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|||||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)|||
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|||||||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.||||
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|||||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|
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||||||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||
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||||||||||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|
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||||||||||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.|||
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|||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|
##
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|||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|
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|||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|
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|||||At 31 March|
|---|---|---|---|---|
||||Cash flows|2023|
||Cash at bank and in hand||90,737|90,737|
||||90,737|90,737|
|1th|Operating|lease commitments|||
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