REGISTERED COMPANY NUMBER: 01799707 (Ertgland and Wales) REGISTERED CHARrrY NUMBER: 289235 EP STEE EM DED IMAR NAN AV ERL ENT ASHFORDS Choiteied Ceitlllecl Accounlonts Registefgd Audltois
VEN AV UN ATI ANT CE ORM ONTENT THE E FINAN ND EAL AT ME CH2 Page Report of the Trustees Report of the Independent Auditors 7 to 10 statement of Flnancial Artlvltles li Balance Sheet 12 Notes to the FlnJn¢l41 Statements 13 to 20 Detslled Statsment ol Flnanclal Actlvltles 21
DAV RME Y DAVE UND AN CENTRE THE EPOR AR OFT ES 31 25 The trustees who are also directors of the charity for the purposes of the Companles Art 2006, present thelr report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provi510ns of Accountlng and Reporting by Charities: Staternent of RecomJnended Practitr applicable to charities preparing their accounts in accordance the Financial Reporting Standard appllcable in the UX and Republic of Ireland {FRS 1021 (effective l January 20191. NAME CHANGE rhe name of the charity was changed to Davenant Foundation on the 4th June 2025. OBJECTIVES AND ACTIVITIES Objertlves and aims The charitys principal acÈfvitie5 durlng the year contlnued to be that of the provision of a communlty ntre and making grants f¢y the educatlonal and sodal benefits of the inhabitsnts of the London Borough of Tower Hamlets. The community fttr¢ locatbn Is 183-185 Whliechapel Road, LondL, El IDN. The charitles Sn occupaNon durfng the year were.. 11 The Ralnbow Centre, a registe charity provldlng chlldren'5 playgroup services, 11) CGL, a registere(I tharity provldlng a range of treatment seNlces for drug and alcohcA related mlsuse. The trustees consider that the Davenant Foundatlon Is achievin91ts objectlves through letting of the propety to the ave charSty tenants as well as by maklng grants to Indlvldvals and tenants totalllng É26,484 In the year12024 £52,827). The trustees confirm that they have oiven due conslderatlon to the Charty Commis51on's wbllshed gUIdan on Public Benefit requlrernent under the Charitles Att 2011, STRATEGIC REPORT Flnanclal revlew Prlncipal funding sourc•$ The Davenant Foundadon's maln Sour of fundlng during the period was from rental Income derlved from the letting of Its propeity to other charitSes. The rental Income for the year has gone down In the year due to the rent revSew carrfed out in the previous year. Reserve$ pollcy The total Unrestricted funds at 31st March 2025 arnounted to £3,699,915 {2024 £3,721,103). These funds represent surplusldeficit en the day-to.day attivitles of the charity. The total Restritted fund5 at 31st March 2025 amounted to £2,550,000 (2024 £2,550.000). The restricted funds retkresent the net bogk value of the freehold lancs and buikjlngs. The propety revaluatlon re5erye included withln the total Re5tr4tted funds at 31st March 2025 amounted to £841,071 12024 £841,071}. These funds can only be used for any actt)unting adjustments In the falr value of the freehold prorErty. The Re5trlcted fund5 cannot k used for the day-to-day artivities of the charlty. Golng concern The trustees have considered the golng concern sItIon of the company and are satisfied that the company has sufficient reserves to continue to operate for the immedlate future. Page I
DAVE DA NT FOU NA DAT TRE ORM HE po OFTH RU MA THE CH2 STRATEGIC REPORT Financial ieview Summary of activlties for the year The totsl income receivable by the Charity In the year amounted to £184,22512024 £281,149). The totsl expenditure for the year arnounted to £132,814 {2024 £132,358). The net income for the year amounted to £51,44112024 £k48,7911. The defftit mainly resulted from the decrease the rental income. Prlncipal rlsks and uncertaintles The Davenant Foundation uses income frorn the Community ntre to make gRnts and increase its investment managed by CCLA. The economic climate for the past few years has been difficult for tenant charltie5 generally who suNlve on donations from the public or gront5 from other publlc bodies. If the tenants are unable to pay the rent on time or go into admlnlstration or liquidaon, the Davenant Foundatlon may have to draw dDwn futKls from Its deposit account and fts investments with CCL4 for repairs to Its buildlng as and when they arise. The c0mmL1ty tentre was built In 1987 and is In good condIOn. The trustees have commlssloned a conditlon survey and will embark on a maintenants programme from 2026 onwards. They consider that the funds held at the bank and CCLA are suffident to meet the cost. Revaluation of freehold property The property was professlonally valued by Dobbln & Sulllvan, Chartered Surveyors durtng September 2019 at an open market value of £2,550,000. The trustee5 are of the oplnion that this amount represents a fair value at the Balance Sheet date. STRucfuRE, GOVERNANCE AND MANAGEMENT Governing docLrment The company Is registered as a charltable company Ilmited by guarantee as set up in the Memorandum of Assoclatlon on 13 March 1984. The management of the company 15 the respon51blllty of the trustees who are elected and co.opted under the terms of the Artbdes of Assodatlon. The Board of dlrectors is made up of the trustees of the Davenant Foundètion. Recrultment and appolntment of