OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← The National Motor Museum Trust Limited

2023-12-31-accounts

Company Registration No. 05316070 (England and Wales) Charity No. 1107656

==> picture [271 x 254] intentionally omitted <==

The National Motor Museum Trust Limited

Trustees’ report and financial statements for the year ended 31 December 2023

The National Motor Museum Trust Limited

(A company limited by guarantee)

Contents

For the year ended 31 December 2023

Page
Legal and administrative information 1-2
Trustees’ report 3-26
Independent auditors’ report 27-30
Consolidated statement of financial activities 31
Consolidated balance sheet 32
Charity balance sheet 33
Consolidated statement of cash flows 34
Notes to the financial statements 35-57

The National Motor Museum Trust Limited

(A company limited by guarantee)

Trustees Report for the year ended 31 December 2023

Trustees Lord Montagu of Beaulieu, President
Hon. Mary Montagu-Scott
Christopher Macgowan, OBE – Chairman (resigned 16 October 2023)
Robert MacGregor – Chairman (appointed 16 October 2023)
Lord Maxwell Beaverbrook (resigned 14 December 2023)
Caroline Marcus
Nick Mason
Lord Strathcarron
Robert Taylor
Helen Evenden
Pierre Bonnet
Colin McKenzie
Jeremy Boadle
Keira Hart
Andrew Goss
Andrew Thomas
Tom Callow
Jonathan Hewett
Secretary Lorna MacPhee
Company registered number 05316070
Charity Commission
registration number 1107656
Registered office John Montagu Building
Beaulieu
Hampshire
SO42 7ZN
Chief Executive Officer Dr Jonathan Murden
Auditors Saffery LLP
Chartered Accountants
Midland House
2 Poole Road
Bournemouth
BH2 5QY
Bankers Barclays Bank Plc
4thFloor
Block A
Apex Plaza
Forbury Road
Reading
RG1 1AX

Page 1

The National Motor Museum Trust Limited

(A company limited by guarantee)

Trustees Report for the year ended 31 December 2023

Solicitors Wilsons St Johns Street Salisbury Wiltshire SP1 2SB

Page 2

==> picture [596 x 11] intentionally omitted <==

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

Trustees’ Report

For the year ended 31 December 2023

2023 Review of Activities, Achievements and Performance

The National Motor Museum (NMM) is a charitable organisation dedicated to preserving and promoting motoring history. Our mission is to engage and inspire people with the story of motoring through our world-class collections. All collections are Designated by Arts Council England as being of national and international significance. Our world-famous vehicles are on public display in the NMM itself, whilst the nearby Collections Centre holds a cornucopia of motoring objects, archives and books, accessible to all by appointment and utilised for exhibition, engagement and learning programmes.

Engaging and inspiring people with the story of motoring through world-class collections

1 Global Context

In 2023 our energy was very much focussed on raising the national and international profile of the NMM. We liaise with colleagues across the world and attend international conferences and meetings. We have a presence on the Secretariat of the World Forum for Motor Museums and are one of five members of the National Motor Museums Across Europe Group.

Over the past year, we have reached out to organisations in the USA with our significant project to support the restoration to running order of Major Henry Segrave’s 1927 World Land Speed Record

Page 4

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

Trustees’ Report For the year ended 31 December 2023

breaking vehicle. The 1,000hp Sunbeam was the first car to exceed 200mph, a feat which took place at Daytona Beach, Florida, on 29 March 1927. The mighty Sunbeam will return to Daytona to run at controlled speed to celebrate the centenary of this achievement and go on a display tour of major American motor museums in 2027.

Russia’s invasion of Ukraine in February 2022 sparked an energy and cost of living crisis that created an ongoing operating challenge for arts and heritage organisations. We continue to offer innovative and relevant public programming, to attract visitors wary of discretionary spending on leisure and heritage activities.

2 Organisational Health

The NMM has a highly skilled and dedicated Board of Trustees, consisting of sixteen members. The main board is complemented by an effective and focussed suite of committees comprised of a mix of Trustees, executive leadership team and other stakeholders:

The NMM enjoys a long-standing relationship with the Beaulieu visitor attraction and communications with this critical internal partner have been enhanced by a more collaborative approach. The NMM staff reorganisation which took place during 2022 has proven successful in bolstering our ability to deliver ambitious programming as people have settled into their roles.

3 Strategic and Business Planning

Strategic planning involving multiple stakeholder groups took place from 2020-21. This identified three strategic priorities, to focus the resources and activities needed to transform our organisation:

This aligned vision set the NMM on a positive course for the future, the principles and ambition of which were further developed following the appointment of our new CEO in 2022, and that all helped inform a new Business Plan in early 2023. Setting out our priorities for the period 2023-2028, as stated below, this plan has now been active for a year and significant progress already made:

Page 5

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

Trustees’ Report For the year ended 31 December 2023

4 Development and Fundraising

We recognise that the expansion of our activities and realisation of our ambition will remain dependent on successful fundraising. Trustees have established and subsequently strengthened a Development Team, headed by Michelle Kirwan. Throughout 2023 connections with grant-giving bodies were reinforced, bringing positive results early in 2024, to bolster the success of 2022 which had funded enabling works in the NMM for our “Motoring into the Future” capital project. The latter was augmented by DCMS/Wolfson Museums and Galleries Improvement Fund in the Spring of 2024 with an additional sum of £30k. In early 2024 we learned that we had been awarded £226k by the National Lottery Heritage Fund and £75k by the Garfield Weston Foundation. We are grateful for this support which enables the learning, engagement and interpretation aspects of our gallery refurbishment “The Ages of Motoring”.

Building relationships with potential major donors is a long-term process. With the addition of Nellie Rogers joining the team as Philanthropy Manager in March 2024, we have increased capacity to develop this aspect of fundraising.

Towards the close of 2023, a Ten-Year Fundraising Strategy and accompanying Plan were drafted and these were ratified by Trustees in early 2024. The latter is a working document and both serve to define the funding mix required by the NMM as revenue, project and capital funding with a £20m target and an additional £12m endowment. We will harness the following funding strands:

5 Communications & Marketing

Beginning with the recruitment of Bryn Jones, the NMM’s first dedicated Marketing and Communications Officer, throughout 2022 and 2023 we have striven to create a complementary offer to that of the Beaulieu visitor attraction, with the aim of diversifying and increasing our audiences. The NMM produced its first ever annual events leaflet in early 2023 to advertise a wide range of new activities, including our summer Classic Grille evenings which have become very popular. Establishing a distinct identity, whilst maintaining our important partnership with Beaulieu Enterprises Ltd, helps strengthen the message that we are an independent museum with a separate charitable constitution.

Social media helps to spread the word about our new offer and assert our identity as the NMM, once again complementing the posts released to various platforms by the Beaulieu attraction.

Page 6

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

Trustees’ Report For the year ended 31 December 2023

Consolidation of the NMM brand commenced in earnest in mid-2023, working with Loveable Creative and a range of internal stakeholders. This work concluded in early 2024, with agreement on a new NMMT logo, brand values, and implementation guidelines. This is to be rolled out in conjunction with a completely redeveloped website, to be launched in September 2024.

6 Collection Development

The thoughtful development of our Designated Collections continued during 2023, including six generous donations which indicate the diversity of our vehicle collections. Some pictured here:

2002 Honda Insight, illustrating the Museum’s intent to display more recent and alternative fuelled cars.

1925 Albion 24hp truck in Luckett’s livery.

1942 Harley Davidson 42WLC, loaned to the NMM for many years and ultimately bequeathed to us.

Among the highlights of the 218 acquisitions to the Object Collection included a set of Thrust II overalls worn by Richard Noble and, always on the lookout for interesting oddities, a 1960s Elwell Motorists’ Shovel to cater for the well-prepared.

Page 7

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

Trustees’ Report For the year ended 31 December 2023

In the Film & Video Collection, a noteworthy donation are two digital recordings of interviews with the late Mary Sievier (Mary Motorcycle). Mary rode her 175cc BSA Bantam around the world, setting off in 1967 and completing her journey in 1976, having travelled some 50,000 miles.

Responsible collections development is not just about acquisition. For the first six months of 2023 we paused active collecting to focus resource on decreasing the historic backlog in documentation.

Collection Donations Purchases 2023 Total
Acquisitions
6
218
1,720
8
1,487
396
3,835
Table to show total
collection acquisitions for
2023.
Vehicles 6 0 6
Objects 91 127 218
Reference Library 1,699 21 1,720
Motoring Archive 8 0 8
Photographic 1,406 81 1,487
Film & Video 396 0 396
Grand Total 3,606 229 3,835

The Shell Heritage Art Collection has been hosted at the NMM since 1993, under the terms of an agreement with Shell Brands International. At the end of 2023, due to a corporate decision by Shell to centralise all its archival collections from around the world in one location within its head office in the Netherlands, this arrangement came to an end. In recognition of our long and mutually beneficial relationship, Shell decided to donate a significant portion of the collection to the NMM. With a total value of in the region of £480k and including works by leading UK commercial artists and some wellknown lorry bill posters from the 1920s and 30s, we thank Shell for their generosity.

