CHARITABLE FOUNDATION FOR THE YEAR ENDED 31 MARCH 2022 Oplnlon We have audited the financial slalements of The Dolphin Square Charitable Foundation for the year ended 31 March 2022 which comprise consolidated statement of financial activities, consolidated balance sheet. balance sheet, consolTrdated cashflow statement and notes to the financial statement$. including a summary of significant arxounting policies. The financial ￿PortIng framework that has been applied in their weparation 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 A¢cepted Accounting Practs'ce). In our opinion the financial statementS= give a true and fair view of the state of the group's and of the parent charity's affairs as at 31 March 2022 and of the group's incoming resources and application of resources. for the year then ended., have been woperly prepared in accordance with United Kingdom Generally Accepted Accounting Practs'ce., and have been kyepared in accordance with the requirements of the Charities Act 2011. Basls for opinion We conducted our audit in a¢¢ordance with Internats'onal Stsndards on A￿litIng {UK) (ISAS (UK)) and applicable law. Our responsibilities under thos8 Standards are further described in the Auditor's responsibilities for the audit of the finanoal ststements sedion of our report. INe are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with tr￿se fequirements. We beI￿ve that the audit evidence we have obtained is sufficient and approwiate to wovide a basis for our opiniw. Conclusions relatlng to golng concern In audrting the finanaal statements. we have concluded that the trustee's use of the going con￿rn basis of a¢¢ounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned. we have not identsfied any material uncertainties relating lo events or conditions that. individually or cdlectively, may cast significant doubt on the charitws or the Group's ability to continue as a going concem for a period of at least twelve months from wh￿n the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other infomiation The trustees are responsille for the other infomiation contained within annual report. The other infomiation comprises the infonnation induded in the annual report, other Ihan the financial statements and our auditor's report Ihereon. Our opinion on the finanaal statements does not ¢over the other information and, except to the extent otherwise explicitly stated in our report. we do not exp￿$5 any fomi of assurance conclusion thereon. Our responsililrty is to read the other informats'on and. in doing so, consider whether the other infomation is materially inconsistent wtlh the financial statements N our knowledge obtained in the 18

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE DOLPHIN SQUARE CHARITABLE FOUNDATION FOR THE YEAR ENDED 31 MARCH 2022 (continued) audit or otherwise appears to be materially misstated. If we identrfy suth material inconsistencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we condude that there is a material misstatement of Ihis other information, we are required to report that faGt. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the followng matters in ￿￿tion to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our 0￿.nIon.. the infomiation given in the finanaal statements is inconsistent in any material respect with the trustees. report-, or sufficient accounting records have not been kept by the parent Charity,. or the finan￿al statements are not in agreement with the accounting records and ￿turns", or we have not received all the information and explanations we require for our audit. Responsibilities of trusteos As explained more fully in the tmstees, responsibilities statement set out on page 17, the trustees 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 detemine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the Group's and tt parent Charity's ability to continue as a going concern, disclosing. as applicable, matters relaled to going concem and using the going concern basis of accounting unless ttr￿ trustees either intend to liquidate the chanty or to ￿ase operations. or have no realistic attemative but to do so. AudIt0￿S r•8ponsibilitios for the audit of the financial statements We have been appointed as Auditor under section 151 of the Charities Aci 2011 and report in accordan￿ with the Act and relevant regulations made or having effect thereunder. Our objedives are to obtain reasonable assurance abcxrt whether the financial statemenls as a whole are free from material misslatement, whether due to traud or error. and to issue an audito¢s report that includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will a￿laY5 detect a material misstatement when it exists. Misststements can arise from fraud or error and are consthred material if. individually or in the aggregate. they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. Details of the extent to whith the audit was considered capable of detecting irregularities. including fraud and non-compliance with laws and ￿ulationS are set out below. 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 ukjauditorsresponsibilities. This description forms part of our Auditorfs report. 19

INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEE OF THE DOLPHIN SQUARE CHARITABLE FOUNDATION FOR THE YEAR ENDED 31 MARCH 2022 {continued) Extent to which the audit was ¢on8lderod capable of detectlng Irregularities, Including fraud Irregularities. including fraud, are instances of non<0mplian￿ wrth laws and regulations. We identified and assessed the risks of material misstatement of the financial statement5 from irregularrties, whether due to fraud or error. and discussed these between our audit team members. We then deS￿ned and perfonned audit wocedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understarKling of the legal and regulatory frameworks wrthin which the Group and charitable company operates, focusing on those laws and regulations that have a dired effect on the detennination of material amounts and disdosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and together with the Charities SORP (FRS102). We assessed the required compliance with these lav*S and regulations as part of our audit procedures on the related finaneial statement items. In addition, we ¢onsidered provisions of other laws and regulations that do not have a direct effect on the financial statements but Complian￿ which might be fundamental to the group's and charitable company's ability to operate or to avoid a material penaty. We also considered the opportunities and incentives that may exist within the group and charitable company for fraud. The only other laws and regulations considered in this context a￿ taxab'on and employment legislation. Auditing standards limit the required audrt procedures to identrfy rK)nthcompliance wrth these laws and gulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. rf any. We identified the greatest risk of material impact on the financial statements fr￿7 irregularities, including fraud. to be within the timing of recognrtion of income and the ovemde of controls by management. Our audit procedures to r8spond to these risks included enquiries of management, and the Audit and Risk Committee about their own identsfication and assessment of the nsks of irregularities, sample testing on the posting of joumals. analytical procedures and sample testing of income. reviewng a¢¢ounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and ￿adIng minutes of meetings of those ch¥ged with govemance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perfomed our audrt in accordance with auditing standards. For example. the further removed non-compliance with laws and regulations (irregularities) is from the events and Iransactions reflected in the finanual statements. the less likely the inherently limited procedures ￿qUired by auditing standards would identrfy it. In addition, as with any audit, there remained a higher risk of non- detection of irregularities. as these may involve collusion. forgery, intentional omissions. misrepresentations. or the ovemde of intemal controls. We are not responsib￿ for prevenling non- compliance and cannot be expected to detect nonthcompliance with all laws arKI regulations. 20

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE OF THE DOLPHIN SQUARE CHARITABLE FOUNDATION FOR THE YEAR ENDED 31 MARCH 2022 (continued)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor Cheltenham D ate : 15 August 2022

21

THE DOLPHIN SQUARE CHARrfABLE FOUNDATION CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Restricted Unrestrithd 2022 2022 Total 2022 Incom• and end¢)*inents from: Restricted income- grants recewable Charitable a¢tivrt Other IradiThJ a¢livibes Investment income Profit on sale of land and buildings Total 68,782 68.782 11,126.556 612.299 8,014 654,027 12,469,678 11,126.556 612,299 8,014 654.027 12.400.896 68.782 Ex￿ndIture on: Raising funds Investment management fees Charitable activities Housing support Strategi¢ development Finan¢e costs Total resources expended {6.555.5741 16.555,5741 (262.823) {262,8231 13,909.9321 13,909,932) (10,728,329) (10.728.329 1.741,349 Net Income 68.782 1,672,567 Transfers 15 1.279.551 11,279.551) Net movement for the year 1.348.333 393,016 1.741.349 Balance brought foTrvard at 1 April 2021 27.064,467 139.595,534 1e6,660,001 Balance caffied forward at 31 March 2022 15 28A12.800 139.988.550 168,401,350 All amounts relate lo contsnuing operations. All gains and losses recogni%ed in the year a￿ included in the statement of financial acb"vitEs. The r￿leS on pages 27 to 44 fwn part of the financial staterrents

THE DOLPHIN SQUARE CHARITABLE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 Restricted 2021 Unrestricted 2021 Total 2021 Income and endownnts from.. Restricted income- grants receivable Charitable a¢tivities Other trading activth.es Investment ir￿)rne Profil on sale of land and buildings Total 504.747 504,747 10,092,944 1.113,930 58,652 334 046 12.104,319 10.1)92,944 1,113.930 58.652 334,046 11.599,572 504.747 Expenditure on". Raising fvnds Investment management fees Chanlable aclNilies Housin9 SUPPOrt Strategic development Finance costs Totsl resources expended 5,2161 15.2161 17.443,9901 17,443,990) {279,6511 1279,6511 (3.743,5141 13,743,514) {11.472,3711 111,472,371) Nel incoming resources before losse$ on investments 504.747 127,201 631,948 Nel losses on investrments {5,7291 (5.7291 Net income 504.747 121.472 626.219 Transfers 15 358.367 1358,367} Net ff￿￿eMent for the year 863.114 1236,895) 626.219 Balance brought forward at 1 April 2020 26.201.353 139,832,429 166,033.782 Balance ¢arfd forward at 31 Marth 2021 15 27.[￿,467 139,595.534 166,660.001 All amounts relate to continuing operation5. Al gains arnl losses recognised in the year are included in the statement of financial thrties. 23