new trustee$ The Board of trustees wlll ensure that any new appointments wlll have an approprfate mlx of buslness skills. Organlsatlonal structure The trustees are responsible for the overall management of the charlty. The trustees have appolnted a firm of chartered Surveyors to manage the property and provlde administrative and financial Se1$ frorn January 2023. The trustees meet regularly to revlew the activltles and financial perforrnan, They also meet on Informal basis as the need arlses. The charity has no employees. Inductlon and tralnlng ol new trustees New trustees are made aware of their re5ponslbilities. This Indude5 an Introdurtion to the oblertive5, scope and policie5 of the charity. REFERENCE AND ADMINISTRATIVE DEfAILS Registered Company number 01799707 (England and Wales) Registered Charlty number 289235 Reglstered office 114-116 Goodmayes Road Essex IG3 9UZ Page 2
EN ERLY D FO VEN T CENTRE TH OEiT TH DED RUE ARCH THE Trustees J A Pulford MBE G K Colllns (resigned 30.3.25) Ms C A Rider Chaplain M5 R Nlzamuddin Su5tainabillty Programme Manager Ms T A C Baird Archltett Company Secretary Senior Statutory Auditor Ashok Mukundlal Shah Auditors Ashfords Partnershlp LLP 114-116 Goodmayes Road Ilford Esex IG3 9UZ Bankers Natlonal Westmlnster Bank PLC Mile End Branch Alblon Yard 3311335 Whltethapel R¢ad London EI IAU Page 3
VENA ERLY VEN FOUNDATION TCEN THE PORT ARE STEES RCH 20 OR THE DED 31 BACKGROUND INFORMATION OF THE CHA The Davenant Centre was e5tabli5hed in a fortner GLC-owned building that was transferred by Grant Aid, along with land to bulld the neighbouring Jaganori Centre, tr) the trustees of the Centre in 1984 by the fomiation of a Company Lirnited by guarantee. Durbng 2006, The Davenant Centre encountered significant Intemal managernent problems during a buildlng moderni5ation projett, culmlThating In lengthy litigation prOedIng5 beeen a number of former trustees and the management commlitee (new trustees) re5uIUng In payment delay5 to the bullders, addlOnal lega15 c(Ists and interest payments Dn contrathal A court order was subsequently approved in February 2007 setNng crt various £ondSb'ons Including the creation of a steering committee c¢nsi5tln9 Df no more than 4 people to carry out the function of the management comrnthe to deal with all matters arisiny from and relatiw to the flnanaal affairs and day to day business of the Centre. Durlng 2007 and 2tNJ8, The Davenant Centre had serlous financlal problems resultlng (rom delays In completion of the modernlsation prolect and the consequent loss of revenue from rental Income of the building. Thls led to the Centre defatjlting on Loan repayments to its bank and the renegots'ation of the facllities. In the early of 2009, London Borough of Tower Hamlets considered that there would be a very hlgh rlsk that a hlgh prgfile community asset which had benefited from slgnifTcant publlc Investrnent, would be lost and adVand furiher fundlng facllitles in subordinatlon to the Natwest Loan facllltles, subject to a number of c¢ndltions, As part of the financlal restructurlng, the Davenant Centre was taken intr) administration in July 2009. The Natwest Bank loan terms were further rene9Otiated and the London Borough of Tower Hamlets advanced addltlcnal fijnding faallt¢es to the Centre. Four senlor offir5 of the London Borough of Tower Hamlets were appolnted to the Board of trustees to ensure corrert goveinance of the organlsatbon. A5 trustee5, they were required to take a dlslnterested vlew In the affalrs independently from thelr responsibilitles as Councll offirS. From thls poSnt, the Davenant Centre embarked upon a buslness recovery process almed at ensurfng that It was able to pay all oulgolngs from its Income and that the th bullding5 In it5 Portfollo remalned avallable for communlty use. The trustees ensured that the Charlty'5 debt repayments were rnet on tlme and focused on reducing the total debt of the charity. As part of th15 recovery proces5, in a bid to reduce the outgolngs, the trL$5tees dedded to change its business model from lettlng of servlced offlces to granting leases to slngle occupier5 for propety. The buildlngs were let gut to M separate charltles whose alms and objectives cOrtsted to those of the Davenant Centre. Durlng the financial year 2016-17, The Davenant cent,$ prlorSty had b2en to attrart alteinatlve Income generaung uses for 183-185 Whltethapel Road, followlng the in501venq and subsequent closure of forrner tenanl Jagonari Wornen's EducatSon Reseurce Centre (JWERCI at the end of August 2015. At the beglnnlng of September 2015, The Davenant Centre granted a lease for the occupatlon of the rear nursery premlses and ground floor offitss to Ralnbow House, a provider of important local chlldcare services. Efforts continued to brlng the remalnder of 183-185 Whitechapel Road, comprising the first, second and third floor5, Into revenue eaming use. Thi5 included viewlngs by a number of commLtnity organisations and a feasibilty study undertsken in conjunttion with the Londc*n Bomugh of Tower Hamlets for converting the space for use as an enterpr5se workspace ntre. This would have been dependent on grant fundlng from the Council's Whchapel Regenefatlon tsam. The proposed grant was not sub5eouenUy forthcomSng and the search for alternatlve tenants contlnued. In November 2016, The Davenant Centre entered into a lease agreement with Lifrline, a national charfty whSch had bttn awarded a dwgs recovery contraLt by the London Borough of Tower Hamlets, to occupy the three upper floors of 183-185 Whbtechapel Road. Because the building had been left in a somewhat rundown condition by JWERC, an extenstve amount of landlord'5 work5 was iiecesskiry iu bring the bulldlng back into viublo ur. Page 4
