```
REGISTERED COMPANY NUMBER: 01799707 (England and Wales)
REGISTERED CHARITY NUMBER: 289235
```
## **`REPORT OF THE TRUSTEES AND`**
```
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
```
## **`FOR`**
```
DAVENANT CENTRE(THE)
```
```
DAVENANT CENTRE(THE)
```
## **`CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023`**
|||**`Page`**||
|---|---|---|---|
|**`Report of the Trustees`**|`1`|`to`|`6`|
|**`Report of the Independent Auditors`**|`7`|`to`|`10`|
|**`Statement of Financial Activities`**||`11`||
|**`Balance Sheet`**||`12`||
|**`Notes to the Financial Statements`**|`13`|`to`|`20`|
|**`Detailed Statement of Financial Activities`**||`21`||
```
DAVENANT CENTRE(THE)
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023`**
```
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreportwith the
financialstatementsofthecharityfortheyearended31March2023.Thetrusteeshaveadoptedtheprovisionsof Accounting
andReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective1 January
2019).
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and aims`**
```
Thecharity'sprincipalactivityduringtheyearcontinuedtobethatoftheprovisionoftwocommunitycentresfor the
educational and social benefits of the inhabitants of the London Borough of Tower Hamlets.
```
```
The two Community Centres location and the charities occupying them during the year are;-
```
```
a) 179-181 Whitechapel Road, London, E1 1DN
```
```
Thepropertywasvacantthroughouttheperiod.Contractforsalewasexchangedon6thMarch2023andcompletion took
place on 11th April 2023.
```
```
b) 183-185 Whitechapel Road, London, E1 1DN
```
```
i) The Rainbow Centre, a registered charity providing children's playgroup services.
```
```
ii) CGL, a registered charity providing a range of treatment services for drug and alcohol related misuse.
```
```
ThetrusteesconsiderthatTheDavenantCentrecharityisachievingitsobjectivesthroughtheabovecharities,who occupy
the properties owned by the charity.
```
```
ThetrusteesconfirmthattheyhavegivendueconsiderationtotheCharityCommission'spublishedguidanceon Public
Benefit requirement under the Charities Act 2011.
```
## **`STRATEGIC REPORT`**
## **`Financial review`**
## **`Principal funding sources`**
```
TheDavenantCentre'smainsourceoffundingduringtheperiodwasfromrentalincomederivedfromthelettingofits two
propertiestoothercharities.Therentalincomefortheyearhasgonedownintheyearduetothepropertyat 179-181
Whitechapel Road, being vacant throughout the period
```
## **`Reserves policy`**
```
ThetotalUnrestrictedfundsat31stMarch2023amountedto£347,819(2022£432,462).Thesefunds represent
surplus/deficit on the day to day activities of the charity.
```
```
ThetotalRestrictedfundsat31stMarch2023amountedto£5,365,820(2022£5,393,315).Therestrictedfunds represent
thenetbookvalueofthefreeholdlandandbuildingsandfundsduefromthesaleofbuildingat179-181Whitechapel Road,
less the related loans.
```
```
ThepropertyrevaluationreserveincludedwithinthetotalRestrictedfundsat31stMarch2023amountedto£841,071 (2022
£1,619,607). These funds can only be used for any accounting adjustments in the fair value of the Freehold properties.
```
```
The Restricted funds cannot be used for the day to day activities of the charity
```
## **`Going concern`**
```
Thetrusteeshaveconsideredthegoingconcernpositionofthecompanyandaresatisfiedthatthecompanyhas sufficient
reserves to continue to operate for the immediate future with the help of the London Borough of Tower Hamlets
```
```
Page 1
```
```
DAVENANT CENTRE(THE)
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023`**
## **`STRATEGIC REPORT Financial review`**
## **`Summary of activities for the year`**
```
ThetotalincomereceivablebytheCharityintheyearamountedto£108,218(2022£183,320).Thetotalexpenditurefor the
yearamountedto£218,913(2022£82,557).Thedeficitfortheyearamountedto£110,695(2022NetIncome £100,763).
Thedeficitmainlyresultedfromtheincreasedlightandheatcostsintheyearaswellasanotionallossonthesaleof the
building.
```
```
TheCharity'soveralldebtincreasedby£17,095to£623,780attheyearend.Theincreaseindebtresultsfromthe interest
payable on London Borough of Tower Hamlets facilities. These facilities were fully repaid on 11th April 2023.
```
## **`Principal risks and uncertainties`**
```
TheDavenantCentreisdependentonrentalincomefromthetwoCommunityCentreswhichareletouttoother Charities.
TheeconomicclimateforthepastfewyearshasbeendifficultforCharitiesgenerallywhosurviveondonationsfrom the
publicorgrantsfromotherpublicbodies.IftheTenantsareunabletopaytherentontimeorgointoadministration or
liquidation,TheDavenantCentreinturnisunabletomakepaymentsforitsLoancommitmentsandrepairstoitsbuildings as
andwhentheyarise.Inaddition,sinceMarch2020,Covid-19hasaffectedmanycharitiesfinanciallyandconsequently their
continued operation.
```
```
Thetwocommunitycentrebuildingsareover100yearsoldandmayfromtimetotimerequiremajorrepairs and
refurbishments and the trustees consider that the funds held at the bank are required to meet these commitments.
