2020-12-31-accounts

	Page
Legalandadministrativeinformation	1-2
Trustees’report	3-24
independentauditors’report	25-28
Consolidatedstatementoffinancialactivities	29
Consolidatedbalancesheet	30
Charitybalancesheet	31
Consolidatedstatementofcashflows	32
Notestothefinancialstatements	33-50

Trustees	LordMontaguofBeaulieu,President	LordMontaguofBeaulieu,President
	Hon.MaryMontagu-Scott
	ChristopherMacgowan,OBE	-Chairman
	CarolineMarcus
	NickMason
	LordStrathcarron
	RobertTaylor
	HelenEvenden
	PierreBonnet
	ColinMcKenzie	(appointed19May2020)
	JeremyBoadle	(appointed19May2020)
	KeiraSewell	(appointed19May2020)
	LordMaxwellBeaverbrook	{appointed19May2020)
	AndrewGoss	{appointed19May2020)
	AndrewThomas	{appointed19May2020)
	TomCallow	{appointed30September2020)
	JonathanHewett	{appointed30September2020)
Secretary	PhilipJohnson
Companyregisterednumber	05316070
CharityCommission
registrationnumber	1107656
Registeredoffice	JohnMontaguBuilding
	Beaulieu
	Hampshire
	S0427ZN
ChiefExecutiveOfficer	RussellBowman
Auditors	SafferyChampnessLLP
	CharteredAccountants
	MidlandHouse
	2PooleRoad
	Bournemouth
	BH25QY
Bankers	BarclaysBankPlc
	4"Floor
	BlockA
	ApexPlaza
	ForburyRoad
	Reading
	RG11AX

The National Motor Museum Trust Limited (A company limited by guarantee)

Trustees’ Report

For the year ended 31 December 2020

Remuneration Policy

The Trustees consider the Board of Trustees, the Chief Executive, Director of Collections, Financial Controller, Visitor Access and Development Manager and Museum Manager to be the key management personnel of the charity. All Trustees give their time voluntarily and receive no financial benefits from the charity. Any expenses reclaimed from the charity are detailed in note 19 to the accounts.

All of the Executive team, apart from the Director of Collections, are subcontracted from Beaulieu Enterprises Ltd. The rates of pay for these subcontract positions is negotiated on an individual basis to gain best value for the charity and are regularly reviewed by the Trustees. When considering salaries for others the charity looks at a number of benchmarks from both the museum world and other local employers.

Risk management

The Trustees acknowledge their responsibility to assess and manage the major risks to which the charity and group are exposed. The Trustees are satisfied that systems and procedures are in place to mitigate exposure to major risks, in particular those related to the operations and finances of the charity and group. Organisational Risk Reviews are undertaken periodically by Trustees and senior management to monitor and manage risk exposure. The Risk Reviews inform our Forward Planning and progress against planned objectives is also closely monitored and reviewed.

The most significant risks for the NMMT revolve around fundraising, care of the collections and staffing resources. Having sufficient funds allows the charity to fulfil its charitable aims to the best of its abilities. Trustees continually investigate new avenues of finance and work closely with their current partners to maximise income. Having sufficient funds and the right staffing resources is essential to allow the best care of our most important assets, our motoring collections.

Reserves Policy

In view of the potential volatility of sponsor and trading income, the Trustees plan to maintain free reserves in order to provide continued funding for running costs and curatorial expenses in the event of a significant decline in income. It is the aim of the charity to work towards a position where free reserves represent at least 3 months of operating costs (£765,000 in 2020).

At the year-end, the Charity has an unrestricted fund balance of £1,449,873 (2019: £1,401,982) and a designated fund balance of £7,215,722 (2019: £7,326,449). Free reserves are arrived at by adjusting for assets required to continue to operate the Charity of £7,782,086 (2019: £7,979,245). Thus, at 31 December 2020, free reserves amounted to £883,509 (2019: £749,186) However, of this £592,708 has been designated for specific projects so the trustees feel the true free cash reserve position to be £290,801.

Four designated funds totalling £4,048,358 are set up. The largest of which refers to the Historic Vehicle Collection. £250,000 has been designated by Trustees for the Strategic Plan. Details of the designated funds can be found in note 16.