ENANT OUNDATEON ERLY D VENAN ENTRE FOR HE ORT ARE TH D31 TEE RCH2 THE The Davenant Centre received notification on 2nd June 2017 that Lifeline had been plad into receivership and of the appDSntment of an administrator for Lifeline, to whom a clalm for the unld funds was submthd. Subsequently the London Borough of Tower Hamlets appointed CGL, a large national charlty ddivering slmilar drug recovery seNitrs to Llfeline, to take over the projett. Under thls arrangement, CGL decided to continue dellvery of the drugs recovery Setrvl from the buildlng at 183-185 Whitechapel Road. CGL ha5 Sin been occupying the premises under a Ilcense agreed with the receivers of feline, who have continued to the pay the full monthly rent speLlfied in Lifeline'5 lease, tcs end of June 2D18. From July 2018, CGL have occupied the prernises on a liTrnse. y mutual agreement, the Bangladeshs Drugs Projert who occupled 179-181 Whitechapel Road, terminated their Ica5e In March 2018, due to their inabllity lo pay the rent and the premlses were let to YMCA George Willlam5 College, Snlually on a license frotll 1st May 2018 and a 5 year lease from 1st August 2018. Followlng the Covid pandemlc the lease was rellnquished at Its mld-point on 31 Juty 2021. The Davenant Centre was abte lo continue to maintain its liquldity over thls period and had £55,447 at the Bank at the year"end12024 É84,4521. The company's cash ptssibon has continued to be closely and regularly monitored. The debt owed to London Borough of Tower Hamlets of £623,7BO was fully repald on Ilth Aprll 2023 following the sale of the propety at 179-181 Whltechapel Road for £3,450,000 on 6th March 2023 with compleb'on ts'n9 place on the Ilth rI1 2023, From 1st January 2023, the trustees have appointed Dobbln & Sulllvan, Chartered Surveyors as the property manager to fully rnanage the property at 183-185 Whltechapel Road. Surplus funds from the sale of the propety 179-181 WhItechal Roèd were Invested with CCL4 In the COIF Charllles Investrnent Fund and some c85h Is held In the CCLA Dep051t Fund, These funds totalled £3,588,299 at the year end, (2024 £3,610,S98). STATEMENT OF TRUSTEES, RESPONSIBILMES The trustee5 (who are also the dlrectors of Davenant Foundalon Formerly Oavenant Centre (The) for the purp05e5 of company lawl are responsible for preparing the Report of the Trustees and the financial Statements In accordance wlth ppllcable law and Unlteij Klngdom Accountlno Standard5 Iunlted Klngdom Generally Accepted kcoyntlng Practlce). Company law requlres the trustees to prepare financlal statements for each financial year, Under that law, the trustees have elected to prepare the financlal statements in accordènce wlth Unlted Mngdom Generally A¢pted Accounting Prarti (Unlted King(S0rn Accountyng Stsndards and appllcable law). Under company13w the truste rnust not approve the ffnanclal statements unless they are satlsfleil that they glve a true and fair view of the state of affair5 of the charitable company and of the incomlng resources and application of resources, IlUdIng the Income and expenditure, of the charftab company for that perlod. In preparing th05e financlal staternentS, the trustees are required to select suitable accounting rx)Ilthes and then apply them consistently observe the methods and principle5 in the chare8 SORP,. make judgements and estimates that are reasonable and prudent; prepare the financial statements on the goi CDncern basis unless it 15 Inapproprlate to presume that the charltable company wlll tontinue in busine55. The trustees are responsible for keeplng proper accounting records which disc105e wlth reasonable accuracy at any time the flnancial PDsition of the charitsble company and to enable them to ensure that the financial Statements comply with the compani Act 2006. They are also responsible for Safeguarding the assets of the charitsble company and hen for tsking reasonable steps fN the prevention and detection of fraud and other irregularitie5. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDtroRS So far as the trustees are aware, there is no relevant information {as defined by Section 418 of the Companles Act 2006) of which the charitsble companV5 auditors are unaware, and each tsustee has taken all the steps that they ought to have taken a5 a trustee In order to make them aware of any audit information and to establish that the charthble company's auditors are aware of that Inforrnation. Page 5
