REGISTERED COMPANY NUMBER: 01799707 (England and Wales)

REGISTERED CHARITY NUMBER: 289235

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

DAVENANT FOUNDATION

FORMERLY DAVENANT CENTRE (THE)

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

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

NAME CHANGE

The name of the charity was changed to Davenant Foundation on the 4th June 2025.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's principal activities during the year continued to be that of the provision of a community centre and making grants for the educational and social benefits of the inhabitants of the London Borough of Tower Hamlets.

The community centre location is 183-185 Whitechapel Road, London, E1 1DN. The charities in occupation during the year were:

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.

The trustees consider that the Davenant Foundation is achieving its objectives through letting of the property to the above charity tenants as well as by making grants to individuals and tenants totalling £26,484 in the year (2024 £52,827).

The trustees confirm that they have given due consideration to the Charity Commission's published guidance on Public Benefit requirement under the Charities Act 2011.

STRATEGIC REPORT

Financial review

Principal funding sources

The Davenant Foundation's main source of funding during the period was from rental income derived from the letting of its property to other charities. The rental income for the year has gone down in the year due to the rent review carried out in the previous year.

Reserves policy

The total Unrestricted funds at 31st March 2025 amounted to £3,699,915 (2024 £3,721,103). These funds represent surplus/deficit on the day-to-day activities of the charity.

The total Restricted funds at 31st March 2025 amounted to £2,550,000 (2024 £2,550,000). The restricted funds represent the net book value of the freehold land and buildings.

The property revaluation reserve included within the total Restricted funds at 31st March 2025 amounted to £841,071 (2024 £841,071). These funds can only be used for any accounting adjustments in the fair value of the freehold property.

The Restricted funds cannot be used for the day-to-day activities of the charity.

Going concern

The trustees have considered the going concern position of the company and are satisfied that the company has sufficient reserves to continue to operate for the immediate future.

Summary of activities for the year

The total income receivable by the Charity in the year amounted to £184,225 (2024 £281,149). The total expenditure for the year amounted to £132,814 (2024 £132,358). The net income for the year amounted to £51,441 (2024 £148,791). The deficit mainly resulted from the decrease in the rental income.

Principal risks and uncertainties

The Davenant Foundation uses income from the community centre to make grants and increase its investment managed by CCLA. The economic climate for the past few years has been difficult for tenant charities generally who survive on donations from the public or grants from other public bodies. If the tenants are unable to pay the rent on time or go into administration or liquidation, the Davenant Foundation may have to draw down funds from its deposit account and its investments with CCLA for repairs to its building as and when they arise.

The community centre was built in 1987 and is in good condition. The trustees have commissioned a condition survey and will embark on a maintenance programme from 2026 onwards. They consider that the funds held at the bank and CCLA are sufficient to meet the cost.

Revaluation of freehold property

The property was professionally valued by Dobbin & Sullivan, Chartered Surveyors during September 2019 at an open market value of £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

The company is registered as a charitable company limited by guarantee as set up in the Memorandum of Association on 13 March 1984. The management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association. The Board of directors is made up of the trustees of the Davenant Foundation.

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

The trustees are responsible for the overall management of the charity. The trustees have appointed a firm of chartered surveyors to manage the property and provide administrative and financial services from January 2023. The trustees meet regularly to review the activities and financial performance. They also meet on informal basis as the need arises. The charity has no employees.

Induction and training of new trustees

New trustees are made aware of their responsibilities. This includes an introduction to the objectives, scope and policies of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01799707 (England and Wales)

Registered Charity number

289235

Registered office

114-116 Goodmayes Road

Ilford

Essex

IG3 9UZ

Trustees

J A Pulford MBE

G K Collins (resigned 30.3.25)

Ms C A Rider Chaplain

Ms R Nizamuddin Sustainability Programme Manager

Ms T A C Baird Architect

Company Secretary

Senior Statutory Auditor

Ashok Mukundlal Shah

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

BACKGROUND INFORMATION OF THE CHARITY

The Davenant Centre was established in a former GLC-owned building that was transferred by Grant Aid, along with land to build the neighbouring Jaganori Centre, to the trustees of the Centre in 1984 by the formation of a Company Limited by guarantee.

