2022-12-31-accounts - Quentin Blake Centre For Illustration

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Quentin Blake Centre for Illustration Trustees, Report and Financial Statements for the yeajr ended 31 December 2022 Registered Company Number 04484943 Registered Charity Number 1095210

Date: 6 June 2023

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Quentin Blake Centre forIllustration Trustees Report for the ye&r ended 31 December 2022 Pdu. Ci'L.4Jtr L.1 tsiui.eL' Muniniersmask and Ritiial Cards froni Ylew River Folk. lost Spring5. ComingSprin¥an install&tionby Sli&rp&y 11 ex]iibitioiiby Lallra Copsey and Pliilip Crewe&toiir Chenyiiè Yiiiin &t oiir Ceiitre in Pi'ogres5 eveiit &t New Ceiitre iii PiogYes5 eveiit &t NewRiver Head p&rtof RiverHe&d p&rtof Open House Festival 2022. Opeii Hoiise Festiv&l 2022. Gr&duate Illustrator in Residence Sh&rpay Chenyuè Yuan's epic 25-metre-long dr&wingLost Springs, Comingspringwas installed in the 19t]Lcentury Co Stores. Her illustration layered observational drawing with references to the site's 400-year history as a lltur beauty spot that became an industrial hub and a target for s&boteurs. In collaboration with Sharpay, we designed a creative consultation activity that saw her large-sc&le drawing of an empty New River Head populated with over 650 CharaterS created byvisitors, telling us why they had visited, what would draw them back and what would make them feel welcome. With the mAiority of people wanting to see art, exhibitions, and illustr&tions at the new Centre, stating that this would be the reaon to visit regularly. People also w&nted to learn something new, expressing an interest in workshops, courses, events, learning, with information and interactive elements. Water &nd culture, &nd 'engineering and architecture, were the heritage areas of the site that attendees were the most interested in and a café was the priority in terms of facilities. 'Iwas fascinated by the exhibition and fell in loue with the space. Euerything was so u7ell staged including the creatiue feedback task. all the helpers gaue a louely warm U7elcome as ujell asprouiding helpthl background informatio. 19

Quentin Blake Centre forIllustration Trustees Report for the ye&r ended 31 December 2022 Empowering young illustrators through their schools School projects We re-launched our in-person, in-school illustration workshops in 2022, and 550 students h&ve &lready participated. Seven schools eng&ged in bespoke workshops bringing to life their classroom topic, from character design inspired by & specific book, to exploring their personal anti-racism heroes. In i'ecruiting schools, we targeted specifically those in C&mden, Islington and the boroughs along the New River, and with high percent&ges of pupils receiving Free School Meals. Longer-term, multi-session projects allowed schools to experience different techniques, &nd work towards a larger collaborative piece. Across five days and three cl&sses, HargTave Park students created & multi-level display of pop-ups, screen printing and character design, celebrating their local are& and its residents. A further four schools engaged online using our Let's Illustr&te resources, distributed free via the Islington Council's Ilxll cultural educ&tion scheme. 'Lily was engaging and clear in their instructions. The workshop was well resourced and there was cZearprogTession in the children's skills. We then used some ofthe content ofthe workshop to inform our subsequent art lessons." Teacher "Working with a real life artist is a fantastic experience and the artwork the childrenproduced u7as amazingl. Supporting teaKhers 25 teachers attended a half-d&y online workshop for teachers in Kirkby, alongside our touring exhibition Quentin Blake.'Illustrating Verse, and a full-day in-person event for Primary Art Lead teachers in Epsom. Te3herS were supported to try out new illustration techniques, reflect with peers on their experience, and build confidence in using illustration &cross the curriculum. They learnt about the value of illustration in society and planned how to share their new knowledge and ideas with colleaglles across their school. IOOYO of &ttendingteachers would recommend the course to colleagues. 23

Quentin Blake Centre forIllustration Trustees Report for the ye&r ended 31 December 2022 Developing a sustainable business and operating model A new home at New Biver Head MAior milestones were re&ched in the project to open up New River He&d as the Quentin Bl&ke Centre for Illustration. Islington Council resolved to gT&nt planning and listed buildings consent in February 2022. Several ]0r foundational gTants nd pledges were received, along with & N&tional Lottery Heritage Fund gTant. We continued to develop the project towards RIBA Stage 4, workingwith Tim Ronalds Architects who are leading a specialist team of structural and service engineers, acousticians and transport consultants, with J&yne Earnscliffe Associates advising on aCess. 25

