2021-12-31-accounts - Quentin Blake Centre For Illustration

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House of Illustration Trustees, Report and Financial Statements for the year ended 31 December 2021 Registered Company Number 04484943 Registered Charity Number 1095210

House of Illustration Trustees Report for the year ended 31 December 2021 Report of the Trustees The Trustees (who are also directors of the ch&rity for the purpose of the Companies Act) present their annual report together with the financial statements of House of Illustration (the company and gTOUP, now known &s Quentin Bl&ke Centre for Illustr&tion) for the year that ended on 31 December 2021. The Trustees confirm that the annual report and financi statements of the company and the gTOUP comply with the current st&tutory requirements, the requirements of the company &nd the gTOUP'S governing document and the provisions of the Statement of Recommended Practice - Accounting&nd Reportingby Charities.. SORP, which is &pplicable to ch&rities preparing their accounts in &ccord&nce with FRS 102.

House of Illustration Trustees Report forthe year ended 31 December 2021 From Granary Square to New River Head From 2014 until March 2020, we ran our first public sp&ce from rented premises in Granary Square, Kings Cross. This enabled us to test public appetite for our exhibitions (in London and on tour), events and education progTammes, re&ching an &udience of Imn and gTowing our work with illustrators, schools and communities. In 2019, with the support of founder Sir Quentin Blake, we purchased the le&se for New River Head, a complex of disused 18tli_ &nd 19tli_ century industrial heritage buildings set within half &n acre of land in Clei'kenwelL New River Head will be developed into the Quentin Blake Centre for Illustration, offering several gallery spaces, a dedic&ted learningstudio &nd project space, and a café, shop and wdens. We ceased our activities at Gran&ry Square at the outset of the Covid- 19 pandemic in March 2020. However, we have continued to tour exhibitions and develop our learning and participation progT&mmes off-site and online while developing plans for the new Centre.

House of Illustration Trustees Report forthe year ended 31 December 2021 Exhibiting exciting and original practice Exhibitions We shared six exhibitions in 2021 in partnership with host organisations in Winchester, Pen&rth, Derby, London, Amsterdam and Ely. Raymond Briggs: A Retrospective The Gallery, Winchester Discovery Centre: 17 May - 18 August 2021 Hosted by Hampshire Cultur&l Trust, our exhibition Raylnond Brigg&' A Retrospectiue opened on the first day that Covid restrictions were lifted on museums and galleries. We conserved and c&t&logued more than 100 original illustrations from Briggs's archive for titles including iconic picture book Fungus the Bogeyman, &poc&lyptic satire When the Wind Blows and pioneering gT&phic memoir Ethel & Ernest. With many works never seen outside the artists, studio, the exhibition celebrated Briggs &s an exceptional draughtsperson, typogTapher and story6eller. Despite continuing social distancing restrictions, the exhibition attracted 3,331 people, with timed tickets sold out during weekends. "Themes of class, family, love, politics &nd death, with doses of humour and melancholy, anchoring the fantastical in the everyday." Art Quarterly "Timed perfectly and in sync with audiences, interest in gTief, memory and loss." Hampshire Cultural Trust 'Very interesting and inform&tive' fascinatingto see his processes and the images were wonderful." Exhibition visitor

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Date: 31/10/2022

House of Illustration

Consolidated Statement of Financial Activities

(incorporating an income and expenditure account)

For the year ended 31 December 2021

Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities: Trading activities Investments 5 Total income Expenditure on: Raising funds: Voluntary income 6 Trading activities Charitable activities 6 Total expenditure Net gains / (losses) on investments 7 Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward Net income / (expenditure) for the year Net income / (expenditure) before net gains / (losses) on investments	Restricted Funds £ 481,345 - - - 481,345 - - 45,301 45,301 436,044 - 436,044 - 436,044 2,992,688 3,428,732	Unrestricted Funds £ 367,513 139,439 73,443 13 580,408 72,526 1,797 570,804 645,127 (64,719) - (64,719) - (64,719) (844,596) (909,315)	2021 Total Funds £ 848,858 139,439 73,443 13 1,061,753 72,526 1,797 616,105 690,428 371,325 - 371,325 - 371,325 2,148,092 2,519,417	2020 Total Funds £ 392,333 139,122 73,886 116
				605,457
				41,626 104,179 1,147,796
				1,293,601
				(688,144) -
				(688,144) -
				(688,144) 2,836,236
				2,148,092

