##
##
##
##
|||||Page|
|---|---|---|---|---|
|Legal and administrative||information||1-2|
|Trustees'
report||||3-22|
|Independent|auditors'|report||23-26|
|Consolidated|statement|offinancial|activities|27|
|Consolidated|balance sheet|||28|
|Charity balance sheet||||29|
|Consolidated|statement|ofcash flows||30|
|Notes to the|financial statements|||31-48|
##
##
|Trustees||||Lord Montagu of Beaulieu, President|Lord Montagu of Beaulieu, President|Lord Montagu of Beaulieu, President|Lord Montagu of Beaulieu, President|
|---|---|---|---|---|---|---|---|
|||||Hon. Mary Montagu-Scott||||
|||||Christopher
Macgowan,|||OBE - Chairman|
|||||Caroline Marcus||||
|||||Nick Mason||||
|||||Lord Strathcarron||||
|||||Robert Taylor||||
|||||Helen Evenden||||
|||||Pierre Bonnet||||
|||||Colin McKenzle||||
|||||Jeremy Boadle||||
|||||Keira Sewell||||
|||||Lord Maxwell Beaverbrook||||
|||||Andrew
Goss||||
|||||Andrew Thomas||||
|||||Tom Callow||||
|||||Jonathan
Hewett||||
|Secretary||||Philip Johnson||||
|Company|registered||number|05316070||||
|Charity Commission||||||||
|registration||number||1107656||||
|Registered||office||John Montagu|Building|||
|||||Beaulleu||||
|||||Hampshire||||
|||||5042 7ZN||||
|Chief Executive Officer||||Dr Jonathan
Murden||||
|Auditors||||Saffery Champness||LLP||
|||||Chartered
Accountants||||
|||||Midland
House||||
|||||2 Poole Road||||
|||||Bournemouth||||
|||||BH2 SOY||||
|Bankers||||Barclays Bank Pic||||
|||||4e Floor||||
|||||Block A||||
|||||Apex Plaza||||
|||||Forbury
Road||||
|||||Reading||||
|||||R61 1AX||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||||Restricted|Unrestricted|Totalfunds|Total funds|
|---|---|---|---|---|---|---|---|---|
||||||Funds|Funds|2021|2020|
||||||2021|2021|||
|||||Note|f|f|||
|Income from:|||||||||
|Donations
and legacies|||||91,674|305,607|397,281|314,171|
|Activities to generate funds||||||51,863|51,863|49,570|
|Trading activities||||||124,380|124,380|168,199|
|Investments||||||82|82|534|
|Charitable
activities||||||2,334,730|2,334,730|1,425,835|
|Total income|||||91,674|2,816,662|2,908,336|1,958,309|
|Expenditure
on:|||||||||
|Costs ofgenerating|Voluntary|||7||165,633|165,633|181,498|
|Income|||||||||
|Charitable
activities||||7|110,651|2,705,091|2,815,742|1,874,976|
|Total expenditure||||7|110,651|2,870,724|2,981,375|2,056,474|
|Net deficit before|investment||gains||(18,977)|(54,062)|(73,039)|(98,165)|
|Net gains on investment||property||||59,000|59,000|15,000|
|Net degcit before|transfers||||(18,977)|4,938|(14,039)|(83,165)|
|Transfers between|funds||||(12,451)|12,451|||
|Net movement
in|funds||||(31,428)|17,389|(14,039)|(83,165)|
|Total funds at 1January||2021|||305,886|8,665,595|8,971,481|9,054,646|
|Total funds at 31December 2021|||||274,458|8,682,984|8,957,442|8,971,481|
##
##
##
##
##
##
||||||2021|2020|
|---|---|---|---|---|---|---|
|||||Note|6|f|
|Cash flows from operating||activities|||||
|Net expenditure
for the year|||||(14,039)|(83,165)|
|AdJustment
for:|||||||
|Depreciation
charges|||||184,128|207,149|
|Impairment|||||42,560|42,560|
|Net gains on investment
Donated assets|property||||(59,000)
(93,500)|(15,000)|
|Interest receivable
Profit on sales offixed assets|||||(82)|(534)|
|increase
in debtors|||||(250,281)|(347,739)|