DAVEN T FOUNDA ERLY AVEN CENT ON EPORT THE AR END EES CH 202 ORTH AUDITORS The audltors, Ashfords Partnershlp LLP, wlll be proposed for Trappoinbnent at the forthcomlng Annual Geral Meets"ng. Report of the tru5tee5, incorporabng a strategic report, approved ty order of the board of trustees, as the cornpany dlreLtors, on 3 December 2025 and slgned on the bDaid'5 behalf by: J A Pulford MBE- Trustee Page 6
RE OFTHEI ENDE DITORS TO T DAVENANT F ND ENANT CENT Oplnion We have audlted the financial statemerts of Davenant FoundatSon Formerty Davenant Centre (The) (the 'charltsble company,) for the year ended 31 March 2025 whlch comprise the Statement of Financial Activities, the Balan Sheet and notes to the financial ststements, Including a summary of significant accountSng pollcles. The financlal reporting framework that h35 been applied in their preparation is applicable law arxi Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prattice). In our opinion the financial statement5: give a true and fair view of the thte of the chartiable companV5 affairs a5 at 31 March 2025 and Df its incoming resources and applicatlon of SOurces, including Its income and expenditure, for the year then ended,. have been properly prepad in accordan wlth Unlted Kingdom Generally Atpted Accounting Prattice,. and have been prepared in accordance with the requirements of the Companies Att 2006. Basis for oplnlon We conducted our audit in accordance wlth International Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our responsibili& under those standard5 are further described in the Audltors, responsibilities for the audit Df the financial statements section of oyr report. We are independent of the charitable company In accordance wlth the ethicèl requirements that are relevant to our audit of the financial statements In the UK, Includlng the FRC'S Ethical Standard, and we have fvlfilled our other ethlcal responslbllities in accordance with these requirements. We belleve that the audlt eVIden we have obtslned Is sufficient and approprlate to provlde a basis for our opinion. Concluslons relatlng to golng concern In auditing the ffnanclal statements, we have concluded that the trustees, use of the going concern bas15 of accountlng In the preparatlon of the flnancial statements Ss approprlate. Based on the work we have performed, we have not Identifled any materlal nrtaIntleS relatlng to events or condltlons that, SnLJlvldually or collectively, may cast 5ignlficant doubt on the charitable company's abllty to continue as a going concern for perlod of at least e1ve rnonths from when the ffnandal 5tatsments are authorised for issue. Our respon51bllllle5 and the responslbllltles ol the trustees with rFert to golng concern are dexrfbed In the relevant 5ertlons of thls report. Other Informatlon The trustees are responslble for the other Informatlon. The other inf¢rmaU¢n comprlses the InfOrMaon Included In the Annual Report, other than the flnanclal statements and our Report of the Independent Audltors thereon. Our opinlon on the flnancial statements does not cover the other information and, except to the extent otheNise expliclt5y stated In our report, we do not express any form of assuran conclusion thereon. In conneth'on wlth our audlt of the flnanclal statefflents, our re5ponslblllty Is to read the other inforrnation and, In dolng 50, consider whether the other information Is materlally Inconsistent with the financial statements or our knowledge obtalned In the audit or othe¢wise appear5 to be rnaterlally misstated. If we identlfy such material inconsistencles or apparent Material rn155tatsments, we are requlred to determine whether thi5 gives rise to 3 mater[81 mlsstatement in the financial statement5 thern5elves. If, based on th& work we have perforrned, we conclude that there is a materlal misstatement of this other information, we are required to report that fact. We have nothing to report in th15 regard. Opinions on other matters prescrlbed by the Companleg Act 2006 In our opinion, based tsn the work undertaken in the cour* of the audit: the information given in the RerKJrt of the Trustees for the financial year for which the financial statements are prepared is consi5tenL wY(h the financbal 5tatements,' and the Report of the Twstees ha5 been prepared In accordan with applicable legal requirements. Page 7
EPOR OFTHEI ENDEf4T DAVE ANT FOUNDATION MERLY D TRE E MEMBE THE Matters on whith we a required to report by exception In the light of the thowledge and understanding of the charitable company and its environment obtsined in the couyse of the audtt, we have not identSfied material misstatements in the Report of the Trustee5. We have nothlng to report in respett of the following matters where the Companles Act 2006 requires us to rewrt to you if. in our oplnion.. adequate accounting records have not b*n kept or returns adequats for our audit have not been recelved from branches not visited by us; or the finanaal statements are not In agreernent with the accounting records and returns; or certaln disclosures of trusteel remuneration specified by law are not made; or we have not reiVed all the information and explanations we. re.quire. for our aiidit; or the trustees were not entlued to take advantage of the small companie5 exemption from the requirement to prepare a strateglc Report or in prepartny