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2024-01-31-accounts

Trustees’ Report & Consolidated Financial Statements

For the year ended 31 January 2024

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Content

‘‘ Thank you for a great day and experience seeing these wonderful cars and the fantastic restorative work undertaken to enable them to be displayed. You have a great team, most of whom are volunteers willing to share their passion in part of our history. ’’

Governance & Statagy

Achievements and Performance

Auditor’s Report

Financial Statements

p4 p5 p5 p5 p7 p8 p9 p9 p7 Trustees’ Responsibilities p10 p12 p13 p13 p15 p15 p16 p17 Exhibitions p17 p19 p19 p21 p22 p25

p25

p19 Commercial Activities

p26

p32 p36 p38 p39

p25 Future Plans

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Trustees and Professional Advisors

Trustees Christopher M D Haynes - Chair of Trustees Annette C Haynes Christopher K Copson Jeffery Lau (Resigned 28 September 2023) Luca E Hoare (Appointed 15 January 2024) Natasha E Hopkins (Appointed 28 September 2023) Nina A Ritson (Appointed 28 September 2023) Micheal Penn Rebecca Beresford Richard G Bugler Richard Grafton (Appointed 28 September 2023) Richard Madden (Appointed 28 September 2023) Timothy M Marsh (Resigned 28 September 2023)

Chief Executive Officer

Christopher Scudds

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 13 Queen Square, Bath, BA1 2HJ

Bankers

Barclays Bank Plc King George Street Yeovil, Somerset, BA20 1PX

Auditors Saffery Champness LLP St Catherine’s Court Berkeley Place Clifton, Bristol, BS8 1BQ

Objectives & Activities

The main objective of the Charity is to provide a museum for the public display of a collection of motor vehicles, with the primary purpose of promoting public education in the appreciation and knowledge of the historical development and evolution of motor vehicles, their attendant parts, designs and technology. As a vital part of the Museum’s main objective, it has an active programme to retain, conserve and restore motoring and motorcycling items of historical and cultural interest.

Our Vision is to inspire people to explore, discover and experience the story of the motor vehicle, to empower them to learn and invite them to question.

Our Mission is to enable our audiences to experience and explore the motor vehicle’s development and the evolution of automotive design, engineering and technology. We will stimulate a desire to reflect on the motor vehicle’s influence on social history and we will fuel a curiosity to consider how the motor vehicle and automotive technology might impact the world, its environment and its people in the future.

Haynes Motor Museum has a wholly owned trading subsidiary, Haynes Motor Museum Trading Ltd, which is split into the following four key business units:

Please note that reference to the Museum is in reference to both Haynes Motor Museum Ltd and Haynes Motor Museum Trading Ltd as one group.

Public Benefit Requirement

The Trustees have had due regard to the public benefit guidance published by the Charity Commission in compliance with its duties under section 4 of the Charities Act 2011.

The guidance sets out two key principles:

1. The organisation must have an identifiable benefit

2. That identifiable benefit must be to the public or a section of the public

The Museum meets these principles through its primary activities which are education and the preservation and restoration of the Collection.

Governance

The Charity is managed by a Board of Trustees/ Directors. The Trustees meet regularly, usually no less than four times a year, to review and approve strategy and plans, to review financial performance against budget and to consider and offer advice to the executive on specific matters of operational importance.

During the year, five new Trustees joined the Board, while two retired. The new Trustees bring with them extensive experience in marketing, visitor experience management and motoring events management. The Museum’s Curator, Dr Luca Hoare, was appointed as the ex-officio Trustee.

In order to strengthen the Trustee board and to ensure access and awareness of the opportunities to as wide a field as possible, the Museum advertised nationally for new Trustees in September 2022. The aim was to appoint new Trustees for a three-year tenure,

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focussing particularly on applicants with skillsets which both complemented those of existing Trustees and also brought greater strength and experience in areas relevant to the Museum’s specific strategic priorities and forward plan. The recruitment process involved interviews with the Chair, the Chief Executive Officer and selected Trustees. The four successful applicants joined the Board as Co-opted Trustees in March 2023 before being appointed Trustees at the AGM in September 2023.

Haynes Motor Museum Trading Ltd has a Board of Directors comprising the Chair of Trustees, Chief Executive Officer (CEO), the Finance Director (FD) and Marketing & Communications Director of the Charity and one or more Trustees of the Charity. During the year the manager of Haynes Heritage Engineering was also appointed as a Director to comply with the requirements of the Driver and Vehicle Standards Agency (DVSA) in relation to the MOT licence. The Senior Executive Team (SET) provides a review of each business unit to the Board of Trustees at their quarterly meetings. These reviews are intended to provide an overview of the strategy and business performance to assist the Trustees in their understanding of the Museum’s performance as a whole organisation.

