REGIsfERED COMPANY NUMBER: 01799707 (England and Wales)
REGisfERED CHARrrY NUMBEtL" 289235
REPORT OF THE TRusfEES AMD
FINAMCIAL STATEMENTS
R THE
H20
FOR
DAvENAl￿ CEP￿RE
HE
ASHFOIIDS
Choileied Ceililied Accountants
Registoiod Auclilors

THE
DAVENANT QE_1irR￿E
CONTEItts OF THE FINANaAL ￿ATEmENTs
R THE YEAR E
ED
AR
24
Report of the Trusteqs
I to 6
Rep(Yt of the IndependentAudit
7 to 10
statement rf Flnancial Actiyiiies
li
12
Notes to the ￿TrOnaal Ststements
13 to 20
Detalled Statement of Finanaal Acllvliles
21

srERED NUMBER. 01799707
REPORT OF THE TRUSTEES
E YEAR ENDED 31 MARCH 2024
The trustees who are also direLtors of the charity for the purposes of the Companes Act 2006, present th￿r rewrt Ylith
the finanaal statements of the (harity for the year ended 31 March 2024. The trustees have adDPted the provi%ons of
Accounts"ng and Repjrting ty Charities.. Statement of Recommended practi￿ aprAicable to charities preparing thelr
accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)
(effecknve l January 20191.
OBJECTIVES AND AcrivrriES
Objective5 and aims
The charity'5 principal actwity during the year continued to be that of the provision of communty ￿ntre5 for the
educab.onal and social beneffts of the inhabitants of the London Borough of Tower Hamlets.
The Communlty Centres IoL7tion and ￿ charities (Kcupying them during the year are;.
al 179-181 wh￿ech3o Road, London, El IDN
Contract for sale wa5 exchanged on 6th March 2023 and completion took pla￿ on Ilth April 2023.
bl 183-185 Whtiechapd Road, London, El IDN
il The RainLK)w Centre, a registered tharty providing children's playgroup ServI￿S.
ii) CGL, a registered charty providing a range of treatment sewes for drug and alcohol reL*ed ￿l￿5e.
The tru*ee5 consider that The Davenant Centre charty is athieving its obJ"ecbves thmugh the above Char￿"eS, who
ctojpy the propertie5 owned by the charty.
The trustees c￿firM that they have gwen due consderation to the alarity Commission's published gU￿￿a￿e on PuLIic
Benefft requi￿rnent under the Char6ties Act 2011.
srRATEGIC REPORT
Financial revlew
Principal funding sources
The Davenant Centre's maln SOU￿ of fvnding during the peri&J wa5 from rental income ¢Jerived from the leiting of its
tyio propErties to other charib"es. The rental income for the year has gone down in the year due to the propety at
179-181 WhitechapEI Road, being vacant thr￿ghOut the period
Reserves policy
The totsl Unrestrtted funds at 31st Marth 2024 arnujnted to £3,721.103 (2023 £347,819). These funds repre￿1t
surplusldefiat on the day to day activit￿5 of the charty.
The total Restricted funds at 31st Narch 2024 8mounted to £2,550,000 (2023 £5,365,820). The restricted funds
represent the net bTh)k value of the freehold kand and bjildings and funds due from the sak of building at 179-181
WhitechapEI Road, less the related loans.
The property revaluation reserve induded within the total Restritted funds at 31* Marth 2024 arnounted to £841.071
{2023 £841,071). These funds cAn onty te used for any accounts'ng adjustments in the fair value of the Freehold
properknes.
The Restricted funds cannot be used for the day to day acbv6tie5 of the thar
Going concern
The trustees have congdered the going COn￿M ￿S￿.On of the company and a￿ 5akn'sfied that the company has
sufficient reserves trj continue to 0￿rate for the immediate future with the help of the London BorcAJgh of Tower
Hamlets
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VE
STERED
707
REPORT OF THE TRUSTEES
R THE
ENDED 31 MA
2024
srRATEGIC REPORT
Financial review
Summary of activities for the year
The totsl income receivable by the Charity in the year arnoLJntsd to £281,149 (2023 £108,218). The total expenditure for
the year amounted to £132,358 12023 £218,193}. The net income for the year amounted to £148,791 (2023 deficit
£110,695). The deficit malnty ￿￿J￿ed from the increased light and heat co*5 in the year a5 well a5 a notional105s on the
sale of the building.
The Charty's t)verall debt deLreased to Nil 12023 £623,780) following repayThent of London BoroLKJh of Tower Harnlet5
faalities Ilth Awl 2023.
Principal rlsks and uncertainties
The Davenant Centre is dependent on rental income from the two Communty Centres which are let out to other
Charitie5. The economic climate for the past few years has been difficult for Charit￿5 generally who suNive cn donab.ons
from the public or grants from other public ￿dieS. If the Tenants are Unab￿ tr) pay the rent on time or go into
adrnini5tration or liquidation, The Davenant cent￿ in turn is unable to make payments for its Loan commitments and
repairs to ts buiklings as and when they arise. In addition, 5irKe Marth 2L120, Covid-19 has affetted many charitie5
financially and con5equenUy their continued ryration.
The hvo cornrnunity ￿ntre buildings are over 100 year5 old and may from time to time require major repairs am1
furtxshments and the trustees consider that the funds held at the bank are r￿Uired to rneet these cornrnitments.
Revaluatlon of frnehold property
The tsvo prope￿eS were professionally valued by Dobbin & Sullivan, Chartered Surveyors during Septernter 2019 at an
o￿n market value of £6,(H)O,000. On the sale of one of the buildingi the remaining property value amounts to
£2,550,0(X). The trustees are of the opinion this amount represents a fabr value at the Balan￿ Sheet date.
STRUC￿RE GOVERNANCE AND MANAGEMENT
Go¥ernin9 document
The cornpany is registered as a thar￿able company limited by guarnntee as set up in the Memorandum of A5SOOation on
13 March 1984. The management of the cotnpany is the responsibility of the trustees who are elett￿l and c4)-OPted
under the tems of the Articles of Associatk)n. The PA)ard of directors is made up of the the t￿$t￿ of the Davenant
Centre.
Recruitment and appointment of new trustees
The ￿rd of tnj$￿ will engjre that any new appointM￿ts will have an approprk*e mix of busines5 5kill5.
Oryanlsatlonal strurture
The trustees are responsible for the overall management of the charity. The trustees have appointed a firm of chartered
surveyors to manage the prO[￿rtIeS and provide administrative and financial services from January 2023. The trustees
meet regularly to review the activitie5 and finèndal performance. They also meet on infomal basis as the need arise5.
The d)arrty ha5 no employees.
Induction and training of new trustees
New trustees are made aware of their responsibi1￿.es. This includes an Introd￿￿10￿ to the objethes, scope aThJ policles
of the charity.
Related parties
The L￿don Borough of Tower Hamlets has provided financial support through an overdraft facilty to the charity. This
frdcillty am(￿nted to £Nil at 31st March 2024 12023 £623,780). Interest 15 payable and the facilty was secured by
SeC(￿d charge over the charity's proFerties. These fadlrties We￿ repaKJ on Ilth April 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01799707 (England and Wales)
Registered Charlty number
289235
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REPORT OF THE TRUSTEES
R THE YEAR E14DED 31 MARCH 2024
Re9lstsred office
114-116 G0￿Maye5 Road
Iword
IG3 9UZ
J A Pulford MBE
G K Collins
Ms C A Rider Chaplain {ap[m￿nted 13.3.24)
Ms R Nizamuddin Sustainabilty Programme Manager {appw)inted 13.3.24}
Ms T A C Baird Architect (ap￿)int￿ 13.3.24)
Company Secretsry
Senior Statutory Auditor
Athok Mukundlal Shah
Auditors
Ashfords Partrershlp LLP
11+116 G1￿Ma￿ Rtsad
I￿ord
Esex
IG3 9UZ
Bankers
National Westminstsr Bank PLC
Mile End Brdnch
Albion Yard
3311335 WhttechaFel Road
London
EI IAU
Page 3