|Increase
in creditors|||||167,038|123,251|
|Net cash absorbed
by operating
activities|||||(23,176)|(73,478)|
|Cash flows from investing||activities|||||
|Interest received|||||82|534|
|Purchase ofproperty,
plant
Proceeds from sale offixed||and equipment
assets|||(21,496)|(5,908)|
|Net cash used In Investing||activities|||(21,864)|(5,374)|
|Change
in cash and cash|equivalents||in the year||(45,040)|(78,852)|
|Cash and cash equivalents||brought forward|||758,661|837,513|
|Cash and cash equivalents||carried forward|||713,621|758,661|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|Leasehold|property||Over the remaining|term ofthe lease|
|---|---|---|---|---|
|Displays|||Over the life ofthe|display|
|Library and|museum|equipment|10-3396on written|down value|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||Restricted|Restricted|Restricted|Unrestricted|Total|Restricted|Unrestricted|Total|
|---|---|---|---|---|---|---|---|---|
||funds 2021|||funds 2021|funds|funds 2020|funds 2020|funds|
||||||2021|||2020|
||||E|E|E|E|E|E|
|Donations||65,029||181,822|246,851|64,126|97,381|161,507|
|Gifts in kind||||94,310|94,310||4,400|4,400|
|Grants||26,645||29,475|56,120|12,000|136,264|148,264|
|Total donations||9] 674||305,607|397,281|76,126|238,045|314,171|
|and legacies|||||||||
|Activities to generate||funds|||||||
||Restricted|||Unrestricted|Total|Restricted|Unrestricted|Total|
||funds 2021|||funds 2021|funds|funds 2020|funds 2020|funds|
||||||2021|||2020|
|||||E|E||E|E|
|Rental income||||25,540|25,540||25,170|25,170|
|Fundraised||||26,323|26,323||24,400|24,400|
|income|||||||||
|||||51,863|51,863||49,570|49,570|
|Trading results|||||||||
|||Restricted||Unrestricted|Total|Restricted|Unrestricted|Total|
|||funds|2021|funds 2021|funds|funds 2020|funds 2020|funds|
||||||2021|||2020|
||||||E|E|E|E|
|Charity trading|||||||||
|income|||||||||
|Museum|services|||124,380|124,380||168,199|168,199|
|Trading expenses|||||||||
|Museum|services|||82,325|82,325||98,657|98,657|
|Net income from
trading activities||||42,055|42,055||69 542|69542|
##
##
##
##
##
##
##
||||Restricted|Restricted|Unrestricted|Unrestricted|Total|Restricted|Unrestricted|Unrestricted|Total|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||funds 2021||funds 2021||funds|funds 2020|funds 2020||funds|
||||||||2021||||2020|
||||||||f|f||E|f|
||Interest|||||||||||
||receivable|||||82|82|||534|534|
|6|Income from||charitable|activities||||||||
||||Restricted||Unrestricted||Total|Restricted|Unrestricted||Total|
|||||funds|funds 2021||funds|funds|funds|2020|funds|
|||||2021|||2021|2020|||2020|
|||||f|||E|f|||E|
||Preserving
motoring|history||||2,334,730|2,334,730||1,425,835||1,425,835|
|7|Total expenditure|||||||||||
|||||Staff costs|||Other|Support|Governance||Total 2021|
|||||(Note|10)|direct costs||costs|costs|||
|||||||||(Note 8)||||
||Expenditure||on raising funds|||||||||
||Fundraislng|||12,187|||19,020|52,101|||83,308|
||Trading|||31,296||51,029|||||82,325|
|||||43,483||70,049||52,101|||165,633|
||Expenditure||on|||||||||
||charitable|activities||||||||||
||Primary purpose trade|||372,178||2,009,691||355,880|77,993||2,815,742|
||Governance|||||21,691||56,302|(77,993)|||
|||||415,661||2,101,431||464,283|||2,981,375|
