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2021-01-31-accounts

Page
Trustees and professional
advisors
Trustees'
Report incorporating
Strategic Report		 2-11
Independent Auditor's
Report		 12-15
Consolidated statement
offinancial		 activities 16-17
Balance sheets 18
Consolidated statement ofcash flows 19
Notes tothe financial statements 20-45

Trustees: Laura Gangadeen Laura Gangadeen (resigned (resigned on 13May 2020) 13May 2020)
Timothy
M Marsh
Neville
BSanders		 LL.B
Annette
C Haynes
Hugh
E 8 Mayes
Michael Penn
Richard
G Bugler (appointed		 on 22 September 2020)
Christopher
M		 D Haynes (appointed on 22 September
2020)
Chief Executive Officer: Christopher
M		 D Haynes (resigned on 15December 2019)
Christopher
Scudds		 (appointed on 15December 2019)
Governing document: Memorandum and Articles incorporated
5 May 2017
Principal Office: Sparkford
Yeovil
Somerset
BA22 7LH
Charity number: 1176857
Company number: 10757195
Solicitors: Stone King Solicitors LLP
13Queen Square
Bath
BA1 2HJ
Bankers: Barclays Bank Pic
King George Street
Yeovil
Somerset
BA20 1PX
Auditors: Saffery Champness LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BSB1BQ

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Group Charity
Notes 2021 2020 2021 2020
6 f f f
Fixed assets
Tangible assets 12 8,866,354 7,420,710 8,711,579 7,289,164
Heritage assets 13 4,279,684 4,274,184 4,279,684 4,274,184
Investment properties 15 253,000 253,000 253,000 253,000
Investments 16 1,082,863 3,709,305 1,082,863 3,709,305
14,481,901 15,657,199 14,327,126 15,525,653
Current assets
Stocks 17 136,958 117,259 5,629 680
Debtors 18 336,079 191,550 531,972 226,876
Cash at bank and in hand 2,305,315 589,836 2,179,302 427,817
Creditors
Amounts
falling due		 19 (186,746) (290,580) (87,179) (132,138)
within one year
Net current assets 2,591,606 608,065 2,629,724 523,235
Net assets 17,073,507 16,265,264 16,956,850 16,048,888
Funds
Unrestricted general 21 10,078,039 6,950,933 9,961,382 6,734,557
funds
Designated property fund 21 6,995,468 6,655,731 6,995,468 6,655,731
Restricted funds 21 2,658,600 2,658,600
Totalfunds 17,073,507 16,265,264 16,956,850 16,048,888

2021 2020
Notes 6 6
Cash flow from operating activities:
Cash (absorbed)/
generated		 by operations 26 (867,308) (36,467)
Interest
paid		 (5,671) (12,730)
Net cash from/ (used in) operating activities (872,979) (49,197)
Cash flows from investing activities:
Income and proceeds from investments 4,441,561 83,162
Purchase oftangible assets (1,849,153) (399,950)
Purchase ofexhibits (5,500) (12,100)
Proceeds oftangible asset disposals 1,550 250
Net cash (used by) / from investing activities 2,588,458 (328,638)
Movement
in cash		 1,715,479 (377,835)
Cash and cash equivalents
ofthe reporting
period		 at the beginning 589,836 967,671
Cash and cash equivalents at the end ofthe
reporting
period		 2,305,315 589,836
Analysis ofcash and cash equivalents:
Cash at bank and in hand 2,305,315 589,836
Analysis ofnet debt
At 1February At 31January
2020 Cashflow 2021
6 6 6
Cash at bank and in hand 589,836 1,715,479 2,305,315
589,836 1,715,479 2,305,315