During 2006, The Davenant Centre encountered significant internal management problems during a building modernisation project, culminating in lengthy litigation proceedings between a number of former trustees and the management committee (new trustees) resulting in payment delays to the builders, additional legals costs and interest payments on contractual liabilities.

A court order was subsequently approved in February 2007 setting out various conditions including the creation of a steering committee consisting of no more than 4 people to carry out the function of the management committee to deal with all matters arising from and relating to the financial affairs and day to day business of the Centre.

During 2007 and 2008, The Davenant Centre had serious financial problems resulting from delays in completion of the modernisation project and the consequent loss of revenue from rental income of the building. This led to the Centre defaulting on Loan repayments to its bank and the renegotiation of the facilities.

In the early part of 2009, London Borough of Tower Hamlets considered that there would be a very high risk that a high profile community asset which had benefited from significant public investment, would be lost and advanced further funding facilities in subordination to the NatWest Loan facilities, subject to a number of conditions.

As part of the financial restructuring, the Davenant Centre was taken into administration in July 2009. The NatWest Bank loan terms were further renegotiated and the London Borough of Tower Hamlets advanced additional funding facilities to the Centre. Four senior officers of the London Borough of Tower Hamlets were appointed to the Board of trustees to ensure correct governance of the organisation. As trustees, they were required to take a disinterested view in the affairs independently from their responsibilities as Council officers.

From this point, the Davenant Centre embarked upon a business recovery process aimed at ensuring that it was able to pay all outgoings from its income and that the two buildings in its portfolio remained available for community use. The trustees ensured that the Charity's debt repayments were met on time and focused on reducing the total debt of the charity.

As part of this recovery process, in a bid to reduce the outgoings, the trustees decided to change its business model from letting of serviced offices to granting leases to single occupiers for property. The buildings were let out to two separate charities whose aims and objectives correlated to those of the Davenant Centre.

During the financial year 2016-17, The Davenant Centre's priority had been to attract alternative income generating uses for 183-185 Whitechapel Road, following the insolvency and subsequent closure of former tenant, Jagonari Women's Education Resource Centre (JWERC) at the end of August 2015.

At the beginning of September 2015, The Davenant Centre granted a lease for the occupation of the rear nursery premises and ground floor offices to Rainbow House, a provider of important local childcare services. Efforts continued to bring the remainder of 183-185 Whitechapel Road, comprising the first, second and third floors, into revenue earning use. This included viewings by a number of community organisations and a feasibility study undertaken in conjunction with the London Borough of Tower Hamlets for converting the space for use as an enterprise workspace centre. This would have been dependent on grant funding from the Council's Whitechapel Regeneration team. The proposed grant was not subsequently forthcoming and the search for alternative tenants continued.

In November 2016, The Davenant Centre entered into a lease agreement with Lifeline, a national charity which had been awarded a drugs recovery contract by the London Borough of Tower Hamlets, to occupy the three upper floors of 183-185 Whitechapel Road. Because the building had been left in a somewhat rundown condition by JWERC, an extensive amount of landlord's works was necessary to bring the building back into viable use.

The Davenant Centre received notification on 2nd June 2017 that Lifeline had been placed into receivership and of the appointment of an administrator for Lifeline, to whom a claim for the unpaid funds was submitted. Subsequently the London Borough of Tower Hamlets appointed CGL, a large national charity delivering similar drug recovery services to Lifeline, to take over the project. Under this arrangement, CGL decided to continue delivery of the drugs recovery services from the building at 183-185 Whitechapel Road. CGL has since been occupying the premises under a license agreed with the receivers of Lifeline, who have continued to the pay the full monthly rent specified in Lifeline's lease, to end of June 2018. From July 2018, CGL have occupied the premises on a license.