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Date: 28 June 2023

Quentin Blake Centre for Illustration

Consolidated Statement of Financial Activities

(incorporating an income and expenditure account)

For the year ended 31 December 2022

				2022	2021
		Restricted	Unrestricted	Total	Total
		Funds	Funds	Funds	Funds
	Note	£	£	£	£
Income from:
Donations and legacies	3	547,509	1,446,122	1,993,631	848,858
Charitable activities	4	-	117,245	117,245	139,439
Other trading activities:
Trading activities		-	79,493	79,493	73,443
Investments	5	-	2,617	2,617	13
Total income		547,509	1,645,477	2,192,986	1,061,753
Expenditure on:
Raising funds:
Voluntary income		-	97,501	97,501	72,526
Trading activities		-	14,418	14,418	1,797
Charitable activities		48,238	546,354	594,592	616,105
Total expenditure	6	48,238	658,273	706,511	690,428
Net income / (expenditure) before net		499,271	987,204	1,486,475	371,325
gains / (losses) on investments
Net gains / (losses) on investments		-	-	-	-
Net income / (expenditure) for the year	7	499,271	987,204	1,486,475	371,325
Transfers between funds		-	-	-	-
Net movement in funds		499,271	987,204	1,486,475	371,325
Reconciliation of funds:
Total funds brought forward		3,428,732	(909,315)	2,519,417	2,148,092
Total funds carried forward		3,928,003	77,889	4,005,892	2,519,417

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

Quentin Blake Centre for Illustration

Balance sheet

As at 31 December 2022

Group 2022 £ 3,501,071 -	Group 2021 £ 3,298,034 -	Charity 2022 £ 3,501,071 1	Charity 2021 £ 3,298,034 1
3,501,071	3,298,034	3,501,072	3,298,035
419,780 1,354,905	365,369 452,978	811,683 1,231,044	700,026 437,969
1,774,685 (64,864)	818,347 (366,964)	2,042,727 (64,846)	1,137,995 (366,922)
1,709,821	451,383	1,977,881	771,073
(1,205,000)	(1,230,000)	(1,205,000)	(1,230,000)
4,005,892	2,519,417	4,273,953	2,839,108
3,928,003 77,889	3,428,732 (909,315)	3,928,003 345,950	3,428,732 (589,624)
4,005,892	2,519,417	4,273,953	2,839,108

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 06 June 2023 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.

Quentin Blake Centre for Illustration

Consolidated Statement of cash flows

For the year ended 31 December 2022

Note 2022 £ Cash flows from operating activities: Net cash provided by / (used in) operating activities 17 Cash flows from investing activities: Interest/ rent/ dividends from investments 2,617 Sale/ (purchase) of fixed assets (207,013) Cash provided by / (used in) investing activities Cash flows from financing activities: Cash inflows from new borrowing - Cash outflows from repaid borrowing (305,000) 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	2022 £ 1,411,323 (204,396) (305,000)	2021 £ 13 (178,363)	2021 £ 80,179 (178,350) 360,000
- (305,000)		400,000 (40,000)

	901,927 452,978 -		261,829 191,149 -
	1,354,905		452,978

Quentin Blake Centre for Illustration Notes to the financial statements For the year ended 31 December 2022

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 Quentin Blake Centre for 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. The Architectural Heritage Fund have extended the repayment date of its loan facility to allow Quentin Blake Centre for Illustration further time to raise replacement finance.

Quentin Blake Centre for 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 Quentin Blake Centre 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.

Quentin Blake Centre for ability to fund any operating deficits arising in future years, and to repay debt is further assured through a generous bequest. Accordingly, the trustees consider that there are

In common with many charities, Quentin Blake Centre for 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 cash flow projections.

c) Basis of consolidation

These financial statements consolidate the results of the charity and its wholly-owned subsidiary Quentin Blake Centre 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.

Quentin Blake Centre for Illustration Notes to the financial statements

For the year ended 31 December 2022

1. Accounting policies (continued)

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.

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 slowmoving 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 donor-imposed conditions.