GISTERED
REPORT OF THE TRUSTEES
E YEAR ENDED 31 MA
BACKGROUND INFORMATION OF THE CHARITY
The Davenant Centre 15 a former GLC- owned building that was transfeThed by Grant Aid, along w￿h the neighbouring
Jaganori Centre to the trustees of the Centre in 1984 by the formation ef a Company Limited by guarantee. The
properties are Ic(ated at 179-181 and 183-185 Whitethapel Road, London El. The property at I7￿181 Whitechapel
Road was on 6th March 2023.
In 2004, Tr Charfjty embarked on a major capital project to trBnsform the 179-181 buildir4J la former Virtorian schocl)
into a modern educats.on and youth centre with the help of funding secured frorn a numLv of 9)Ur￿ including loan
fao'lities from Natwest Bank.
However by 2005 the wol￿t was suffering from Seve￿ funding shortsge ￿ultIng fr¢)m cost overruns as a consequence
of a numLEr of fattors including the discovery of ancient burial ￿ mains and InC￿aSe$ in building material costs.
During 2006, The Davenant Centre encountered ggnificant internal management problems, culminating in lengthy
lits"gation proceedings betrieen a number of fomier trustee and the management committee (new trustees) resultsng in
paynEnt delays to the builder5, additional ￿al5 co*s and interest payments on contrdctual liabilities.
A court order was subsequenty approved in February 2007 settin9 Out various COrKI￿on5 induding the treation of a
steering committee consisb'ng of more than 4 people tD carry out the fLJnction of the management committee to deal
with all matters arising from and reL3ting tr) the financial affairs and day to day business of the Centre.
During 2￿7 and 2008, The Davenant Centre had financial prolAem5 resultirvJ frorn delay5 in completion of the
Centre and the consequent kJs5 of revenue from ￿ntaI income of the Centre. This to the Centre defaU￿1ThJ on Loan
rq)ayments to the Barik and the rerwotiation of the facilities.
In the ea￿ part of 2009, London Borough of Tower Hamlets consdered that there would a very high risk that a high
profile cornrnunty a￿et whth has benefited from ggnificant public Snvesbment, WOLJld be lo# and alJVan￿ further
fundiThJ facllloes in subordination to the NaiWe￿ Loan facilities, subject to a nUm￿r of condfoon5.
As part of the financial restruttLJrirvJ, the Davenant Centre was taken into administrab.on in luly 2009. The Natwest Bank
loan tsrms were furth￿ renegotiated and the London Borough of Tower Hamlets advanced additional funding facilit￿S to
the Cenire. Two senior Offi￿r5 of the London Borough of Tower Hamlets were appyjinted to the Board of trustees to
ensure correct governance of the oryanis)tion. As trustees, they were required to take a disinterested view in the affair5
of The Davenant Centre indepeThlentty from their respon9bi1￿e5 as Council officers.
From this p)int, the Davenant Centre ernbarked upon a business recovery process aimed at ensuring that the Centre was
able to pay all outgoings from its income and that the two buildings In ts portfolK) remain available for community use.
The trustee5 have also ensured that the Charity's debt ￿paYments are met on time and have focused on reduorwj the
total debt of the tharity.
As part of this recovery prC￿ess, in a bid to reduce the cwtgoings, the t￿Stee5 decided to change its busin￿ mojel
frorn lettj'ng of Sery1￿ offices at the Centre to a grant of leases to sngle occupiers ft>r each of the tm propErb"es. The
two buildings were let out to tr40 *parate charib.es whose alTr￿ and objettbves correlated to those of the Da￿lant
Centre.
t)uring the finanoal year 2016-17, The Davenant Centre's priority has teen to attrart attematwe income generating u
for L83-185 Whtschapel Road, followirvJ the In￿1ver￿Y and Subsequent ck)sure of former tenan¢ Jagonari Women's
Education Resource Centre IJWERC) at the end of August 2015.
At the b8Jinning of September 2015, The Davenant Centre granted a lease for the c¢cupation of the rear nursery
premi￿ and ground floor Offi￿ to Rainbow House, a [KoV￿er of important loKal chiFdcare seryices. Efforts continued to
bring the remainder of 183-185 Whtschapel Road. cotnPri5ing the first, second and third floors, into revenue earnirwJ
use. This included viewings by a number of communty organisab.ons and a feasibilty study undertaken in conjunction
with London Borough of Tower Hamlets for converting the space fc)r use as an enterprise workspace ￿ntre. This
wwld have been dependent on grant funding from the Council's Whitechapel Regeneration team. The propDsed grant
was not subsequently forthcorning and the search for alternative tenants continued.
Ir) NovemtrEr 2016, The Davenant Centre entered Into a lea* agreement with Lrfeline, a charity which had been
awarded a drugs recovery contrart by the London Bomugh of Tower Hamlets, to occupy the three upper floors of
163-185 Whthchapel Road. Because the building had been left in a somewhat rundown wdition by JWERC, an
eXten￿ve amount of landlord's works were ￿e￿sary to bring the building back into Viab￿ use.
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OAV
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REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The Davenant Centre recewed notifKation on 2nd JLJne 2017 that Lrfeline had been placed into receNership and of the
appointment of an adrninistrator ft)r Lifeline, to whom a claim for the unpaid funds was submrtted. Subsequendy the
L¢)ndon Borough of Tower Hamlets appoint￿ CGL, a large national charity deliverirvJ simiLHr drug recovery servi￿5 to
Lifeline, to tske over the project. Under thi5 aThangement, CGL decided to contir)ue delNery of the drugs ￿Very
seNices from The Davenant Centre's building at 183-185 Whitechapel Road. CGL has sn￿ been occupying the premises
under a li￿nse agreed wrth the receivers of Lifeline, who have continued to the pay the full rnonthly rent stkofied in
Lifeline's lease, to end of June 2018. Frorn July 2018, CGL have occutmed the premi￿ on a li￿nse. By mutual
agreement, the Bangladeshi Drugs Project who C(Cup￿d 179-181 Whitechapel Road, terminated their lease in March
2018, due to their financK31 inability to pay the rent and the F¥emises were let to YMCA George Williams College, initialty
on a I￿enSe from 1st Nay 2018 and a 5 year lease from 1st August 2018.The lease was relinquished at its mid point on
31 July 2021. The Davenant Centre has the￿fOre been able to continue to maintain liquidity over this ￿rIOd and had
£84,452 at the Bank & the year end {2023 E442,7451, The company's cash p)sition has continued to be closely and
ukirly monitored and a nUrnb￿ of optkms for I￿reasIng le¥￿UeS and buikling reserves are under C￿￿dern￿.0n.
The debt owed to London Borough of Tower Hamlets of £623,780 was fully repaid on Ilth April 2023.
The building at 179-181 Whitethap￿l Road, was g)Id for £3,450,000 on 6th March 2023 urth completKJn tsking plats on
Ilth April 2023. The trustees reached the decision to sell this building after considering various issues wrth finding
appropriate tenants and the time taken to manage the builditvJs as wdl as the conb.nued investment required to maintaln
the bLJildings thith are over 100 years dd.
Frorn 1st January 2023, the tmstees have aP￿inted Dobbin and Sullwan, Charter&J Surveyors as the property manager
to fully manage the property at 183-185 wh￿echapel Road.
STATEMENT OF TRUSTEES. RESPONSIBILThIES
The trustees {who are also the dirertors of Davenant Centre(THE) for the pUr[￿seS of company law) are resp￿s•￿e for
preparing the RepK)rt of the Tru*ees and the financial statements in accordan￿ th applicable law and Unrf(&l ￿￿Jd0M
Accounting Standards (United Kiwdom Generally Accepted Accounting Practi￿).
Company law requires the trustees to prepare financial statements for each finandal year whlch give a true and fair vlew
of the stste of affairs of the charitable company and of the incoming resources and application of resources, including the
inc(xne and expend6ture, of the charitable company for that Fer￿. In preparing those finanoal statements, the tru*ees
are required to
selett sutsble accounting polKie5 and then appty them Con￿sten￿y*
obseNe the meth¢yJs and prinoples in the Charity SORP-
make judgements and estimates that are rea9)nable and prudent.
prepare the finanaal staternents on the goino cOr￿M basis unless it is Inappropriate to presume that the charitable
company will continue in business.
The tW51ees are responslble for keeping woper accounting records which dI￿ose with reasonable accuracy at any tirne
the finanaal positKJn of the charitsble company and to enable them to ensure that the financial statsments comply wth
the Companies Act 2006. They are a19) responsible for safeguarding the assets of the charttable company and hence for
tsking wsonable steps for the preventy.on 8nd detection of fraud and other Srwularities.
ATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the trustee5 are aware, therE is no rejevant information (as defined by Section 418 of the Companies Art 2006)
of whlth the charitsble companys auditors are unaware, and each trustee has tsken all the steps that they ought to have
tsken as a trustee in order to make them aware of any audit information and to estsbli5h that the charitatrAe cornpany's
auditors are aware of that infomiation.
AUDITORS
The auditors, A5hfords Partnership LLP, wlll be propMd for re-apwbntment at the forthcoming Annual General Meeting.
Re￿rt of the trustee5, inCor￿rating a strategic report, apwov&l by grder of the tthird of tru51ees, as the company
directors, on 24 December 2024 and svJned on the board's tehalf by..
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RE
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REPORT OF THE TRusfEES
R THE YEAR ENDED 31 MARCH 2024
J A Pulford MBE - Tru
Page 6