```
## **`Revaluation of freehold property`**
```
ThetwopropertieswereprofessionallyvaluedbyDobbin&Sullivan,CharteredSurveyorsduringSeptember2019atan open
marketvalueof£6,000,000.Onthesaleofoneofthebuilding,theremainingpropertyvalueamountsto£2,550,000. The
trustees are of the opinion that this amount represents a fair value at the Balance Sheet date.
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Governing document`**
```
ThecompanyisregisteredasacharitablecompanylimitedbyguaranteeassetupintheMemorandumofAssociationon 13
March1984.Themanagementofthecompanyistheresponsibilityofthetrusteeswhoareelectedandco-optedunder the
terms of the Articles of Association. The Board of directors is made up of the the trustees of the Davenant Centre.
```
## **`Recruitment and appointment of new trustees`**
```
The Board of trustees will ensure that any new appointments will have an appropriate mix of business skills.
```
## **`Organisational structure`**
```
Thetrusteesareresponsiblefortheoverallmanagementofthecharity.Theconsultant,whowasappointedduring the
corporaterestructuringinJuly2009,resignedhispositionduringtheyearandthetrusteeshavecontinuedtomanage the
twopropertiesownedbythecharity.Thetrusteeshaveappointedafirmofcharteredsurveyorstomanagethe properties
andprovideadministrativeandfinancialservicesfromJanuary2023.Thetrusteesmeetregularlytoreviewtheactivities and
financial performance. They also meet on informal basis as the need arises. The charity has no employees.
```
## **`Induction and training of new trustees`**
```
Newtrusteesaremadeawareoftheirresponsibilities.Thisincludesanintroductiontotheobjectives,scopeandpolicies of
the charity.
```
## **`Related parties`**
```
TheLondonBoroughofTowerHamletshasprovidedfinancialsupportthroughanoverdraftfacilitytothecharity.This facility
amountedto£623,780at31stMarch2023(2022£606,685).Interestispayableandthefacilityissecuredbya second
charge over the charity's properties. These facilities were repaid on 11th April 2023.
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS`**
## **`Registered Company number`**
```
01799707 (England and Wales)
```
```
Page 2
```
```
DAVENANT CENTRE(THE)
```
## **`REPORT OF THE TRUSTEES`**
## **`FOR THE YEAR ENDED 31 MARCH 2023`**
```
Registered Charity number
289235
```
## **`Registered office`**
```
114-116 Goodmayes Road
Ilford
Essex
IG3 9UZ
```
## **`Trustees`**
```
J A Pulford MBE
G K Collins
```
## **`Company Secretary`**
```
Senior Statutory Auditor
Rameshchandra Arjan
```
## **`Auditors`**
```
Ashfords Partnership LLP
114-116 Goodmayes Road
Ilford
Esex
IG3 9UZ
```
## **`Bankers`**
```
National Westminster Bank PLC
Mile End Branch
Albion Yard
331/335 Whitechapel Road
London
E1 1AU
```
```
Page 3
```
```
DAVENANT CENTRE(THE)
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023`**
## **`BACKGROUND INFORMATION OF THE CHARITY`**
```
TheDavenantCentreisaformerGLC-ownedbuildingthatwastransferredbyGrantAid,alongwiththe neighbouring
JaganoriCentretothetrusteesoftheCentrein1984bytheformationofaCompanyLimitedbyguarantee.The two
propertiesarelocatedat179-181and183-185WhitechapelRoad,LondonE1.Thepropertyat179-181Whitechapel Road
was sold on 6th March 2023.
```
```
In2004,TheCharityembarkedonamajorcapitalprojecttotransformthe179-181building(aformerVictorianschool) into
amoderneducationandyouthcentrewiththehelpoffundingsecuredfromanumberofsourcesincludingloan facilities
from NatWest Bank.
```
```
Howeverby2005theprojectwassufferingfromseverefundingshortageresultingfromcostoverrunsasaconsequenceof a
number of factors including the discovery of ancient burial remains and increases in building material costs.
```
```
During2006,TheDavenantCentreencounteredsignificantinternalmanagementproblems,culminatinginlengthy litigation
proceedingsbetweenanumberofformertrusteeandthemanagementcommittee(newtrustees)resultinginpayment delays
to the builders, additional legals costs and interest payments on contractual liabilities.
```
```
AcourtorderwassubsequentlyapprovedinFebruary2007settingoutvariousconditionsincludingthecreationofa steering
committeeconsistingofnomorethan4peopletocarryoutthefunctionofthemanagementcommitteetodealwith all
matters arising from and relating to the financial affairs and day to day business of the Centre.
```
```
During2007and2008,TheDavenantCentrehadseriousfinancialproblemsresultingfromdelaysincompletionofthe Centre
andtheconsequentlossofrevenuefromrentalincomeoftheCentre.ThisledtotheCentredefaultingonLoan repayments
to the Bank and the renegotiation of the facilities.
```
```
Intheearlypartof2009,LondonBoroughofTowerHamletsconsideredthattherewouldbeaveryhighriskthata high
profilecommunityassetwhichhasbenefitedfromsignificantpublicinvestment,wouldbelostandadvancedfurther funding
facilities in subordination to the NatWest Loan facilities, subject to a number of conditions.
