## ## ||||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||||||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |||||0|O
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I- IJ|| ## |||||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| ||||||0
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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| |||||COW
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0|tg|||||||||||||||||| |0Z|ta|||||||||||||||||| ## ## ## ## ## ## |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| |||||mm
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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| ## ##