7 Collections Management

The management of all our collections is undertaken by a professional team, fully supported by loyal volunteers who contribute their time and expertise.

Several work programmes were prioritised for 2023, as the Documentation Work Group continued to meet regularly, and the Rights Management Group established in November 2022 to provide guidance and standardise the recording of rights information gained traction. The remit for both helps us meet the objectives outlined in the Digital Strategy around digitisation, making the collections more accessible both online and commercialising collections. Responsible rights management mitigates risk around using material for exhibition in the NMM and online. We also continued to develop guidance for staff on managing digital collections.

Documentation remains a vitally important aspect of the work of the Collections Team, as we continue to decrease historic backlogs, keep pace with recording new acquisitions and ensure the migration of records from legacy systems to our CALM collections management database . In 2023 we updated to the latest version (11.1.0) and improved catalogue templates, particularly around Rights Management. In 2023 we added a further 4,296 catalogue records to our database, creating a total to date of 97,072.

Page 8

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

Trustees’ Report For the year ended 31 December 2023

Conservation, preservation and restoration are all aspects of collections management. The ambitious project to restore the NMM’s record breaking 1927 1000hp Sunbeam to running order was launched with a fundraising appeal on 29 March – the day it took the World and Speed Record in 1927. Completing the restoration in time to run the car at Daytona to celebrate the centenary of its feat is an exciting challenge and has already been referred to. The work being undertaken by our expert engineers really got going in April, as attention was turned to inspecting and soda blasting the chassis. Despite being re-wheeled in order to attend events in the summer and autumn, by year end most mechanical components had been removed from the chassis and work on the gearbox and reassembly of the rear engine was about to begin.

1927 1000hp Sunbeam in the Museum with body panels removed.

8 Vehicles on the Move

Committed to taking the NMM to meet the people, 2023 was an active year for our vehicles making both static and running appearances at many prestigious events. A few highlights from this busy calendar are selected below:

1950 V16 BRM displayed in the Rotunda at the BRM Gala Dinner with Sir Jackie Stewart, RAC, Pall Mall in January

Page 9

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

Trustees’ Report For the year ended 31 December 2023

June saw the 1903 Napier Gordon Bennett invited to participate in the 120th anniversary Gordon Bennett Cup Memorial Run by the Irish Veteran and Vintage Car Club. This car had been entered into the 1903 Cup race, but suffered a major accident in which there were no major injuries, but the car was wrecked.

1903 Napier Gordon Bennett Credit: Pats Ireland Eye Scanplan

The 1967 Lotus 49 and 1950 V16 BRM were successfully demonstrated at a rainy Goodwood Festival of Speed in July. We exercised our 1903 22hp Daimler at the Summer Veteran Car Run in July.

The 1927 Sunbeam 1,000hp was on static display at the British Motor Show, Farnborough in August, to raise awareness and garner support for the project to restore it to running order. Meanwhile its stablemate the 1920 Sunbeam 350hp was demonstrated at the Shuttleworth Race Day Air Show in September.

We had a strong presence at the Goodwood Revival in September, which was attended by the 1967 Lotus 49, 1927 Sunbeam 1,000hp, 1912 Norton old Miracle, 1900 Royal Enfield Quadricycle. The NMM’s presence at such events also provides engagement opportunities, which are fully exploited by our Learning Team. At Goodwood, the NMM stand was linked to the Revival’s celebration of Lotus, by utilising the Ron Hickman Collection of inspiring and futuristic designs for early Lotus road cars.

Designer Ron Hickman and one of his prototype vehicle

For the annual London to Brighton Veteran

Car Rally in November, we fielded the 1903 Daimler 22hp and the 1903 De Dion Bouton. Also during November our final appearance of year was the Classic Motor Show at the NEC, Birmingham, with the 1920 350hp Sunbeam, 1927 1,000hp Sunbeam, 1935 Auburn 851 Speedster and 1924 Sunbeam Model 3 motorcycle.

Collaboration is vitally important to the NMMT and from 2023 into 2024, the 1910 Bugatti Type 15 was loaned to the Bugatti Trust at Prescott for several months.

9 Exhibitions

Motopia ? Past Future Visions opened 20 May as our headline exhibition for 2023, introducing our visitors to the NMM’s ongoing narrative on the future of mobility. This exhibition presented bold visions from the past, for vehicles and the built environment in which they would operate. The title was inspired by the work of British architect Geoffrey Alan Jellicoe, who, in the 1950s, described the place where vehicles and humans co-exist in harmony as Motopia .

Page 10

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

Trustees’ Report For the year ended 31 December 2023

Much earlier, at the turn of the 20th Century, another visionary, John Scott Montagu, second Lord Montagu of Beaulieu, was predicting fast roads connecting cities. Successive generations have taken these ideas and built upon them. What seems progressive is often an idea from the past.

Independent evaluation conducted with families during school holiday periods showed that visitors engaged with the exhibition content, 66% finding it ‘interesting’ and 30% said it was ‘thoughtprovoking’, although 10% were ‘puzzled’ as to the content. The way the material was presented was also positively received. 80% liked the look and style of the exhibition. 65% fully and 25% partially felt the mix of film, artwork and vehicles lead to a ‘satisfying experience’. 72% expressed a wish to see more exhibitions of this type in the future.

1924 image by Ferdinand Fissi representing the overhead streets envisioned by John Scott Montagu and 1950s Atomic Car by Arthur Radeburgh. Illustrative of the imagery in the ‘Motopia?’ exhibition.

Publicity for ‘Le Mans – The Race of the Century’ Image from ‘The Magic of the Marque - 100 exhibition. Years of MG’ exhibition. Kitty Brunell attending to her 1931 F-type Magna.

2023 saw the creation of a new temporary exhibition

space, combining two booth areas to make the In-Focus gallery, providing an opportunity to showcase the NMM’s Photographic Collection. The inaugural exhibition celebrated the centenary of the famed 24-hour race with Le Mans – The Race of the Century, opening on 3 June. This well-received display was followed on 16 September by The Magic of the Marque - 100 Years of MG, truly establishing the NMM’s ability to highlight motoring milestones in a dedicated space.

Page 11

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

Trustees’ Report For the year ended 31 December 2023

Away from the NMM itself, the non-vehicle collections remained very active both home and abroad.

In April, shoppers at the Cascades Centre in Portsmouth were treated to a temporary display of Shell posters and petroliana.

In March, we loaned a number of items, including the Golden Arrow pedal car to the Design Museum Den Bosch, Netherlands for their Faster, Better, more Beautiful – The Design of Progress exhibition.

Golden Arrow pedal car at Design Museum Den Bosch, Netherlands.

On the topic of international loans, throughout the Summer we were fortunate to host the stars of the 1953 film that helped popularise historic motoring and veteran cars – Genevieve , to mark the film’s 70[th] anniversary. The car that gave its name to the film is a 1904 Darracq and its co-star a 1905 Spyker.

The Spyker and Darracq from the film Genevieve, kindly loaned by the Louwman Museum in The Haque, Netherlands.

10 Learning and Education

The focus for the Learning Department in 2023 was to raise its profile by providing enriched engagement for visitors to the Beaulieu attraction and reaching out to the local community with activity offers which used the NMM Collections. New community partnerships were made and existing relationships strengthened within formal education.

The Motopia? Past Future Visions exhibition was designed to be thought-provoking. The themes it explored were the perfect basis for outreach engagement. We partnered with local arts and education charity spudWORKS in Sway, with a cocurated exhibition of road signs, roadside furniture and Shell posters. This provided the basis for a series of artist-led community workshops in April termed Motopia? | Laboratory . Over twelve sessions we engaged 83 local people, whose artwork was displayed at a celebratory event that drew over 400 people to the spudWORKS gallery.

Children’s workshop in ‘Motopia? Laboratory’ at spudWORKS.

Page 12

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

Trustees’ Report For the year ended 31 December 2023

Another aspect of the project worked with lead artist, Tom Hall, who created five sculptures linked to the Shell Heritage Art Collection’s travel posters. These sculptures provided an installation on the RT Bus in the NMM.

Tom Hall sculptures on the Museum’s 1950 AEC RT double decker Bus.

Activities inspired by the Motopia? exhibition also took place onsite, aimed at raising awareness of STEAM subjects. The Learning Team provided a week of Pop-up activities for families on our outside arena, including seeing classic cars which had been converted to run on electricity, test riding electrically assisted cargo bikes and inviting feedback on future transport ideas. Around 1,700 visitors engaged with these week-long activities.