REPORTOF THE 114DEPENDENT AUDITORSTO THE MEMBERS OF
DAVENANT
Opinion
We have audtsd the financial siatements & Davenant Centre(THEI (the 'CharItab￿ company,) for the year ended
31 March 2024 which comprise the Ststement of Finanaal Activibes, the Balan￿ Sheet and notes to the financial
Statements, including a summary of significant accounting poliae5. The finanaal reporting fratnework that ha5 trttn
applied in their preparation is applicable law and United Kingdom Accoundng Standards {United Kingdom Generally
At￿￿ted Accounb"ng Prnctice).
In our opinion the financial statements..
give a true and fair view of the state of t1￿ charitsble companys affalrs as at 31 Mard) 2024 and of Its incoming
resources and application of ￿SOur￿s, including its income and e%￿nditure, for the year then ended,.
have been properly wepared in accordance wth United KirrfJdom Generally AC￿pted Accounbng pr*1￿. and
have been p￿pared in accordan￿ w￿h the requirements of the Cornpanies Att 2006.
Basis for opinion
We conducted our audit in accordan￿ with Intemational Stsndards on Auditing {UKI IISAS {UKII and aP￿icable law. Our
responsibilities under those standards are further descriLEd in the Auditors, responsibilitie5 fer the audit of the financial
statements section of our report. We are inderEndent of the charitable company in accordan￿ with the ethical
requirements that are relevant to our audrt of the finanoal statements in the UK, induding the FRC5 Ethical Stsndard,
we have fulfilled our other ethical responsbiliti'es in accordance with the* requirements. We believe that the aud
eviden￿ we have obtained is suffiaent and appropriate to rAovide a basis for our opinion.
Concluslons relating to going concern
In auditing the flnancial statements, we have concluded that the trustees, u* of the going cOn￿M bags of accounting in
the preparation of the finanaal 5taternents is appropriate.
Based on the work we have performed, we have not identified any rnaterial Un￿rtainbe5 relating to events or conditKJns
that, individualty or collectivelyi may cast significant doubt on the charitable company's abilty to conb.nue as a going
COn￿rn for a pertod of at least twelve months frorn when the financtal statements are authori￿ for issue.
Our respDnsibilrties and the responsibil￿eS of the trustees with reskEtt to going u)n￿rn are described ￿ the relevant
5eLtLins of this report.
Other Inforniation
The tnjstees are responsiNe for the other infOr￿tion. The other information comprises the infom)ats"on included in the
Annual Report other than the finanaal ststements and our Report of the Inde￿ndent Auditors thereon.
Our opinK)n on the financial statements does nrt cover the other inft>rmation and, ex￿pt to the extent otherwise
explicitly st*d in our rekrt we do not express any fcffii of assuran￿ concluson thereon.
In connection with iyjr audit of the financial statements, our res[4)n￿bilitY is to read the other inforfflation and, in doing
, consider whether the other information is Material￿ inconsistent with the financial staterllents or our knowl&Jge
obtained in the audfc or othewise appears to te rnatsrially misstated. If we Mlentify such material incon9Stencies or
apparent material mis#atements, we are ￿qUired to determine whether this gives rise to a material misstatement in the
financial statements them*lves, If, based on the work we have Ferformed, we condude that there is a material
misstatement of this other infom*'on, we are wuir&l to report that f*. We have mthing to report in this regard.
Opinions on other matters prescribed by the Companies Art 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Re￿rt of the Trustees for the financial year for whkh the finandal statements are
prepared is consistent with the financial ststements. and
the Report of the Truaees has LEen prepared in accordan￿ with appIl￿tr￿e legal requirements.
Page 7

REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF
DAVENANT
Matter5 on which we are requlred to report by exception
In the light of the knowledge and understanding of the charitsble company and rts environment obtsined in the course of
the aud¢ we have not identified material rnisstatements in the Report of the Tru&￿.
We have nothing tg re[￿ in re5Fert of the fdlowong ￿tter$ where the Companies 2LK)6 requires us to rel￿ to you
if, in our opynion:
adequate accounting records have not been kept or returns &Jequate for our audit have not tEen received from
branches not visited by us; or
the financial Statements are not In agreement with the accountiw records arml returns. or
rtain disclosures of twstees, ￿MUneratIon specified by law are not made,. or
we have not received all the infomatson and explanations we ￿QUI￿ for our audtt. or
the trust￿ were not entitled to take advantsge of the small companies exemption from the requlrement to prepare
Strategic RetX)rt or in preparing the Report of the Twstees.
Responsibilitles of trustees
s explained more fully in the Ststement of Tnjsteeg Responsibilities, the trustees (who are 31so the di￿rtar5 of the
charitable company for the purp)ses of cornpany law} are responsible for the preparation of the hnancial sLatefflents aTrJ
for beiryJ satisfied that they give a true and fair view, and for such intemal cortrol a5 the trustee5 determine is necessary
to enable the preparation of financkal ststements that a￿ free from material missiatement, whether due to fraud or
error.
In preparing the financial ststements, the trustees are responsib￿ for awsng the charitsble company's abilty to
continue as a going cOn￿M, disclosing. as applicable, matters relat￿j to going con￿rn and usng the going concern
basis of ￿Counting unless the trustees either Intend to Ilquidate the d￿rthble company or to cease operab"(ffis, or have
no reallth altemative but to do so.
Page 8