```
```
Aspartofthefinancialrestructuring,theDavenantCentrewastakenintoadministrationinJuly2009.TheNatWestBank loan
termswerefurtherrenegotiatedandtheLondonBoroughofTowerHamletsadvancedadditionalfundingfacilitiesto the
Centre.TwoseniorofficersoftheLondonBoroughofTowerHamletswereappointedtotheBoardoftrusteesto ensure
correctgovernanceoftheorganisation.Astrustees,theywererequiredtotakeadisinterestedviewintheaffairsof The
Davenant Centre independently from their responsibilities as Council officers.
```
```
Fromthispoint,theDavenantCentreembarkeduponabusinessrecoveryprocessaimedatensuringthattheCentre was
abletopayalloutgoingsfromitsincomeandthatthetwobuildingsinitsportfolioremainavailableforcommunityuse. The
trusteeshavealsoensuredthattheCharity'sdebtrepaymentsaremetontimeandhavefocusedonreducingthetotal debt
of the charity.
```
```
Aspartofthisrecoveryprocess,inabidtoreducetheoutgoings,thetrusteesdecidedtochangeitsbusinessmodel from
lettingofservicedofficesattheCentretoagrantofleasestosingleoccupiersforeachofthetwoproperties.The two
buildings were let out to two separate charities whose aims and objectives correlated to those of the Davenant Centre.
```
```
Duringthefinancialyear2016-17,TheDavenantCentre'spriorityhasbeentoattractalternativeincomegeneratinguses for
183-185WhitechapelRoad,followingtheinsolvencyandsubsequentclosureofformertenant,JagonariWomen's Education
Resource Centre (JWERC) at the end of August 2015.
```
```
AtthebeginningofSeptember2015,TheDavenantCentregrantedaleasefortheoccupationoftherearnursery premises
andgroundfloorofficestoRainbowHouse,aproviderofimportantlocalchildcareservices.Effortscontinuedtobring the
remainderof183-185WhitechapelRoad,comprisingthefirst,secondandthirdfloors,intorevenueearninguse. This
includedviewingsbyanumberofcommunityorganisationsandafeasibilitystudyundertakeninconjunctionwiththe London
BoroughofTowerHamletsforconvertingthespaceforuseasanenterpriseworkspacecentre.Thiswouldhave been
dependentongrantfundingfromtheCouncil'sWhitechapelRegenerationteam.Theproposedgrantwasnot subsequently
forthcoming and the search for alternative tenants continued.
```
```
Page 4
```
```
DAVENANT CENTRE(THE)
```
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023`**
```
InNovember2016,TheDavenantCentreenteredintoaleaseagreementwithLifeline,acharitywhichhadbeenawarded a
drugsrecoverycontractbytheLondonBoroughofTowerHamlets,tooccupythethreeupperfloorsof183-185 Whitechapel
Road.BecausethebuildinghadbeenleftinasomewhatrundownconditionbyJWERC,anextensiveamountof landlord's
works were necessary to bring the building back into viable use.
```
```
TheDavenantCentrereceivednotificationon2ndJune2017thatLifelinehadbeenplacedintoreceivershipandof the
appointmentofanadministratorforLifeline,towhomaclaimfortheunpaidfundswassubmitted.Subsequentlythe London
BoroughofTowerHamletsappointedCGL,alargenationalcharitydeliveringsimilardrugrecoveryservicestoLifeline,to take
overtheproject.Underthisarrangement,CGLdecidedtocontinuedeliveryofthedrugsrecoveryservicesfrom The
DavenantCentre'sbuildingat183-185WhitechapelRoad.CGLhassincebeenoccupyingthepremisesunderalicense agreed
withthereceiversofLifeline,whohavecontinuedtothepaythefullmonthlyrentspecifiedinLifeline'slease,toendof June
2018.FromJuly2018,CGLhaveoccupiedthepremisesonalicense.Bymutualagreement,theBangladeshiDrugs Project
whooccupied179-181WhitechapelRoad,terminatedtheirleaseinMarch2018,duetotheirfinancialinabilitytopaythe rent
andthepremiseswerelettoYMCAGeorgeWilliamsCollege,initiallyonalicensefrom1stMay2018anda5yearlease from
1stAugust2018.Theleasewasrelinquishedatitsmidpointon31July2021.TheDavenantCentrehasthereforebeenable to
continuetomaintainitsliquidityoverthisperiodandhad£445,946attheBankattheyearend(2021£364,294). The
company'scashpositionhascontinuedtobecloselyandregularlymonitoredandanumberofoptionsforincreasing revenues
and building reserves are under consideration.
```
```
ThecompanyholdsregulardiscussionswiththeLondonBoroughofTowerHamletsinrelationtotheoutstandingdebt owed
to them of £623,780 at the year end. This debt was fully repaid on 11th April 2023.
```
```
Thebuildingat179-181WhitechapelRoad,wassoldfor£3,450,000on6thMarch2023withcompletiontakingplaceon 11th
April2023.Thetrusteesreachedthedecisiontosellthisbuildingafterconsideringvariousissueswithfinding appropriate
tenantsandthetimetakentomanagethebuildingsaswellasthecontinuedinvestmentrequiredtomaintainthe buildings
which are over 100 years old.
