2021-12-31-accounts

	Page
Legalandadministrativeinformation	1
Chairman’sReport	2
Reportof theTrustees	4
Independentauditors’report	12
Statementoffinancialactivities	16
Balancesheet	17
Statementofcashflows	18
Notestothefinancialstatements	19

BoardofTrustees	Professor NJackson,Chairman
	MsJ Baker
	MrB Cussons
	MrD Hobday
	MrS Kollamthodi
	MrP Read
Director	MrS GoodingCB
Registeredoffice	RoyalAutomobileClubFoundationforMotoringLimited
	89-91PallMall
	London
	SW1Y5HS
Companyregistrationnumber	2596548
Charitynumber	1002705
IndependentAuditors	SafferyChampnessLLP
	71QueenVictoriaStreet
	London
	EC4V4BE
Bankers	NationalWestminsterBankPlc
	208Piccadilly
	London
	WIA2DG
InvestmentAdvisors	BarnettWaddingham
	CheapsideHouse
	138Cheapside
	London
	EC2V6BW
InvestmentManagers	InvestecWealth& Investment	PictetAssetManagement
	2GreshamStreet	MoorHouse
	London	120LondonWall
	EC2V7QP	London
		EC2YSET

20 June 2022

		Unrestricted	Restricted	Expendable	2021	2020
		Funds	Funds	Endowment	Total	Total
	Note	£	£	£	£	£
Incomefrom
Investments	2	443,085	-	-	443,085	432,834
Grants		-	136,776	-	136,776	138,867
TotalIncome		443,085	136,776	-	579,861	571,701
Expenditureon:
Raisingfunds		-	-	162,001	162,001	150,179
Charitableactivities	3	814916	173,749	-	988,665	1,063,323
TotalExpenditure		814,916	173,749	162,001	1,150,666	1,213,502
Netgainoninvestments	8	-	-	3,475,865	3,475,865	806,856
Net(deficit)/incomefor
theyear		(371,831)	(36,973)	3,313,864	2,905,060	165,055
Transfersbetweenfunds	11	468,000	-	(468,000)	-	-
Netmovementinfunds		96,169	(36,973)	2,845,864	2,905,060	165,055
Reconciliationof
funds:
Totalfundsbrought
forward		4,093,978	121,120	29,756,867	33,971,965	33,806,910
Totalfundscarried
forward		4,190,147	84,147	32,602,731	36,877,025	33,971,965

		2021	2020
	Note	£	£
FixedAssets
Tangiblefixedassets	7	-	328
Investments	8	36,743,077	33,922,706
		36,743,077	33,923,034
CurrentAssets
Debtors	9	35,094	33,797
Cashatbankandinhand		387,227	369,236
		422,321	403,033
Creditors:Amountsfallingduewithinoneyear	10	(288,373)	(354,102)
Netcurrentassets		133,948	48,931
NetAssets		36,877,025	33,971,965
Funds
Unrestrictedfunds	11	4,190,147	4,093,978
Restrictedfunds	12	84,147	121,120
Expendableendowmentfunds	13	32,602,731	29,756,867
		36,877,025	33,971,965

		2021	2020
	Note	£	£
Netcashusedinoperatingactivities	17	(994,052)	(952,969)
Cashflowsfrominvestingactivities
Purchasesofinvestments		(2,597,388)	(2,675,514)
Proceedsfromdisposalofinvestments		2,801,840	2,957,614
Investmentincomereceived		443,085	432,551
Withdrawalfromendowment		468,000	334,000
Netcashfrominvestingactivities		1,115,537	1,048,651
Netincreaseincash& cashequivalents		121,485	95,682
Cashandcashequivalentsatthebeginningoftheyear		616,920	521,238
Cashandcashequivalentsatendoftheyear	17,18	738,405	616,920

2.	Investmentincome	2021	2020
		£	£
	Dividendsandinterestreceivableonfixedassetinvestments	443,061	432,551
	Bankinterestreceivable	24	283
		443,085	432,834
3.	Charitableactivities
		Total	Total
		2021	2020
		£	£
	StaffCosts	552,007	539,226
	DirectCosts	216,046	276,927
	SupportCosts	214,462	241,020
	Governancecosts(note4)	6,150	6,150
		088,665	1,063,323
4,	Governancecosts
		Total	Total
		2021	2020
		£	£
	Auditfees	6,150	6,150
		6,150	6,150

5.	Staffcostsand advisorfees	2021	2020
		£	£
	Wagesandsalaries	476,196	470,613
	Socialsecuritycosts	51,102	53,179
	Employer’spensioncosts	24,709	15,434
		552,007	539,226
	Numberofemployeeswith
	totalremunerationbetween:	2021	2020
		Number	Number
	£70,000- £79,999	2	2
	£180,000- £189,999	-	1
	£190,000-£199,999	1	-

	2021	2020
	£	£
DavidBayliss	»	5,250
JoeGreenwell	-	9,000
NevilleJackson	30,000	22,500

	2021	2020
	Number	Number
Director	1	1
Campaignsandresearch	6
	7	7

6.	Netmovementinfundsfortheyear
	Thisisstatedaftercharging:
	Depreciation
	Auditors’remuneration- foraudit
	Auditors’remuneration- forotherservices
7.	Tangiblefixedassets	Office
		equipment
	Cost
	At1 Januaryand31December2021
	Depreciation
	Broughtforward1 January2021
	Chargeforyear
	Carriedforward31December2021
	Netbookvalue
	asat31December2021
	asat31December2020