By mutual agreement, the Bangladeshi Drugs Project who occupied 179-181 Whitechapel Road, terminated their lease in March 2018, due to their inability to pay the rent and the premises were let to YMCA George Williams College, initially on a license from 1st May 2018 and a 5 year lease from 1st August 2018. Following the Covid pandemic the lease was relinquished at its mid-point on 31 July 2021. The Davenant Centre was able to continue to maintain its liquidity over this period and had £55,447 at the Bank at the year-end (2024 £84,452). The company's cash position has continued to be closely and regularly monitored.

The debt owed to London Borough of Tower Hamlets of £623,780 was fully repaid on 11th April 2023 following the sale of the property at 179-181 Whitechapel Road for £3,450,000 on 6th March 2023 with completion taking place on the 11th April 2023.

From 1st January 2023, the trustees have appointed Dobbin & Sullivan, Chartered Surveyors as the property manager to fully manage the property at 183-185 Whitechapel Road.

Surplus funds from the sale of the property 179-181 Whitechapel Road were invested with CCLA in the COIF Charities Investment Fund and some cash is held in the CCLA Deposit Fund. These funds totalled £3,588,299 at the year end. (2024 £3,610,598).

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Davenant Foundation Formerly Davenant Centre (The) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charities 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.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditors are aware of that information.

AUDITORS

The auditors, Ashfords Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 3 December 2025 and signed on the board's behalf by:

J A Pulford MBE - Trustee

Opinion

We have audited the financial statements of Davenant Foundation Formerly Davenant Centre (The) (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted 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 2025 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

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this 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.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you 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

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the consultancy services sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in 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.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ashok Mukundlal Shah (Senior Statutory Auditor)

for and on behalf of Ashfords Partnership LLP

114-116 Goodmayes Road

Ilford

Esex

IG3 9UZ

3 December 2025

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Investment income

2

122,133

-

122,133

180,958

Other income

62,122

-

62,122

100,191

Total

184,255

-

184,255

281,149

EXPENDITURE ON

Raising funds

3

106,330

-

106,330

79,531

Charitable activities

General

26,484

-

26,484

52,827

Total

132,814

-

132,814

132,358

NET INCOME

51,441

-

51,441

148,791

Other recognised gains/(losses)

Gains/(losses) on revaluation of fixed assets

(72,629

)

-

(72,629

)

408,673

Net movement in funds

(21,188

)

-

(21,188

)

557,464

RECONCILIATION OF FUNDS

Total 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

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Investments

Investments

7

3,588,299

-

3,588,299

3,610,598

Investment property

8

-

2,550,000

2,550,000

2,550,000

3,588,299

2,550,000

6,138,299

6,160,598

CURRENT ASSETS

Debtors

9

77,567

-

77,567

86,788

Cash at bank

55,447

-

55,447

84,452

133,014

-

133,014

171,240

CREDITORS

Amounts falling due within one year

10

(21,398

)

-

(21,398

)

(60,735

)

NET CURRENT ASSETS

111,616

-

111,616

110,505

TOTAL ASSETS LESS CURRENT LIABILITIES

3,699,915

2,550,000

6,249,915

6,271,103

NET ASSETS

3,699,915

2,550,000

6,249,915

6,271,103

FUNDS

11

Unrestricted funds

3,699,915

3,721,103

Restricted funds

2,550,000

2,550,000

TOTAL FUNDS

6,249,915

6,271,103

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 3 December 2025 and were signed on its behalf by:

J A Pulford MBE - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in 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

General funds are unrestricted funds which are available for the use at the discretion of the Trustees in furtherance of the activities of the charity and have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purposes. The cost of raising and administering such fund are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investments held at coif

Investments are stated at the market value at year end after making any provisions for impairments or upward revaluations.