The CEO has executive responsibility for running the Museum in accordance with the strategy and annual budget as approved by the Trustees. The CEO is supported by the SET and the Management Group (MG).

The SET meets no less than once a month and collectively take responsibility for all aspects of the organisation. This includes the conservation and preservation of the Collection, education through learning, engagement and outreach, property and estate maintenance, finance, ensuring

provision of monthly management accounts, annual budgets and statutory accounts, sales and marketing, retail and visitor services, and the activities of the trading subsidiary.

Whilst the CEO is ultimately responsible for the executive decisions and operational management, he actively engages managers in a collaborative manner to draw upon their professional and subject matter expertise. The CEO works closely with the SET and MG to develop and refresh a robust and sound overall strategy for the Museum. The strategy is presented to the Trustee Board for discussion, development and approval. Once approved, the CEO oversees the implementation of that strategy.

The remuneration of the CEO is set by the Trustees using published remuneration of similar positions as a benchmark. Salaries of all other staff are set by the CEO.

‘‘ Our values guide everything that we do, and our collaborative and supportive culture enables us to be challenging and creative in equal measure. Aligning our strategic priorities with such a high performing team means that the future looks super exciting as we turn our ambitious plans into action. ’’

Chris Scudds

CEO, Haynes Motor Museum

Trustees’ Responsibilities

The Trustees who are also directors of the Charity for the purposes of company law are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable company 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and the Group and

enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for ensuring the clarity and accuracy of all financial information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees receive regular information concerning Charity governance from a wide variety of sources and have the opportunity of attending training sessions provided by professional advisers.

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Richard Grafton,
Trustee
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Financial Structure

To remain financially independent the Museum needs to maintain a broad range of funding streams. It charges an admission fee to visitors and also conducts various other revenue generating activities through the trading company. Maximising the profitability of the trading company is always a keen focus.

The Strategic Priorities Plan also highlights the need to develop new income streams to support this. These include grant funding, individual giving and commercial sponsorship.

Management accounts are prepared monthly on a year-to-date basis for the Charity and its trading company and quarterly accounts are considered at Trustees’ meetings. In addition, budgets are compiled for the next financial year and considered at a Trustees’ meeting prior to the new financial year. These budgets are then reviewed against actual performance in the monthly management accounts.

The accounting policy for the valuation of the heritage assets has changed in the current year. Historically the Museum has always held these assets at cost. Many of these assets were donated to the Museum, over a period spanning some decades, and are therefore held at zero value meaning that the value on the balance sheet has been substantially less than the fair value of the assets. This method is no longer compliant as Standards of Accounting Practice require that heritage assets should be held at fair value. Therefore, the heritage assets have been re-stated at fair value. In future any new assets will be added at fair value at the time of acquisition. Due to this change in policy, the value of the

heritage assets have increased from their previous level of £4.3m to approximately £20.5m resulting in a substantial uplift in the balance sheet. Prior year values have been restated on the accounts to reflect this change.

The Charity has three unrestricted funds and one restricted fund:

this fund has to provide for the general administration of the Museum and to meet the Charity’s requirement for working capital.

Investment Policy Principal Risks and Uncertainties

The Trustees have nominated a Trustee

led Finance Committee with executive representation and external advisors to review all financial matters, liaise with designated financial advisors, and make recommendations to the Trustee board for management of the Museum’s funds, including investments.

Risk analysis shows that the key risk is considered to be the risk of fire in the premises. A fire detection and alarm system is installed and maintained to the highest specification and the fire brigade is directly notified for immediate attendance. Fire tests and emergency evacuation tests are regularly conducted. The separation of the HHE workshop from the main body of the Museum isolates the source of the highest risk to the Collection. There is a fire suppression system in the kitchen but not in any other part of the Museum buildings. A Disaster Management Plan has been prepared to improve the response to a disaster and thereby minimise its impact. This is reviewed and updated annually.

There are no restrictions on the Charity’s power to invest nor any special preferences for investing in particular sectors of the market or financial instruments.

In addition to the investments under the management of Brewin Dolphin Ltd, during the year the Museum invested a further £750k of funds in money market deposits with Kleinwort Hambros. This investment will be used for exhibition development over the coming 2-3 years so need to retain their liquidity but this investment allows them to generate higher returns than from standard cash deposits at Barclays bank.