Further family engagement at the NMM during 2023 came in the form of Photopia , an interactive photobooth experience which used bespoke NMM filters on Instagram and a Rabbits in the Headlights , a fun trail around vehicles on display. Observation showed that young people were using the trail to engage more joyfully with the Collection.

In March the Learning Team led their first event in partnership with the Institute of Engineering and Technology - the Lego League Challenge for ages 9-16. The day-long activities involved teams from schools within Hampshire competing to design the most efficient Lego robot. The winning team went on compete again at another venue for the title.

Lego League Challenge design creation.

Learning activity numbers for 2023:

1 x Community art installation

10 x onsite family activities delivered

12 x offsite community group workshops delivered

83 x local people created community art for Motopia? | Laboratory

244 x school groups attended NMM Learning sessions, totalling 4,735 students

400 x visitors to the spudWORKS exhibition

2,500+ families participated in onsite learning activities

We maintained our relationships with local universities during 2023, including Bournemouth, Arts University Bournemouth, Winchester and Southampton. New engagement came from students with Cardiff and Glasgow Universities.

Page 13

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

Trustees’ Report For the year ended 31 December 2023

11 Research and Enquiries

Our Motoring Research Service responds to enquiries relating to all aspects of motoring history and provides a portal for visitors to access all the NMM’s Collections and the information about them, by appointment. Is it accessed by members of the public and those running historic vehicles, college students and school children, authors, publishers and the media.

Provision of this service is required of a Nationally-styled Accredited Museum and also by the Designated status of our collections. Our expert and knowledgeable provision receives regular positive feedback from users and generates significant goodwill. In recognition of all these factors, we made this a free service from December 2023, requesting donations rather than payment.

12 Digital

The NMM Digital Strategy was agreed in 2022 and its planned implementation continued during 2023, majoring on the first three areas within its scope:

A series of preparatory meetings took place throughout 2023, to lay the groundwork for a significant project to create a new NMM website. Development was put on hold pending the completion of our rebranding exercise and commenced in earnest during the first quarter of 2024.

13 Volunteers

The professional staff are supported by a team of loyal volunteers, who assist all aspects of what we do, from historical research, to cataloguing collections and meeting visitors in the Museum. By the close of 2023 we had a total of 69 volunteers, contributing over 8,660 hours. This had an estimated value in kind of over £275,000 in 2023. The Trustees and staff especially thank the volunteers for their contribution to the working life of the NMM.

Volunteers come to us for a variety of reasons. Many are retired and enjoy the social aspects of a shared interest and working alongside others, whilst early or even pre-career people are looking for work experience.

14 Supporters

Membership of our Friends’ group continued to rise as we closed 2023 with 580 paying members, compared to 554 the previous year. See charts below for more information:

Page 14

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

Trustees’ Report For the year ended 31 December 2023

==> picture [450 x 184] intentionally omitted <==

----- Start of picture text -----
NMMT Trust Life
Membership
NMMT Trust 5yr
Membership Friends’ membership for end of
NMMT Trust Annual 2023, including Life Members.
Membership
NMMT Trust Free 5yr
Membership
NMMT Trust Free Annual
Membership
----- End of picture text -----

==> picture [450 x 196] intentionally omitted <==

----- Start of picture text -----
Adult
Adult with Disability Paying Friends’ membership for
Child
end of 2023, excluding Life
Child with Disability
Family Members.
Joint
Joint 5 yr Trust (04/2019)
Single
Single 5yr (04/2019)
Youth
Youth With Disability
----- End of picture text -----

There were 8 successful Transport Torques throughout 2023, with a core attendance of Friends’ but now marketed more widely to attract a more diverse audience. This has seen audiences rise from an average of 65 to 90 attendees during 2023. Highlights included 100 Years of MG with Jon Pressnell, 70 Years of Genevieve with Andrew Roberts, The Legend of Goldie Gardner with John Mayhead, and Fully Charged , with Robert Llewellyn.

Fully Charged with Robert Llewellyn, 2-12-2023.

The informal but popular Noggin ‘N Natter get-togethers for Friends continued throughout 2023 at various locations across the New Forest, including the grounds of the NMM at Beaulieu.

Page 15

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

Trustees’ Report For the year ended 31 December 2023

The Beaulieu One Hundred is designed for motoring enthusiasts, collectors and specialists, who wish to support the work of the NMM and experience a closer connection with the trustee, staff and volunteer team. At the close of 2023, there were 58 members, many of whom attended various events in the busy annual calendar, both at Beaulieu and further afield. Factory tours and behind-the-scenes excursions included a visit to Peter Freebody traditional boatbuilders, a tour of the Lotus factory in Norfolk, and an exclusive look at a collection of restored Jaguar E-types. While a members’ drive from Ferrari specialist Meridien Modena in Lyndhurst ended with the Palace House members’ midsummer garden party, as the members parked up their special cars on the lawn of Palace House, and were welcomed by Lord and Lady Montagu. While the annual dinner was held at the RAC Club’s Woodcote Park clubhouse, which included a charity auction raising a large amount for the Sunbeam 1000hp campaign, and the Beaulieu 100 awards.

15 Caravan and Motorhome Club Collection

Our long-term relationship with the Caravan and Motorhome Club continued to thrive and look to the future. A highlight for JulyAugust was a grant-funded outreach programme developed by the club Curator, called Homes on Wheels – The Story of Winchester Caravans . This temporary display was hosted at Hampshire Record Office and was augmented by a very well-received talk on the history of caravanning in Hampshire.

16 Trading

Trading activities based on the NMM’s extensive collections of still and moving images continues to generate income and provide access to these fascinating resources. 2023 also saw the NMM venture back into publishing after a long hiatus.

In the Motoring Picture Library (MPL) we continued to trade independently and also via agents Alamy, Heritage Images, Shutterstock and Media Storehouse. MPL and our agents operate in a highly competitive market and total income was 8% below budget in 2023.

Film & Video Trading had a very strong 2023:

Film footage from the NMM’s collection featured in several popular TV shows during 2023, including Car SOS, The Grand Tour, and Wheeler Dealers. Large and still ongoing third-party digitisation projects began for both the Museum of Rural Life (MERL) and The Tank Museum. In addition, the following high-profile jobs were completed:

Page 16

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

Trustees’ Report For the year ended 31 December 2023

The aim of relaunched National Motor Museum Publishing (NMMP) is to tell the story of motoring with captivating stories and compelling illustrations, focussing on:

NMMP’s first publication, Goldie: The amazing story of Alfred Goldie Gardner, the world's most successful speed-record driver written by John Mayhead, draws upon the author’s detailed research of our Motoring Archive. It was published in October 2023 to critical acclaim, with 806 books sold by the end of 2023.

Overall, the total trading surplus for 2023 was 6% higher than 2022 and 29% more than budget.

17 Environment and sustainability

The NMM works in close collaboration with the Beaulieu Estate as landlord and Beaulieu Enterprises Ltd (BEL) which operate the visitor attraction in which the Museum and Collections Centre sit. Each organisation is committed to playing their part in the protection of our natural environment and operating in a manner which is both responsible and sustainable.

“To build the Estate as an environmentally, socially and economically sustainable entity in family ownership for future generations.”

Recent actions taken to translate policy into practice include:

Page 17

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

Trustees’ Report For the year ended 31 December 2023

18 Thanks and acknowledgement

The NMM is extremely grateful to the following organisations and individuals for their support during the year:

Arts Council England Marloe Watch Company Art Fund Members of the Beaulieu 100 Beaverbrook Foundation Motor Wheel Service Brookspeed National Heritage Memorial Fund Cascades Shopping Centre, Portsmouth New Forest Agricultural Show Society Caravan and Motorhome Club Rick Carrington Caroline Montagu Weston Fund Select Car Leasing Castrol Classic Serck Motorsport UK Charles Burnett Foundation Shell Brands International Clarion Events Ltd Sunbeam-Talbot-Darracq Register Dawson’s Auctioneers & Valuers Trimite DCMS Wolfson The estate and family of the late Sheila Weeks Development Partners The National Archives Draper Tools Vintage Tyres Formhalls Vintage & Racing Ltd Friends of the National Motor Museum All those who have donated to our The Guild of Motoring Writers Memorial Motors legacy scheme The Goodwood Group Hornby Hobbies Individual donors and supporters of the NMMT Lucas Oil and the 1000hp Sunbeam restoration campaign Lyon & Turnbull Auctioneers

The NMM also would like to thank: Trustees who have consistently supported our activities during 2023, both through providing advice and funding; the donors and lenders of objects; our volunteers who have helped us deliver a wide range of projects; and all those who have given to the charity as private individuals.