the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responslblllties, the trustee5 (who are also the dire¢lors of the charitable company for the purpose5 of company law) are responsible for the preparation of the flnanclal statements and for being 5atr'sfied that they give a true and falr vlew, and for such Internèl control as the trustees determine is necessary tg enable the preparaty.on of flnanclal statements that are free from materlal misstatement, whether due to fraud or error. In preparing the financlal statements, the trustees are responsltrAe for assesslng the charitsble company's abl1 to contlnue as a going conrn, dlsclosing, as applicable, rnatters related to going concern and using the golng concern basls of accounting unless the twstees either intend to Ilquidak the charltable company or to ase operatlons, or have no reallslc alternative but to do 50. Page 8
REPORT E INDEPE DE T AUDITORS TO THE MEMBERS OF DAVENANT FOUNDATION CENTRE FOR THE Our responsibilitie5 for the audit of the financial statements Our Objecti are to obtsln reasonable assurantr about whether the finanoal statsments as a whole are free from mateiial mi55tatetnent, whether due to fraud or error, and to issue a Report of the Independent Audbtors that include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audY( conducted in accordance wlth ISAS (UK) will always detett a material misststement when it exlsts. Mi5Statement5 can arise from fraud or error and are considered material if, Indlvldually or in the aggregate, they could reasonably be experted to Influence the economlc decisions of users taken Dn the basis of the fir)ancial siatements. Our approach to identifying and aSSIng the rlsks of material mlsstatement In re5pett of Irregularities, induding fraud and non-complian wilh laws and regulations, was as follow5.. The engagement partn ensured that the engagement team Collective had the approprfate Cornpetee, capabilitles and skills to identify or recognise non-compliance with applicable laws ènd regulations; we Identified the laws and regulatlons applicable to the company through disCUS5ions with directors and other rnanagement, and from our commercial knowledge and experlence of the consultanry serviw sector. we f£uSed on specific laws and regulatltsns which we considered may have a dirett material effect on the flnancial Statéments or the operations of Ihe company, Including the Companies Act 2006, taxation leglslation ond data protectlon, anti-bribery, empbyrnent, and heolth and safety leglslation; we assessed the extent of compliance wlth the laws and gUlationS identified above thrtsugh maklng enqulrles of management and Snspecung legal corresponden. and Sdentlfied laws and reyulatlons were cgmrnunicated wlthin the audlt team regularly and the team remalned alert to Instances of non-complian throughout the audlt. We assessed the sUsptI1 of the cornpany's fTnandal statements to materlal mlsststement, Includlng obtalning an ut)derstanding of how fraud mlght occur, by maklng enquirles of management as to where they considered there was susceptibility tu fraud, thelr knowledge of actual, sU5perted and alleged fraud. and considering the intemal contrd5 in place to rnltlgate rlsk5 of fraud and rion-compllonce with law5 and regulatlons. To address the rqsk of fraud through management bl35 and overrlde of contro15, we.. performed analytlcal procedu to Identify any unusual or unexpeL*d relatlonshlps. tested lournal entries to Identify unusual transactlons,. - assessed whether judgements and assumptlons made In determlnlng the accounung estlmates were reasonable were indicative of potentlal blas. and Investlgated the rationale behlnd signlflcant ¢y unusual transactSons. In response to the rlsk of Irregularltles and non.compliance wlth laws and regulations, we deslgned prOdureS whlch Induded, but were not Ilmlted to.. agreeing flnancial statement dlsclosures to underlylng supporting documentation,. reading the minutes of meetings of those charged with g0veMan,. enquiring of management a5 to actual and potential litigatlon and claims. and reviewing Corresponden with HMRC, Televènt regul?tc¢s and the company's legal advlS0rs, There a inherent Ilmitations In our audit proceduies described alKve, The more rernoved that laws and regulation5 are from financial tran5action5, the less Ilkely it 15 that we would become aware of non-complian. Auditing stsndards d150 limit the audit procedures required to identify non-cornpliance wlth laws and regulatson5 to enqulry of the dlrectors and other management and the in5pectlon of regulatory and tegal Corresp)nden, if any. A further de5crfption of our re5pon5ibilitles for the audlt of the flnancial staterllent5 is located on the FSnancial Reportlng Council's website at www.frc.0rg.uk1aud0rsreSp0nslbI1itle5. Thi5 destription forms part of our Report of the l¢)dependent AudltOT5. Page 9