2.	INVESTMENT INCOME

31.3.25

31.3.24

£

£

Rent receivable

121,803

168,942

Other fixed asset invest - FII

330

8,416

Deposit account interest

-

3,600

122,133

180,958

3.	RAISING FUNDS

Investment management costs

31.3.25

31.3.24

£

£

Insurance

6,107

5,994

Sundries

255

60

Management fees

7,885

6,314

Property repairs

33,391

9,217

Bank Charges

62

140

Light & heat

30,220

26,776

Cleaning

5,622

3,456

Water rates

1,444

485

Irrecoverable VAT

-

1,280

Postage and stationary

54

48

Computer expenses

826

480

Interest - LBTH overdraft

-

819

Accountancy fees

5,204

3,800

Auditors' remuneration

4,500

2,800

Legal & professional fees

10,760

17,862

106,330

79,531

4.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

5.	STAFF COSTS

The charity had no employees during the year and has had none for a number of years.

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Investment income

180,958

-

180,958

Other income

100,191

-

100,191

Total

281,149

-

281,149

EXPENDITURE ON

Raising funds

78,712

819

79,531

Charitable activities

General

52,827

-

52,827

Total

131,539

819

132,358

NET INCOME/(EXPENDITURE)

149,610

(819

)

148,791

Transfers between funds

2,815,001

(2,815,001

)

-

Other recognised gains/(losses)

Gains on revaluation of fixed assets

408,673

-

408,673

Net movement in funds

3,373,284

(2,815,820

)

557,464

RECONCILIATION OF FUNDS

Total funds brought forward

347,819

5,365,820

5,713,639

TOTAL FUNDS CARRIED FORWARD

3,721,103

2,550,000

6,271,103

7.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 April 2024

3,610,598

Additions

50,330

Impairments

(72,629

)

At 31 March 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 outside the UK.

Cost or valuation at 31 March 2025 is represented by:

Listed

investments

£

Valuation in 2024

408,673

Valuation in 2025

(72,629

)

Cost

3,252,255

3,588,299

8.	INVESTMENT PROPERTY

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

2,550,000

NET BOOK VALUE

At 31 March 2025

2,550,000

At 31 March 2024

2,550,000

The property at 183-185 Whitechapel Road, London, E1 1DN were revalued by Dobbin & Sullivan, Chartered Surveyors during September 2019 at £2,550,000. The Trustees are of the opinion that the above represents a fair value at the Balance Sheet date.

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Amount due from tenants

49,214

40,295

Amount held by managing agents

16,907

34,884

VAT

-

7,150

Prepayments

11,446

4,459

77,567

86,788

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Rent deposit

3,027

3,027

Accruals

15,109

54,707

Rent/Service charge received in advance

3,262

3,001

21,398

60,735

11.	MOVEMENT IN FUNDS

Net

movement

At

At 1.4.24

in funds

31.3.25

£

£

£

Unrestricted funds

General fund

3,721,103

(21,188

)

3,699,915

Restricted funds

General fund

1,708,929

-

1,708,929

Property revaluation reserve.

841,071

-

841,071

2,550,000

-

2,550,000

TOTAL FUNDS

6,271,103

(21,188

)

6,249,915

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

184,255

(132,814

)

(72,629

)

(21,188

)

TOTAL FUNDS

184,255

(132,814

)

(72,629

)

(21,188

)

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.4.23

in funds

funds

31.3.24

£

£

£

£

Unrestricted funds

General fund

347,819

558,283

2,815,001

3,721,103

Restricted funds

General fund

4,524,749

(819

)

(2,815,001

)

1,708,929

Property revaluation reserve.

841,071

-

-

841,071

5,365,820

(819

)

(2,815,001

)

2,550,000

TOTAL FUNDS

5,713,639

557,464

-

6,271,103

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

281,149

(131,539

)

408,673

558,283

Restricted funds

General fund

-

(819

)

-

(819

)

TOTAL FUNDS

281,149

(132,358

)

408,673

557,464