Investment policy and performance

The Trustees’ investment powers are governed by the Memorandum of Association, which permits the charity funds to be invested in any way in order to maximise the return. Trustees endeavour to obtain the best return on cash reserves whilst not tying up funds needed for the day-to-day running of the Charity.

Page 22

27 September 2021

		Restricted	Unrestricted	Totalfunds		Totalfunds
		Funds	Funds	2020		2019
		2020	2020
	Note	£	£	£		£
Incomefrom:
Donationsandlegacies Activitiestogeneratefunds Tradingactivities Investments Charitableactivities	aU hhWN	76,126 - - - -	238,045 49,570 168,189 534 1,425,835	314,171 48,570 168,199 534 1,425,835		259,891 57,935 148,169 2,608 2,430,189
Totalincome		76,126	1,882,183	1,958,309		2,898,793
Expenditureon:
CostsofgeneratingVoluntary	7	-	181,498	181,498		189,212
Income
Charitableactivities	7	104,222	1,770,754	1,874,976		2,869,983
Totalexpenditure	7	104,222	1,952,252	2,056,474		3,059,195
Netdeficitbeforeinvestmentgains		(28,096)	(70,069)	(98,165)		(160,402)
Netgainsoninvestmentproperty		-	15,000	115,000		-
Netdeficitbeforetransfers		(28,096)	(55,069)	(83,165)		(160,402)
Transfersbetweenfunds		7,767	(7,767)		-	-
Netmovementinfunds		(20,329)	(62,836)	(83,165)		(160,402)
Totalfundsat1 January2020		326,215	8,728,431	9,054,646		9,215,048
Totalfundsat31December2020		305,886	8,665,595	8,971,481		9,054,646

			2020		2019
	Note	£	£
Fixedassets Tangibleassets	11		7,701,130		7,944,931
Investmentproperty	12		265,000		250,000
			7,966,130		8,194,931
Investmentinsubsidiary	13	2
			7,966,132		8,194,933
Currentassets Debtors Cashatbankandinhand	14	447,927 748,959		157,191 826,468
		1,196,886		983,659
Creditors Amountsfallingduewithinoneyear	15	(264,884)		(157,269)
Netcurrentassets			932,002		826,390
Netassets			8,898,134		9,021,323
Representedby:
Restrictedfunds Unrestrictedfunds	16 16		305,886 8,592,248		326,215 8,695,108
Totalfunds			8,898,134		9,021,323

		2020		2019
Cashflowsfromoperatingactivities	Note	£		£
Netexpenditurefortheyear		(83,165)		(160,402)
Adjustmentfor:
Depreciationcharges		207,149		228,982
impairment		42,560		42,560
Netgainsoninvestmentproperty interestreceivable		(15,000) (534)		- (2,609)
Profitonsalesoffixedassets
Increaseindebtors increaseincreditors		(347,739) 123,251		(85,454) 54,487
Netcashprovidedbyoperatingactivities		(73,478)		77,564
Cashflowsfrominvestingactivities
interestreceived Purchaseofproperty,plantandequipment		534 (5,908)		2,609 (42,441)
Proceedsfromsaleoffixedassets			-	1,950
Netcashusedininvestingactivities		(5,374)		(37,882)
Changeincashandcashequivalentsintheyear		(78,852)		39,682
Cashandcashequivalentsbroughtforward		837,513		797,831
Cashandcashequivalentscarriedforward		758,661		837,513