REPORTOFTHE INDEPENDENT AUDITORSTOTHE MEMBERSOF
DAVENANT CENTRE
THE
Our responslbllltles lor the audlt of the Ilnancial statements
Our objectives are tr) obtain reasonabk assuran￿ about whether the financial staternents as a whole are fr￿ from
material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that indudes
ovr opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conduct&l in
accordance with tSAs (UK) will always detect a materlal misststement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggwate, they could reasonably be expected to influen
the eG)nomt deci%ons of users taken on the basis of these financial statements.
Chjr approach to ideffjlng and assesgng the risks of material mi55tstement in respect of IrregUlar￿e$, Indudlng fraud
and non-complian￿ with laws and regulations, was as follows-
The engagement partner ensured that the engagement team collectivety had the approprhite c0mpetrn￿, capabilities
and 5kn115 to identify or recognise non-ccKnpli3nce wvch applicable laws and regulations,. we identified the law5 and
regulation5 applicab￿ to the company through dixu55ions Wrth direttors and other management, and from our
commer(ial knowledge and experien￿ of the congjltancy services sertor; we focused on S￿lfIC laws and ￿gU1￿.0nS
which we consdered may have a direct rnaterial effect on the financial statements or the operatlOll5 of the companyi
induding the Companles Art 2006, taxation legI￿atIon and dats prc)tection, anti-bribery, employmenL and hea￿h and
safety l&Ji48tion,' kve asseswi the extent of compliance with the law5 and regulations identrfied above through making
enquiries of management and inspeth.ng legal corresp(A)derKe: and identffied laws and regulations were communicated
wthin the audit tearn regulady and the team remained alert to InStsn￿ of n0n-cornplian￿ throughout the audit.
We assessed the susceptibilTty of the cornpany'5 finanaal statements to rnaterial misstatement, irKluding obtaining an
understanding of how fr3ud M￿ht (tcur. by making enquiries of management as to where they c(M)sidered there was
susceptibiltty tri frnud, their thowledge of artual, SUS￿rted and alleged fraud,. and considering the internal controls in
pla￿ to mitsgate risk5 of fraud and non-complian￿ with laws and reguktion5.
To address the risk of fraud through management bias and override of controls, we..
performed analykncal Pro￿dureS to identify any unusual or unexpected relationships;
- tested journal entr￿$ to idenb'fy unusual tran￿ctbns.
- assessed whether judgements and a55umpts.ons made in determining the accounting esb"mates were
reasonable
- were indicative of bias; and
investigated the rats"onale behind significant or unugjal transactions.
In re5F¥)nse to the risk of irregularities and non-comr4iance with laws and regulations, we designed procedures which
induded, trtjt Ylere not litnited to.. agreeing finanaal ststernent disclosures to undertying supporting documentstion.
reading the minutes of meetings of those charged wtih governanTr,' enquiring of tnanagement as to actual and potential
litigat￿ and ckims,. and reviewing corre5p(A)der￿e with HMRC, relevant regulators and the company's legal advisors.
There a￿ inherent limitations in our audit prO￿dureS described above. The more removed that laws and regulations are
from financial transactions, the les5 like￿ ￿ is that we would become aware of non£ompl1an￿. Audib"ng standards al
limit the audit prcKedures reqLJired to identify rK)n-complIan￿ with laws and regulat￿nS to enquiry of the directors and
other management and the insmion of regulatory ènd legal correspondence, if any.
A further description of our res￿n￿bilitieS for the audit of the finanaal Statements is located on the Financial Rewrbng
Council's website at ww.frc.org.uklauditorsrespK)nsbilitie5. This description forms part of our Rewrt of the Independent
Auditors.
Page 9

REPORT OF THE INDEPENDENT AUDITOR
DAVENANT
HEM
BERS OF
Use of our report
This is made Sole￿ to the charitsble companvs memlxrs, a5 a bth, in accordan￿ with Chapter 3 of Part 16 of
the Companles Art 2006. Our audf( work has been undertaken so that we might state to the charitable company's
members those ￿tter$ we are required to state to thern in an auditors, ￿port and for no other purpose. To the fullest
exient pEmiitted by law, we do not accept or asgjme responsibility to anyone other than the charitsble company and the
charitsble companls members as a body, for our aud￿ worl for this rep￿t, or for the opinions we have forrned.
Asho
nio
Auditor)
d on behalf of Ashfords Partnership LLP
116 Gwdmayes ROJJ
li
ex
IG3 9UZ
24 tlecemter 2024
Page 10