THE DOLPHIN SQUARE CHARITABLE FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022 Note 2022 2021 FIXED ASSETS Freehold buildings Leasehold buildings Land and buildings under development Tangible fixed assets Investments 95,168,610 144,240.476 94,093,995 147.141.485 19.276.730 61.524 7,887,904 17,405,545 57,787 7,889,012 266,635,244 266,587.824 CURRENT ASSETS Debtors and prepaYff￿ts Cash at bank 10 11 1288,788 10,344.981 2,515.022 8.873.734 11,633,769 11,388.756 LIA81LmES C￿ditOrS". amounts f*ling due within one year 12 13,149,941) 14,327,837) NET CURRENT ASSETS 8883.828 7.060,919 TOTAL ASSETS LESS CURREKf LIABILITIES 275.119,072 273.648,743 Creditors". amounts falling due after than one year 13 1106,717,722) 1106,988,7421 NET ASSETS 168,401,350 166,660,001 Unrestn'cted funds Designoled funds 133,427.070 6,561,480 131.766,266 7.829.268 Total unrestricted fvnds Restricted funds 139.988.550 28A12,800 139,595.534 27.064,467 TOTAL FUNDS 15 168.401,350 166.660,001 Approved and authorised for issue by the Tntstee on 26 Juty 2022 and signed on ils behaff Andrnw Gl (Chair of Govemorsl Julla klouldor (G0¥wr￿} The notes on pages 27 to 44 fomi part of the financial State￿nts 24

THE DOLPHIN SQUARE CHARITABLE FOUNDATION BALANCE SHEET AS AT 31 MARCH 2022 Nole 2022 2021 FIXED ASSETS Freehokj bLbildings Leasehold buildings Land and buildings under devel¢¥ment Tangible fixed assets Investments 70.128,274 144,240,476 69,010,634 147,141,484 15.914.044 61.524 33,947,570 15,041,853 57.787 33.948.674 264,291,888 265,200.432 CURRENT ASSETS Debtors and prepayments Cash at bank 10 11 7A08,946 9.451.253 6.607,326 8.446,109 16,860,199 15,053,435 LIABILITIES Creditors.. amounts falling due within one year 12 (3,163,fA4) {3,766,849) NET CURRENT ASSETS 13.696.555 11,286,586 TOTAL ASSETS LESS CURRENT LIABILITIES 277,988,443 276,487,018 credit￿S.. amounls falling due after more than one year 13 (106,717,722) (l{￿.988.742l NET ASSETS 171,270,721 169.498,276 Unreslricted funds Designated funds 136,2%.441 6,S61,480 134.409,320 .024.490 Totsl unrestricted fvnds Restr￿ted funds 142.857,921 28,412000 142.433,810 27.064.468 TOTAL FUNDS 15 171,270,721 169,498.276 The Charity had gross income of £11.356.171 (2021.. £11.086.831) in the year and a net movement on reserves of £1.772,445 (2021. £802.250}. Approved and authorised for issue by the Trustee on 26 July 2022 and signed crfl its behalf Andrew Gi (Chair of G In Julla 14loulder {Govemor) The notes on pages 27 to 44 fomi part of the financkql statements 25

THE DOLPHIN SQUARE CHARITABLE FOUNDATION CONSOUDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 C••h flow8 Irom operatlng actlvltlu: Net cash used in operating acbvilKqs 1,850.365 3.489.465 Ca•h flows from Investlng •ctlvlil••: Dividends, interest and rents from investments Proceeds from the sale of proFérty, plant and equiwr Purchase of property, plant and equlpft￿t Proceeds from sale of Investffents 8.014 2,981.109 (3,368,241) 58.654 1.570.2C6 18.446.088) 3.098.174 Nel cash used in invesb'ng 1379.1181 13,719.054) Ca•h flows from Ilnanclng •thftl•8: Repayments of bcmwing (171,1661 Net cash prOV￿ed by financing a¢tsvit 1171.1e8) Cuh and cash equival•nts: Change in the reporbrvj perKKI BakvKe brought fo￿rd at 1 Aw IA71247 8I73,734 {400,755) 9,274.489 Ctsh and cash equfval•nl• It th• •fKI d th• r•portlng wriod 10,344.981 8,873.734 Not• . R•conclllatlon of cash flo￿ from operatlng actlvlll•• Nel Income for the rep￿n9 p•nthJ AdiusthEnts for. oepreual￿n charges 1,741,349 826.219 2.371.798 76,272 5.729 158,654} (334,0461 1,415,482 (613,333) 72232 Losses on investments DpiKlends, interest and rents investwts Profit on the Sa￿ of fixed assets Increase in debtors Decrease in ueditofs (8,014 1654.292) 1,226,234 11.521,148) N•t ￿$h us¢d In op•rntlng •Ctlvltlos 1,850,365 3,489,465