```
```
From1stJanuary2023,thetrusteeshaveappointedDobbinandSullivan,CharteredSurveyorsasthepropertymanager to
fully manage the property at 183-185 Whitechapel Road.
```
## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES`**
```
Thetrustees(whoarealsothedirectorsofDavenantCentre(THE)forthepurposesofcompanylaw)areresponsible for
preparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicablelawandUnited Kingdom
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
```
```
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueandfairview of
thestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationofresources,including the
incomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthosefinancialstatements,thetrustees are
required to
```
- `select suitable accounting policies and then apply them consistently;`
- `observe the methods and principles in the Charity SORP;`
- `make judgements and estimates that are reasonable and prudent;`
- `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.`
```
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyatanytime the
financialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancialstatementscomplywith the
CompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitablecompanyandhencefor taking
reasonable steps for the prevention and detection of fraud and other irregularities.
```
## **`STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS`**
```
Sofarasthetrusteesareaware,thereisnorelevantinformation(asdefinedbySection418oftheCompaniesAct2006) of
whichthecharitablecompany'sauditorsareunaware,andeachtrusteehastakenallthestepsthattheyoughttohave taken
asatrusteeinordertomakethemawareofanyauditinformationandtoestablishthatthecharitablecompany'sauditors are
aware of that information.
```
```
Page 5
```
## **`DAVENANT CENTRE(THE)`**
## **`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023`**
## **`AUDITORS`**
```
The auditors, Ashfords Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
```
```
Reportofthetrustees,incorporatingastrategicreport,approvedbyorderoftheboardoftrustees,asthecompany directors,
on ............................................. and signed on the board's behalf by:
```
```
....................................................................
J A Pulford MBE - Trustee
```
```
Page 6
```
```
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVENANT CENTRE(THE)
```
## **`Opinion`**
```
WehaveauditedthefinancialstatementsofDavenantCentre(THE)(the'charitablecompany')fortheyear ended
31March2023whichcomprisetheStatementofFinancialActivities,theBalanceSheetandnotestothefinancial statements,
includingasummaryofsignificantaccountingpolicies.Thefinancialreportingframeworkthathasbeenappliedin their
preparationisapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice).
```
```
In our opinion the financial statements:
```
- `give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;`
- `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and`
- `have been prepared in accordance with the requirements of the Companies Act 2006.`
## **`Basis for opinion`**
```
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw. Our
responsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditofthe financial
statementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewiththeethical requirements
thatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC'sEthicalStandard,andwehave fulfilled
ourotherethicalresponsibilitiesinaccordancewiththeserequirements.Webelievethattheauditevidencewe have
obtained is sufficient and appropriate to provide a basis for our opinion.
```
## **`Conclusions relating to going concern`**
```
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasisofaccountingin the
preparation of the financial statements is appropriate.
```
```
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsorconditions that,
individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sabilitytocontinueasagoingconcernfor a
period of at least twelve months from when the financial statements are authorised for issue.
```
```
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.
```
## **`Other information`**
```
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincludedin the
Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
```
```
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextentotherwise explicitly
stated in our report, we do not express any form of assurance conclusion thereon.
```
```
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand,indoing so,
considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtained in
theauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuchmaterialinconsistenciesorapparent material
misstatements,wearerequiredtodeterminewhetherthisgivesrisetoamaterialmisstatementinthefinancial statements
themselves.If,basedontheworkwehaveperformed,weconcludethatthereisamaterialmisstatementofthis other
information, we are required to report that fact. We have nothing to report in this regard.
```
## **`Opinions on other matters prescribed by the Companies Act 2006`**
```
In our opinion, based on the work undertaken in the course of the audit:
```
- `the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and`
- `the Report of the Trustees has been prepared in accordance with applicable legal requirements.`
```
Page 7
```
```
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVENANT CENTRE(THE)
```
## **`Matters on which we are required to report by exception`**
```
Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedinthecourseof the
audit, we have not identified material misstatements in the Report of the Trustees.
```
```
WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresustoreporttoyou if,
in our opinion:
```
- `adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or`
- `the financial statements are not in agreement with the accounting records and returns; or`
- `certain disclosures of trustees' remuneration specified by law are not made; or`
- `we have not received all the information and explanations we require for our audit; or`
- `the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.`
## **`Responsibilities of trustees`**
```
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the
charitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationofthefinancialstatementsand for
beingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermineisnecessary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
```
```
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sabilityto continue
asagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasis of
accountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations,orhaveno realistic
alternative but to do so.
```
```
Page 8
```
```
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVENANT CENTRE(THE)
```
## **`Our responsibilities for the audit of the financial statements`**
```
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefreefrom material
misstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthatincludesour opinion.
Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewith ISAs
(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorand are
consideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencethe economic
decisions of users taken on the basis of these financial statements.