Quentin Blake Centre for Illustration Notes to the financial statements

For the year ended 31 December 2022

2 Detailed comparatives for the consolidated statement of financial activities

Restricted Funds £ 547,509 -	2021 Restricted Funds £ 481,345 - - -	2021 Unrestricted Funds £ 367,513 139,439 73,443 13	2021 Total Funds £ 848,858 139,439 73,443 13
	481,345	580,408	1,061,753
	- - 45,301	72,526 1,797 570,804	72,526 1,797 616,105
	45,301	645,127	690,428
	436,044 -	(64,719) -	371,325 -
	436,044 -	(64,719) -	371,325 -
	436,044 2,992,688	(64,719) (844,596)	371,325 - 2,148,092
	3,428,732	(909,315)	2,519,417
	Unrestricted Funds £ 1,446,122 -	2022 Total Funds £ 1,993,631 -	2021 Total Funds £ 811,972 36,886
547,509	1,446,122	1,993,631	848,858
Restricted Funds £ -	Unrestricted Funds £ 117,245	2022 Total Funds £ 117,245	2021 Total Funds £ 139,439
-	117,245	117,245	139,439
Restricted Funds £ -	Unrestricted Funds £ 2,617	2022 Total Funds £ 2,617	2021 Total Funds £ 13
-	2,617	2,617	13

Quentin Blake Centre for Illustration Notes to the financial statements

For the year ended 31 December 2022

6 Analysis of expenditure

Charitable activities £ 265,441 5,391 - - 43,922 38,882 - 2,606 2,981 - - - - -	Cost of raising funds	Cost of raising funds	Support costs £ 81,594 1,592 - - - - 10,247 - 82,373 26,792 16,160 7,612 3,976 5,023	2022 Total £ 429,662 8,708 17,703 9,864 43,922 38,882 10,247 2,606 85,354 26,792 16,160 7,612 3,976 5,023	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
	Voluntary income £ 78,174 1,624 17,703 - - - - - - - - - - -	Trading activities £ 4,453 101 - 9,864 - - - - - - - - - -
359,223 235,369	97,501 -	14,418 -	235,369 (235,369)	706,511 -	690,428 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
594,592	97,501	14,418	-	706,511
616,105	72,526	1,797	-	690,428
Charitable activities £ 267,199 - - - 61,361 75,323 - 2,626 4,265 - - - - - - -			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
	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
616,105	72,526	1,797	-	690,428
1,147,796	41,626	104,179	-	1,293,601

Quentin Blake Centre for Illustration Notes to the financial statements

For the year ended 31 December 2022

7 Net income / (expenditure) for the year

This is stated after charging / (crediting):	2022	2021
	£	£
Depreciation	3,976	458
Auditor's remuneration:
Audit fees net of VAT	4,999	7,500

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

Staff costs were as follows: 2022 £ Salaries and wages 402,329 Social security costs 27,333 8,708 438,370 The following number of employees received employee benefits (excluding employer pension) during the year between: 2022 No. £70,000 -£79,000 1	2022 £ 402,329 27,333 8,708	2021 £ 373,442 31,307 10,075
	438,370	414,824
		2021 No. 1

The total employee benefits including employer national insurance and employer pension contributions of the key management personnel were £88,764 (2021: £87,727 ).

The charity trustees were not paid and did not receive any other benefits from employment with the charity or its subsidiary in the year (2021: £nil). Neither were they reimbursed expenses during the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

Staff numbers

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

Charitable activities	2022 No. 13	2021 No. 13
	13	13

9 Taxation

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

Quentin Blake Centre for Illustration Notes to the financial statements For the year ended 31 December 2022

Long Term Leasehold Property £ 3,293,797 167,137 -	Fixtures & Fittings £ - 977 -	Computer equipment £ 4,695 38,899 -	Other fixed assets £ - - -	Total £ 3,298,492 207,013 -
3,460,934	977	43,594	-	3,505,505
- - - -	- 87 - -	458 3,889 - -	- - - -	458 3,976 - -
-	87	4,347	-	4,434
3,293,797	-	4,237	-	3,298,034
3,460,934	890	39,247	-	3,501,071
Long Term Leasehold Property £ 3,293,797 167,137 -	Fixtures & Fittings £ - 977 -	Computer equipment £ 4,695 38,899 -	Other fixed assets £ - - -	Total £ 3,298,492 207,013 -
3,460,934	977	43,594	-	3,505,505
- - -	- 87 -	458 3,889 -	- - -	458 3,976 -
-	87	4,347	-	4,434
3,293,797	-	4,237	-	3,298,034
3,460,934	890	39,247	-	3,501,071