Investments	2021	2020
	£	£
Managedandunitisedfunds
Marketvalueat1 January	33,675,019	33,562,733
Additionsatcost	2,597,388	2,675,514
Disposals	(2,801,839)	(2,957,614)
Investment(loss)/gains	3,475,865	806,856
Withdrawalfromendowmentportfolio	(468,000)	(334,000)
Investmentmanagersfees	(86,536)	(78,467)
Marketvalueat31December	36,391,898	33,675,022
Investmentcash	351,178	247,684
TotalInvestmentsasat31December	36,743,077	33,922,706
Historicalcost	29,378,746	29,578,643

		2021		2020
		Market		Market
	Cost	Value	Cost	Value
	£	£	£	£
FixedInterest
UnitedKingdom	2,231,486	2,152,821	2,347,269	2,368,052
Overseas	361,500	386,648	306,981	314,505
Equities
UnitedKingdom	4,107,221	5,231,397	4,486,895	4,952,196
ContinentalEurope	672,485	1,132,995	672,591	973,050
NorthAmerica	3,001,531	4,472,882	2,663,519	3,579,795
Japan	346,831	401,445	348,530	392,640
FarEast	577,849	902,491	577,849	893,362
Global	385,915	497.916	493,189	569,727
EmergingEconomies	288,693	331,449	288,753	352,578
MoneyMarketInstruments	200,000	200,000	-	-
Property	1,255,211	1,405,699	1,222,455	1,253,485
Alternatives	15,950,024	19,276,155	15,922,925	18,025,629
Total	29,378,746	36,743,077	29,578,643	33,922,706

9.	Debtors
					2021	2020
					£	£
	Interestanddividendsreceivable				22,742	23,957
	Prepayments				12,352	9,840
					35,094	33,797
10.	Creditors
					2021	2020
					£	£
	Accrualsandothercreditors				288,373	354,102
					288,373	354,102
11.	UnrestrictedFunds
		2021				2021
		Opening	Income	Expenditure	Transfer	Closing
		£	£	£	£	£
	UnrestrictedFunds	4,093,978	443085	(814,916)	468,000	4,190,147
		2020				2020
		Opening	Income	Expenditure	Transfer	Closing
		£	£	£	£	£
	UnrestrictedFunds	4,253,082	434,925	(928,029)	334,000	4,093,978

12.	Restricted	Funds
				2021					2021
				Opening	Income	Expenditure	Transfer		Closing
				£	£	£		£	£
	RoadCollisionfund			121,120	125,000	(161,973)		-	84,147
	Pre-driver	Theatreand
	Workshop	fund		-	11,776	(11,776)		-	-
				121,120	136,776	(173,749)		.	84,147
				2020					2020
				Opening	Income	Expenditure	Transfer		Closing
				£	£	£		£	£
	RoadCollisionfund			119,638	125,000	(123,518)		-	121,120
	Pre-driver	Theatre	and
	Workshop	fund		-	11,776	(11,776)		-	5
				119,638	136,776	(135,294)		-	121,120

mentFunds
2021				2021
Opening	Expenditure	Gains	Transfer	Closing
£	£	£	£	£
29,756,867	(162,001)	3,475,865	(468,000)	32,602,731
2020				2020
Opening	Expenditure	Gains	Transfer	Closing
£	£	£	£	£
29,434,190	(150,179)	806,856	(334,000)	29,756,867

14.	Analysisofnetassetsbetween funds
	2021	Unrestricted	Restricted	Endowment	Total
		Funds	Funds	Funds
		£	£	£
	Tangiblefixedassets
	Investments	4,140,346		32,602,731	36,743,077
	Currentassets	338,174	84,147	-	422,321
	Liabilities	(288,373)	2	g	(288,373)
	Balanceat31December2021	4,190,147	84,147	32,602,731	36,877,025
	Analysisofnetassetsbetween
	funds
	2020	Unrestricted	Restricted	Endowment
		Funds	Funds	Funds
		£	£	£
	Tangiblefixedassets	328	-	-	328
	Investments	4,165,839	-	29,756,867	33,922,706
	Currentassets	281,913	121,120	-	403,033
	Liabilities	(354,102)	-	-	(354,102)
	Balanceat31December2020	4,093,978	121,120	29,756,867	33,971,965

		2021	2020
		£	£
	Netmovementinfunds	2,905,060	165,055
	Addbackdepreciationcharge	328	2,995
	AddbackPictetinvestmentmanagerfee	86,536	78,467
	Deductinvestmentincome	(443,085)	(432,551)
	Gainoninvestments	(3,475,865)	(806,856)
	(Increase)/decreaseindebtors	(1,297)	(779)
	Increase/(decrease)increditors	(65,729)	40,700
	Netcashusedinoperatingactivities	(994,052)	(952,969)
18.	Analysisofcashandcashequivalents
		2021	2020
		£	£
	Cashatbankandinhand	387,227	369,236
	Cashwithinvestmentmanager	351,178	247,684
		738,405	616,920
19.	Analysisofchangesinnetdebt

	At1 January		At31December
	2021	Cashflows	2021
	£	£	£
Cashatbankandinhand	369,236	17,991	387,227
Cashwithinvestmentmanager	247,684	103,494	351,178
	616,920	121,485	738,405

	Unrestricted	Restricted	Expendable	2020
	Funds	Funds	Endowment	Total
	£	£	£	£
Incomefrom
Investments	432,834	=	-	432,834
Grants	2,091	136,766	-	138,867
TotalIncome	434,925	136,677	-	571,701
Expenditureon:
Raisingfunds			150,179	150,179
Charitableactivities	928,029	135,294	-	1,063,323
TotalExpenditure	928,029	135,294	150,179	1,213,502
Netgainsoninvestments		-	806,856	806,856
Net(loss)/incomefortheyear	(493,104)	1,482	656,677	165,055
Transfersbetweenfunds	334,000	-	(334,000)	-
Netmovementinfunds	(159,104)	1,482	322,677	165,055