DAVENANT
STATEME1￿ OF FINANCIAL Ac￿v[rIEs
FOR THE YEAR ENDED 31 MARCH 2024
31.3.24
Total
fund5
31.3.23
Total
funds
Unrestrlcted Restricted
fund5
funds
INCOME AND ENDOWMENTS FROM
Inve#ment income
Other Income
180,958
100,191
180,958
100,191
103,559
4,659
Totsl
281,149
281,149
108,218
EXPENDrnIRE ON
Raisng funds
78,712
819
79,531
169,439
Charftable activlties
(kneral
52,827
52,827
Other
49,474
Total
131,539
819
132,358
218,913
NEf INCOMEI{EXPENDrfuRE)
Transfers beiween funds
other recognised gainsl(losses)
Galns on revaluaty.on of fix￿ assets
149,610
2,815,001
(819)
{2,815,(K)11
148,791
1110,6951
14
408,673
408,673
Net nfftment in funds
3,373,284
{2,815.820)
557,464
(110,6951
RECONCIUATION OF FiINDS
Trkal funds brought forward
347,819
5,365,820
5,713.639
5,824,334
TOTAL FUNDS CARRIED FORWARD
3,721,103
2,550,000
6,271,103
5.713,639
The notes form part of these financial ststements
Page 11

VE
T CEKr
EGI
ERED
707
BALANCE SHEET
31 MARCH 2024
31.3.24
Total
fund5
31.3.23
Total
fvnds
Unrestritted
fvTKIs
Restrfcted
funds
Nrtes
FIXED ASS￿5
Investments
Jnvestments
Investment propty
3,610,598
3,610,598
2.550,OC¥J
2.550,1XJO
2,550,OCN)
3,610,598
2,550,000
6,160,598
2.550,000
CURRENT ASSEts
Debtors
Cash at bank
io
86,788
84,452
86.788
84,452
3.488,003
442,745
171,240
171,24Q
3,930,748
CREDNORS
A￿Unts falling due within one year
li
{60,735)
(60,7351
(767,1091
NET CURREp¥f ASSETS
110,505
110.505
3,163,639
TOTAL ASSETS LESS CURRENT LIABILtTIES
3,721,103
2.550,000
6.271,103
5,713,639
NEf ASSErs
3,721,103
2,550,000
6.271,103
5.713,639
FUNDS
Unrestrirted funds
Restritted funds
14
3.721,103
2.550,OCK)
347,819
5,365,820
TOTAL FUNDS
6,271,103
5,713,639
These financial staternerts have b￿n prepared in accordance wf(h the provisK)ns applicable to Char￿able companies
subject to the small companies reglme.
TPE financkil statements were approwj by the PKJard of Trust￿ and authorised for iwe on 24 D￿mtr¢r 2024 and
were svJned on rts behalf by..
J A Pulford MBE - Trustee
The notes form part of these finanaal statements
Page 12

DAVENANT CENTRE
THE
NOTES TO THE FINANCIAL ￿ATEmENTs
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES
Basis of preparlng the flnanclal ststements
The financial ststements of the charitsble company, which is a puNic ￿ner￿ entity utxler FRS 102, have
prepared in accordance with the chariti.es SORP IFRS 102) 'Accounkn"ng and Reportirvj by Charities.. Statement of
Recommended Practi￿ applicable to charrties preparing their accounts in accordance with the Financial Repothng
Standard aptdicable in the UK and ReputAic of Ireland (FRS 1021 (effective l January 2019),, Financial Re￿)rtIng
standard 102 The Financial Re￿rting Standard applicable in the UK and Republic of Irdand, and the Companies
Art 2006. The financial statsments have been prepared under the historical cu51 convention, wyith the eX￿Pts.Dn
of inve*ments which are i￿luded at market value, as modified by the revaluation of ￿rtaIrt assets.
Income
All Income 15 recognised in the Statement gf financial ActivitE5 On￿ the tharity ha5 entitlement to the funds, it is
probable that the income will be receivèd and the arnount can be measura reliatAy.
Expenditure
Liabilibes are recognlsed as expendtiure as soon as there is a legal or constructive obllgation commltting the
tharty to that expendvcure, ￿ is probable that a transfer of economic benefits will be required in settlement an(J
the amount of the obligation can measured reliably. Ex￿ndrtUre Is accounted for on an accruals basis and has
been das9fied under headings that aggregate all cost related to the category. Where costs cannot LE direcdy
attributed to particular headings they have been allocated to activities on a bas5 COn5iStent with the use of
resources.
Grants offered subieLt to co￿l￿10n5 which have nL* teen met * ttE year end da* are noted as a commitmu
but not accnJ&J as expenditure.
Invesiment property
Investment property is shown at most ￿ent valuation. Any aggregate gjrplus cy der￿t arising from changes in
fair value is recognised in the Ststement of Financial Activibe5.
The Trustees consider that no Eep￿lation prow4Dn is required on the Investmert propErt￿.
Taxation
The charity is exempt from cortM)ration tsx on its charitatAe attwities.
FurNI accountlng
General funds are unrestritted funds which are aVaila￿e for the use at the discretion of the Tnjstees in
furtheran￿ of the athities of the charty and have not been desgnated for other purposes.
Restricted funds are funds which are to be used in accordan￿ with sFEafic re*rictw)ns impised by donors which
have been Trised by the charity for particular purpx)ses. Tr cost of raigng and aJmini#ering such fund are
charyed again* the speofic fund. The aim and u* of each restricted fund is set out in the notes to the financial
5taterllents.
INV￿mE1￿ INCOME
31.3.24
31.3.23
Rent r￿1Vable
Other fixed asset invest- FII
[kpOs￿ account interest
168,942
8,416
3,6(N)
103,559
180,958
103,559
Page 13
continued...