Page 18

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

Trustees’ Report For the year ended 31 December 2023

19 Visitor Numbers

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Visitors 329,889 335,065 336,833 330,960 320,594 327,131 141,080 276,888 327,026 321,034

Overall visitor numbers to the Beaulieu attraction and the NMM were down slightly by -1.8% during 2023. The total of 321,034 is comprised of 271,833 general visitors plus 49,201 event participants.

Future Plans

The 2023-28 Business Plan has been drawn from the Strategic Plan to incorporate its ambition into the NMM’s everyday business model. It sets out our priorities, in terms of financial activity, for the period 2023-28. These are:

Within this context, the priorities for 2024 are:

i. ‘Motoring Into The Future’ – Welcome & Orientation Gallery Space

In 2024 it will be our priority to complete the fundraising for this project to refurbish the upper ground floor and welcome galleries of the NMM by delivering it in two phases.

This will deliver a package of improvements and repairs to the main entrance funded by DCMS for completion by 31 March 2024.

This subsequent package of works will, subject to securing the necessary funding, deliver the planned upgrades to the interpretation and displays. The design is organised around an interpretative approach conceptualised as ‘The Ages of Motoring’.

ii. Streets Ahead: Motoring In Mid-Century Britain

When the current temporary exhibition Motopia: Past Future Visions comes to a close in April 2024, this provides the perfect opportunity to refurbish and refresh our historic street reconstruction. Therefore, rather than invest in a temporary exhibition for 2024, it will be our priority to reimagine the historic street scene, moving it forward in time, evolving it as real high streets do, to an imagined point in the late 1960s. We will also deliver a package of improvements and upgrades, and

Page 19

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

Trustees’ Report For the year ended 31 December 2023

reintroducing animation, sound and interactivity. Opening in mid-May 2024, we will market this redeveloped gallery as our new attraction for the year.

iii. Finalisation of Capital Development Masterplan

With the appointment of EP Projects as architects in late 2023, the NMM is now beginning to work up a masterplan for the redevelopment of it’s properties, also supporting BEL with the options around redevelopment of it’s sites. The brief agreed with EP Projects includes masterplan development to RIBA Stage 2 (Concept Design) and encompasses three main elements.

a. National Motor Museum

To renovate and reuse the basement of the main NMM building, seeking to establish a fully functional temporary exhibition gallery and reserve vehicle store.

b. Collections Centre

To reorganise, repurpose and retrofit the Collections Centre creating additional storage space and making this building accessible to the public.

c. Workshops & Learning Centre

To create a workshop fit for our future needs and a learning centre with the necessary upgraded spaces and facilities needed to meet the expectations of modern audiences.

These three developments are closely interlinked and impact each other in terms of opportunities, the provision of facilities, and the ways in which we can deliver our vision to tell the story of motoring for all. As settling on this masterplan is vital to the finalisation of our forward plan, interpretation plans, and has considerable implications for our fundraising aspirations (both in terms of timing and the funds required) it is vital we continue to make progress on this in 2024.

iv. Learning

We must continue to develop and improve our learning service, both delivered here at Beaulieu and out in the schools themselves. This latter approach will be crystallised in the finalisation of a revised Learning Strategy. This will lead on to the development of a sustainable business case for a schools’ outreach programme (for launch in time for September 2024), and the delivery of the Mobile Museum concept (for Spring 2025)

We will deliver the Faraday Challenge across Hampshire as official delivery partner early in the New Year, and explore how we can develop an alternative NMM STEM Challenge for 2025. Working with Mountbatten School and Arts University Bournemouth we will continue to deliver learning outcomes resulting from the 1000hp Sunbeam project. For the peak summer holiday season we will work with colleagues in BEL to develop and deliver a year-round family engagement trails for the Museum, while from October 2024 we will deliver the Activity Plan promised as part of the Motoring Into The Future’ NLHF application.

Page 20

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

Trustees’ Report For the year ended 31 December 2023

v. Branding, Website and Digital

Good progress has been made on the development of the NMM’s Brand Proposition in 2023. We will continue to work with Loveable and BEL to develop and finalise the different elements of our brand identity and assets in 2024. From this we can then start to deliver on the preparatory work that has been done this year to redevelop our social media outputs and a new website – making it look fresh, on our new brand, with greater ability to support our membership, fundraising and income generation requirements.

We will look to better integrate our marketing resources with those of BEL, improving forward planning and team cohesion. Alongside this, we will develop a robust Marketing Plan, supporting the delivery of the agreed Marketing Strategy, incorporating and delivering an agreed range of KPIs and other performance metrics.

vi. 1000hp Sunbeam

In 2024 we will continue to deliver the project to restore the 1000hp Sunbeam and finalise the itinerary and detailed costings of a potential US tour during 2027.

vii. Fundraising

The realisation of our ambitions for the NMM will depend entirely on successful fundraising. As a result, and we will be devoting significant resources in the year ahead to make the recently established fundraising function as effective as possible. This includes continued investment in appropriate staffing and the creation of a detailed Fundraising Strategy.

In 2024, alongside the planned submission of significant grant applications, we will focus our efforts on the development and delivery of our major donor programme. We will complete the Case for Support as a matter of urgency and develop a detailed plan of execution for fundraising. A new Fundraising Board, needed to support our cultivation activity, will be recruited. Major donors are likely to provide in the region of 30% of our total fundraised income if cultivated correctly, and 2024 is the time we really must start to progress this issue in a targeted, thoroughly researched, and professional manner.

FINANCIAL REVIEW

Incoming Resources

The wide range of charitable activities the NMM offers is possible due to the income generated from a variety of sources. First is the NMM share of visitor admission fees to the Beaulieu attraction in addition to which is the tax rebated by the Government under the Gift Aid scheme. Other sources of income are sponsorship from commercial partners and income generated from NMMs trading subsidiary. Donations and Grants are also important to NMM. We fundraise for both specific and general purposes.

Visitor Admission income:

Net visitor income in the year to 31 Dec 2023 equated to £488k (2022: £458k).

Page 21

The National Motor Museum Trust Limited

(A company limited by guarantee)

Trustees’ Report For the year ended 31 December 2023

Gift Aid:

Gift aid from visitors to the museum in the year to 31 Dec 2023 was £314k (2022: £322k).

Trading Company:

The trading company donated profits to the charity of £52k (2022: £45k).

Voluntary Income:

Although fundraising in the current climate has been difficult, we have achieved success in a number of areas. We have had success in our Sunbeam appeal and a number of gifts in kind. We continue to grow our development team. The Beaulieu One Hundred has also continued to provide valuable funding both directly and indirectly.

Resources Expended

Costs have largely been well controlled with the main increases being in staffing as we develop our fundraising capacity.

Capital Expenditure

Total capital additions in the year were £780k (2022: £253k).

Related party relationships

NMMT has a wholly owned trading subsidiary called National Motor Museum Trading Limited, which is primarily involved in the provision of museum services. Profits earned by the trading company are passed to its parent company, National Motor Museum Trust Limited as a gift aided charitable donation on an annual basis. In 2023, the donation amounted to £51,992 (2022: £45,140).

Beaulieu Enterprises Limited (BEL) operates the visitor attractions at Beaulieu including the National Motor Museum (NMM) and it provides services to NMMT under the terms of a management agreement, which are disclosed in note 23 to the accounts. The agreement is regularly reviewed by Trustees to ensure that the services provided are to the required standard and that the charges represent good value.

Remuneration Policy

The Trustees consider the Board of Trustees, the Chief Executive Officer, Director of Collections, Financial Director, Head of Development, Learning 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 22 to the accounts.

The Financial Director and Museum Manager are subcontracted from Beaulieu Enterprises Ltd. The rates of pay for any subcontract positions are 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.

Page 22

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

Trustees’ Report For the year ended 31 December 2023

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 (£840,000 in 2023).

At the year-end, the Charity has an unrestricted fund balance of £1,181,835 (2022: £1,335,414) and a designated fund balance of £7,096,481 (2022: £7,105,321). Free reserves are arrived at by adjusting for assets required to continue to operate the Charity of £7,661,552 (2022: £7,830,424). Thus, at 31 December 2023, free reserves amounted to £616,764 (2022: £610,311). However, of this £411,907 (2022: £479,151) has been designated for specific projects so the trustees feel the true free cash reserve position to be £204,857 (2022: £131,160). Trustees will work towards generating unrestricted income to bridge the cap between this ambition and the current free reserves.

Details of the designated funds can be found in note 19.

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.

Fundraising

All fundraising efforts of the Charity are led by the chief executive and the senior management team, with input from trustees, and are carried out in line with the Code of Fundraising Practice. No third party fundraisers are currently used. Approaches to the public are made only on the site or online to people who have actively chosen to engage with the Charity. The Charity is now a subscriber to the Fundraising Regulator. There have been no complaints made to the Charity in regards to fundraising in the year.