||Support staff||costs|52,999||||(52,999)||||
|||||468,660||||411,284||||
##
##
##
|Prior Year||Staffcosts|Other|Support|Governance|Total 2020|
|---|---|---|---|---|---|---|
|||(Note 10)|direct costs|costs|costs||
|||||(Note 8)|||
|Expenditure|on raising funds||||||
|Fundraising||36,687|4,851|41,303||82,841|
|Trading||29,758|68,899|||98,657|
|||66,445|73,750|41,303||181,498|
|Expenditure|on||||||
|charitable|activities||||||
|Primary
purpose trade||337,050|1,152,971|320,683|64,272|1,874,976|
|Governance|||19,947|44,325|(64,272)||
|||403,495|1,246,668|406,311||2,056,474|
|Support staff costs||21,380||(21,380)|||
|||424,875||384,931|||
##
|Support costs||||||||
|---|---|---|---|---|---|---|---|
|||Costs ofgenerating||Preserving|Governance|2021|Total 2021|
|||voluntary|Income|motoring||||
||||2021
f|history 2021
E||f|E|
|Staff welfare and|training||122|834||132|1,088|
|Office costs|||30,611|209,091||33,079|272,781|
|Professional fees|||3,912|26,719||4,227|34,858|
|Staff employment|costs||5,947|40,625||6,427|52,999|
|Depreciation|||11,509|78,611||12,437|102,557|
||||52,101|355,880||56,302|464,283|
##
##
##
||Prior Year|||Costs ofgenerating|Costs ofgenerating|Preserving|Governance
2020|Total 2020|
|---|---|---|---|---|---|---|---|---|
|||||voluntary|income|motoring|||
||||||2020
f|history 2020
f|f|f|
||Staff welfare|and training|||59|459|63|581|
||Office costs||||26,409|205,039|28,341|259,789|
||Professional|fees|||1,269|9,853|1,362|12,484|
||Staff employment
costs||||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|
|9|Net incoming|resources|||||||
||This Isstated|after charging:|||||||
||||||||2021|2020|
||||||||f|6|
||Depreciation|oftangible|fixed|assets:|||||
||—owned|by the charitable||group|||184,128|207,149|
||Impairment||||||42,560|42,560|
||Auditor's
remuneration||||||14,100|13,075|
||Auditor's
remuneration||—non|audit|||6,300|10,655|
|10|Staff employment
costs||||||||
||Staff costs were as follows:||||||||
||||||||2021|2020|
||||||||6|f|
||Wages and salaries||||||404,621|367,557|
||Social security|costs|||||26,810|24,270|
||Other pension|costs|||||37,229|33,048|
||||||||468,660|424,875|
||||2021|2020|
|---|---|---|---|---|
||||Number|Number|
|Museum|services||11|13|
|Administration||staff|7|7|
||||18|20|
##
##
|11|Tangible fixed assets||||||
|---|---|---|---|---|---|---|
|||Leasehold|Displays,|Historic|Exhibits,|Total|
|||property|Rbrary and|motor|library||
||||museum|vehicles|books, Rima||
||||equipment||and||
||||||photographs||
||Group and Charity||||E||
||Cost||||||
||1January 2021|1,791,531|3,383,267|5,525,150|387,450|11,087,398|
||Additions||21,946|93,500||115,446|
||Dlsposals||(220,174)|||(220,174)|
||31December 2021|1,791,531|3,185,039|5,618,650|387,450|10,982,670|
||Depreciation||||||
||1January 2021|847,389|2,411,198||127,681|3,386,268|
||Charge forthe year|55,834|128,294|||184,128|
||Impairment||||42,560|42,560|
||Eliminated
on disposal||(220,174)|||(220,174)|
||31December 2021|903,223|2,319,318||170,241|3,392,782|
||Net book value||||||
||31December 2021|888,308|865,721|5,618,650|217,209|7,589,888|
||31December 2020|944,142|972,069|5,525,150|259,769|7,701,130|
##
##
##
##
##
|||||Group||Charity|
|---|---|---|---|---|---|---|
||||2021|2020|2021|2020|
||||6|6|6|6|
