Taking the Tube to City Hall this morning, I finally found time to read the “official” report into the investigation by Andrew Gilligan about the misuse of public funds by organisations linked to mayoral aide Lee Jasper.

Journalists have a habit of describing reports as damning, but this one is (non-damning reports tend not to make news). And it’s only half the story.

OK, OK, I hear you – your head already hurts at the difficulty of understanding the tangled web of London Development Agency grants to organisations of which you’ve never heard.

You may even have seen a press release on either the Mayor’s or the LDA’s website claiming: “Allegations of LDA corruption false”.

Well, I challenge you to find 30 minutes to read the LDA report. It was written by the organisation’s head of finance Andrew Travers, who gave a decent account of himself before the London Assembly today. And it bears no relation to the press release.

Mr Travers’ report makes clear from the outset that four of the organisations highlighted by Andrew Gilligan are to be (or have been) referred to police.

A fifth, Brixton Base, may follow once a separate probe in completed. Mr Travers looked  only looked properly into six. The Standard named 13.

Mr Travers’ report says that mayoral advisers such as Mr Jasper have “no powers” under the LDA’s internal rules to make decisions over “operational matters” – but found that he “discussed” such matters with the LDA.

He says it is “not clear” that the LDA received value for money from Diversity International, on which it has spent around £400,000.

There are a host of other important points, but here is not the place to rehearse them. What has happened, though, is that the whole affair has put considerable strain on the Mayor’s empire – at a time when he wants to concentrate on the May election.

Radio 4's Today programme, for example, has reported on the LDA three times in less than a week – on Saturday, Monday and again today. Such coverage is unprecedented. Also, the Mayor was faced with questions on the matter on BBC London last night at a time he would rather be boasting of his achievements. There will be more tough questions to come.

It’s too much to say that something is rotten about the Livingstone administration. But the LDA affair has created a bad smell around Ken – and provided added ammunition for those who sense that it’s time for a change.