Quentin Blake Centre for Illustration Notes to the financial statements For the year ended 31 December 2022

11 Investments

Quentin Blake Centre Trading Company Ltd

At 31 December 2022 Quentin Blake Centre for 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	2022 £ 79,493 (9,864)	2021 £ 73,443 40
	69,629 (2,998)	73,483 (3,164)
	66,631 (15,000)	70,319 (15,000)
	51,631 -	55,319 -
	51,631 (319,691) (268,060)	55,319 (375,010) (319,691)

At 31 December 2022, the aggregate of the share capital and reserves of Quentin Blake Centre Trading Company Ltd amounted to £268,059 deficit (2021 - £319,690 deficit).

Group 2022 £ 17,015 - 9,150 393,615	Group 2021 £ 18,957 - 105,752 240,660	Charity 2022 £ 15,958 392,960 9,150 393,615	Charity 2021 £ 2,732 350,882 105,752 240,660
419,780	365,369	811,683	700,026
Group 2022 £ 5,892 20,544 - 38,428	Group 2021 £ 29,444 23,404 280,000 34,116	Charity 2022 £ 5,874 20,544 - 38,428	Charity 2021 £ 29,402 23,404 280,000 34,116
64,864	366,964	64,846	366,922

Deferred income of £27,586 (2021: £23,445) is included within accruals and deferred income above.

Quentin Blake Centre for Illustration

Notes to the financial statements

For the year ended 31 December 2022

14 Creditors: amounts falling due after more than one year

the year ended 31 December 2022
Creditors: amounts falling due after more than one year Other loans	Group 2022 £ 1,205,000	Group 2021 £ 1,230,000	Charity 2022 £ 1,205,000	Charity 2021 £ 1,230,000
	1,205,000	1,230,000	1,205,000	1,230,000

Other loans include £200,000 lent to the charity interest-free by the trustees and a loan of £1.05m 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.

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 £ 40,137 1,307,616 (64,864) (1,205,000)	Designated Funds £ - - - -	Restricted Funds £ 3,460,934 467,069 - -	Total funds £ 3,501,071 1,774,685 (64,864) (1,205,000)
	77,889	-	3,928,003	4,005,892

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 £ 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

Quentin Blake Centre for Illustration

Notes to the financial statements

For the year ended 31 December 2022

£ 3,200 39,125 3,386,407 - At the start of the year	£ 43,125 497,384 7,000 Incoming resources & gains	£ (3,200) (38,038) (7,000) Outgoing resources & losses	Transfers £ - - - -	£ - 44,212 3,883,791 - At the end of the year
3,428,732	547,509	(48,238)	-	3,928,003

(909,315)	1,645,477	(658,273)	-	77,889

2,519,417	2,192,986	(706,511)	-	4,005,892
£ 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

16 Movements in funds

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

New Building Fund

Donations have been utilised to finance the acquisition of our new permanent home, New River Head in 2019, the ongoing professional fees relating to design and the future redevelopment building costs.

Other

Funding for promoting public relations.

Quentin Blake Centre for Illustration

Notes to the financial statements

For the year ended 31 December 2022

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

£ 452,978 At 1 January 2022	Cash flows £ 901,927	2022 £ 1,486,475 (2,617) 3,976 (54,411) (22,100)	2021 £ 371,325 (13) 458 (123,810) (167,781)
		1,411,323	80,179
		£ - Other changes	£ 1,354,905 At 31 December 2022
452,978	901,927	-	1,354,905

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	2022 2021 £ £ 1 1 4 4 242 243 247 248 Group Property	2022 2021 £ £ 1 1 4 4 242 243 247 248 Group Property	2022 2021 £ £ 1 1 4 4 242 243 247 248 Charity Property	2022 2021 £ £ 1 1 4 4 242 243 247 248 Charity Property
	247	248	247	248

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

Architectural Heritage Fund has further extended the repayment date of its loan facility to allow Quentin Blake Centre for Illustration further time to raise replacement finance. Quentin Blake Centre for 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 Quentin Blake Centre for 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.