The Museum has extensive policies to deal with public liability (£20 million cover), fire, theft, accidental damage, specialist workshop policy and fully comprehensive cover for Museum vehicles being driven on the public highways.

‘‘ My co-workers are such lovely people and I couldn’t ask for a better ’’ work environment for a first job.

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5 Strategic Priorities

1. Manage and Strengthen our Core Competencies

Why?

Long term financial sustainability aligned with an engaged, professionally trained and inspired team will enable the Museum to achieve its strategic objectives and secure its long term future.

2. Be Conscientious Custodians of the Collection

Why?

As a unique resource, we must preserve, conserve and restore the Collection and associated objects for future generations to enjoy.

3. Create an Exceptional Visitor Journey

Why?

To achieve a sustainable 125,000 visitors per annum we must develop the Museum journey with truly innovative and exceptional experiential interpretation.

4. Facilitate Innovative Educational Opportunities

Why?

Education is the cornerstone of our charitable objectives and at the heart of our Vision.

5. Surprise and Delight with the Basics

Why?

Only by getting the basics right can we deliver an experience that will create life-long memories.

Our vision

Our vision is to inspire people to explore, discover and experience the motor vehicle, to empower them to learn and invite them to question.

Our mission

Our Mission is to enable our audiences to experience and explore the motor vehicle’s development and the evolution of automotive design, engineering and technology. We will stimulate a desire to reflect on the motor vehicle’s influence on social history and we will fuel a curiosity to consider how the motor vehicle and automotive technology might impact the world, its environment and its people in the future.

Our values

To shape us and guide how we operate with each other and those outside our organisation.

We are conscientious

We care deeply about our heritage, our sustainability, our Collection and our visitors and we implement best practice in all that we do.

We are collaborative

We work as ‘one team’ both internally and with our external partners, sharing common goals in an open, learning based culture.

We are communicative

Clear, timely, considered and well-structured communication across all our stakeholders is the lifeblood of all that we do.

We are creative

We are passionate about sharing our stories and the Collection through innovative, layered and experiential interpretation, ensuring accessibility to all.

We are considerate

We champion diversity, value inclusivity and treat others as we would wish to be treated ourselves.

We challenge

We strive for excellence in all that we do by challenging our methods and processes and learning from our mistakes.

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Achievements and Performance

Education

We also held informal educational activities at the Museum. For example, the ‘History Unpacked’ trail comprised suitcases, containing small objects, placed around the Museum with written interpretation and an accompanying trail. This was a fun, added value activity in the Museum that educated families about small objects from different decades. It also provided an opportunity to display some of the objects from the archive and small object store that are not usually accessible to visitors.

Throughout the year we provided formal educational on-site visits for 1,445 learners. The learners ranged from Early Years children to College students from across the South West. Educational workshops, guided tours of the Museum and other learning activities were facilitated by our cohort of six volunteers.

We supported a Higher Education research project carried out by final year undergraduate students from the University of Bath. The project set out to find out the most effective way for the Museum to implement a membership scheme and it provided useful results for the Museum whilst supporting higher education and furthering the current academic literature on visitor studies.

‘‘ Thank you and your team so much for your amazing hospitality today. The KSB Motorsport Team found it an inspiring experience and have asked me to thank you all for accommodating us today. ’’

In September we hosted a KSB Motorsport team from Kings Bruton school. As part of the research and preparations for racing their Greenpower Race Car, students were given a tour of the Williams and Motorsport exhibitions in the Museum along with a behind the scenes tour of the Haynes Heritage Engineering workshop. The visit also gave the students a better understanding of the history of motorsport.

Nicholas Hart

Head of Design & Technology, Kings Bruton

Outreach

The Museum attended both Salisbury Motor Show and the British Motor Show. These events provided an opportunity for us to engage with new audiences and those who had not visited the Museum with educational talks and hands-on activities at the shows. We also grew our digital access to the Collection through a series of short YouTube videos focusing on specific Collection items and exhibitions.

Collections

Running vehicle displays enable us to continue to conserve the intangible heritage of vehicle movement and the associated multisensory experiences this provides for our visitors. This active way of engaging with history provides another method for our visitors to interact with the Collection in addition to the more static displays in the

Museum exhibitions. The running vehicle fleet was expanded when volunteers completed the restoration of the Museum’s 1956 Heinkel Kabine to running condition for the vehicle displays.

The Museum loaned the 1958 HarleyDavidson Duo-Glide to the American Museum and Gardens for their temporary exhibition, American Road Trip, that explored travel across America and its diverse landscapes, history and culture. Outward loans such as this are one way that we improve access to our Collection and enable those who may not otherwise visit Haynes Motor Museum to enjoy Collection items.