ORT OFTHE IND NT A Drr DAVENANT OUNDATION LY DAVEN Use of our report This report Is tnade sokly to tho chailtable companls members, as a bodyi In accordan with Chapter 3 of Part IS of the Compènie5 Art 2006. Our audit work has been undertaken SD that we might state to the charftsble company's members those matter5 we are required to stste to them In an auditorg report and for no other purpose. To the fullest ertent permitted by law, we do not accept Dr assume respDnsibility to anyone other than the charitsble company and the charitsb company's memlxrs as a body, for our audlt work, for this reporL or for the oplnions we have formed. Asho Mukun Au for nd on behalf of Ashfords Partnership LLP -116 GoOdMay Road ord Esex IG3 9UZ 3 December 2025 Page 10
DAVEN ERL AVEN FOUND ON T CENTRE HE ENT EYEARE INAN DED LA ES RCH2 31.3.25 Total funds 31.3.24 Total funds Unrestricted fijnds Restritted fvnds Note5 INCOME AND ENDOWMENTS FROM Investment income other Income 122,133 62,122 122,133 62,122 180,958 100,191 Total 184,255 184,255 281,149 EXPENDITURE ON Raising funds 106,330 106,330 79,531 Charltable activities General 26,484 26,484 52,827 Total 132,814 132,814 132,358 NET INCOME Other recognlsod 9aln$l(losses) Galnslll0sses} on revaluation of fixed assets 51,441 51,441 148,791 172,629) 172,629) 408,673 Net movement In fundg {21,188) (21,188) 557,464 RECONCILIATXON OF FUNDS Totol funds brought forward 3,721,103 2,550,000 6,271,103 5,713,639 TOTAL FUNDS CARRIED FORWARD 3,699,915 2,550,000 6,249,915 6,271,103 The notes fom) part of these flnanclal statements Page 11
DAV LY DAVE UNDATI AN NTRE FO THE MA 31.3.25 Totsi funds 31.3.24 Total funds Unrestrlcted funds Re5trf(ted nds Note5 FIXED ASSETS Investments Investrnents Investment property 3,588,299 3,588,299 2,550,000 3,610,598 2,550,000 2,550,000 3,588,299 2,550,000 6,138,299 6,160,598 CURRENT ASSETS Debtor5 Cash at bank 77,567 55,447 77.567 55,447 86,788 84,452 133.014 133,014 171,240 CREDITORS Amounts fallin9 due withln one year io (21,398) {21,398) (60,7351 NET CURRENT ASSETS 111,616 111,616 110,505 TOTAL ASSEfs LESS CURRENT LIABILITIES 3,699,915 2,550,000 6,249,915 6,271,103 NET ASSErs 3,699,915 2,550,000 6,249,915 6,271,103 FUNDS Unrestrltted funds Restrlcted ndS li 3,699,915 2,550,000 3,721,103 2,550,000 TOTAL FUNDS 6,249,915 6,271,103 These tlnandal statements have been prepared in accordance wlth the provislons applicable to tharltable tompanle5 subject to the small cornpanles reglme. The ffnandal statements v4ere approved by the Board of Trustees and authorised for Issue on 3 Detember 2025 and were slgned on Its tehalf by,. ) A Pul(d MBE . Trustee The form part of these flnancial statements Page 12
AVE ERL DA NT FOUND EN CENTRE FO TE TOT E FINANCI YEA EME 20 AR ACCOUNTING POLICIES Basls of preparing the finan¢l41 statements The financial ststements of the charitable company, which is a publlc benefit entty under FRS 102 have been prepared In accordan with the Charities SORP (FRS 1021 'Accounting and Report4ng by Charlties: Statement of Recommended Practi applicable to charit4es preparing their accounts in accordance with the Flnancial ReportiThJ standard applicable in the UK and Republic of Ireland IFRS IQ2} (effective l January 2019)., Financlal ReportiwJ Standard 102 The Flnancial Reporting Stsndard applicable In the UK and Republic of Ireland, and the Companies Act 2006. The ffnancial statements have been piepared under the historlcal cost convention, wlth the eptIon of investments which are Included at market value, as modifled by the revaluation of certsln assets. Income All income is recognised in the Statement of Flnancial ActItIeS once the charlty has entidement to the funds, it Is probable that the income will be reiVed and the amount can be measured reliobly. Expenditure Lbabilities are recognised as expendlture a5 soon as there is a legal or constructive 0[gatIon commtt1ng the charsty to that expenditure, It is probable that a transfer of economlc benefits wlll be requlred in settlement and the amount of the obllgation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all c05t related to the category. Where costs cannot be directly attrlbuted to partlcular headings they have been allocated to activities on a basis consistent wlth the use of resources, Grants offered sub]'ect to conditsons which have not been met at the year end dats are noted as a commltrnent but not arUed as expendlture. Investment property Investment propety Is shown at most recent valuation. Any aggregate surplus or deflclt arlslng from changes In farr value is reco9nised In the Ststement of Flnancial Actlvltles. The Trustees eonslder that no Depreclatlon provlslon 15 requlred on the Investment properoes. Taxatlort The charity15 exempt fmm corporatlon tax ¢]n Its charltable actlvltles. Fund accountlng General funds are unrestrlcted funds whlch are available for the use at the dlscrellorb of the Trustees In lurtheiance of the actlvlttes of the charSty and have not been designated for ottrter purpD5es, Restritted funds are fund5 whlch are to be used In accordano wSth speciflc restrlctions Imposed by donors whlch have been ralsed by the charlty for partlcular purp05e5. The cost of ralsing and administering such fund are charged agalnst the speofic fund. The aim and use of each restritted fund is set out In the notes to the financbal statements. Investrnents held at colf Investments are stated at the market value at year end after making any provisions for Impalrments or upward revaluations. Page 13 contlnued...