```
```
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
```
```
Ourapproachtoidentifyingandassessingtherisksofmaterialmisstatementinrespectofirregularities,includingfraud and
non-compliance with laws and regulations, was as follows:
```
```
Theengagementpartnerensuredthattheengagementteamcollectivelyhadtheappropriatecompetence,capabilities and
skillstoidentifyorrecognisenon-compliancewithapplicablelawsandregulations;weidentifiedthelawsand regulations
applicabletothecompanythroughdiscussionswithdirectorsandothermanagement,andfromourcommercial knowledge
andexperienceoftheconsultancyservicessector;wefocusedonspecificlawsandregulationswhichweconsidered may
haveadirectmaterialeffectonthefinancialstatementsortheoperationsofthecompany,includingtheCompanies Act
2006,taxationlegislationanddataprotection,anti-bribery,employment,andhealthandsafetylegislation;weassessed the
extentofcompliancewiththelawsandregulationsidentifiedabovethroughmakingenquiriesofmanagementand inspecting
legalcorrespondence;andidentifiedlawsandregulationswerecommunicatedwithintheauditteamregularlyandthe team
remained alert to instances of non-compliance throughout the audit.
```
```
Weassessedthesusceptibilityofthecompany’sfinancialstatementstomaterialmisstatement,includingobtaining an
understandingofhowfraudmightoccur,bymakingenquiriesofmanagementastowheretheyconsideredthere was
susceptibilitytofraud,theirknowledgeofactual,suspectedandallegedfraud;andconsideringtheinternalcontrolsin place
to mitigate risks of fraud and non-compliance with laws and regulations.
```
```
To address the risk of fraud through management bias and override of controls, we:
```
- `performed analytical procedures to identify any unusual or unexpected relationships;`
- `tested journal entries to identify unusual transactions;`
- `assessed whether judgements and assumptions made in determining the accounting estimates were reasonable`
- `were indicative of potential bias; and`
- `investigated the rationale behind significant or unusual transactions.`
```
Inresponsetotheriskofirregularitiesandnon-compliancewithlawsandregulations,wedesignedprocedures which
included,butwerenotlimitedto:agreeingfinancialstatementdisclosurestounderlyingsupportingdocumentation; reading
theminutesofmeetingsofthosechargedwithgovernance;enquiringofmanagementastoactualandpotentiallitigation and
claims; and reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
```
```
Thereareinherentlimitationsinourauditproceduresdescribedabove.Themoreremovedthatlawsandregulationsare from
financialtransactions,thelesslikelyitisthatwewouldbecomeawareofnon-compliance.Auditingstandardsalsolimit the
auditproceduresrequiredtoidentifynon-compliancewithlawsandregulationstoenquiryofthedirectorsand other
management and the inspection of regulatory and legal correspondence, if any.
```
```
AfurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedontheFinancial Reporting
Council'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReportofthe Independent
Auditors.
```
```
Page 9
```
```
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVENANT CENTRE(THE)
```
## **`Use of our report`**
```
Thisreportismadesolelytothecharitablecompany'smembers,asabody,inaccordancewithChapter3ofPart16of the
CompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitablecompany's members
thosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.Tothefullest extent
permittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthecharitablecompanyandthe charitable
company's members as a body, for our audit work, for this report, or for the opinions we have formed.
```
```
Rameshchandra Arjan (Senior Statutory Auditor)
for and on behalf of Ashfords Partnership LLP
114-116 Goodmayes Road
Ilford
Esex
IG3 9UZ
Date: .............................................
```
```
Page 10
```
```
DAVENANT CENTRE(THE)
```
## **`STATEMENT OF FINANCIAL ACTIVITIES`**
## **`FOR THE YEAR ENDED 31 MARCH 2023`**
|`Notes`
**`INCOME AND ENDOWMENTS FROM`**
`Investment income`
`2`
`Other income`
**`Total`**
**`EXPENDITURE ON`**
`Raising funds`
`3`
`Other`
**`Total`**
**`NET INCOME/(EXPENDITURE)`**
**`Transfers between funds`**
`13`
**`Net movement in funds`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`TOTAL FUNDS CARRIED FORWARD`**|`Unrestricted`
`funds`
`£`
`103,559`
`4,659`
`108,218`
`152,344`
`-`
`152,344`
`(44,126)`
`(39,074)`
`(83,200)`
`431,019`
`347,819`|`Restricted`
`funds`
`£`
`-`
`-`
`-`
`17,095`
`49,474`
`66,569`
`(66,569)`
`39,074`
`(27,495)`
`5,393,315`
`5,365,820`|`31.3.23`
`Total`
`funds`
`£`
`103,559`
`4,659`
`108,218`
`169,439`
`49,474`
`218,913`
`(110,695)`
`-`
`(110,695)`
`5,824,334`
`5,713,639`|`31.3.22`
`Total`
`funds`
`£`
`153,777`
`29,543`|
|---|---|---|---|---|
|||||`183,320`|
|||||`82,557`
`-`|
|||||`82,557`|
|||||`100,763`
`-`|
|||||`100,763`
`5,725,014`|
|||||`5,825,777`|
```
The notes form part of these financial statements
```
```
Page 11
```
```
DAVENANT CENTRE(THE)
```
## **`BALANCE SHEET`**
## **`31 MARCH 2023`**
|`Notes`
**`FIXED ASSETS`**
`Investment property`
`8`
**`CURRENT ASSETS`**
`Debtors`
`9`
`Cash at bank`
**`CREDITORS`**
`Amounts falling due within one year`
`10`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`NET ASSETS`**
**`FUNDS`**
`13`
`Unrestricted funds`
`Restricted funds`
**`TOTAL FUNDS`**|`Unrestricted`
`funds`
`£`
`-`
`48,403`
`442,745`
`491,148`
`(143,329)`
`347,819`
`347,819`
`347,819`|`Restricted`
`funds`
`£`
`2,550,000`
`3,439,600`
`-`
`3,439,600`
`(623,780)`
`2,815,820`
`5,365,820`
`5,365,820`|`31.3.23`
`Total`
`funds`
`£`
`2,550,000`
`3,488,003`
`442,745`
`3,930,748`
`(767,109)`
`3,163,639`
`5,713,639`
`5,713,639`
`347,819`
`5,365,820`
`5,713,639`|`31.3.22`
`Total`
`funds`
`£`
`6,000,000`
`15,555`
`445,946`
`461,501`
`(635,724)`
`(174,223)`
`5,825,777`
`5,825,777`
`432,462`
`5,393,315`
`5,825,777`|
|---|---|---|---|---|
```
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitablecompanies subject
to the small companies regime.