Haynes
Motor
Museum		 Limited, is Haynes International International International Motor Museum's Motor Museum's wholly owned
trading
subsidiary
incorporated		 in England and Wales, company number 02016467. A
summary
of the audited		 income statement for the year ended 31January 2021 is stated
below:
2021 2020
E E
Turnover 746,839 1,753,806
Cost ofsales (304,187) (695,082)
Gross profit 442,652 1,058,724
Administrative
expenses		 (674,718) (892,634)
Other operating
income		 132,154
Interest receivable 193 1,304
Profit / (Loss) for the year (99,719) 167,394
Amounts
payable
under		 Gift Aid Donations (167,007)
Profit retained for the financial year (99,719) 387
Balance sheet summary 2021 2020
E E
Fixed assets 154,775 131,546
Current assets 457,063 420,409
Current
liabilities		 (495,181) (335,579)
Net assets 116,657 216,376
Reconciliation oftrading subsidiary results to SOFA 2021 2020
E E
Government
grants receivable (note		 4) 132,154
Turnover oftrading
subsidiary		 746,839 1,753,806
Less intercompany
sales		 (34,127) (49,370)
Income from trading activities from SOFA 712,712 1,704,436
cost ofsales from trading subsidiary (304,187) (695,082)
Administrative
expenses		 from trading subsidiary (674,718) (892,634)
Total expenses
in subsidiary		 (978,905) (1,587,716)
Less: Interest on intercompany
loan		 4,500
Rent ofpremises 27,944 106,121
Cost ofintercompany sales 23,889 34,559
Other (45,194) (135,201)
Expenditure
on raising funds		 (972,266) (1,577,737)
ncome from gift aid and donations
Unrestricted Total Unrestricted Total
funds funds
2021 2021 2020 2020
E 6 6 E
Gift aid on entrance fees 19,650 19,650 130,844 130,844
Grants and donations 19,653 19,653 1,106 1,106
Government grants receivable 226,299 226,299
265,602 265,602 131,950 131,950

Unrestricted Total Unrestricted Total
funds funds
2021 2021 2020 2020
f 6 E E
Entrance fees 107,893 107,893 665,578 665,578
Sale ofcatalogues 1,197 1,197 13,939 13,939
109,090 109,090 679,517 679,517

ncome from investing
activities
Unrestricted Total Unrestricted Total
funds funds
2021 2021 2020 2020
6 6 6 f
UK listed investments 47,250 47,250
Bank interest and investments 860 860 4,083 4,083
Otherincome 30,701 30,701 31,829 31,829
31,561 31,561 83,162 83,162
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Trustees' and Directors' emoluments during the year: 2021 2020
E E
Emoluments
from Charity		 113,335 169,750
Emoluments
from subsidiary
113,335 169,750
Employee costs during the year:
Wages and salaries 927,011 1,113,569
Social security costs 71,275 83,757
Defined contribution
pension costs		 18,275 20,542
1,016,561 1,217,868
2021 2020
Average number ofpersons employed during the year: No. No.
Curatorial department 3 3
Administration 18 18
Fund raising subsidiary 27 37
48 58
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angible fixed assets
Fixtures,
Assets under Freehold fittings, plant Motor
Group Construction
6		 Propertyf Ikequipment
f		 Vehicles
6		 Total
6
Cost
At 1February 2020 153,415 8,394,060 1,285,475 11,067 9,844,017
Additions 946,469 413,189 489,495 1,849,153
Disposals (79,169) (79,169)
At 31January 2021 1,099,884 8,807,249 1,695,801 11,067 11,614,001
Depreciation
At 1February 2020 1,653,121 761,008 9,178 2,423,307
Charge for the year 158,660 244,357 492 403,509
On disposals (79,169) (79,169)
At 31January 2021 1,811,781 926,196 9,670 2,747,647
Net book value
At 31January 2021 1,099,884 6,995,468 769,605 1,397 8,866,354
At 31January 2020 153,415 6,740,939 524,467 1,889 7,420,710
angible fixed assets (co ntinued)
Fixtures,
Assets under Freehold fittings, plant
Charity Construction
6		 Property
6		 &equipment
f		 Total
6
Cost
At 1February 2020 153,415 8,394,060 965,181 9,512,656
Additions 946,469 413,189 429,730 1,789,388
Oisposals
At 31January 2021 1,099,884 8,807,249 1,394,911 11,302,044
Depreciation
At 1February 2020 1,653,121 570,371 2,223,492
Charge forthe year 158,660 208,313 366,973
On disposals
At 31January 2021 1,811,781 778,684 2,590,465
Net book value
At 31January 2021 1,099,884 6,995,468 616,227 8,711,579
At 31January 2020 153,415 6,740,939 394,810 7,289,164