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

House of Illustration Balance sheet As at 31 December 2021

Group 2021 £ 3,298,034 -	Group 2020 £ 3,120,129 -	Charity 2021 £ 3,298,034 1	Charity 2020 £ 3,120,129 1
3,298,034	3,120,129	3,298,035	3,120,130
365,369 452,978	241,559 191,149	700,026 437,969	472,463 160,209
818,347 (366,964)	432,708 (534,745)	1,137,995 (366,922)	632,672 (359,706)
451,383	(102,037)	771,073	272,966
(1,230,000)	(870,000)	(1,230,000)	(870,000)
2,519,417	2,148,092	2,839,108	2,523,096
3,428,732 (909,315)	2,992,688 (844,596)	3,428,732 (589,624)	2,992,688 (469,592)
2,519,417	2,148,092	2,839,108	2,523,096

The financial statements have been prepared in accordance with the special provisions for small companies under Part15 of the Companies Act 2006.

Approved by the trustees on 31 October 2022. and signed on their behalf by:

John Kampfner Chair of Board of Trustees

Company registration no. 04484943

The attached notes form part of the financial statements.

For the year ended 31 December 2021

House of Illustration

Consolidated Statement of cash flows

Note 2021 £ Cash flows from operating activities: Net cash provided by / (used in) operating activities 17 Cash flows from investing activities: Interest/ rent/ dividends from investments - Sale/ (purchase) of fixed assets (178,363) Cash provided by / (used in) investing activities Cash flows from financing activities: Cash inflows from new borrowing 400,000 Cash outflows from repaid borrowing (40,000) Cash provided by / (used in) financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 18 Change in cash and cash equivalents due to exchange rate movements	2021 £ 80,192 (178,363) 360,000	2020 £ - (247,818)	2020 £ (529,842) (247,818) 885,000
400,000 (40,000)		885,000 -

	261,829 191,149 -		107,340 83,809 -
	452,978		191,149

House of Illustration Notes to the financial statements For the year ended 31 December 2021

1 Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

In 2020 House of Illustration raised a £1 million loan facility from Architectural Heritage Fund to cover the costs of obtaining planning permission for the redevelopment of its new site at New River Head and its operating costs while doing so. In February 2022 the Islington Planning Committee resolved to grant planning and listed building consent for the proposed redevelopment subject to conditions and a s106 legal agreement being signed. In September 2022, Architectural Heritage Fund extended the repayment date of its loan facility to 30th November 2022 to allow House of Illustration further time to raise replacement finance. House of Illustration is in advanced negotiations with a new finance provider who has indicated that it is willing to lend nearly £2 million, £1 million as soon as planning consent and s106 are finalised, to enable House of Illustration to repay Architectural Heritage Fund, with the balance to be made available on reaching certain fundraising targets. Architectural Heritage Fund is party to the discussions with the new finance provider and has indicated that it will not call in its loan on the due date pending the imminent finalisation of planning, s106 and the new financing. In the first quarter of 2022, House of Illustration received a £1 million unrestricted donation from a longstanding supporter which will help to fund its operating deficit during the redevelopment of New River Head. House of Illustration’s ability to fund its accumulated operating deficit at 31st December 2021, and any such deficits arising in future years, and to repay debt is further assured through a generous bequest. Accordingly, the trustees consider that there are no material uncertainties about the group’s ability to continue as a going concern.

In common with many charities, House of Illustration relies upon fundraising events and donations for a substantial part of its annual income. Inevitably, there is some uncertainty in estimating these amounts and, accordingly, the trustees take a prudent view of them when considering the group’s cash flow projections.

c) Basis of consolidation These financial statements consolidate the results of the charity and its wholly-owned subsidiary House of Illustration Trading Company Limited on a line by line basis. Transactions and balances between the charity and its subsidiary have been eliminated from the consolidated financial statements. Balances between the companies are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

d) Income

Incoming resources are recognised in the period in which the group is entitled to receive them and the amount can be measured with reasonable certainty and it is probable that income will be received. Income is deferred only when the group has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Grants from government and other agencies have been included as income from activities in furtherance of the group's objectives where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding.

e) Expenditure Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered.

Expenditure comprises the following:

a. The costs of activities in furtherance of the charity's objectives comprise expenditure on the charity's primary charitable purposes as described in the trustees' report.
b. The costs of raising funds comprises the expenditure incurred by the trading company and the charity and consists of salaries, direct costs and overheads.
c. Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the group it is necessary to provide support in the form of financial procedures, provision of office services and equipment and a suitable working environment. Salary costs have been allocated based on staff time.

House of Illustration Notes to the financial statements For the year ended 31 December 2021

1. Accounting policies (continued)

f) Tangible fixed assets

Assets costing in excess of £250 and with an expected useful life exceeding one year are capitalised.

