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 2 3 Date: 6 June 2023 4 5 - - - - - - - - - - - - - - - - 6 7 8 9 - - 10 -  11  12 - - - - - 13 14 - - - - - - - 15 16 17 18 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 ll￿tur￿ 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 Chara￿terS 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 rea￿on 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 20 21 22 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. Te3￿herS 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 24 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 a￿Cess. 25 26 27 28 29 30 31 32 33 34 - - - - 35 - - 36 - - - ``` ʼ ``` ``` ʼ ``` 37 ``` ʼ ``` 38 - - - - - - 39 ``` ʼ ``` ``` ʼ ``` - 40 - - - - ``` ʼ ``` 41 Date: 28 June 2023 42 ## **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. 43 ## **Quentin Blake Centre for Illustration** ## **Balance sheet** ## **As at 31 December 2022** |**Note**
**Fixed assets:**
**10**
**11**
**Current assets:**
**12**
**Liabilities:**
**13**
**Liabilities:**
**14**
**15**
General funds
**Total funds**
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one
**Net current assets**
Creditors: amounts falling due after one
**Total net assets**
**Funds**
Restricted funds
Unrestricted funds:
Investments
Tangible assets|**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. 44 ## **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|**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| 45 **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. 46 ## **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. 47 ## **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** |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
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward
Net income / (expenditure) for the year
Net income / (expenditure) before net gains / (losses) on
investments
Net gains / (losses) on investments|**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| 48 ## **Quentin Blake Centre for Illustration Notes to the financial statements** **For the year ended 31 December 2022** - **6 Analysis of expenditure** |Staff costs
Pension costs
Fundraising costs
Retail costs including cost of sales
Exhibitions
Education
IT and website
Public Programme
Admin and operating costs
Premises
Marketing and communications
Irrecoverable VAT
Depreciation
Audit and Accountancy
Support costs
**Total expenditure 2022**
Total expenditure 2021
Analysis of expenditure
Prior year
Staff costs
Pension costs
Fundraising costs
Retail costs including cost of sales
Exhibitions
Education
IT and website
Public Programme
Admin and operating costs
Premises
Marketing and communications
Irrecoverable VAT
Depreciation
Profit and loss on sale of assets
Impairment losses
Audit and Accountancy
Support costs
Total expenditure 2021
Total expenditure 2020|**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|| 49 ## **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. 50 ## **Quentin Blake Centre for Illustration Notes to the financial statements For the year ended 31 December 2022** |**10**
**Group Tangible fixed assets**
**Cost**
At the start of the year
Additions in year
Disposals in year
At the end of the year
**Depreciation**
At the start of the year
Charge for the year
Impairment losses
Eliminated on disposal
At the end of the year
**Net book value**
At the start of the year
**At the end of the year**
**Charity Tangible fixed assets**
**Cost**
At the start of the year
Additions in year
Disposals in year
At the end of the year
**Depreciation**
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
**Net book value**
At the start of the year
**At the end of the year**|**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**| 51 **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). |**12**
**Debtors**
**Due within one year**
Trade debtors
Amount due from subsidiary
Other debtors
Prepayments and accrued income
**13**
**Creditors: amounts falling due within one year**
Trade creditors
Taxation and social security
Other loans
Accruals and deferred income|**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. 52 ## **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| 53 ## **Quentin Blake Centre for Illustration** ## **Notes to the financial statements** ## **For the year ended 31 December 2022** |**Movements in funds**
**Restricted funds:**
**Education**
**Exhibitions and Gallery**
**New Building Fund**
**Other**
**Total restricted funds**
**Total unrestricted funds**
**Total funds**
Movements in funds - prior year
Restricted funds:
Education
Exhibitions and Gallery
New Building Fund
Other
Total restricted funds
Total unrestricted funds
Total funds|**£**
**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. 54 ## **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** |**Net income / (expenditure) for the reporting period**
**(as per the consolidated statement of financial activities)**
Investment income
Depreciation
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
**Net cash provided by / (used in) operating activities**
**18**
**Analysis of cash and cash equivalents**
Cash at bank and in hand
**Total cash and cash equivalents**|£
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. 55