AVE NTF NDA ERLY DAV ANT TR THE TO THE FIN YEA CIAL ATE ENDED 31 M EN -con CH2 INVESTMENT INCOME 31.3.25 31.3.24 Rent reVable other flxed asset invest- Fll Deposit account interest 121,803 330 168,942 8,416 3,600 122,133 180,958 RAZSING FUNDS Investment management costs 31.3.25 31.3.24 Ynsurance Sundrles Management fees Propety repai Bank Chaiges Light & heat Cleanlng Water rates Irrecoverable VAT Postage and 5tatlonary Computer expenses Intere5t- LBTH overdraft Arountsncy fees Auditor5, remuneratlon Legal & professlonal fees 6,107 255 7,885 33,391 62 30,220 5,622 1,444 5,994 60 6,314 9,217 140 26,776 3,456 485 1,280 48 480 819 3,800 2,800 17,862 54 826 5,204 4,500 10,760 106,330 79,531 TRUSTEES, REMUNERAT1014 AND BENEFITS There We no trustees, remuneratlon or other benefits for the year ended 31 March 202S nor for the year ended 31 March 2024. Trustees, expense There were no trustee5' expens& paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. Page 14 contonued...
OA ANT FOUND TION LY DAV NANT CENT TH NC LSTA END D31 EMEN RCH ued EYEA 025 AFF COSTS The charity had employees dursng the year and has had none for a number of years. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIvrfIES Unrestricted funds Rthicted funds Totsl funds INCOME AND ENDOWMENTS FROM Investment income other Income 180,958 100,191 180,958 100,191 Totsl 281,149 281,149 EXPENDrruRE ON Raislng funds 78,712 819 79,531 Charftable actlvStles GerEral 52,827 52,827 Total 131,539 819 132,358 NETINCOMEI(EXPENDITURE) Transfers between funds Other recognlsed gainsl(losses) Galns on revaluauon of fix& assets 149,610 2,815,001 1819) {2,81S,001) 148,791 408,673 408,673 Net movement In fuodg 3,373,284 (2,815,820) 557,464 RECONCILIATION OF FUNDS Total fund5 brought foNard 347,819 5,365,820 5,713,639 TOTAL FUNDS CARRIED FORWARD 3,721,103 2,550,000 6,271,103 Page 15 contlnued...
FO ON RLY DAVEN TCEN NOTE TOTH FO THE FINAN ARE IAL ST DE -con 25 MARC FIXED ASSET INVESTMENTS Listed investments MARKETVALUE At l April 2024 Addition5 Impalrments 3,610,598 50,330 {72,6291 At 31 Narch 2025 3,588,299 NET BOOK VALUE At 31 March 2025 3,588,299 At 31 March 2024 3,610,598 There were no Investment assets outslde the UK. Cost or valijatson at 31 March 2025 Is represented by., Llsted Investments Valuatlon in 2024 Valuallon in 2025 C05t 408,673 {72,629} 3,252,255 3,588,299 INVESTMENT PROPERTY FAIR VALUE At l April 2024 and 31 March 2025 2,550.000 NET BOOKVALUE At 31 Maich 2025 2,550,000 At 31 Marth 2024 2,550,000 The propety at 183-185 Whitechapel Road, London, El IDN were revalued by Dobbln & Sullivan, Ch3rtered Surveyors during September 2019 at £2,550,000. The Trustees a of the oplnion that the above represents a fair value at the Balance Sheet date. Page 16 continued...
DAV NA LYD OUNDATI ENANTCEN NOT HE ANCIAL END TEME D31 AR ued YE H 2025 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Amount due from tenants Amount held by rnanaglng agents VAT Prepayments 49,214 16,907 40,295 34,884 7,150 4,459 11,446 77,567 86,788 io. CREDThORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Rent deposlt Accruals RenVSeNKe charye e1Ved In advance 3,027 15,109 3,262 3,027 54.707 3,ODI 21,398 60.735 ii. MOVEMENT IN FUNDS Net vement In funds At 31.3.25 At 1,4.24 Unrestrlcted fund General fvnd 3,721,103 (21,1881 3,699,915 Restrl¢ted fund$ General fund Property revaluatlon reserve. 1,708.929 841,071 1,708,929 841,071 2,550,OC 2,550,QCX) TOTAL FUNDS 6,271.103 (21,1881 6,249,915 Net movement In funds, Included In the above are as fotlows: Incomlng resources Resources expended Gains and losses Movement in funds Unrestricted fvnds General fund 184,255 (132,8141 (72,629) (21,L88) TOTAL FUNDS 184,255 (132,8141 (72,629) (21,L88) Page 17 contlnued...