```
```
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon .............................................
and were signed on its behalf by:
```
```
.............................................
J A Pulford MBE - Trustee
```
```
The notes form part of these financial statements
```
```
Page 12
```
```
DAVENANT CENTRE(THE)
```
## **`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023`**
## **`1. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
```
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting
Standard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andtheCompanies Act
2006.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,asmodifiedby the
revaluation of certain assets.
```
## **`Income`**
```
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.
```
## **`Expenditure`**
```
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommittingthe charity
tothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlementandthe amount
oftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisandhasbeen classified
underheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbedirectlyattributedto particular
headings they have been allocated to activities on a basis consistent with the use of resources.
```
## **`Investment property`**
```
Investmentpropertyisshownatmostrecentvaluation.Anyaggregatesurplusordeficitarisingfromchangesin fair
value is recognised in the Statement of Financial Activities.
```
```
The Trustees consider that no Depreciation provision is required on the Investment properties.
```
## **`Taxation`**
```
The charity is exempt from corporation tax on its charitable activities.
```
## **`Fund accounting`**
```
GeneralfundsareunrestrictedfundswhichareavailablefortheuseatthediscretionoftheTrusteesinfurtherance of
the activities of the charity and have not been designated for other purposes.
```
```
Restrictedfundsarefundswhicharetobeusedinaccordancewithspecificrestrictionsimposedbydonors which
havebeenraisedbythecharityforparticularpurposes.Thecostofraisingandadministeringsuchfundare charged
against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
```
## **`2. INVESTMENT INCOME`**
|**`INVESTMENT INCOME`**|||
|---|---|---|
||`31.3.23`|`31.3.22`|
||`£`|`£`|
|`Rents receivable`|`103,559`|`153,777`|
```
continued...
```
```
Page 13
```
```
DAVENANT CENTRE(THE)
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023`**
## **`3. RAISING FUNDS`**
## **`Investment management costs`**
|`Insurance`
`Sundries`
`Management fees`
`Property repairs`
`Bank Charges`
`Light & heat`
`Cleaning`
`Water rates`
`Irrecoverable VAT`
`Postage and stationary`
`Computer expenses`
`Interest - LBTH overdraft`
`Accountancy fees`
`Auditors' remuneration`
`Legal & professional fees`
`Finance charges`
**`NET INCOME/(EXPENDITURE)`**
`Net income/(expenditure) is stated after charging/(crediting):`
`Deficit on disposal of fixed assets`|`31.3.23`
`£`
`11,429`
`290`
`1,452`
`14,843`
`100`
`101,776`
`3,270`
`8,077`
`19`
`55`
`384`
`17,095`
`3,950`
`4,600`
`1,533`
`566`
`169,439`
`31.3.23`
`£`
`49,474`|`31.3.22`
`£`
`12,375`
`240`
`7,766`
`15,030`
`122`
`23,440`
`1,512`
`4,252`
`3,857`
`25`
`384`
`6,173`
`3,100`
`2,700`
`1,581`
`-`|
|---|---|---|
|||`82,557`|
|||`31.3.22`
`£`
`-`|
## **`4. NET INCOME/(EXPENDITURE)`**
## **`5. TRUSTEES' REMUNERATION AND BENEFITS`**
```
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2023norfortheyear ended
31 March 2022.
```
## **`Trustees' expenses`**
```
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
```
```
continued...
```
```
Page 14
```
```
DAVENANT CENTRE(THE)
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023`**
## **`6. STAFF COSTS`**
```
The charity had no employees during the year and has had none for a number of years.
```
|**`7.`**
**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
`Unrestricted`
`funds`
`£`
**`INCOME AND ENDOWMENTS FROM`**
`Investment income`
`153,777`
`Other income`
`29,543`
**`Total`**
`183,320`
**`EXPENDITURE ON`**
`Raising funds`
`76,384`
**`NET INCOME/(EXPENDITURE)`**
`106,936`
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
`325,526`
**`TOTAL FUNDS CARRIED FORWARD`**
`432,462`
**`8.`**
**`INVESTMENT PROPERTY`**
**`FAIR VALUE`**
`At 1 April 2022`
`Disposals`
`At 31 March 2023`
**`NET BOOK VALUE`**
`At 31 March 2023`
`At 31 March 2022`|`Restricted`
`funds`
`£`
`-`
`-`
`-`
`6,173`
`(6,173)`
`5,399,488`
`5,393,315`|`Total`
`funds`
`£`
`153,777`
`29,543`
`183,320`
`82,557`
`100,763`
`5,725,014`
`5,825,777`
`£`
`6,000,000`
`(3,450,000)`
`2,550,000`
`2,550,000`
`6,000,000`|`Total`
`funds`
`£`
`153,777`
`29,543`|
|---|---|---|---|
||||`183,320`|
||||`82,557`|
||||`100,763`
`5,725,014`|
||||`5,825,777`|
```
Thetwopropertiesat179-181and183-185WhitechapelRoad,London,E11DNwererevaluedbyDobbin& Sullivan,
CharteredSurveyorsduringSeptember2019at£6,000,000.TheTrusteesareoftheopinionthatthevalueof the
remaining building at 183-185 Whitechapel Road, represents a fair value at the Balance Sheet date.