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 IAARCH 2022 CHARITY INFORMATION The Charity is registered with the Chanty Commission. registration number 1110090. The registered address of the Charty is 1 Castle Lane, London, SW1 E 6DR. ACCOU￿rING POLICIES la} Going concern Although the impaGt of Covid-19 to the economy has been signfficant the Charity and the Group are in a strong position lo operate through the economic upheaval and be well placed for when the recovery comes. In addth'on. the Chanty has substantial cash reserrfes to call upon rf needed. Having forecasted the Group's cashflow out to 2023124 and having Stress tested the rental re￿IptS, and costs that could be impacted by interest rate and inflationary increases over that same period. the Govemors feel that the Group has suffiuent cash reserves to meet an any fall in rental income or increase in costs. In addition, the rent collection rates throughoLrt 2021122 remained h￿h Kyovbding further confidence of the Group's cashflow and stability. These accounts are therefore prepared on a going concem basis. There are no material uncertainties over the Group's abilty to ¢ontinue as a g￿n9 concem. {b) Basls of accountlng The accounts have been prepared in accordance with the Charities SORP (FRS102) applicable to charrties preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Charities Act 2011 and UK Generally A¢¢epted Practi￿. The accounts have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 21X)8 only to the extent required to provide a true and fair view. This departure has involved follobmng Accounting and Reporting by Charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of R6commended Practice effective from 1 April 2005, which has since been withdravm. The Charrty meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value Un￿$$ otherwise stated in the r8levant accounting policy notes. The financial statements of the Charity and its three subsidiaries. DSF Developments Limited. Dolphin Living Limited and Hoxton Regeneration Limited are consolidated, on a line-by-line basis. to produce group finanoal statements. The consolidated entity is referred to as 'the Group.. Only the financial activity of the Group is shown in the consolidated statement of financial activities. 27

THE tK)LPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 Icontlnued) ACCOUNTING POLICIES (contlnued) Icl Critical accountlng judgements and key sources of estimation uncertainty In the application of the Charity's accounling policies, which are described in this note. judgements, estimates, and assumptions are made about the carying values of assets arKI liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are constdered to be relevant. Adual results may drffer from these esb"mates. The estimates arKJ underlying assumptr'ons are revIev￿1 on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. or in the period of the revisK)n and future pericJs if the revision affects the current and future periods. There are no assumptions conceming the future or estimation uncertainty affecting assets and liabilities at the balance sheet date that are likely to result in a material adjustment to their carrying amounts in the next financial year. Dèvelopment expendlturn Development expenditure is capitali$ed in accordan￿ V4fjth the a¢¢ounting policy given below. Initial capitalisation of costs is based on management's judgement that technical and economic feasibilrty is confinned, usually vthen a deve10w￿nt projet has reached a defined mithtone according to an established project management model. In detemiining the amounts to be capitalised management makes assumptions regarding th8 expected future cash generation of the assets, discount rates to be applied and the expected period of benefrtS. Fixed assèt dopreclatlon Tangible fixed assets are depreciated over their exFected useful economic lives. The expected lives of the assets are assessed annually and may vary depending on a number of factors. In reassessing asset lives, fartors such as technological innovation, product lrfe cycles and Maintenan￿ programmes are taken into account. Id) Grants and donatlons Grants and donations are recognised when the Charity is entitw to the income, the receipt is probable and the amount can be quantrfth with reasonable accuracy. le) Rontal Income Rental income is recognised as it falls due. Rental income charged at sub-market rates is recognised as income from charitable activtlies. All other rental income is reGognised as income from other trading activrties. (fj Inveslment in¢ome Interest income is induded in incoming resources on a reCeiVa￿e basis. 28

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 (continued} ACCOUNfiNG POLICIES Icontlnued) (g) Resources expended Ex￿ndItUre is included on an a¢cruals basis. Costs of charitable artivilies comprise all the resources applied by the Charity in undertaking its work to meet its charitable objectives. Housing support costs comprise staff and overhead costs and grants payatle in support of housing projects. Grants payable are accounted for in the Statement of Financial Activities in the year in which they are authorised. Any amounts which have been authorised but which remain unpaid at the year-end are inclLKled within the current liabilities in the balance sheet. Strategic development costs comprise staff costs. overheads and fees payable to advisers in conjunction with the development of the Charty's objeGts. (h) Tangible fixed assets All tangible assets a￿ shown at cost less depreoation. Addrtions to tangible fixed assets compnse costs of a capital nature and include capitalised interest and certain staff costs directly attributable to the management of a development. Capitalised Inte￿St is calculated at the rate on associated bo￿owing$ applied to direct expenditure between the date of gaining planning consent and the date of practical completion. Depreciation on tangible assets is provided at rates calculated to write off the cost or valuation of fixed assets. less their estimated residual value, over their expected useful lives. Depreciation wll be calculated on the following basis", Office and comKKrter equipment Office improvements Furniture in tenanted woperty Freehold buildings Leasehold properties 33% straight line 20% straight line 33% straight line Over 10010 150 years Over the lower of their ￿ase temi and 150 years Land is not deweciated. (l) Buildings in d￿elOPMent Developments are shown at cost of acquisition and spend to date after taking into account any impairment in value. No depreciation is charged on developments until such time as they are ompleted.