Page 23

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

Trustees’ Report For the year ended 31 December 2023

Structure, Governance and Management Objectives and Activities

Objectives and activities

The National Motor Museum Trust Limited is a registered charity, which was incorporated in 2004 and is a company limited by guarantee. It is governed by its Memorandum and Articles of Association and its objectives are to promote education, research and conservation of the history of motoring in Great Britain and internationally for the benefit of the public. The three objectives are more precisely stated in its Memorandum of Association as follows and have not changed since the last annual report:

We have referred to the guidance contained in the charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Organisation and decision making

NMMT is governed by a Board of Trustees. The Board has responsibility for managing the Charitable Trust and for control of its property and funds. The Articles of Association require that the Board must contain a minimum of three and a maximum of seventeen individuals, and that Trustees must be elected and co-opted. At the end of 2023, there were sixteen Trustees of the NMMT whose names are listed on Page 1. Trustees nominate and elect new Trustees at general meetings and one third of Trustees must put themselves up for re-election at each AGM. New Trustees are provided with an induction pack and have an introductory meeting with the Chief Executive and key staff followed by a tour of the operation and briefings on the key aspects of NMMT activities. Trustees are given training relevant to their role and are made fully aware of their responsibilities and legal obligations.

The Board discharges its management responsibilities by ensuring that NMMT has an appropriate infrastructure for sound corporate governance and by ensuring that the operational procedures address the requirements set out in the Memorandum of Association and Trust Deed.

The Board meets four times a year for routine business and convenes meetings as necessary to consider urgent issues. In addition, the Board or nominated Trustees take part in annual strategy reviews, the preparation of business plans, risk analysis, the annual report and audited financial statements and in any ad hoc reviews which arise during the year.

Page 24

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

Trustees’ Report For the year ended 31 December 2023

There are four committees to assist the main Trustee board in managing the organisation. These are the Finance, Governance and Risk Committee, the Development, Fundraising and partnerships Committee, the Communication, PR and Marketing Committee and the Collections, Learning and Engagement Committee. Each committee is made up of selected Trustees, other specialists and a member of the management team.

The day-to-day management responsibility is delegated to the Chief Executive Officer, Dr Jonathan Murden reports to the Board of Trustees formally at quarterly Board meetings. If between meetings he wishes to discuss, inform or advise the Board on issues of particular significance he will do so via the Chairman or nominated alternatives. Clear authorisation procedures are in place and are regularly reviewed. The procedures set out the circumstances in which the Chief Executive Officer must seek Board approval before committing NMMT.

Public Benefit

The Trustees confirm that in setting the Charity’s objectives and planning its activities they have given careful consideration to the Charity Commission’s guidance on public benefit and consider each year how it meets the public benefit objectives outlined in Section 4 of the Charities Act 2006.

Trustees' responsibilities statement

The trustees (who are also directors of The National Motor Museum Trust Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 25

==> picture [596 x 380] intentionally omitted <==

==> picture [596 x 11] intentionally omitted <==

The National Motor Museum Trust Limited

(A company limited by guarantee)

Independent auditor’s report to the members of The National Motor Museum Trust Limited

We have audited the financial statements of The National Motor Museum Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 27

The National Motor Museum Trust Limited

(A company limited by guarantee)

Independent auditor’s report to the members of The National Motor Museum Trust Limited

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out page 25, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 28

The National Motor Museum Trust Limited

(A company limited by guarantee)

Independent auditor’s report to the members of The National Motor Museum Trust Limited

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

Page 29

The National Motor Museum Trust Limited

(A company limited by guarantee)

Independent auditor’s report to the members of The National Motor Museum Trust Limited

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Casidhe Baleri (Senior Statutory Auditor) For and on behalf of Saffery LLP

Midland House
Chartered Accountants 2 Poole Road
Statutory Auditors Bournemouth
Dorset
BH2 5QY
Date:
22 July 2024

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 30

The National Motor Museum Trust Limited

(A company limited by guarantee)

Consolidated Statement of financial activities For the year ended 31 December 2023

Note
Income from:
Donations and legacies
2
Activities to generate funds
3
Trading activities
4
Investments
5
Charitable activities
6
Total income
Expenditure on:
Costs of generating Voluntary
Income
7
Charitable activities
7
Total expenditure
7
Net income/(expenditure)
(Loss)/gain on investment property
Net movement in funds before
transfers
Transfers between funds
19
Net movement in funds
Total funds at 1 January 2023
Total funds at 31 December 2023		 Restricted
Funds
2023
£
571,626
-
-
-
53,780
625,406
-
36,073

36,073

589,333
-
589,333
(34,745)
554,588
627,250
1,181,838		 Unrestricted
Funds
2023
£
206,441
115,495
201,014
42,269
2,537,572
3,102,791
412,740
2,905,374

3,318,114

(215,323)
-
(215,323)
34,745
(180,578)
8,458,894
8,278,316		 Total funds
2023
£
778,067
115,495
201,014
42,269
2,591,352
3,728,197
412,740
2,941,447

3,354,187

374,010
-
374,010
-
374,010
9,086,144
9,460,154		 Total funds
2022
£
540,219
19,857
155,197
29,232
2,513,053
3,257,558
229,364
2,892,492
3,121,856
135,702
(7,000)
128,702
-
128,702
8,957,442
9,086,144

All activities relate to continuing operations.

The notes on pages 35 to 567 form part of these financial statements.

Page 31

2023
Note £ £ £
Fixedassets
Intangibleassets 11 1,770
Tangibleassets 12 1,654,262 1,621,054
Heritageassets 13 6,625,586 6,037,566
Investmentproperty 14 317,000 317,000
8,598,618 7,975,620
Currentassets
Stocks 16 7,841 -
Debtors 17 382,328 588,323
Cashatbankandinhand 749,995 940,231
1,140,164 1,528,554
Creditors:
Amountsfallingduewithinoneyear 18 (278,628) (418,030)
Netcurrentassets 861,536 1,110,524
Netassets 9,460,154 9,086,144
Representedby:
Restrictedfunds 19 1,181,838 627,250
Unrestrictedfunds 19 8,278,316 8,458,894
Totalfunds 9,460,154 9,086,144

==> picture [596 x 11] intentionally omitted <==

Note
Fixedassets
Intangibleassets 11 1,770 -
Tangibleassets 12 1,654,262 1,621,054
Heritageassets 13 6,625,586 6,037,566
Investmentproperty 14 317,000 317,000
8,598,620 7,975,620
Investmentinsubsidiary 15 2 2
8,598,620 7,975,622
Currentassets
Debtors 17 363,506 569,708
Cashatbankandinhand 739,627 929,053
1,103,133 1,498,761
Creditors
Amountsfallingduewithinoneyear 18 (296,591) (440,235)
Netcurrentassets 806,542 1,058,527
Netassets 9,405,162 9,034,149
Representedby:
Restrictedfunds 19 1,181,838 627,250
Unrestrictedfunds 19 8,223,324 8,406,899
Totalfunds 9,405,162 9,034,149

==> picture [596 x 11] intentionally omitted <==

The National Motor Museum Trust Limited

(A company limited by guarantee)

Consolidated statement of cash flows For the year ended 31 December 2023

Note
Cash flows from operating activities
Net expenditure for the year
Adjustment for:
Depreciation charges
Impairment
Net losses/(gains) on investment property
Donated assets
Interest receivable
Increase in stock
Decrease in debtors
Decrease in creditors
Net cash (absorbed by)/ generated from operating
activities
Cash flows from investing activities
Interest received
Purchase of property, plant and equipment
Purchase of heritage assets
Purchase of intangible assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2023
£
374,010
157,150
-
-
(588,020)
(10,494)
(7,841)
205,993
(139,402)
(8,604)
10,494
(190,356)
-
(1,770)
(181,632)
(190,236)
940,231
749,995		 2022
£
128,702
152,501
31,735
7,000
(10,000)
(717)
-
233,905
(74,265)
468,861
717
(19,526)
(223,442)
-
(242,251)
226,610
713,621
940,231

The notes on pages 35 to 57 form part of these financial statements.

Page 34

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

Notes to the financial statements For the year ended 31 December 2023

1 Accounting policies

The National Motor Museum Trust Limited is a company limited by guarantee incorporated in England and Wales. The registered office is John Montagu Building, Beaulieu, Hampshire SO42 7ZN.

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The National Motor Museum Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006.

1.2 Company status

The company is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

1.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 35

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

Notes to the financial statements For the year ended 31 December 2023

1 Accounting policies (continued)

1.4 Going concern

The financial statements have been prepared on the basis that the charity is a going concern. The Trustees consider that there are no material uncertainties on the charity’s ability to continue its activities for the foreseeable future. They have approved a detailed income and expenditure budget for 2024, the charity has a regular stream of income from its visitor admissions and its reserves policy means that it will be able to meet its obligations and have sufficient time to mitigate against any unforeseen circumstances.