```
```
continued...
```
```
Page 15
```
```
DAVENANT CENTRE(THE)
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023`**
|**`9.`**|**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**|||
|---|---|---|---|
|||`31.3.23`|`31.3.22`|
|||`£`|`£`|
||`Amount due from tenants`|`9,730`|`7,727`|
||`Amount held by managing agents`|`12,680`|`-`|
||`Due from Solicitors`|`3,439,600`|`-`|
||`VAT`|`11,371`|`-`|
||`Prepayments`|`14,622`|`7,828`|
|||`3,488,003`|`15,555`|
|**`10.`**|**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**|||
|||`31.3.23`|`31.3.22`|
|||`£`|`£`|
||`Other loans (see note 11)`|`623,780`|`606,685`|
||`VAT`|`-`|`8`|
||`Rent deposit`|`3,027`|`3,861`|
||`Accruals`|`120,736`|`19,549`|
||`Rent/Service charge received in advance`|`19,566`|`5,621`|
|||`767,109`|`635,724`|
|**`11.`**|**`LOANS`**|||
||`An analysis of the maturity of loans is given below:`|||
|||`31.3.23`|`31.3.22`|
|||`£`|`£`|
||`Amounts falling due within one year on demand:`|||
||`LBTH loan facility`|`623,780`|`606,685`|
|**`12.`**|**`SECURED DEBTS`**|||
||`The following secured debts are included within creditors:`|||
|||`31.3.23`|`31.3.22`|
|||`£`|`£`|
||`LBTH loan facility`|`623,780`|`606,685`|
```
TheLondonBoroughofTowerHamletsloanfacilityissecuredbyasubsequentchargeonthecharity's freehold
property.
```
```
continued...
```
```
Page 16
```
```
DAVENANT CENTRE(THE)
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued`**
## **`FOR THE YEAR ENDED 31 MARCH 2023`**
## **`13. MOVEMENT IN FUNDS`**
|**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`General fund`
`Property revaluation reserve.`
**`TOTAL FUNDS`**
`Net movement in funds, included in the above are a`
**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`General fund`
`Property revaluation reserve.`
**`TOTAL FUNDS`**|`At 1.4.22`
`£`
`431,019`
`3,773,708`
`1,619,607`
`5,393,315`
`5,824,334`
`s follows:`|`Net`
`movement`
`in funds`
`£`
`(44,126)`
`711,967`
`(778,536)`
`(66,569)`
`(110,695)`
`Incoming`
`resources`
`£`
`108,218`
`-`
`-`
`-`
`108,218`||`Transfers`
`between`
`funds`
`£`
`(39,074)`
`39,074`
`-`
`39,074`
`-`
`Resources`
`expended`
`£`
`(152,344)`
`711,967`
`(778,536)`
`(66,569)`
`(218,913)`|`At`
`31.3.23`
`£`
`347,819`
`4,524,749`
`841,071`
`5,365,820`
`5,713,639`
`Movement`
`in funds`
`£`
`(44,126)`
`711,967`
`(778,536)`
`(66,569)`
`(110,695)`|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
```
continued...
```
```
Page 17
```
```
DAVENANT CENTRE(THE)
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023`**
## **`13. MOVEMENT IN FUNDS - continued`**
## **`Comparatives for movement in funds`**
|`At 1.4.21`
`£`
**`Unrestricted funds`**
`General fund`
`325,526`
**`Restricted funds`**
`General fund`
`3,779,881`
`Property revaluation reserve.`
`1,619,607`
`5,399,488`
**`TOTAL FUNDS`**
`5,725,014`
`Comparative net movement in funds, included in the above are as follows:`
`Incoming`
`resources`
`£`
**`Unrestricted funds`**
`General fund`
`183,320`
**`Restricted funds`**
`General fund`
`-`
**`TOTAL FUNDS`**
`183,320`|`Net`
`movement`
`in funds`
`£`
`106,936`
`(6,173)`
`-`
`(6,173)`
`100,763`
`Resources`
`expended`
`£`
`(76,384)`
`(6,173)`
`(82,557)`|`At`
`31.3.22`
`£`
`432,462`
`3,773,708`
`1,619,607`
`5,393,315`
`5,825,777`
`Movement`
`in funds`
`£`
`106,936`
`(6,173)`
`100,763`|
|---|---|---|
||||
||||
||||
```
continued...