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 {continued) ACCOUNTING POLICIES (contlnued) (i) Investments Fixed asset investments are stated in the balance sheet at market value where there is a readily available market price. It is the Group's policy to keep valuations up to date so that when investments are sold. no gain or loss arises. As a result. the statement of financial activities includes those unrealised gains and Ios5e5 arising from the revaluation of the investment portfolio throughout the year. The statement of finan¢ial activities does not distinguish belween the valuation adjustments relating to sales and those relating to continued holdings. as they are treated together as Changes in the value of the investment portfolio. (k) Pension ¢08ts The Group contribLrted to a defined Contribution scheme ￿nSIOn scheme administered by an independent company and to employees. personal pension schemes. The pension costs represent the contributions payabte by the Group to the schemes for the year. <1) Leas• commltments Rental paid under operating leases is charged to income on a straight-line basis over the lease temi. Im) Business combination* The Consolidated financial statements incorporate the financial statements of the Charity arKI all subsidiaries. These are adjusted, where appropriate. to confonn to Group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and vKitten off over five years from the year of acquisition. The results of entiti.es acquired or disposed of are included in the income and expenditure account aft8r or up to the date that control passes respertively. {n) Financial Instruments Financial assets and liabilities are measured at fair value whith is the transaction price. Other financial liabilrties, including bank loans. are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Loan transaction costs are amortised over the tenn of kJan.

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 (continued) RESOURCES EXPENDED Group 2022 Charity 2022 2021 2021 Charilable activltles Housing support costs Staff costs Grants payable Direct Costs Property management Office costs Legal and professional fees Support costs Audit fees Depreciation.. buildings 1.024.417 216,015 3,076,677 1,019,044 77,048 73.064 10.958 54.343 1.004.1)08 855.160 45,149 3,153,780 786,900 68.381 112.342 6.141 20.800 1,615,312 805,744 100 3,156.567 803.314 126.335 160.088 25,914 37,780 964,462 234.205 10.CQO 2.488.771 614.494 53,071 195,944 29,549 18,514 1.874,020 6.555.574 6.663.965 6,080.304 5,518,568 Strategic development costs Staff costs Direct Gosts Office costs Legal and professional fees Audit fees Other 24,881 19,638 18,372 94.431 135.529 3,2CKI 8,481 22.785 324,711 118,563 100,897 3,350 15.132 78.084 73,579 34,323 3,200 25,181 262.823 279.651 100,869 460,994 Support costs are either directty allocated to the actNty e.g. salaries. or shared pro-rata between the activities e.g. Ffemises costs. During the year salary costs capitalised to developments amounted to £271,829 (2021: £363,168). Legal and professional fees indude costs relating to Crowe U.K. LLP for accountancy and tax services which totalled £50,938 for the Group (2021: £40,080). Grants ¢ompri$e: Group 2022 Charlty 2022 2021 2021 Paid in the year 216,015 45,149 303.778 129,441 31

THE DOLPHIN SQUARE CHAR￿ABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 20221conllnued) STAFF COSTS 2022 2021 Gross salaries Employer's Nl Contributions 900,228 101.051 845,836 102,363 Employerfs pension Contributions 141.414 127,503 1.142,693 1,075,702 Key management benefits 585,788 560,003 The average number of employees in the year was 13 (2021.. 13). Ernployeès are divided between housing support and strategic development. 6.7 (2021.. 6.7), respeciively. The number of employees whose emoluments, excluding pensions, ex￿eded £60.000 was.. 2022 2021 £60,￿o- £69,999 £70.000- £79,999 £80.000 - £89,999 £90.000 - £99.999 £100,000- £109.999 £110,000 - £119.999 £140,000- £149.999 Pension payments of £141,414 (2021: £127.503) were made during the year in respect of 17 employees (2021: 14}. 32

THE DOLPHIN SQUARE CHARrfABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 (continued) FREEHOLD LAND AND BUILDINGS: Group Land Buildings Total COST At 1 April 2021 Addition$ Disposals Transfer Transfers from land arKI buildings under development 37,261,212 60,796.239 1.403.323 {107.027) (5,397.090) 98.057.451 1,403,323 {421,313) (314.286) 5,397.090 {15.000) (15,000) At 31 March 2022 42,344,016 56,680.445 99.024,461 DEPRECIATION At 1 April 2021 Charge in the year Disposals Removed on transfer 3,963.457 517,194 (7,118) (617,682) 3,963.457 517.194 (7,118) (617,682) At 31 March 2022 3.855,851 3,855,851 NET BOOKVALUE At 31 March 2022 42.344.016 52.824,594 96,168,610 At 31 March 2021 37,261,212 56.832.783 94,093,995 Charity Land Buildings Total COST At 1 Aprfl 2021 Additions Disposals Transfer 16.352,963 56,107,710 1,391,802 (107,027) {5,397,090) 72.460.673 1.391,802 (421,312) (314,285) 5.397,090 At 31 March 2022 21,435.768 51.995,395 73,431.163 DEPRECIATION At 1 April 2021 Charge in the year Disposals Removed on transfer 3,450.039 477,650 {7,118> (617.682> 3,450,039 477.650 17.1181 (617,682) At 31 March 2022 3,302,889 3,302,889 NET BOOK VALUE At 31 March 2022 21,435.768 48.692,506 70,128,274 At 31 March 2021 16.352.963 52,657,671 69,010,634