1.5 Incoming resources

For legacies, entitlement is taken as the earlier of the date on which either: the company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the company has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the company, or the company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy, except for grants and donations where the donor:

Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the company where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank.

1.7 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Where expenditure incurred relates to more than one cost category it is apportioned on a time or usage basis, over and above a de minimis figure.

Page 36

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

1.7 Expenditure (continued)

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the group and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the group and compliance with constitutional and statutory requirements.

1.8 Employee benefits

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9 Intangible fixed assets and amortisation

Intangible fixed assets are stated at cost less impairment. Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Webiste costs 5 years

1.10 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold property Over the remaining term of the lease
Displays Over the life of the display
Library and museum equipment 10-33% on written down value

Depreciation has not been provided on the museum exhibits, library books, films, photographs and museum motor vehicles since their residual values are estimated by the trustees to be in excess of their book values.

Tangible fixed assets costing less than £500 are not capitalised and are written off in the year of purchase. All assets are examined annually for potential impairment and any material reductions in value are written down at the year end.

1.11 Heritage assets

Included in fixed assets is a collection of historic motor vehicles which are measured in the financial statements using the cost model.

Page 37

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

Other inalienable and historic assets are detailed in note 11 to the accounts but the charity has not included these at a valuation as permitted by SORP paragraph 283 because no reliable cost or value can be attributed.

Acquisitions are made following thorough consideration of the value and relevance of each item to the Collection, the way it will be utilised and the implications of long-term stewardship. The group has established procedures which must be followed in consideration of potential acquisitions to the collection, which apply equally to loans and accessions. As an accredited Museum, we have accreditation documentation which governs our collecting, disposal and conservation strategies and policies.

1.12 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

1.13 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount repaid net of any trade discounts due.

1.14 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.15 Creditors and provisions

Creditors and provisions are recognised where the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.16 Financial instruments

The group only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially measured at transaction value and subsequently measured at their settlement value.

1.17 Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

1.18 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the

Page 38

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19 Stocks

Stocks relate to books and merchandise which are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the SOFA. Reversals of impairment losses are also recognised in the SOFA.

2 Income from donations and legacies

Restricted
funds 2023

£
Donations
78,273
Gifts in kind
481,020
Grants
12,333
Total donations
and legacies
571,626
Activities to generate funds
Trading results
Restricted
funds 2023
£
Charity trading
income
Museum services
-
Trading expenses
Museum services
-
Net income from
trading activities
-
Restricted
funds 2023

£
Fundraised
income
-
-		 Restricted
funds 2023

£
Donations
78,273
Gifts in kind
481,020
Grants
12,333
Total donations
and legacies
571,626
Activities to generate funds
Trading results
Restricted
funds 2023
£
Charity trading
income
Museum services
-
Trading expenses
Museum services
-
Net income from
trading activities
-
Restricted
funds 2023

£
Fundraised
income
-
-		 Unrestricted
funds 2023
£
65,337
117,530
23,574
206,441
Unrestricted
funds 2023
£
201,014
Unrestricted
funds 2023
£
115,495
115,495		 Total
funds
2023
£
143,610
598,550
35,907
778,067
Total
funds
2023
£

201,014


140,017
60,997
Total
funds
2023
£
115,495
115,495		 Restricted
funds 2022

£
23,595
-
407,600
431,195
Restricted
funds 2022
£
-
-
-
Restricted
funds 2022

£
-
-		 Unrestricted
funds 2022
£
93,024
10,000
6,000
109,024
Unrestricted
funds 2022
£
155,197
97,691
57,506
Unrestricted
funds 2022
£
19,857
19,857		 Total
funds
2022
£
116,619
10,000
413,600
540,219
Total
funds
2022
£
19,857
19,857


Total
funds
2022
£
155,197
- 140,017 97,691
- 60,997 57,506

3 Activities to generate funds

4 Trading results

Page 39

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

4 Trading results (continued)

The charitable company has a wholly owned subsidiary, National Motor Museum Trading Limited, which runs the museum services of the charitable company and gift aids any surplus to the charity. The results and assets and liabilities of the subsidiary have been consolidated on a line by line basis.

During the year 1.58% (2022: 5.17%) of the subsidiary company’s turnover was to markets outside the United Kingdom.

5 Investment income

Rental income
Interest
receivable		 Restricted
funds 2023

£
-
-
-		 Unrestricted
funds 2023
£
31,775
10,494
42,269		 Total
funds
2023
£
31,775
10,494
42,269		 Restricted
funds 2022

£
-
-
-		 Unrestricted
funds 2022
£
28,515
717
29,232		 Total
funds
2022
£
28,515
717
29,232

6 Income from charitable activities

Preserving
motoring history		 Restricted
funds
2023

£
53,780		 Unrestricted
funds 2023
£
2,537,572
 Total
funds
2023
£
2,591,352		 Restricted
funds
2022
£
-		 Unrestricted
funds 2022
Total
funds
2022
£
£
2,513,053
2,513,053

Page 40

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

7 Total expenditure

Total expenditure
Staff costs
(Note 10)
Expenditure on raising funds
Fundraising
-
Trading
62,057
62,057
Expenditure on
charitable activities
Primary purpose trade
501,536
Governance
-
563,593
Support staff costs
195,862
759,455		 Other
direct costs
53,788
77,960
131,748
1,998,581
29,329
2,159,658		 Support
costs
(Note 8)
218,935
-
218,935
343,419
68,582
630,936
(195,862)
435,074		 Governance
costs
-
-
-
97,911
(97,911)
-		 Total 2023
272,723
140,017
412,740
2,941,447
-
3,354,187

Page 41

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

7 Total expenditure (continued)

Support costs
Costs of generating
voluntary income
2023
Preserving
motoring
history 2023
£
£
Staff welfare and training
1,439
2,257
Office costs
111,150
174,348
Professional fees
10,433
16,365
Staff employment costs
67,964
106,608
Depreciation
27,949
43,841
218,935
343,419
Prior Year
Staff costs
(Note 10)
Other
direct costs
Support
costs
(Note 8)
Expenditure on raising funds
Fundraising
9,937
65,768
55,968
Trading
34,246
63,445
-
44,183
129,213
55,968
Expenditure on
charitable activities
Primary purpose trade
518,959
1,999,849
291,833
Governance
-
29,880
51,971
563,142
2,158,942
399,772
Support staff costs
26,053
(26,053)
589,195
373,719		 Support
costs
(Note 8)
55,968
-		 Governance 2023
£
451
34,818
3,268
21,290
8,755
Governance
costs
-
-
-
81,851
(81,851)
-
Total 2023

£

4,147

320,316

30,066

195,862

80,545

630,936
Total 2022
131,673
97,691
229,364
2,892,492
-
3,121,856
Total 2023

£

4,147

320,316

30,066

195,862

80,545

630,936
Total 2022
131,673
97,691
229,364
2,892,492
-
3,121,856
55,968
291,833
51,971
399,772
(26,053)







373,719
68,582 630,936

Page 42

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

8 Support costs (continued)

Prior Year
Staff welfare and training
Office costs
Professional fees
Staff employment costs
Depreciation		 Costs of generating
voluntary income
2022
£
563
38,679
2,227
3,647
10,852
55,968		 Preserving
motoring
history 2022
£
2,936
201,682
11,612
19,019
56,584
291,833		 Governance 2022
£
523
35,916
2,068
3,387
10,077
51,971		 Total 2022
£
4,022
276,277
15,907
26,053
77,513
399,772

9 Net incoming resources

This is stated after charging:
2023 2022
£ £
Depreciation of tangible fixed assets:
- owned by the charitable group 157,150 152,501
Impairment - 31,735
Auditor’s remuneration 16,600 15,510
Auditor’s remuneration – non audit 12,234 7,481

10 Staff employment costs

Staff costs were as follows:
Wages and salaries
Social security costs
Other pension costs		 2023
£
675,161
54,883
29,411
759,455		 2022
£
526,107
40,604
22,483
589,194

The average monthly number of employees during the year was as follows:

Museum services
Administration staff		 2023
Number
13
9
22		 2022
Number
13
7
20

Page 43

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

10 Staff employment costs (continued)

Employees who received remuneration amounting to more than £60,000 in the year:

£70,000 – 79,999
£80,000- £89,999		 2023
Number
-
1
1		 2022
Number
1
-
1

Key management personnel received remuneration and benefits totalling £247,222 (2022: £178,939).

