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 Klentif*d and Governors are encouraged to p*ticipate
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 wrthdr*H 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 endown*nts 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 ¢arf*d 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 peric*Js 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 h*1 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