VENA
T CENTRE
THE
NOTES TO THE FINANaAL ￿ATEMENTs- continued
FOR THE YEAR ENDED 31 MARCH 2024
RAISING FUNDS
Investment management costs
31.3.24
31.3.23
Insurance
Sundries
Management fee5
Property ￿paIrS
Bank Charges
Light & heat
aeaning
Water rates
11,429
290
1,452
14,843
loo
101,776
3,270
8.077
6,314
9,217
140
26,776
3,456
485
k 11
Irrecoverable VAT
PosEage and thtr"onary
Computer expenses
Intere5t- LBTH overdraft
Accountancy fees
Audth￿, remuneration
Legal & profesgonal fees
Finan￿ charges
1,280
19
55
819
3,800
2,800
17,862
17,Cy)5
3,950
4,600
1,533
566
79,531
169,439
INCOMEI(EXPENDrruRE)
Net incomel(eynditure) Is Sta￿ after d￿rgIng/(cr￿1tsng).
31.3.24
31.3.23
Deficfc on disFosal of fixed a55ets
49,474
TRUSTEES. REMUNERATION AND BENEFITS
There were no trustees, remunerats.on or ot￿r benefits for the year erkjed 31 March 2024 for the year ended
31 March 2023.
Trustees. expenses
There were no trustees, exrenses paid for the year en(kd 31 March 2024 nor for the year ended 31 March 2023.
STAFF COS
The charity had no employees during the year and has had none for a nUM￿r of year
Page 14
(ontinued...

140TES TO THE FINANCIAL ￿ATEMENTS- continued
R THE YEAR ENDED 31 MAR
H 2024
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTivrriES
Unrestricted
fvThJs
Restrirted
funds
Totsl
funds
INCOME AND ENDOWMENTS FROM
Investment [r￿OMe
Other income
103,559
4,659
103,559
4,659
Total
108,218
108,218
EXPENDrruRE ON
Rais'ng funds
152,344
17,095
169,439
other
49,474
49,474
Total
152,344
66.569
218,913
NET INCOMEI(EXPENDrruRE)
Transfer5 between funds
(44,126)
{39,074)
(66,569)
39,074
(110,695)
Net movement in funds
{83,2LXJ)
(27,495)
1110,695)
RECONCILIATION OF FUNDS
Totsl funds brought forward
431,019
5,393,315
5,824,334
TOTAL FUNDS CARRIED FORWARD
347,819
5,365,820
5,713,639
FIXED ASSET IMVESTMENTS
listed
investments
MARK￿ VALUE
Addib"ons
Revaluations
3,201,925
408,673
At 31 March 2024
3.610,598
BOOK VALUE
At 31 March 2024
3,610,598
At 31 March 2023
The￿ were investment assets outgde the UK.
Cost or valuation at 31 March 2024 is ￿￿eSented by..
invethents
Valuat*)n in 2024
408,673
3.201,925
3,610,598
Page 15
continued...

NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR EMDED 31 MARCH 2024
INVESTMENT PROPERTY
FAIR VALUE
At l April 2023
and 31 Mar(h 2024
2.550,(M)O
BOOK VALUE
At 31 Marth 2024
2,550,CM)O
At 31 March 2023
2,550,000
The ￿ propert￿5 at 179-181 and 183-185 wh￿e£hap￿ Road, London, El IDN were revalued by Dobbin &
Sullivan, Chartered SuNeyors during Septemikr 2019 at £6,000,IJOO. The Tru&ees a￿ of the opinion that the
value of the remaining buikjing at 183-185 Whited)akEI Road, represents a fair value at the Balan￿ Sheet date.
10. DEBTORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR
31.3.24
31.3.23
Amount due from tenants
Arnount held by managing èJents
Due from Sollcitors
VAT
P[￿Yments
40,295
34,884
9,730
12,680
3,439,600
11,371
14,622
7,150
4,459
86,788
3,488,003
11. CAEDThORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24
31.3.23
Other loans (see note 12)
Rent deposrt
Accruals
RenVsetVi￿ charge r￿1ved In advan
623,7PA)
3,027
120,736
19,566
3,027
54,707
3,001
60,n5
767,109
12. LOANS
An analysls of the maturity of loans is given below:
31.3.24
31.3.23
Amounts falling due wthin one year on demand..
LBTH loan faalty
623,780
Page 16
continued...

DAVENANT
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024
13. SECURED DEBTS
The fdlowing secured debts are Sncluded wfthin crèjrtors..
31.3.24
31.3.23
L￿rH loan fdcilty
623,780
The LoThJon ￿rough of Tower Hamlets loan f&ility was secured by a subsequent charge on the chaiity's freehold
proFety.The facility was repaid on Ilth Apnl 2023.
14. MOVEMENT IN FUNDS
Net
movement
in funds
Trdnsfer5
between
fvnds
At
31.3.24
At 1.4.23
Unrestrirted funds
General fund
347,819
558,283
2,815,(Ql
3,721,103
Restricted funds
General fund
4,524,749
841,071
(819) {2,815,001)
1,708,929
841.071
Property revaluation reserve.
5,365,820
(819} (2,815,001)
2,550.ChJQ
TOTAL FUNDS
5,713,639
557,464
6,271,103
Net movement in funds, induded in the above are as follows..
IncomiTrJ
ur￿$
Gains ar*J
losses
Movement
In fijnds
expended
Unrestrlcted lunds
General fund
281,149
(131,539)
408,673
558,283
Restricted funds
General fund
{819)
(8191
TOTAL FUNDS
281,149
(132,358)
408,673
557,464
Page 17
continued...