|Trade debtors|||116,535|159,557|72,317|56,872|
|Amounts|owed by group undertakings||||||
|Amounts|owed by related parties||284,488|226,105|284,693|225,986|
|Other taxation|||58,855|63,112|58,855|63,112|
|Prepayments||and accrued income|362,350|123,160|345,029|101,957|
||||822,228|571,934|760,894|447,927|
##
##
##
|15 Creditors|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Group||Charity|
||||||||2021|2020|2021|2020|
||||||||f|6|6|f|
|Trade|creditors|||||74,286||16,055|70,055|12,237|
|Amounts||owed|to|group undertakings|||||27,067|2,367|
|Other|taxation||and social security|||11,989||18,883|9,848|8,648|
|Other|creditors|||||406,020||290,306|358,412|241,632|
|||||||492,295||325,244|465,382|264,884|
|16 Statement|offunds||||||||||
|||||At 1January|Incoming||Resources||Net gains and|At 31December|
|||||2021|resources||expended||transfers|2021|
|||||f||f||f|6|6|
|Designated
funds||(group|||||||||
|and charity)
Acquisition/Conservation||||6,491||||||6,491|
|fund|||||||||||
|Historic Vehicle||||3,455,650||93,500||||3,549,150|
|Collection|||||||||||
|Fixed assets fund||||3,503,581||||(85,789)||3,417,792|
|Strategic Plan||||250,000||||(80,585)||169,415|
|Development|fund||||||||||
|||||7,215,722||93,500||(166,374)||7,142,847|
|General funds||||1,449,873|2,723,162||(2,704,350)||71,451|1,540,136|
|Total unrestrkted||funds||8,665,595|2,816,662||(2,870,724)||71,451|8,682,984|
|(group)|||||||||||
|Total unrestricted||funds||8,592,248|2,760,855||(2,786,711)||71,451|8,637,843|
|(charity)|||||||||||
##
##
|16 Statement offunds (continued)|16 Statement offunds (continued)|16 Statement offunds (continued)|||||
|---|---|---|---|---|---|---|
|||At 1January|Incoming|Resources|Net gains|At 31|
|||2021|resources|expended|and|December|
||||||transfers|2021|
|||||||E|
|Restricted funds|(group||||||
|and charity)|||||||
|Capital funds|||||||
|Golden Arrow||2,457||||2,457|
|Restoration
fund|||||||
|Outreach
Program fund||5,944||(53)||5,891|
|Motor Cycle Gallery||127,843||(12,782)||115,061|
|fund|||||||
|Arts Council Designation||12,656||(1,318)||11,338|
|Film and Video Curation||22,088||(2,772)||19,316|
|Viral Marketing||1,046||(1,046)|||
|HLF-Caravans
&||768||(768)|||
|Charabancs|||||||
|Steam Car "Inspiration"||14,904||(1,490)||13,414|
|Collection Care|||15,800|(24)||15,776|
|Equipment|||||||
|Laptop Grant|||2,405|(331)||2,074|
|Revenue funds|||||||
|Small Acquisition|fund|1,867|3,000|(3,179)||1,688|
|Restoration
fund||42,929|14,013|(9,033)||47,909|
|Steam Car "Inspiration"||4,742||||4,742|
|Workshop Trainee|fund|36,655|6,645|(15,768)|(12,451)|15,081|
|ACE DDF —Golden||26,975|29,811|(47,115)||9,671|
|Arrow|||||||
|Audience
Development|||20,000|(14,972)||5,028|
|fund|||||||
|Conservation
fund||5,012||||5,012|
|||305,886|91,674|(110,651)|(12,451)|274,458|
|Total funds (group)||8,971,481|2,908,336|(2,981,375)|59,000|8,957,442|
|Total funds (charity)||8,898,134|2,852,529|(2,897,362)|59,000|8,912,301|
##
##
##
##
||||At 1January|Incoming|Resources|Net gains|At 31December|
|---|---|---|---|---|---|---|---|
|Prior Year|||2020 as|resources|expended|and|2020|
||||restated|||transfers||
||||f|||6|f|
|Designated
funds|(group|and||||||
|charity)||||||||
|Acquisition/conservation||fund|6,754||(263)||6,491|