Depreciation is charged on these assets at the following annual rates in order to write them off over their estimated useful lives:

Long Term Leasehold Property Over the period of the lease Fixtures & Fittings 25% straight line Computer equipment 20% straight line Other fixed assets 20% straight line

No Depreciation is provided for New River Head lease, since the trustees believe it to be appreciating in value.

g) Investments

Investment in the subsidiary company is stated in the charity at cost.

h) Stocks

Stocks are valued at lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

i) Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the life of the lease.

Assets purchased under hire purchase agreements are capitalised as fixed assets. Obligations under such agreements are included in creditors. Charges are written off to the SOFA over the period of the agreement so as to produce a constant periodic rate of charge.

j) Fund accounting

The unrestricted fund comprises those monies which may be used towards meeting the charitable objectives of the group and which may be applied at the discretion of the trustees.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donorimposed conditions.

House of Illustration Notes to the financial statements For the year ended 31 December 2021

2 Detailed comparatives for the consolidated statement of financial activities

Income from: Donations and legacies Charitable activities Other trading activities: Trading activities Investment income Total income Expenditure on: Raising funds: Voluntary income Trading activities Charitable activities Total expenditure Reconciliation of funds: 3 Income from donations and legacies Trusts & Foundations and Individual donations Furlough grant 4 Income from charitable activities Exhibition admissions, touring fees and education and event programme Total income from charitable activities 5 Investments Interest Net income / (expenditure) before net gains / (losses) on investments Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward Net gains / (losses) on investments Net (expenditure) for the year	Restricted Funds £ 481,345 - 481,345 Restricted Funds £ - - Restricted Funds £ - -	2020 Restricted Funds £ 19,285 37,769 - - 57,054 - - 164,664 164,664 (107,610) - (107,610) - (107,610) 3,100,298 2,992,688 Unrestricted Funds £ 330,627 36,886 367,513 Unrestricted Funds £ 139,439 139,439 Unrestricted Funds £ 13 13	2020 Unrestricted Funds £ 373,048 101,353 73,886 116 548,403 41,626 104,179 983,132 1,128,937 (580,534) - (580,534) - (580,534) (264,062) (844,596) 2021 Total Funds £ 811,972 36,886 848,858 2021 Total Funds £ 139,439 139,439 2021 Total Funds £ 13 13	2020 Total Funds £ 392,333 139,122 73,886 116
				605,457
				41,626 104,179 1,147,796
				1,293,601
				(688,144) -
				(688,144) -
				(688,144) - 2,836,236
				2,148,092
				2020 Total Funds £ 304,970 87,363
				392,333
				2020 Total Funds £ 139,122
				139,122
				2020 Total Funds £ 116
				116

House of Illustration

Notes to the financial statements For the year ended 31 December 2021

6 Analysis of expenditure

Charitable activities £ 267,199 - - - 61,361 75,323 - 2,626 4,265 - - - - - - -	Cost of raising funds	Cost of raising funds	Support costs £ 66,880 10,075 - - - - 14,925 - 86,713 8,923 5,775 4,056 458 - - 7,526	2021 Total £ 404,749 10,075 3,693 (40) 61,361 75,323 14,925 2,626 90,978 8,923 5,775 4,056 458 - - 7,526	2020 Total £ 462,484 8,970 1,690 62,702 70,972 52,666 13,887 3,271 92,273 283,003 21,730 45,049 7,942 7,431 150,226 9,305
	Voluntary income £ 68,833 3,693 - - - - - - - - - - - - -	Trading activities £ 1,837 - (40) - - - - - - - - - - - -
410,774 205,331	72,526 -	1,797 -	205,331 (205,331)	690,428 -	1,293,601 2019 Total £ 490,783 8,345 90 92,718 180,272 80,148 16,272 13,061 89,821 189,349 38,315 35,955 43,724 - 127,851 16,174
616,105	72,526	1,797	-	690,428
1,147,796	41,626	104,179	-	1,293,601
Charitable £ 321,059 - - - 70,972 52,666 - 3,271 3,023 261,805 - - - - 150,226 -			Support £ 60,012 8,970 - - - - 13,887 - 89,250 21,198 21,730 45,049 7,942 7,431 - 9,305	2020 Total £ 462,484 8,970 1,690 62,702 70,972 52,666 13,887 3,271 92,273 283,003 21,730 45,049 7,942 7,431 150,226 9,305
	Voluntary 39,936 - 1,690 - - - - - - - - - - - - -	Trading £ 41,477 - - 62,702 - - - - - - - - - - - -
863,022 284,774	41,626 -	104,179 -	284,774 (284,774)	1,293,601 -	1,422,878
1,147,796	41,626	104,179	-	1,293,601
1,224,760	55,920	142,198	-	1,422,878