	Restricted	Restricted		Unrestricted	Total	Restricted	Unrestricted	Total
	funds2020			funds2020	funds	funds2019	funds2019	funds
					2020			2019
		£		£	£	£	£	£
Donations	64,126			97,381	161,507	67,912	178,979	246,891
Giftsinkind		-		4,400	4,400	-	“	-
Grants	12,000			136,264	148,264	13,000	-	13,000
Totaldonations	76,126			238,045	314,171	80,912	178,979	259,891
andlegacies
Activitiestogeneratefunds
	Restricted			Unrestricted	Total	Restricted	Unrestricted	Total
	funds2020			funds2020	funds	funds2019	funds2019	funds
					2020			2019
		£		£	f	£	£	£
Rentalincome		-		25,170	25,170	-	30,283	30,283
Fundraised		-		24,400	24,400	-	27,652	27,652
income
		-		49,570	49,570	-	57,935	57,935
Tradingresults
	Restricted			Unrestricted	Total	Restricted	Unrestricted	Total
	funds	2020		funds2020	funds	funds2019	funds2019	funds
					2020			2019
		£		£	£	f	£	£
Charitytrading
income
Museumservices			-	168,199	168,199	-	148,169	148,169
Tradingexpenses
Museumservices			-	98,657	98,657	-	106,627	106,627
Netincomefrom tradingactivities			-	69,542	69,542	-	41,542	41,542

		Restricted	Unrestricted	Total	Restricted	Unrestricted	Total
		funds2020	funds2020	funds	funds2019	funds2019	funds
				2020			2019
		£	£	£	£	£	£
	Interest receivable	-	534	534	-	2,609	2,609
6	Incomefromcharitableactivities
		Restricted	Unrestricted	Total	Restricted	Unrestricted	Total
		funds	funds2020	funds	funds	funds2019	funds
		2020		2020	2019		2019
		£	£	£	£	£	£
	Preserving motoringhistory	;	1425835	1,425,835	-	2,430,189	2,430,189
7	Totalexpenditure

PriorYear	Staffcosts		Other	Support	Governance	Total2019
	(Note9)		directcosts	costs	costs
				(Note8)
Expenditureonraising
funds
Fundraising	28,741		32,147	21,697	-	82,585
Trading	32,018		74,609	-	-	106,627
	60,759		106,756	21,697	-	189,212
Expenditureon
charitableactivities
Primarypurposetrade	367,348		2,063,466	390,562	48,607	2,869,983
Governance		-	26,909	21,698	(48,607)	-
	428,107		2,197,131	433,957	-	3,059,195
Supportstaffcosts	19,476			(19,476)
	447,583			414,481
Supportcosts
	Costsof	generating		Preserving	Governance2020	Total2020
	voluntary		income	motoring
			2020	history2020
			£	£	£	£
Staffwelfareandtraining			59	459	63	581
Officecosts			26,409	205,039	28,341	259,789
Professionalfees			1,269	9,853	1,362	12,484
Staffemploymentcosts			2,173	16,874	2,332	21,379
Depreciation			11,393	88,458	12,227	112,078
			41,303	320,683	44,325	406,311

Supportcosts(continued)
PriorYear	Costsofgenerating	Preserving	Governance2019	Total2019
	voluntaryincome	motoring
	2019	history2019
	£	£		£
Staffwelfareandtraining	138	2,489	138	2,765
Officecosts	14,078	253,397	14,078	281,553
Professionalfees	197	3,551	197	3,945
Staffemploymentcosts	974	17,528	974	19,476
Depreciation	6,311	113,596	6,311	126,218
	21,698	390,561	21,698	433,957
Netincomingresources
Thisisstatedaftercharging:
			2020	2019
			£	£
Depreciationoftangiblefixed	assets:
-ownedbythecharitablegroup			207,149	228,982
impairment			42,560	42,560
Auditor'sremuneration			13,075	12,850
Auditor'sremuneration— non	audit		10,655	7,035
Staffemploymentcosts
Staffcostswereasfollows:
			2020	2019
			£	£
Wagesandsalaries			367,557	388,099
Socialsecuritycosts			24,270	27,559
Otherpensioncosts			33,048	31,925
			424,875	447,583

	2020	2019
	Number	Number
Museumservices	13	14
Administrationstaff	7	6
	20	20

	Leasehold	Displays,	Historic	Exhibits,	Total
	property	libraryand	motor	librarybooks,
		museum	vehicles	filmsand
		equipment		photographs
GroupandCharity	£	£	£	£	£
Cost
1January2020	1,791,531	3,377,359	5,525,150	387,450	11,081,490
Additions		5,908			5,908
Disposals						-
31December2020	1,791,531	3,383,267	5,525,150	387,450	11,087,398
Depreciation
1January2020	790,461	2,346,098			3,136,559
Chargefortheyear	56,928	150,221			207,149
Impairment		42,560			42,560
31December2020	847,389	2,538,879	-	-	3,386,268
Netbookvalue
31December2020	944,142	844,388	5,525,150	387,450	7,701,130
31December2019	1,001,070	1,031,261	5,525,150	387,450	7,944,931