NANT OUNDATION ERLY D ENANT CENT HE OTES THEF ANCI HE YEAR ENDED 31 ME Ts-co RCH 202 ii. MOVEMENT IN FIJNDS- continued Comparative5 for movement in funds Net movement n funds Transfers btheen fund5 At 31.3.24 At 1.4.23 Unrestritted funds General ftrnd 347,819 558,283 2,815,001 3,721,103 Restrirted funds General fund 4,524,749 841,071 Propety revaluatyon reserve. 1819) (2.815,001) 1,708,929 841,071 5,365,820 (819) (2,815,001) 2,550,000 TOTAL FUNDS 5,713,639 557,464 6,271,103 Comparauve net movement in funds, Includ& Sn the above are as follows.. Incoming resources Resour5 expended Galns and 1055es Movement In funds Unregtrlrted funds General fund 281,149 (131,539) 408,673 558,283 Restrlcted lunds General fund 1819) (819) TOTAL FUNDS 281,149 {132,3581 408,673 557,464 Page 18 continued.-.
AVENANT LYD EN OUNDATI T CENTRE FO ES EFI YEA NC TEME ENDED 31 ARC 202 ii. MOVEMENT IN FUNDS- continued A current year 12 month5 and prior year 12 months combined potIOn Is as follow5.' Net movement In funds Transfers btheen funds At 31.3.25 At 1.4.23 Unrestrirted funds General fund 347,819 537,095 2,815,OOL 3,699,915 Restricted funds General fund Propety revaluatlon reseNe. 4,524,749 841,071 1819} 12,815,001) 1,708,929 841,071 5,365,820 1819) 12,815,CQll 2,550,000 TOTAL FUNDS 5,713,639 536,276 6,249,915 A current year 12 months and prlor year 12 months comblned net movemerf In funds, Included In the above are as follows; Incomlng re50ur Resource5 expended Gains and losse5 Mt)vement In fvnds Unrejtrlcted funds General fund 465,404 (264,353) 336,044 537,095 RestrScted funds Gener41 fund (819) (8191 TOTAL FUNDS 465,404 (265,172) 336,044 536,276 Purposes ol unre5trlrted funds Unre&Acted fvnd5 represents the Surplus/deftcit on the day to day activitie5 of the charity. Purposes of restricted funds The general reStd funds represents the net book value of the freehold land and bulljlng les5 the related loans The Propety revaluadon re5eNe represents the increaseldecrease in the ts)ck value of the freehold propertie5 at falr value. The properties will be revalued every three years and any adjustments to thls value will be accounted ft)r through this reserve. Page 19 continued...
DAV NANT F UNDATI ME Y DAVE ANfcENTRE TOT RTHEY NA CIA ARE EME RC D31 20 12. CONTINGENT UABILITIES The land and btsilding were purchased by use of grant ald eXedIng £1.6 mlllion. The initial and by far the m05t substantial grants wa5 from Greater London Council IGLQ. A condition of the grant ald was that GLC and succe550tS in tltle have a mortgage charge secured on the propety to the extent of the grant aid lÉ1,093,470}. This charge wa5 for thirty years from 6 June 1984 to 5th June 2014 and has now explred. As the GLC h?5 been abolished, it is unCar who the successors in tllle are and the legal charge remains in place at the Land Registry. The mortgage Is a charge, contingent on any breaches of the conditions of grant aid and would normally be payable. RELATED PARTY DISCLOSURES 13. There were no related paty transactlons for the year ended 31 March 2025. Page 20
DAVE T FOUNDATIO DAVENA NTRE FORM DETAIL FOA srATEM YEAR E DED 31 MAR 31.3.25 31.3.24 INCOME AND ENDOWMENTS Investment income Rent recelvable Other fixed asset invest- Fll Deposlt account interest 121,803 330 168,942 8,416 3,600 122,133 180,958 other Income Insurance reimbursed Servlce charges utS1Stses recharyed Other Income Repairs rdmbjrsement 8,169 28,947 5,944 250 18,812 13,786 54,552 31,353 500 62,122 100,191 Totsl locomlng resources 184,255 281,149 EXPENDITURE Investment m)Ytagement costs Insurance Sundrle5 Management fees Property repalrs Bank Charges Ll9ht & heat Cleaning Water rates Irrecoverable VAT Postage and 5tatlonary Computer expenses Interest- LBTH overdraft Accountsncy fees Auditors, remuneration Legal & professlonal fees 6,107 255 7,885 33,391 62 30,220 5,622 1,444 5,994 6,314 9,217 140 26,776 3,456 485 1,280 48 480 8L9 3.800 2,800 17,862 826 5,204 4,500 10,760 106,330 79,531 Charltable attivltles Grants to Tenants Grants to individuals 6,790 19,694 52,827 26,484 52,827 Total resources exFended 132,814 132,358 Net income 51,441 148,791 This page does not form part of the statutory finantsèl statements Page 21