The exhibits are classified as Heritage Assets, using the definitions The exhibits are classified as Heritage Assets, using the definitions set out in SORP.
Exhibits
f
Net book value at 1February 2020 4,274,184
Additions 5,500
Disposais
Net book value at 31January 2021 4,279,684

2020-21 2019-20 2018-19 2017-18 2016-17
E E E 6
Additions:
Purchases 5,500 12,100 19,100 5,550
~Dis osals
Carrying value 3,500
Sale proceeds 1,000 549

Investment
Group and Charity properties
6
Cost
At 1 February 2020 ik at 31January 2021 253,000

Group and Charity Group and Charity Unrestricted Restricted Total
Funds Funds 2021
6 6 6
At market value
As at 1February 2020 1,050,705 2,658,600 3,709,305
Revaluation
(losses)/gains		 in the year 32,158 1,751,400 1,783,558
Proceeds on disposal (4,410,000) (4,410,000)
As at31January 2021 1,082,863 1,082,863
Historical cost as at31January 2021 441,426 2,933,910 3,375,336

17. Stocks Group Charity
2021 2020 2021 2020
E f f E
Goods for re-sale 122,530 110,830 5,629 680
Work in progress 14,428 6,429
136,958 117,259 5,629 680
18. Debtors Group Charity
2021 2020 2021 2020
6 E E E
Trade debtors 193,728 153,957 6,322 12,146
Amounts
owed by subsidiary
undertaking 395,614 177,137
Prepayments 47,311 37,593 34,996 37,593
VAT receivable 95,040 95,040
336,079 191,550 531,972 226,876
19. Creditors Group Charity
2021 2020 2021 2020
f g E f
Trade creditors 123,616 203,300 61,502 105,988
Other taxes and social security 32,257 47,963 7,734 (747)
Accruals and deferred income 30,873 39,317 17,943 26,897
186,746 290,580 87,179 132,138

20. Financial instruments Financial instruments Financial instruments
Group Charity
2021 2020 2021 2020
f f f f
Financial assets that are debt
instruments
measured		 at amortised
cost:
Trade debtors 193,728 153,957 6,322 12,146
Amounts owed by subsidiary 395,614 177,137
undertaking
193,728 153,957 401,936 189,283
Financial liabilities measured at
amortised cost:
Trade creditors 123,616 203,300 61,502 105,988
Accruals and deferred income 30,873 39,317 17,943 26,897
154,489 242,617 79,445 132,885
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Designated
Restricted property General
Group funds
6		 fund
f		 funds
f		 Total
6
Fund balances at 31January 2021
represented
by:
Tangible fixed assets 6,995,468 1,870,886 8,866,354
Heritage assets 4,279,684 4,279,684
Investment
properties		 253,000 253,000
Fixed asset investments 1,082,863 1,082,863
Current assets 2,778,352 2,778,352
Current
liabilities		 (186,746) (186,746)
Total net assets 6,995,468 10,078,039 17,073,507
Designated
Restricted property General
Charity funds fund funds Total
6 f f f
Fund balances at 31January 2021
represented
by:
Tangible fixed assets 6,995,468 1,716,111 8,711,579
Heritage assets 4,279,684 4,279,684
Investment
properties		 253,000 253,000
Fixed asset investments 1,082,863 1,082,863
Current assets 2,716,903 2,716,903
Current
liabilities		 (87,179) (87,179)
Total net assets 6,995,468 9,961,382 16,956,850

2021 2020
E f
Net income/(expenditure) 808,243 1,151,271
Adjustments
for:
Interest paid 5,671 12,730
Investment
income received		 (31,561) (83,162)
Depreciation 403,509 310,878
Recognised
and unrecognised		 loss/(gain) (1,783,558) (1,455,637)
on revaluation
ofinvestments
(Profit)/loss
on disposal offixed assets		 (1,550) (250)
(599,246) (64,170)
Decrease / (increase) in stock (19,699) 35,366
(Increase) / decrease in debtors (144,529) (31,985)
Increase/(decrease) increditors (103,834) 24,322
Net cash provided
by		 / (used in)
operating
activities		 (867,308) (36,467)
No restrictions
apply to the cash or cash equivalents.
27. Operating
lease commitments
2021 2020
Equipment
and motor vehicles		 E E
Due within 1year 26,043 20,853
Between 1-5years 24,833 15,317
50,876 36,170