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 (¢ontlnued) LEASEHOLD BUILDINGS Group and Charlty Total COST At 1 Aprll 2021 Additions Disposals Transfers from land arKI buildings under development 150,940,775 81,002 (1,999,529) At 31 March 2022 149,022,248 DEPRECIATION At 1 Aprll 2021 Charge in the ye Disposals 3,799,2gJ 1,070,498 {88,016) At 31 March 2022 4,781,772 NET BOOK VALUE At 31 March 2022 144,240,476 At 31 March 2021 147,141.485 LAND AND BUILDINGS UNDER DEVELOPMENT Buildings under development Group Land Total At 1 Aprll 2021 Additions Transfer from freehokl land and buildings 7.041.749 10,363.796 1,856.185 17,405,545 1.856,185 15.CNJO 15.000 At 31 March 2022 7,041.749 12,234.981 19,276,730 Charity At 1 April 2021 Additions 7,041.749 8,000.104 872,191 15.041.853 872.191 At 31 March 2022 7,041.749 8.872,295 15.914,044

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 (contlnued) TANGIBLE FIXED ASSETS Computer and office equipment Total Group and Charlty Improvements COST At 1 April 2021 Additions Disposal 72.566 78.773 27.731 151,339 27,731 At 31 March 2022 72.666 106,504 179,070 DEPRECIATION At 1 April 2021 Charge in the year Disposal 30,069 8,647 63,483 15,347 93,552 23,994 At 31 March 2022 38,716 78,830 117,546 NET BOOK VALUE At 31 March 2022 33,850 27,674 81,524 At 31 March 2021 42.497 15.290 57,787 35

THE DOLPHIN SQUARE CHARrrABLE FOUNDATK)N NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 (Gontinued) FIXED ASSET INVESTMENTS: 2022 2021 Group Bonds at 1 April Additions Disposals Unrealised losses 1,205,729 (1,200,000) (5,729} Bonds at 31 Ma￿h Cash held as an investment 7,887,904 7,889,012 At 31 March 7.887,904 7.889,012 Historical cost at 31 March 7.887.904 7,889,012 Charity 2022 2021 Bonds at 1 April Additions Disposals Unrealised losses 1,205,729 (1,200,000) (5.729) Bonds at 31 March Investments in subsidiaries Cash held as an investrnent 26,059.666 7.887.904 26,059,662 7,889,012 At 31 March 33,947,570 33,948,674 Historical cost at 31 March 33,947,570 33,948,674 Investments which irKlt¥idually represent more than 5% of the portfolio by market value are.. Group and Charity 2022 2021 Cash 7.887,904 7,889.012 Investments in cash are primarity held to preserve the capital to meet existing Capital commitments and for appropriate property investment opportunities as t1￿Y arise.

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 {continued) FIXED ASSET INVESTMENTS (continued) The investrnent in subsidiaries figures at)ove represent investments in the folk>wing subsidiaries: Subsldlarles DSF Developments Limlted 8327131 England 100% Dolphin Living Limited 32446R England 100% Hoxton Regeneration Limited 597445 England 100% Company number Incorporation Shareholding 2022 2022 2022 Assets Liabilities FurKllnet assets 2,320,561 (2.326.941) {6,380) 1,575.238 (1.136.547) 438,691 22.276,779 (4,598,620) 17,678,159 Income Expenditure ProfiV(loss) 110,659 {117,139) {6.480) 2,031,559 {2.014.458) 17,101 992,114 (463,898) 528,216 37