11 Intangible assets

Group and Charity
Cost
1 January 2023
Additions
Disposals
31 December 2023
Amortisation
1 January 2023
Charge for the year
Impairment
Eliminated on disposal
31 December 2023
Net book value
31 December 2023
31 December 2022		 Website
£
-
1,770
-
1,770
-
-
-
-
-
1,770
-		 Total
£
-
1,770
-
1,770
-
-
-
-
-
1,770
-

Page 44

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

12 Tangible fixed assets

Group and Charity
Cost
1 January 2023
Additions
Disposals
31 December 2023
Depreciation
1 January 2023
Charge for the year
Impairment
Eliminated on disposal
31 December 2023
Net book value
31 December 2023
31 December 2022
13 Heritage assets
Group
Cost
1 January 2023
Additions
Disposals
31 December 2023		 Leasehold
property
Displays,
library and
museum
equipment
£
£
1,791,531
3,204,565
-
190,356
-
-
1,791,531
3,394,921
959,057
2,415,985
55,834
101,314
-
-
-
-
1,014,891
2,517,299
776,640
877,622
832,474
788,580
Historic motor
vehicles
Exhibits, library
books, films and
photographs
£
£
5,628,650
408,916
107,000
481,020
-
-		 Total
£
4,996,096
190,356
-
5,186,452
3,375,042
157,148
-
-
3,532,190
1,654,262
1,621,054
Total
£
6,037,566
588,020
-
5,735,650
928,521		 6,625,586

Page 45

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

13 Heritage assets (continued)

Depreciation
1 January 2023
Charge for the year
Impairment
Eliminated on disposal
31 December 2023
Net book value
31 December 2023
31 December 2022		 Historic motor
vehicles
£
-
-
-
-
-
5,735,650
5,628,650		 Exhibits,
library books,
films and
photographs
£
-
-
-
-
-
889,936
408,916		 Total
£
-
-
-
-
-
6,625,586
6,037,566

Heritage assets

Heritage assets consist of the Museum’s collections both on and off display. They include some 49,000 motoring related objects, 286,543 items in the reference library, over 1.3 million photographs and over 15,000 films and videos. The majority of heritage assets have been excluded from the balance sheet due to the significant costs that would be involved in the valuation, which are onerous compared with the additional benefit that would be derived by users of the accounts in assessing the Trustees stewardship of the accounts.

The movement in the number of historic motor vehicles included in the balance sheet is shown in the table below:

Historic motor vehicles 2023
Number
127		 2022
Number
121		 2021
Number
119		 2020
Number
116		 2019
Number
116

Page 46

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

14 Investment property

Group and Charity
Valuation
At 1 January 2023
Revaluations
At 31 December 2023		 Long term leasehold
investment property
£
317,000
-
317,000

The 2023 valuation was made by the Trustees on an open market value for existing use basis.

15 Fixed asset investments

Subsidiary company
£
Company
Investment in subsidiary
At 1 January 2022 and 31 December 2022 2
At 1 January 2023 and 31 December 2023 2

The company holds 100% of the share capital of the National Motor Museum Trading Limited (company no. 02679294), a company registered in England and Wales that provides museum services. The registered office for National Motor Museum Trading Limited is John Montagu Building, Beaulieu, Hampshire, SO42 7ZN.

In the opinion of the directors, the aggregate value of the company’s investment in the subsidiary undertaking is not less than the amount included in the balance sheet.

16 Stocks

Books and merchandise Group
2023
2022
£
£
7,841
-		 Charity
2023
2022
£
£
-
-

Page 47

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

17 Debtors

Trade debtors
Amounts owed by group undertakings
Amounts owed by related parties
Other taxation
Prepayments and accrued income		 Group
2022
£
60,248
-
275,498
-
252,577
588,323		 Charity
2023
£
83,620
-
-
1,703
297,005
382,328		 2023
£
83,372
-
-
-
280,134
363,506		 2022
£
58,424
-
275,549
-
235,735
569,708

18 Creditors

Trade creditors
Amounts owed to group undertakings
Amounts owed to related parties
Other taxation and social security
Other creditors		 Group
2022
£
82,436
-
-
29,892
305,702
418,030		 Charity
2023
£
86,319
-
10,127
69,907
112,275
278,628		 2023
£
88,930
51,350
10,127
69,907
76,277
296,591		 2022
£
79,177
55,871
-
30,991
274,196
440,235

Page 48

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

19 Statement of funds

At 1 January
2023
£
Designated funds (group
and charity)
Acquisition/Conservation
fund
7,141
Historic Vehicle
Collection
3,559,150
Masterplan fund
302,595
Fixed assets fund
3,067,020
Strategic Plan
Development fund
169,415
7,105,321
General funds
1,353,573
Total unrestricted funds
(group)
8,458,894
Total unrestricted funds
(charity)
8,406,899		 Incoming
resources
£
-
107,000
-
-
-
-
107,000
2,995,791
3,102,791
2,953,770		 Resources
expended
£
-
-
(33,622)
(48,596)
-
(82,218)
(3,235,896)
(3,318,114)
(3,172,090)		 Net gains and
transfers
£
-
-
(33,622)
-
-
(33,622)
68,367
34,745
34,745		 At 31 December
2023
£
7,141
3,666,150
235,351
3,018,424
169,415
7,096,481
1,181,835
8,278,316
8,223,324

Page 49

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

19 Statement of funds
Restricted funds (group
and charity)
Capital funds
Golden Arrow
Restoration fund
Outreach Program fund
Motor Cycle Gallery
fund
Arts Council Designation
Film and Video Curation
Steam Car “Inspiration”
Collection Care
Equipment
Laptop Grant
Lalique Collection
Welcome and
Orientation Gallery
Shell collection
Revenue funds
Small Acquisition fund
Restoration fund
Steam Car “Inspiration”
Workshop Succession
Plan
Audience Development
fund
ITE Faraday
Skills builder
NMM publishing grant
The Ages of Motoring
Exhibition
Total funds (group)
Total funds (charity)		 (continued)
At 1 January
2023
£
2,457
5,891
102,278
10,043
17,450
11,924
15,256
1,713
212,000
200,000
-
6,210
37,249
4,742
-
37
-
-
-
-
627,250
9,086,144
9,034,149		 Incoming
resources
£
-
-
-
-
-
-
-
-
-
-
534,800
9,270
56,991
-
10,000
-
7,583
750
1,000
5,012
625,406
3,728,197
3,579,175		 Resources
expended
£
-
-
(12,784)
(1,274)
(1,909)
(1,490)
(1,796)
(360)
-
-
-
(10,681)
(3,992)
-
-
(37)
-
(750)
(1,000)
-
(36,073)
(3,354,187)
(3,208,162)		 Net gains
and
transfers
-
-
-
-
-
-
-
-
-
(34,745)
-
-
-
-
-
-
-
-
-
-
(34,745)
-
-		 At 31
December
2023
£
2,457
5,891
89,494
8,769
15,541
10,434
13,460
1,353
212,000
165,255
534,800
4,799
90,248
4,742
10,000
-
7,583
-
-
5,012
1,181,838
9,460,154
9,405,162

Page 50

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

19 Statement of funds (continued)
Prior year
At 1 January
2022
£
Designated funds (group
and charity)
Acquisition/Conservation
fund
6,491
Historic Vehicle
Collection
3,549,150
Fixed assets fund
3,417,792
Strategic Plan
Development fund
169,415
7,142,848
General funds
1,540,136
Total unrestricted funds
(group)
8,682,984
Total unrestricted funds
(charity)
8,637,843		 Incoming
resources
£
-
10,000
-
-
-
10,000
2,809,363
2,819,363
2,709,306		 Resources
expended
£
-
-
(48,177)
-
(48,177)
(3,003,107)
(3,051,284)
(2,948,082)		 Net gains and
transfers
£
650
-
-
-
650
7,181
7,831
7,831		 At 31 December
2022
£
7,141
3,559,150
3,369,615
169,415
7,105,321
1,353,573
8,458,894
8,406,898

Page 51

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

19 Statement of funds (continued)

Prior year
Restricted funds (group
and charity)
Capital funds
Golden Arrow
Restoration fund
Outreach Program fund
Motor Cycle Gallery
fund
Arts Council Designation
Film and Video Curation
Steam Car “Inspiration”
Collection Care
Equipment
Laptop Grant
Shell Art-Deco Garage
Lalique Collection
Welcome and
Orientation Gallery
Revenue funds
Small Acquisition fund
Restoration fund
Steam Car “Inspiration”
Workshop Trainee fund
ACE DDF – Golden
Arrow
Audience Development
fund
Conservation fund
Total funds (group)
Total funds (charity)		 At 1 January
2022
£
2,457
5,891
115,061
11,338
19,316
13,414
15,776
2,074
-
-
-
1,688
47,909
4,742
15,081
9,671
5,028
5,012
274,458
8,957,442
8,912,301		 Incoming
resources
£
-
-
-
-
-
-
-
-
8,000
207,000
200,000
3,000
850
-
-
7,333
-
5,012
431,195
3,250,558
3,140,501		 Resources
expended
£
-
-
(12,783)
(1,295)
(1,866)
(1,490)
(520)
(361)
-
-
-
(3,502)
(11,510)
-
(15,081)
(17,173)
(4,991)
-
(70,572)
(3,121,856)
(3,018,654)		 Net gains
and
transfers
-
-
-
-
-
-
-
-
(8,000)
5,000
5,024
-
-
-
169
-
(10,024)
(7,831)
-
-		 At 31
December
2022
£
2,457
5,891
102,278
10,043
17,450
11,924
15,256
1,713
-
212,000
200,000
6,210
37,249
4,742
-
-
37
-
627,250
9,086,144
9,034,148