	2020	2019	2018	2017	2016
	£	£	£	£	£
Historicmotorvehicles	116	116	115	115	116

	Longtermleasehold
	investmentproperty
GroupandCharity	£
Valuation
At1 fanuary2020	250,000
Revaluations	15,000
At31December2020	265,000

	Subsidiarycompany
		£
Company
Investmentinsubsidiary
At1 January2019and31December2019		2
At1 January2020and31December2020		2

		Group		Charity
	2020	2019	2020	2019
	£	£	£	£
Tradedebtors	159,557	136,874	56,872	71,642
Amountsowedbygroupundertakings	-	-	-	18,812
Amountsowedbyrelatedparties	226,105	2,715	225,986	2,715
Othertaxation	63,112	-	63,112	-
Prepaymentsandaccruedincome	123,160	84,606	101,957	64,022
	571,934	224,195	447,927	157,191

				Group		Charity
			2020	2019	2020	2019
			£	£	£	£
Tradecreditors			16,055	59,576	12,237	55,504
Amountsowedto	groupundertakings		-	-	2,367	-
Othertaxationandsocialsecurity			18,883	23,712	8,648	16,190
Othercreditors		290,306		118,705	241,632	85,575
		325,244		201,993	264,884	157,269
6Statementoffunds
	At1 January	incoming	Resources		Netgainsand	At31December
	2020	resources		expended	transfers	2020
	£	£		£	£	£
Designatedfunds
{groupandcharity)
Acquisition/conservation	6,754	-		(263)	-	6,491
fund
Historicvehicle	3,455,650		=	-	-	3,455,650
collection
Masterplanfund	391,813		-	(55,596)	-	336,217
Fixedassetsfund	3,222,232		-	(54,868)	-	3,167,364
Strategicplan	250,000		-	-	-	250,000
development
	7,326,449		-	(110,727)	-	7,215,722
Generalfunds	1,401,982	1,882,183	(1,841,525)		7,233	1,449,873
Totalunrestrictedfunds	8,728,431	1,882,183	(1,952,252)		7,233	8,665,595
(group)
Totalunrestrictedfunds	8,695,108	1,739,417	(1,849,510)		7,233	8,592,248
{charity)

	At1 January	Incoming	Resources	Netgains	At 31
	2020	resources	expended	and	December
				transfers	2020
Restrictedfunds{group	f	£	£		£
andcharity)
Capitalfunds
GoldenArrow RestorationFund	2,457	-	-	-	2,457
OutreachProgramFund MotorCycleGallery Fund	5,944 150,401	- -	- (22,560)	- -	5,944 127,841
ArtsCouncilDesignation FilmandVideoCuration ViralMarketing HLF— Caravans& Charabancs	14,890 25,986 1,230 903	- - - -	(2,234) (3,898) (184) {135)	- - - -	12,656 22,088 1,046 768
Woman'sSuffragette Badge	500	-	-	-	500
SteamCar“Inspiration”	-	-	-	14,904	14,904
Revenuefunds
SmallAcquisitionFund RestorationFund FilmandVideoCurator SteamCar“Inspiration” WorkshopTraineeFund AdvocacyBooth MotoringinMiniature FutureinFocusFund ACEDDF~ Golden Arrow	- 44,384 709 22,276 31,037 19,918 2,080 3,500 -	3,000 10,000 - - 10,000 - 8,600 - 37,514	(1,633) (10,688) - {2,630) (13,623) (19,918) (10,680) (3,500) (10,539)	- (764) {709) (14,904) 9,240 - - - -	1,367 42,929 - 4,742 36,655 - - - 26,875
ReadytoReopengrant Conservationfund	- -	2,000 5,012	(2,000) -	- -	- 5,012
	326,215	76,126	(104,222)	7,767	305,886
Totalfunds(group)	9,054,646	1,958,309	(2,056,474)	15,000	8,971,481
Totalfunds(charity)	9,021,323	1,815,543	(1,953,732)	15,000	8,898,134

