## 

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





## 

|`BoardofTrustees`|`Professor`<br>`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`|





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## 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`|`-`|<br>`579,861`|<br>`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`|<br>`(36,973)`|<br>`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`||||<br>|<br>|<br>|
|`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`|
|||<br>`422,321`|<br>`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`<br>||||
|`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`||<br>`1,115,537`|<br>`1,048,651`|
|`Netincreaseincash& cashequivalents`||`121,485`|`95,682`|
|`Cashandcashequivalentsatthebeginningoftheyear`||`616,920`|`521,238`|
|`Cashandcashequivalentsatendoftheyear`|`17,18`|<br>`738,405`|<br>`616,920`|





## 

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## 

## 

|`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`|
|||<br>`6,150`|<br>`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`||
||<br>`7`|<br>`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`<br>|`33,675,022`<br>|
|`Investmentcash`|`351,178`|`247,684`|
|`TotalInvestmentsasat31December`|`36,743,077`|`33,922,706`|
|`Historicalcost`|<br>`29,378,746`|<br>`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`|<br>`36,743,077`|`29,578,643`<br>|`33,922,706`|





## 

## 

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





## 

## 

|`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`|<br>`136,776`|<br> <br>`(173,749)`|<br>|<br> <br> <br>`.`|<br> <br> <br>`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)`<br>|<br>|<br>`-`<br>|<br>`121,120`<br>|



## 

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





## 

## 

|`14.`|`Analysisofnetassetsbetween`<br>`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`|<br>`84,147`|<br>`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`|<br>`121,120`|<br>`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`|<br>`(994,052)`|<br>`(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`|
||<br>`616,920`<br>|<br>`121,485`|<br>`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`<br>|<br>`136,677`|<br>`-`|<br>`571,701`|
|`Expenditureon:`|||||
|`Raisingfunds`|||`150,179`|`150,179`|
|`Charitableactivities`|`928,029`|`135,294`|`-`|`1,063,323`|
|`TotalExpenditure`|`928,029`|<br>`135,294`|<br>`150,179`|`1,213,502`|
|`Netgainsoninvestments`||`-`|`806,856`|`806,856`|
|`Net(loss)/incomefortheyear`|`(493,104)`|`1,482`|<br>`656,677`|<br>`165,055`|
|`Transfersbetweenfunds`|`334,000`|`-`|`(334,000)`|`-`|
|`Netmovementinfunds`|`(159,104)`|`1,482`|`322,677`|`165,055`|