Page 52

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

19 Statement of funds (continued)

Prior Year
Designated funds (group and
charity)
Acquisition/conservation fund
Historic vehicle collection
Fixed assets fund
Strategic plan development
General funds
Total unrestricted funds
(group)
Total unrestricted funds
(charity)		 At 1 January
2021
£
6,491
3,455,650
3,503,581
250,000
7,215,722
1,449,873

8,665,595

8,592,248
 Incoming
resources
£
-
93,500
-
-
93,500
2,723,162
2,816,662
2,760,855		 Resources
expended
£
-
-
(85,789)
(80,585)
(166,374)
(2,704,350)
(2,870,724)
(2,786,711)		 Net gains
and
transfers
At 31 December
2021
£
£
-
6,491
-
3,549,150
-
3,417,792
-
169,415
-
7,142,847
71,451
1,540,136
71,451
8,682,984
71,451
8,637,843		 Net gains
and
transfers
At 31 December
2021
£
£
-
6,491
-
3,549,150
-
3,417,792
-
169,415
-
7,142,847
71,451
1,540,136
71,451
8,682,984
71,451
8,637,843
7,142,847
1,540,136
8,682,984
8,637,843

Fund descriptions

Designated funds description

The Acquisition and Conservation Fund represents the exhibit sales and proceeds and conservation costs.

The Historic Vehicle Collection represents the historic vehicles owned by the Charity held for long term display purposes.

The Fixed Asset Designated Fund has been set up to reflect those assets held by the charity that were acquired previously with restricted funds and have been capitalised. These are principally for the Trust Centre and the preservation of motor history.

The Strategic Plan Development Fund represents amounts designated by the Trustees for specific strategic developments or projects. The trustees are currently formulating the ongoing strategy and this fund will be expended on implementing the changes agreed upon.

Restricted capital funds descriptions

The Golden Arrow Restoration Fund is to be utilised in the restoration of the Golden Arrow.

The Outreach Program Fund is for the creation and maintenance of an educational exhibits loan box.

The Motor Cycle Gallery Fund is for the creation of a new motorcycle pioneer gallery in the Museum.

Page 53

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

19 Statement of funds (continued)

The Arts Council Designation Development Fund is being used for conservation of the Percy Lambert racing silks, the creation of 2 replica sets and the setting up of Percy Lambert and Icons of Speed displays.

The Film and Video Curation Fund is for equipment for the Film & Video curator.

The Viral Marketing fund is to experiment collectively with creating the unexpected encounter with collections through innovative viral marketing. This particular strand is based on Motorcycling Icons.

The HLF – Caravans & Charabancs fund is a two-year First World War commemorative project supported by the Heritage Lottery Fund.

The Collection Care Equipment fund is for the improvement of standards of care across a range of collections in both the Museum and Collections Centre, as part of an integrated programme.

The Laptop Grant is for IT equipment to allow some staff to work efficiently from home.

Shell Art-Deco Garage fund was for the purchase of Shell Art-Deco Garage.

Lalique Collection fund relates to grants used to purchase of the Lalique Mascots Collection.

Welcome and Orientation Gallery fund is a grant from DCMS Wolfson Museums and Galleries Improvement Fund for re-development of the Welcome and Orientation Gallery of the Museum.

The Ages of Motoring fund is to create associated displays within the museum.

Shell collection fund relates to assets donated by Shell and income derived from such assets.

Restricted revenue funds descriptions

The Small Acquisitions fund is for the purchase of small non- vehicle items for the collection.

The Restoration Fund is for the restoration and maintenance of various historic vehicles and books.

The Steam Car “Inspiration” fund is to display the Steam Car in the Museum.

The Workshop Trainee Fund is to part fund a trainee in the Museum’s workshops and has been supported by members of the Beaulieu One Hundred.

The ACE DDF – Golden Arrow fund is an Arts Council England Designation Development Fund for the project ‘Golden Arrow – shot from the past, aimed at the future’.

Audience Development fund is to work on audience research and development with The Audience Agency.

ITE Faraday fund is to provide 14 Faraday challenge days in Hampshire.

Skills Builder fund is to help individuals engage with training and other CPD activities.

NMM Publishing grant is to be used to help fund the publishing of the first book “Goldie”.

Page 54

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

20 Analysis of net assets between funds

Intangible fixed
assets
Tangible fixed
assets
Investment
property
Current assets
Creditors due
within one year		 Restricted
funds
2023

£
-
620,066
-
561,772
-
1,181,838		 Unrestricted
funds
2023
£
1,770
7,659,782
317,000
578,392
(278,628)
8,278,316		 Total
funds
2023

£
1,770
8,279,848
317,000
1,140,164
(278,628)
9,460,154		 Restricted
funds
2022

£
-
357,196
-
270,054
-
627,250		 Unrestricted
funds 2022
£
-
7,301,424
317,000
1,258,500
(418,030)
8,458,894		 Total
funds
2022
£
-
7,658,620
317,000
1,528,554
(418,030)
9,086,144

21 Pension commitments

The group operates a defined contribution scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £21,377 (2022: £14,683). Contributions totalling £8,938 (2022: £3,628) were payable to the fund at the balance sheet date and are included in creditors.

22 Trustees’ remuneration

Trustees do not receive any remuneration for their services. Expenses totalling £495 (2022: £1,829) were reimbursed to trustees to cover travelling and subsistence. During the year the charity provided indemnity insurance to cover all its trustees under their duties as trustees at a cost of £3,173 (2022: £3,173).

23 Related party transactions

During the period the group entered into the following transactions, excluding VAT with related parties:

Beaulieu Enterprises Limited (BEL) has five directors. Two trustees of The National Motor Museum Trust are directors of BEL. One further director of BEL is a close family member of the two trustees who are also directors of BEL.

2023 2022
£ £
Services provided by BEL to the Charity amounted to 2,065,003 1,963,465
Services provided by the Charity to BEL amounted to 112,183 73,982
Admission income allocated to NMMT from BEL 1,932,605 1,949,574

The amount owed to the BEL from the Charity at the year-end amounted to £26,655 (2022: owed to the Charity £233,370) of which a balanced owed of £3,008 (2022: £1,153) is held within trade debtors and a balance due of £19,536 (2022: £43,331) is held within trade creditors.

Page 55

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

23 Related party transactions (continued)

BEL also recharged £8,034 (2022: £7,800) in relation to pension scheme contributions on behalf of the group. There are no amounts included in the balance sheet in relation to this transaction.

The Charity also entered into the following transactions, excluding VAT with an associate of Beaulieu Enterprises Limited during the period. The associate, Vintage Tyre Supplies Limited (VTS) is under control of BEL.

2023 2022
£ £
Services provided by VTS to the Charity amounted to 1,982 2,773
Services provided by the Charity to VTS amounted to 31,787 28,028

The amount owed to the Charity by VTS at the year-end amounted to £17,945 (2022: £9,076).

During the year trustees donated funds of £28,862 to the charity (2022: £19,800).

Lord Montagu of Beaulieu

The group leased all the leasehold properties from the private estate of Lord Montagu of Beaulieu. The rentals payable on these properties under the lease agreement are peppercorn, and therefore negligible.

During the period the group entered into the following transactions, excluding VAT with the private estate of Lord Montagu of Beaulieu:

2023 2022
£ £
Services provided by the estate to the Charity amounted to 18,164 17,292

The amount owed to the estate by the Charity at the year-end, included within trade creditors, amounted to £8,132 (2022: £4,187).

24 Control

The charity is controlled by its trustees acting in accordance with the terms of the memorandum and articles of association.

Page 56

The National Motor Museum Trust Limited

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

25 Analysis of changes in net debt

Current year
Cash in hand
Loans due after 1 year
Prior year
Cash in hand
Loans due after 1 year		 Balance at
1 January
2023
£
940,231
940,231
Balance at
1 January
2022
£
713,621
713,621		 Cash flows
£
(190,236)
(190,236)
Cash flows
£
226,210
226,610		 Other
non-cash
changes
£
-
-
Other
non-cash
changes
£
-
-		 Balance at
31 December
2023
£
749,995
749,995
Balance at
31 December
2022
£
940,231
940,231

Page 57