	At1 January	Incoming	Resources	Netgains	At31December
PriorYear	2019as	resources	expended	and	2019
	restated			transfers
	£	£	£	£	£
Designatedfunds{groupand
charity)
Acquisition/conservationfund	10,663	-	(3,909)	-	6,754
Historicvehiclecollection	3,355,650	-	-	100,000	3,455,650
Masterplanfund	414,483	-	(63,806)	41,136	391,813
Fixedassetsfund	3,292,542	-	(56,966)	(13,344)	3,222,232
Strategicplandevelopment	250,000	-	-	-	250,000
	7,323,338	-	(124,681)	127,792	7,326,449
Generalfunds	1,570,994	2,817,881	(2,858,409)	(128,484)	1,401,982
Totalunrestrictedfunds	8,894,332	2,817,881	(2,983,090)	(692)	8,728,431
(group)
Totalunrestrictedfunds	8,869,277	2,694,765	(2,868,242)	(692)	8,695,108
(charity)

PriorYear	At1 January	Incoming	Resources	Netgains		At31
	2019as	resources	expended	.and		December
	restated			transfers		2019
	£	£	£			£
Restrictedfunds{group
andcharity)
Capitalfunds
GoldenArrow	2,457	-	-		-	2,457
RestorationFund
OutreachProgramFund	5,944	-	-		-	5,944
MotorCycleGallery	156,250	-	(26,541)	20,692		150,401
Fund
ArtsCouncilDesignation	17,518	-	(2,628)		-	14,890
FilmandVideoCuration	30,572	-	(4,586)		-	25,986
ViralMarketing	1,447	-	(217)		-	1,230
HLF— Caravans&	1,062	-	(159)		-	903
Charabancs
Woman'sSuffragette	500	-	-		-	500
Badge
Inspirationsteamcar	-	20,000	-	(20,000)		-
Revenuefunds
SmallAcquisitionFund	-	3,000	(3,000)		-	-
RestorationFund	48,188	19,332	(23,136)		-	44,384
FilmandVideoCurator	709	-	-		-	709
SteamCar“Inspiration”	25,370	-	(3,094)			22,276
WorkshopTraineeFund	30,699	13,000	(12,662)		-	31,037
AdvocacyBooth	-	20,000	(82)		-	19,918
MotoringinMiniature	-	2,080	-		-	2,080
FutureFocusFund	-	3,500	-		-	3,500
	320,716	80,912	(76,105)	692		326,215
Totalfunds(group)	9,215,048	2,898,793	(3,059,195)		-	9,054,646
Totalfunds(charity)	9,189,993	2,775,677	(2,944,347)		-	9,021,323

	Restricted	Unrestricted	Total	Restricted		Unrestricted	Total
	funds	funds	funds	funds		funds2019	funds
	2020	2020	2020	2019			2019
	£	£	£	£		£	£
Tangiblefixed	184,044	7,517,086	7,701,130	215,686		7,729,245	7,944,931
assets
Investment	-	265,000	265,000		-	250,000	250,000
property
Currentassets	121,842	1,208,753	1,330,595	110,529		951,179	1,061,708
Creditorsdue	-	(325,244)	(325,244)		-	(201,993)	(201,993)
withinoneyear
	305,886	8,665,595	8,971,481	326,215		8,728,431	9,054,646

	2020	2019
	£	£
ServicesprovidedbyBELtotheCharityamountedto	950,136	1,875,948
ServicesprovidedbytheCharitytoBELamountedto	22,047	-
AdmissionincomeallocatedtoNMMTfromBEL	1,015,091	1,904,274

			2020	2019
			£	£
Services	providedbyVTS	totheCharityamountedto	-	970
Services	providedbythe	CharitytoVTSamountedto	25,170	24,825

		2020	2019
		£	£
Services	providedbytheestatetotheCharityamountedto	17,841	19,004