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 (contlnued) 10. DEBTORS Group Charity 2022 24,156 1,087.501 177,131 2021 1.396,076 781,733 337.213 2022 2021 Trade debtors Other debtors Prepayments Amounts owed to subsidiaries 913.027 175.150 913,231 335,424 6,320.769 5,358,671 1,288.788 2,515,022 7.408.946 6,607,326 During the year the Charity provided funds to wholly owned subsldiar￿S under loan agreements and an agreement to provKle support. At the year end. the amounts owed to the Chanty by DSF Developments Limited were £1.645,654 (2021.. £1.378.214) under the development agreement. During the year, a gift of £nil (2021. £2.121) was donated by DSF Developments Limited to the Charity and shared costs of £nil were recharged by the Charity to DSF Developments Limited (2021.. £191.472). At the year end. the amounts owed to the Charity by Hoxton Regeneration Limited were £3.609,056 (2021.. £3.467,135) including two loan agreements for £865,074 {2021: £865,074) and £1,198.202 (2021: £1.198.202). Both loan agreements have a ten-year term and are repayable in four arKI fNe years, respectively. During the year, shared costs of £148,782 were recharged by the Charily to Hoxton Regeneration Limited {2021.' £103,253). At the year end. the amounts owed to the Charity by Dolphin Living Limited were £1,066.059 (2021.. £513.322) for shared costs and expenses. During the year. shared Costs of £220.644 V￿re re¢harged by the Charity to Dolphin Living Limited <2021: £103,253). Amounts owed under each loan agreement incur interest at 3.5% above the base rate. No interest is charged on shared costs. 11. CASH AT BANK An amount of £250,000 (2021: £250.000) is currentty hekl in reserve for specifi¢ devek)pment costs.

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 (continued) 12. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR Group 2022 Charity 2022 2021 2021 Trade creditors Social security & other taxes VAT Accruals Development retentions Loans Deferred income Other (yedrtors 244,865 27,682 7.353 1.121,801 646,472 203,706 27,374 870,688 1.666,578 22.095 7.488 1,052,849 646.472 981,716 25,720 7,353 1.100,169 1.883.043 20.133 7,488 1,018,227 203,706 27,834 817,146 20.fKK) 912,355 20.000 817,958 3,149,941 4.327.837 3.163,644 3.766,849 Deferred income relates to rental income received in advance from tenants which is then released after the year end in the period to which rt relates. 13. CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR Group and Charity 2022 2021 Loans maturing.. Within one year In one to Iwo years In two to five years In more than five years 214,376 214,376 25,643,130 82,494,709 166,594 527,839 108,040,268 108,566,591 (1.645.163) 108.734,701 (1,745,959) Unamortised issue costs 106,921.428 (203,706) 106.988.742 Due within one year Due in more than one year 106,717,722 106.988,742 2022 2021 Interest rate Maturity Year Fixed rate Loan Loan Charity bond 53,493,438 26.000,000 25.000,000 53,493,438 26,000,000 25,000,000 3.73% 3.48% 4.25% 2046 2046 2026 104,493,438 4,073,1 $3 104.493.438 4,241.262 2.25% above base rate Floating rate 2041 108,566,591 108.734,700 39

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 IIiARCH 2022 (contlnued) 13. CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR Icontinued) At the balance Sheet date, the Group held financial assets at amortised cost of £11,454,797 (2021: £11,051.543), financial assets at fair value through income arwj expenditure of £7.887,764 {2021.. £7.889.012} and financial liakxlities at amortised cost of £109,447,39Q (2021. £111,274,484). 14. MOVEMENTS IN NET DEBT Group At Al 31 March 2022 Non-cash changes 2021 Cashflows Transfers Cash Cash held as investments Loans due within one year Loans due in more than one year (8,873,734) (1.471,247) (10,344,981) (7,889,012) 1.108 (7,887,904 203,706 203.706 1[￿,988.742 (168,110) (203,706) 100.796 106,717.722 90.225.996 (1.638.249) 100,796 88,688,543 Charity Cash Cash held as investments Loans due y￿thin one year Loans due in more than one year (8.446,109) (1.005,144} (9.451,253) {7.889,012> 1.108 (7.887,904) 203.71 203,706 106,988,742 (168,110) (203.706) 100,796 106,717.722 90,653.621 {1,172,146) 100.796 89,582,271 40

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 20221contlnued) 15. MOVEMENTS IN RESERVES At 1 April 2021 Net losses on investments Al 31 March 2022 Group Surplusl (deficit) Transfer Unrestrirted funds Designated funds WHOA fund Sinking furKI 131,766,266 1,888.582 (227,778) 133,427,070 5,645,698 2,183,570 (216,015) (1.499,670) 447.897 3,930,013 2.631,467 Total unrestricted funds Restricted funds 139.595.534 27.064.467 1,672,567 68,782 {1.279.551) 1.279,551 139.988,550 28.412,800 166,660,001 1.741,349 168,401,350 Unrestrided funds Designated funds WHOA fund Sinking fund 132,415.￿9 162,350 (5,729) (806,264) 131,766,266 5,680,847 1,735,673 (35,149) 5,645,698 2,183,570 447.897 Total unrestricted funds Restricted funds 139,832.429 26.201.353 127.201 504.747 (5.729) {358.367) 358.367 139.595,534 27.064,467 166,033.782 631.948 {5.7291 166.660.001 Charity Unrestricted funds Designated funds IfftIOA fund Sinking fund 134,409,319 2.003,970 (116,848) 136,296,441 5.840,921 2.183.570 {3(M).307) (1,610.601) 447,897 3,930,013 2,631,467 Total unrestricted funds Restricted funds 142.433.810 27,064,466 1,703.663 68,782 (1,279,552) 1,279,552 142,857,921 28,412,800 169,498.276 1,772,445 171,270,721 41