```
```
Page 18
```
```
DAVENANT CENTRE(THE)
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023`**
## **`13. MOVEMENT IN FUNDS - continued`**
```
A current year 12 months and prior year 12 months combined position is as follows:
```
|**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`General fund`
`Property revaluation reserve.`
**`TOTAL FUNDS`**|`At 1.4.21`
`£`
`325,526`
`3,779,881`
`1,619,607`
`5,399,488`
`5,725,014`|`Net`
`movement`
`in funds`
`£`
`62,810`
`705,794`
`(778,536)`
`(72,742)`
`(9,932)`|`Transfers`
`between`
`funds`
`£`
`(39,074)`
`39,074`
`-`
`39,074`
`-`|`At`
`31.3.23`
`£`
`349,262`
`4,524,749`
`841,071`|
|---|---|---|---|---|
|||||`5,365,820`|
|||||`5,715,082`|
```
Acurrentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedintheaboveare as
follows:
```
|**`Unrestricted funds`**
`General fund`
**`Restricted funds`**
`General fund`
`Property revaluation reserve.`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`291,538`
`-`
`-`
`-`
`291,538`|`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(228,728)`
`62,810`
`705,794`
`705,794`
`(778,536)`
`(778,536)`
`(72,742)`
`(72,742)`
`(301,470)`
`(9,932)`|
|---|---|---|
## **`Purposes of unrestricted funds`**
```
Unrestricted funds represents the Surplus/deficit on the day to day activities of the charity.
```
## **`Purposes of restricted funds`**
```
The general restricted funds represents the net book value of the freehold land and building less the related loans.
```
```
ThePropertyrevaluationreserverepresentstheincrease/decreaseinthebookvalueofthefreeholdpropertiesat fair
value.Thepropertieswillberevaluedeverythreeyearsandanyadjustmentstothisvaluewillbeaccounted for
through this reserve.
```
```
continued...
```
```
Page 19
```
```
DAVENANT CENTRE(THE)
```
## **`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023`**
## **`13. MOVEMENT IN FUNDS - continued`**
## **`Transfers between funds`**
```
ThetransferbetweenfundsrepresentstheBankloanrepaymentsandothertransactionsfromunrestrictedfunds for
restricted purposes.
```
## **`14. CONTINGENT LIABILITIES`**
```
Thelandandbuildingwerepurchasedbyuseofgrantaidexceeding£1.6million.Theinitialandbyfarthe most
substantialgrantswasfromGreaterLondonCouncil(GLC).AconditionofthegrantaidwasthatGLCand successors
intitlehaveamortgagechargesecuredonthepropertytotheextentofthegrantaid(£1,093,470).Thischarge was
forthirtyyearsfrom6June1984to5thJune2014andhasnowexpired.AstheGLChasbeenabolished,itis unclear
whothesuccessorsintitleareandthelegalchargeremainsinplaceattheLandRegistry.Themortgageisa charge,
contingent on any breaches of the conditions of grant aid and would normally be payable.
```
## **`15. RELATED PARTY DISCLOSURES`**
```
TheTrusteesconsiderTheLondonBoroughofTowerHamletstobearelatedpartybyvirtueofthefactthatit has
advancedinterestbearingloanfacilitieswithnopredefinedscheduleforrepaymentofthesefacilities.The total
amount outstanding at the year end amounted to £623,780 (2022 £606,685).
```
```
Page 20
```
```
DAVENANT CENTRE(THE)
```
## **`DETAILED STATEMENT OF FINANCIAL ACTIVITIES`**
## **`FOR THE YEAR ENDED 31 MARCH 2023`**
||`31.3.23`|`31.3.22`|
|---|---|---|
||`£`|`£`|
|**`INCOME AND ENDOWMENTS`**|||
|**`Investment income`**|||
|`Rents receivable`|`103,559`|`153,777`|
|**`Other income`**|||
|`Insurance reimbursed`|`2,594`|`7,468`|
|`Service charges`|`-`|`18,208`|
|`Utilities recharged`|`-`|`3,867`|
|`Bad Debt Recovered`|`2,065`|`-`|
||`4,659`|`29,543`|
|**`Total incoming resources`**|`108,218`|`183,320`|
|**`EXPENDITURE`**|||
|**`Investment management costs`**|||
|`Insurance`|`11,429`|`12,375`|
|`Sundries`|`290`|`240`|
|`Management fees`|`1,452`|`7,766`|
|`Property repairs`|`14,843`|`15,030`|
|`Bank Charges`|`100`|`122`|
|`Light & heat`|`101,776`|`23,440`|
|`Cleaning`|`3,270`|`1,512`|
|`Water rates`|`8,077`|`4,252`|
|`Irrecoverable VAT`|`19`|`3,857`|
|`Postage and stationary`|`55`|`25`|
|`Computer expenses`|`384`|`384`|
|`Interest - LBTH overdraft`|`17,095`|`6,173`|
|`Accountancy fees`|`3,950`|`3,100`|
|`Auditors' remuneration`|`4,600`|`2,700`|
|`Legal & professional fees`|`1,533`|`1,581`|
|`Finance charges`|`566`|`-`|
||`169,439`|`82,557`|
|**`Other`**|||
|`Loss on sale of tangible fixed assets`|`49,474`|`-`|
|`Total resources expended`|`218,913`|`82,557`|
|**`Net (expenditure)/income`**|`(110,695)`|`100,763`|
```
This page does not form part of the statutory financial statements
```
```
Page 21
```