NOTES TO THE FINANCIAL STATEMENTS- contlnued
FOR THE YEAR ENDED 31 MARCH 2024
14.
MOVEMENT IN FUNDS- contlnued
C￿paratIveS for m(bvement in funds
Net
movement
in funds
Transfers
At
31.3.23
At 1.4.22
funds
Unrestrirted fvndg
General fund
431,019
{H,126)
(39,0741
347,819
Re5trlcted funds
General fvnd
3,773,708
1,619,607
711,967
(778,536)
39,074
4,524,749
841,071
prO￿rtY revaluation reserve.
5,393,315
{66,569)
39,074
5,365,820
TOTAL FUNDS
5,824,334
(110,695)
5,713,639
CompatBtwe net movement Sn funds, included Sn the atx)ve are as follows:
IncomiThJ
Resources
exFended
Movement
in funds
Llnre5tri¢ted fund5
General fund
108,218
1152,34)
(44,126)
Restricted funds
General fund
711,967
1778,536)
711,967
(778,536)
Property waluation reserve.
(66,569)
(66,569)
TOTAL FUNDS
108,218
(218,913)
(110,695)
A current year 12 months and prior year 12 months combined is as fdlows:
Net
movement
in funds
Trnnsfers
At 1.4.22
funds
31.3.24
Unrestricted fund5
General fund
431,019
514,157
2,775,927
3,721,103
Restricted funds
Gen￿al fund
3,773,7D8
1,619,607
711,148
1778,536)
{2,775,927)
1,708,929
841,071
Property rewaluation reserve.
5,393,315
(67,388) {2,775,927)
2,550,L
TOTAL FUNDS
5,824,334
446,769
6,271,103
Page 18
continued...

DAVENANT CENTRE
HE
TE
THE
XN
srATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
14.
MOVEMENT IN FUNDS- continued
A current year 12 months and ￿or year 12 mnths combined net movement in funds, included in the above are
as follows..
Incorning
resources
Gains and
losses
Movement
in funds
expended
Unrertricted funds
General fund
389,367
(283,883)
408,673
514,157
Restrl¢tsd funds
General fuThJ
711,148
1778,5361
711,148
(778,5361
operty revaluati￿ re5erye.
(67,3881
167,3881
TOTAL FUNDS
389,367
{351,271)
408,673
446,769
Purposes of unrestricted funds
Unresthcted funds reP￿ents the &Jrplusldeficit on the day to day act'wties of the thaTIty.
Purposes of restrlrted funds
The gene￿1 restrbcted funds represents the net bcok value of the freehold latwj and building kss the rela￿1
loans.
The p￿pertY revaluation reserve represents the 1ncrease1dec￿se in the bcx)k value of the freehold prokErUes at
fair value. The properb.es will be revalued every three years and any adjustments to this value will accounted
for through thi5 re5etve.
Trnnsfers between funds
The transÈr tethen funds represents the Bank loan repayments and other transattions from Unreskntt￿I fvnds
for restricted purposes.
15. CONTINGEMT LIABILtrIES
The laTrJ and building were purchased by use of grant aid exceeding £1.6 million. The initial and by far the most
yjbstantr'al grants wa5 from Greater London Counol (GLCI. A condition of the grant aid was that GLC and
SUC￿%)r5 in title have a mortga9e charge secured on the pro[￿ to the extent of the grant aid (£1,093,470).
This charge was for thirty years fmm 6 June 1984 to 5th Jtsne 2014 and has now expired. As the GLC has been
aiy)lished, it is unclear who the su￿550r5 in t￿e are and the ￿gaI charge remain5 in place at the Land Registry.
The nK>rtgwJe is a charge, contingent on any bread)es of the conditions of grant abd and w¢)uld normally be
payable.
Pège 19
CDntinL￿...

ENTRE
THE
OTES TO THE FINANCIAL STATEMENTS- continued
EAR ENDED 31 MARCH 2024
16. RELATED PARTY DISCLOSURES
The Tnjstees conslder The LOnde￿ Borough of Tower Hamlets to te a related paty by virtue of the fact that
had advancej interest be3￿n9 loan frdc11￿ES.TheSe facilit￿ were repald on Ilth Aprti 2023.
Page 20

DAVENANT CEfffliE
D￿AILED ￿ATEMENT OF FINANCIAL ACTIVMES
FOR THE YEAR ENDED 31 MARCH 2024
31.3.24
31.3.23
INCOME AND ENDOWMEltts
Investment income
Rert r￿1Vable
(Jher fixcfl asset invest. Fll
Deposit account Interest
168,942
8,416
3,600
103,559
180,958
103,559
Other income
In￿ranTr reimbursed
￿￿ charges
Utilit￿5 recharyed
Bad Debt Recovered
Other incorre
13,786
54,552
31,353
2,594
2,065
100,191
4.659
Total incoming resources
281.149
108,218
EXPENDrruRE
Investment mJnJgement costs
Insurance
ndries
Managemert fees
FtropErty repairs
Bank tharges
ght & heat
Cleaning
Water rates
lrrec0vera￿e VAT
Postage and stab"onary
Computer expenses
Intere*- LBTh overdraft
Accountallcy fees
Auditorg remunerats.on
Legal & profesaonal f*s
Finano tharges
11,429
290
1,452
14,843
loo
101,776
3,270
8,077
19
55
6,314
9,217
IÈK)
26,776
3,456
485
1,280
48
819
3,800
2,800
17,862
17,095
3,950
4,600
1,533
566
79531
169,439
arltable activities
Giants toTenants
52,827
Other
L055 on sale of tr￿gIb￿ fixed a5S
49.474
Totsl resources exp&￿ed
132,358
218.913
Net incomel{expenditure}
148,791
(110,695)
This page (k)es not fom part of the statut￿ financral ststements
Page 21