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE AccouKrs YEAR ENDED 31 MARCH 2022 (continued) 15. MOVEMENTS IN RESERVES {contlnuedl At 1 April 2020 Net losses on investments Charity Surplusl (deficit) 31 March 2021 Transfer Unrestricted funds Designated funds WHOA fund Sinking fund 134,918,080 303.232 (5,729) {806,264) 134,409,319 5.840,921 1,735,673 5,840,921 2,183,570 447.897 Total unrestricted funds Restricted funds 142,494,674 26,201,353 303,232 504.746 (5,729) (358.367) 358,367 142,433,810 27,064,466 168,696.027 807,978 (5.729) 169,498.276 Restricted funds and the related transfer relates to the purchase or development of homes for use in the WHOA scheme and reflects expenditure over and above the restrided grant received. The homes, and funds. are restricted for the duration of the scheme {15 years). The designated IAIHOA fund and the related transfer reflects the contingent liability for the payment of enhanced deposits to the participants of the scheme. The expenditure of VVHOA funds in the year relates to the successful payment of grants under the scheme. The designated sinking fund and the related transfer is for long-tem repair and renewal costs for both individual homes and freehold buildings. Provisions are made ￿fleCtIng current best estimates of future costs and when they are likely to be incurred. For buildings owned under a long leasehold. long-temi repair costs are paKI through the Servi￿ charge re¢ognised in the income and expenditure account and are not reflected in this designated fund. No provision has been made for properties where a capital w￿rkS programme is underbvay and the future expenditure is reflected in financial commitments. 42

THE DOLPHIN SQUARE CHARITABLE FOUNDATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 20221continued) 16. NET ASSETS ACROSS FUNDS Restricted funds Designated funds Unrestrlcted funds Group At 31 March 2022 Fixed assets Current assets Liabilities 28,412,800 238.222.444 5.072.289 (109,867,663) 6.561.480 Total funds 28.412.800 6.561.480 133,427,070 At 31 laarch 2021 Fixed assets Current assets Liabilities 27,064.466 239,523.458 3.559.488 (111,316.579) 7,829,268 Total funds 27,064.466 7,829,268 131.766.268 Charlty At 31 March 2022 Fixed assets Current assets Liabilities 28.412.8(M) 235,879,088 10,201,031 (109,881.366) 6,561.480 Totsl funds 28.412.800 6.561,480 136,296,441 At 31 March 2021 Fixed assets Current assets Liabilities 27.064,466 238.135.966 7.028.945 {110.755.591) 8,024,4￿1 Total funds 27.064,466 8.024.490 134,409,319 43

THE DOLPHIN SQUARE CHARfTA8LE FOUNOATION NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2022 (contlnued) 16. TRUSTEES. EXPENSES The Governors of tX)Iphin Square Charitable Foundation re¢eived no remuneration during the year. Expenses of £977 {2021.' £1.045) were reimbursed to three (2021: Iwol Governors for travel, entertaining and subsistence expenses incurred for business purposes. 17. CONTROLLING PARTY The ultimate controlling party is the Dolphin Square Charitable Trustee Limited. which is the trustee for the Charrty. 18. RELATED PARTY TRANSACTIONS The Group operates a cost sharing agreement whereby support costs are shared between the entities vthhin the Group. The employees are jointly employed by all Group operating enttties. The details of t￿￿88 and ofvr related party transactions can be found in notes 4 and 10. There were no other related pwty transactions in the current or pricw y￿. 19. COMMITMENTS The Chanty and the Group has foll(y•ing commitments payable within the yearto 31 March 2022: OPERATING LEASE: Group and Charity 2022 2021 Lease payments within one year Lease payments later than one year not later than five years 87.159 89,976 58,220 177.136 Amounts payable under operating leases during the year ended 31 March 2022 amounted to £82.36312021. £79.772). At the year end, the c(porate trustee h1 authorised the folltxing capital commttments for the Charity and the Group.. 2022 2022 2021 2021 Auth¢)ri3ed Contrxted Athorlsed Contracted Caprtal commitments 13,128,921 12,646.471 8,757.625 4.213.796