House of Illustration Notes to the financial statements For the year ended 31 December 2021

7 Net income / (expenditure) for the year

This is stated after charging / (crediting): Depreciation Auditor's remuneration: Audit fees net of VAT	2021 £ 458 7,500	2020 £ 7,942 7,500

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows: Salaries and wages Social security costs Employer’s contribution to defined contribution pension schemes	2021 £ 373,442 31,307 10,075	2020 £ 433,118 29,366 8,970
	414,824	471,454

The following number of employees received employee benefits (excluding employer pension) during the year between:

		2021	2020
		No.	No.
£70,000	-£79,000	1	-

The total employee benefits including pension contributions of the key management personnel were £87,727 (2020: £61,246 ).

The charity trustees were not paid and did not receive any other benefits from employment with the charity or its subsidiary in the year (2020: £nil). Neither were they reimbursed expenses during the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Charitable activities	2021 No. 13	2020 No. 12
	13	12

9 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

House of Illustration Notes to the financial statements For the year ended 31 December 2021

Long Term Leasehold Property £ 3,554,614 173,668 (434,485)	Fixtures & Fittings £ - - -	Computer equipment £ - 4,695 -	Other fixed assets £ 57,760 - (57,760)	Total £ 3,612,374 178,363 (492,245)
3,293,797	-	4,695	-	3,298,492
434,485 - - (434,485)	- - - -	- 458 - -	57,760 - - (57,760)	492,245 458 - (492,245)
-	-	458	-	458
3,120,129	-	-	-	3,120,129
3,293,797	-	4,237	-	3,298,034
Long Term Leasehold Property £ 3,120,129 173,668 -	Fixtures & Fittings £ - - -	Computer equipment £ - 4,695 -	Other fixed assets £ 57,760 - (57,760)	Total £ 3,177,889 178,363 (57,760)
3,293,797	-	4,695	-	3,298,492
- - -	- - -	- 458 -	57,760 - (57,760)	57,760 458 (57,760)
-	-	458	-	458
3,120,129	-	-	-	3,120,129
3,293,797	-	4,237	-	3,298,034

House of Illustration Notes to the financial statements For the year ended 31 December 2021

11 Investments

Quentin Blake Centre Trading Company Ltd

At 31 December 2021 House of Illustration owned the entire called up share capital of 1 ordinary £1 shares in Quentin Blake Centre Trading Company Ltd, a company incorporated in the United Kingdom.

Turnover Cost of sales Gross profit Administration expenses Operating profit Interest payable Profit before tax Tax on (loss)/profit Profit after tax Retained earning at the beginning of the year Retained in subsidiary	2021 £ 73,443 40	2020 £ 73,886 (63,904)
	73,483 (3,164)	9,982 (299,404)
	70,319 (15,000)	(289,422) (15,000)
	55,319 -	(304,422) -
	55,319 (375,010) (319,691)	(304,422) (70,588) (375,010)

At 31 December 2021, the aggregate of the share capital and reserves of Quentin Blake Centre Trading Company Ltd amounted to £319,691 deficit (2020 - £375,010 deficit).

Group 2021 £ 18,957 - 105,752 240,660	Group 2020 £ 6,446 - 8,419 226,694	Charity 2021 £ 2,732 350,882 105,752 240,660	Charity 2020 £ 2,190 235,160 8,419 226,694
365,369	241,559	700,026	472,463
Group 2021 £ 29,444 23,404 280,000 34,116	Group 2020 £ 77,805 14,025 280,000 162,915	Charity 2021 £ 29,402 23,404 280,000 34,116	Charity 2020 £ 23,590 14,025 280,000 42,091
366,964	534,745	366,922	359,706

Other loans have interest charged at Bank of England Base Rate plus 2.25% amounting to 2.5% at year end and are repayable on demand. Deferred income of £23,445(2020: £Nil) is included within accruals and deferred income above.

14 Creditors: amounts falling due after more than one year Other loans	Group 2021 £ 1,230,000	Group 2020 £ 870,000	Charity 2021 £ 1,230,000	Charity 2020 £ 870,000
	1,230,000	870,000	1,230,000	870,000

Other loans include amounts lent to the charity interest- free by the trustees and a loan received from The Architectural Heritage Fund. The Architectural Heritage Fund Loan is secured over the New River Head Leasehold Property and interest paid between 4.25% to 5%. Please refer to note 22 concerning the refinancing and repayment date of the Architectural Heritage Fund loan.

