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2023-03-31-accounts

Page
Reference and administrative details ofthe Charity, Its Trustees and advisers
Trustees'
report		 2-7
Trustees'
responsibilities
statement
Independent
auditors'		 report on the financial statements 9- 12
Statement ofhnancial activities 13
Balance sheet 14
Statement ofcash flows 15
Notes to the financial statements 16-23
Trustees D E H Chilcott, Trustee (appointed Trustee (appointed Trustee (appointed Trustee (appointed Trustee (appointed 13July 13July 2022)
N ~ Cooper-Davis
Trustee		 (appointed 13 July 2022)
C P Crook, Trustee (appointed 13 July 2022)
K Dunne, Trustee (appointed 19November 2021, resigned 30 June 2023)
P Hirst, Trustee (appointed 13July 2022)
S Kohli, Trustee (appointed 19 November 2021)
LJ Middlehurst, Trustee (appointed 13July 2022)
SPatel, Trustee (appointed 19 November 2021, resigned 30June 2023)
L P Ahlquist,
Trustee (appointed		 13July 2022, resigned 2 February 2023)
Company registered number 13754450
Charity registered number 1198590
Registered office Kent Innovation
Centre
Margate Creative Land Trust, Thanet Reach
Business Park, Millennium Way
Broadstairs
Kent
CT10 2OQ
Company secretary L P Ahlquist
(Appointed
on		 July 132022, resigned 2 February 2023)
A Russell
(Appointed
13July		 2023)
Independent auditors Kreston Reeves LLP
Chartered
Accountants
Statutory
Auditor
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
Bankers Unity Trust Bank pic
PO Box7193
Planetary
Road
Willenhall
West Midlands
y)Nt 9DG
Management Jan King (Interim Director) (January - July 2023)
Gatenby Sanderson
—Nlcky		 Josllng (Interim Director) (September 2022- January 2023)

Risk/uncertainty Risk/uncertainty Risk/uncertainty Risk/uncertainty Risk/uncertainty Risk/uncertainty Mitigation
There is e lack of eveilebility of suitable and affordable lend end We have engaged
agents and others to identify
all		 property
property in our area ofoperation as it becomes available.
We can
consider
property
and
land
that
may		 be less
commeraally
viable for other developers,
but to which		 we
can add value.
Being able to deliver our property targets in the required We have established
a robust
decision-making
framework
timeframe. Our current grant is to be spent
by		 March 2026 and where
delivery
time is a key criterion
we have a delay in accessing funds as the drawdown of these Our agreement
with
Thanet
District
Council
ensures		 that
funds must be approved by Thanet District Council funds
will be released
speedily to purchase
land/property.		 If
this cannot be fulfilled
this will create further
risk
Within a small team hawng the optimum mix of skills and We have designed
our team to ensure a wide range		 of skills
experience to deliver against our mission, regulation and policy and experience
We have a robust recruitment
process that takes account of
the team skill and experience
mix
Where we have a requirement
for specialist
skills or
additional
capacity, we have allocated funds for this.
We are unable to attract further funding to ensure organisational Our
investment
framework
factors
in
organisational
sustainability. sustainability
so
that
our
decisions
on
property/land
purchases
will take this inlo account.
We intend to recruit further fundraising
development
resource from 202rk
The development ofthe wider creative sector doesn't add Our creatwe
sector spaces
survey
has
identified		 support
sufficient improved capacity and capability. needs
that
our outreach
and
education
programme		 will
address.
Our outreach
programme
will provide ongoing
dialogue		 with
the sector that
will inform our support
offer and
development.

Unrestricted Total
Restricted funds funds funds
Period ended Period ended Period ended
31 March 31 March 31 March
2023 2023 2023
Note 6 6 6
Income from:
Donations
and		 legacies 3 6,650,362 500 6,650,862
Tote I Income 6,650,362 500 6,650,862
Expenditure
on:
Chantable
activities		 87,752 87,752
Total expenditure 87,752 87,752
Net movement in funds 6,562,610 500 6,563,110
Reconciliation offunds:
Net movement in funds 6,562,610 500 6,563,110
Total funds carried forward 6,562,610 500 6,563,110

2023
Note 6
Fixed assets
Tangible assets
Current assets
Debtors 6,501,429
Cash at bank and in hand 90,737
6,592,166
Creditors
amounts		 falling due within one year (29,056)
Net current assets 6,563,110
Total assets less current liabilities 6,563,110
Net assets excluding pension asset 6,563,110
Total net assets 6,563,110
Charity funds
Restricted
funds		 10 6,562,610
Unrestricted
funds		 10 500
Total funds 6,563,110
Statement ofcash flows
For the period ended 31 March 2023
Period ended
31 March
2023f
Cash flows from operating activities
Net cash used in operating activities 90,737
Cash flows from investing activities
Net cash provided
by investing
activities
Cash flows from financing activities
Net cash provided
by financing
activities
Change
In cash and cash		 equivalents In the period 90,737
Cash and cash equivalents at the end of the period 90,737
The notes on pages 16to 23 form part ofthese financial statements

Total
Revenue costs Capital costs funds
Period ended Period ended Period ended
31 March 31 March 31 March
2023 2023 2023
6 6
Staff costs 969 969
Adverbsing & Marketing 456 456
Audit &Accountancy fees 14,496 14,496
Bank Fees 59 59
Consulting
Insurance 403
Printing
& Stationery		 10 10
IT Software and Consumables 1,210 1,210
Rent 185 185
Room hire 318 318
Website
&		 Brand set-up 1,675 1,675
Investment strategy 5,100 5,100
Administrative support 340
Research 2,000 2,000
Subscnptions 269 269
Expensesinctrustees 1,216 1,216
Contractors 50,107 8,828 58,935
73,824 13,928 87,752
Auditors' remuneration
Period ended
31 March
2023
Fees payable to the Charity's auditor for the audit ofthe Chanty's annual accounts 8,340

Period ended
31 March
2023
Wages and salaries 969
969
The average number of persons employed by the Chanty dunng the penod was as follows:
Period ended
31 March
2023
No.
Employees
Tlustee
10
No employee received remuneration amounting to more than 860,000 in either year.

2023
6
Due after more than one year
Accrued income 600,000
600,000
Due within one year
Accrued income 5,901,429
6,501,429

2023f
Trade creditors 6,012
Other taxation and soaal security 194
Accruals and deferred income 22,850
29,056

Balance at 31
Income Expenditure March 2023
6 6 6
Unrestricted funds
General Funds —all funds 500 500
Restricted funds
Capital fund 5,950,362 (13,928) 5,936,434
Revenue fund 700,000 (73,824) 626,176
6,650,362 (87,752) 6,562,610
Total of funds 6,650,862 (87,752) 6,563,110

Restricted Unrestricted Total
funds funds funds
2023 2023 2023
5 6 6
Debtors due after more than one year 600,000 600,000
Current assets 5,991,666 500 5,992,166
Creditors due within one year (29,056) (29,056)
Total 6,562,610 500 6,563,110
Period ended
2023f
6,563,110
Net income for the period (as per Statement of Financial Activities)
Adjustments
for:
Increase in debtors (6,501,429)
Increase in creditors 29,056
Net cash provided by operating activities 90,737
2023
6
Cash in hand 90,737
Total cash and cash equivalents 90,737

At 31 March
Cash flows 2023
Cash at bank and in hand 90,737 90,737
90,737 90,737
1th Operating lease commitments