|Historic vehicle collection|||3,455,650||||3,455,650|
|Masterplan
fund|||391,813||(55,596)||336,217|
|Fixed assets fund|||3,222,232||(54,868)||3,167,364|
|Strategic plan development|||250,000||||250,000|
||||7,346,449||(110,727)||7,215,722|
|General funds|||1,401,982|1,882,183|(1,841,525)|7,233|1,449,873|
|Total unrestricted|funds||8,728,431|1,882,183|(1,952,252)|7,233|8,665,595|
|(group)||||||||
|31December 2020|||8,695,108|1,739,417|(1,849,510)|7,233|8,592,248|
##
|16 Statement offunds (continued)|16 Statement offunds (continued)|16 Statement offunds (continued)|||||
|---|---|---|---|---|---|---|
|Prior Year||At 1January|Incoming|Resources|Net gains|At 31|
|||2020 as|resources|expended|and|December|
|||restated|||transfers|2020|
|||f||||f|
|Restricted funds|(group||||||
|and charity)|||||||
|Capital funds|||||||
|Golden Arrow||2,457||||2,457|
|Restoration
fund|||||||
|Outreach
Program|fund|5,944||||5,944|
|Motor Cycle Gallery||150,401||(22,560)||127,841|
|fund|||||||
|Arts Council Designation||14,890||(2,234)||12,656|
|Film and Video Curation||25,986||(3,898)||22,088|
|Viral Marketing||1,230||(184)||1,046|
|HLF —Caravans
Ik||903||(135)||768|
|Charabancs|||||||
|Woman's
Suffragette||500||||500|
|Badge|||||||
|inspiration
steam|car||||14,904|14,904|
|Revenue funds|||||||
|Small Acquisition|fund||3,000|(1,633)||1,367|
|Restoration
fund||44,384|10,000|(10,688)|(764)|42,929|
|Film and Video Curator||709|||(709)||
|Steam Car "Inspiration"||22,276||(2,630)|(14,904)|4,742|
|Workshop Trainee|fund|31,037|10,000|(13,623)|9,240|36,655|
|Advocacy Booth||19,918||(19,918)|||
|Motoring
in Miniature||2,080|8,600|(10,680)|||
|Future
in Focus fund||3,500||(3,500)|||
|ACE DDF —Golden|||37,514|(10S39)||26,975|
|Arrow|||||||
|Ready to Reopen grant|||2,000|(2,000)|||
|Conservation
fund|||5,012|||5,012|
|||326,215|76,126|(104,222)|7,767|305,886|
|Total funds (group)||9,054,646|1,958,309|(2,056,474)|15,000|8,971,481|
|31December 2020||9,021,323|1,815,543|(1,953,732)|15,000|8,898,134|
##
##
##
##
##
##
##
##
|||Restricted|Unrestricted|Total|Restricted|Unrestricted|Total|
|---|---|---|---|---|---|---|---|
|||funds|funds|funds|funds|funds 2020|funds|
|||2021|2021|2021|2020||2020|
|||E|6|6|6|f|E|
|Tangible fixed||163,512|7,426,376|7,589,888|184,044|7,517,086|7,701,130|
|assets||||||||
|Investment|||324,000|324,000||265,000|265,000|
|property||||||||
|Current assets||110,946|1,424,903|1,535,849|121,842|1,208,753|1,330,595|
|Creditors|due||(492,295)|(492,295)||(325,244)|(325,244)|
|within one year||||||||
|||274,458|8,682,984|8,957,442|305,886|8,665,595|8,971,481|
##
##
##
##
|mily member ofth|e two trustees who are also dire|ctors of BED|||
|---|---|---|---|---|
||||2021|2020|
||||E|E|
|Services provided|by BELto the Charity amounted|to|1,843,789|950,136|
|Services provided|by the Charity to BELamounted|to|30,562|22,047|
|Admission
income|allocated to NMMT from 8EL||1,852,902|1,015,091|
|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||f|f|
|Services|provided|by|VTS|to the Charity amounted|to|||
|Services|provided|by|the|Charity to VTS amounted|to|25,540|25,170|
##
##
##
##
|||||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||||6|f|
|Services|provided|by|the|estate|to|the|Charity|amounted|to|14,642|17,841|
##