House of Illustration Notes to the financial statements For the year ended 31 December 2021

15 Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets Current assets Creditors due within one year Creditors due more than one year Net assets at the end of the year	General Unrestricted Funds £ 4,237 403,412 (86,964) (1,230,000)	Designated Funds £ - - - -	Restricted Funds £ 3,293,797 414,935 (280,000) -	Total funds £ 3,298,034 818,347 (366,964) (1,230,000)
	(909,315)	-	3,428,732	2,519,417

Analysis of net assets between funds - prior year

Analysis of net assets between funds - prior year
Tangible fixed assets Current assets Creditors due within one year Creditors due more than one year Net assets at the end of the year	General Unrestricted Funds £ - 280,149 (254,745) (870,000)	Designated Funds £ - - - -	Restricted Funds £ 3,120,129 152,559 (280,000) -	Total funds £ 3,120,129 432,708 (534,745) (870,000)
	(844,596)	-	2,992,688	2,148,092

£ 10,001 7,000 2,975,687 - At the start of the year	£ 22,000 39,125 410,720 9,500 Incoming resources & gains	£ (28,801) (7,000) - (9,500) Outgoing resources & losses	Transfers £ - - - -	£ 3,200 39,125 3,386,407 - At the end of the year
2,992,688	481,345	(45,301)	-	3,428,732

(844,596)	580,408	(645,127)	-	(909,315)

2,148,092	1,061,753	(690,428)	-	2,519,417
£ 5,236 66,665 50,435 2,975,687 2,275 At the start of the year	£ 37,769 - 14,285 - 5,000 Incoming resources & gains	£ (33,004) (66,665) (57,720) - (7,275) Outgoing resources & losses	Transfers £ - - - - -	£ 10,001 - 7,000 2,975,687 - At the end of the year
3,100,298	57,054	(164,664)	-	2,992,688

(264,062)	548,403	(1,128,937)	-	(844,596)

2,836,236	605,457	(1,293,601)	-	2,148,092

House of Illustration Notes to the financial statements For the year ended 31 December 2021

Purposes of restricted funds

Education

The fund includes a diverse range of projects, partnerships and commissions targeting specific beneficiaries and participants. These projects include our:

Family and accessible family programmes
Primary school programmes and projects
Pathways programme
Illustrators in schools programme

Exhibitions and Gallery

Funding for the ‘George Him’ exhibition and an online collection. Support was also given towards our ‘Illustrator in Residence’ programme and tour of the 'Journeys Drawn: Illustrating the Refugee crisis' exhibition.

New Building Fund

Donations financed the acquisition of our new permanent home, New River Head in 2019 and professional fees relating to design and development fees.

Other

Funding for our Gorkana press database.

17 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period (as per the consolidated statement of financial activities) Depreciation Impairment loss (Increase)/ decrease in stock (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by / (used in) operating activities	2021 £ 371,325 458 - - (123,810) (167,781)	2020 £ (688,144) 7,942 150,226 46,048 19,190 (65,104)
	80,192	(529,842)

18 Analysis of cash and cash equivalents

Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents	£ 191,149 At 1 January 2021	Cash flows £ 261,829	£ - Other changes	£ 452,978 At 31 December 2021
	191,149	261,829	-	452,978

House of Illustration Notes to the financial statements For the year ended 31 December 2021

19 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

1 year 2 - 5 years After more than 5 years	2021 2020 £ £ 1 1 4 4 243 244 248 249 Group Property	2021 2020 £ £ 1 1 4 4 243 244 248 249 Group Property	2021 2020 £ £ 1 1 4 4 243 244 248 249 Charity Property	2021 2020 £ £ 1 1 4 4 243 244 248 249 Charity Property
	248	249	248	249

20 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

21 Related party transactions

There are no related party transactions to disclose for the year.

22. Post balance sheet events

In the first quarter of 2022, House of Illustration received a £1 million unrestricted donation from a longstanding supporter which will help to fund its operating deficit during the redevelopment of New River Head.

In February 2022 the Islington Planning Committee resolved to grant planning and listed building consent for the proposed redevelopment subject to conditions and a s106 legal agreement being signed.

In September 2022, Architectural Heritage Fund extended the repayment date of its loan facility to 30th November 2022 to allow House of Illustration further time to raise replacement finance. House of Illustration is in advanced negotiations with a new finance provider who has indicated that it is willing to lend nearly £2 million, £1 million as soon as planning consent and s106 are finalised, to enable HOI to repay Architectural Heritage Fund, with the balance to be made available on reaching certain fundraising targets. Architectural Heritage Fund is party to the discussions with the new finance provider and has indicated that it will not call in its loan on the due date pending the imminent finalisation of planning, s106 and the new financing.