The Museum acquired and received inward loans to support our exhibitions redevelopment and contribute towards our contemporary collecting to ensure ongoing relevance to our audiences. Acquisitions included a 2001 Honda Insight hybrid vehicle, a 2020 Honda Civic Type R used in our running vehicle displays and a 2004 Triumph Daytona 955i for our Life on Two Wheels exhibition. Inward loans of motorcycles including a 1906 Readheads, a 1950 James Comet and a 1973 Triumph Bonneville were all displayed in the Life on Two Wheels exhibition.

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‘‘ Fantastic family day out really thought out for both adults and children. ’’

Arts Council England Accreditation

The Museum was awarded Accredited status. This recognises that Haynes Motor Museum is properly managed and governed to the nationally agreed industry standard and shows that we take proper care of our Collection.

The Accreditation process involves creating plans to improve how we care for our Collection and enable access to the objects. As part of this, work has begun to comprehensively document all Collection items, with 14,535 car club magazines and 813 Haynes Manuals catalogued during the year.

Condition checks have become a regular process to improve collections care, with 130 condition checks carried out on cars in the Collection this year. We have also improved our process of monitoring environmental conditions, with continuous relative humidity and temperature monitors installed throughout both display and storage areas and the results analysed so we can say, with accuracy, what conditions the Collection items are held in. Steps have subsequently been taken to improve environmental conditions, such as altering heating levels in the exhibition spaces.

‘‘ The Museum Accreditation Scheme is the UK industry standard for museums and galleries. It tells everyone involved with a museum that they’re doing the right things to help people to engage with collections and protect them for the future. ’’

Arts Council England

Equity, Diversity and Inclusion

Gaining Accreditation helped us to successfully apply for the Travelling Together Programme, a National Lottery Heritage and Arts Council England funded project, to grow our accessibility and relevance for our communities. This project involved staff training and a funded access audit of the Museum to improve accessibility for our on-site visitors.

All staff undertook dementia friendly training, furthering our commitment to inclusivity and providing a warm welcome for our visitors.

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Volunteer Contribution

Our volunteers donated a total of 11,000 hours to support our cause. Volunteers from the local community contribute their time, skills and experience within a variety of roles at the Museum, some of which are regular, others are carried out on a one-off basis for specific events. These activities include visitor engagement aimed to surprise and delight our visitors, as well as behind-the-scenes volunteering to care for our Collection. Volunteers supported the Museum’s activities through:

We celebrated the long-term service of those who have supported the Museum through volunteering for many years. This included 2 individuals who have been volunteers for 20 years, 3 who have volunteered for 10 years and 18 who have volunteered for 5 years.

Our volunteers donated a total of 11,000 hours

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Chris Haynes, Ian Walden, Dr Luca Hoare, Chris Scudds,
Chair BMCT Chair Curator CEO
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Exhibitions

We developed and launched the Life on Two Wheels exhibition, the first exhibition from our redevelopment plans to add social histories and hands-on STEM interactives whilst keeping the Collection at the core.

At the start of the project we held a motorcycle enthusiast focus group to greater collaborate with our local motorcycling community and to ensure we created an exhibition that was truly engaging for the biker. Research into the history of the motorcycle in Britain uncovered stories not previously told in the Museum and we were able to communicate these to our visitors in a variety of textual, audio-visual and interactive interpretative formats.

‘‘ I particularly liked the whole layout and narrative thread. Lots of background info and wider historical references. Just enough tech information. An excellent exhibition. ’’

Visitor feedback

‘‘ I really enjoyed all of the hands-on interactive aspects. Really great to see more of them! ’’

Visitor feedback

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Following the launch of the Life on Two Wheels exhibition we held a series of volunteer-led talks in the exhibition space.

As well as providing visitors with another way of engaging with the exhibition and the collections on display, these talks gave a deeper insight into the history of motorcycling in Britain. They also gave visitors an opportunity to share their passion for motorcycling through sharing stories and memories with our volunteers.

This exhibition was developed with funding from the British Motorcycle Charitable Trust (BMCT) and we would like to thank them for this. We are particularly appreciative of their collaborative support throughout the development of the exhibition and we have exciting plans to further engage with BMCT members and motorcycle enthusiasts through future activities and events.

‘‘ I have been to many car exhibitions, motor shows and vehicle museums over the last 50 years. The Haynes Motor Museum is by far the best I have ever seen. ’’

Visitor feedback

Work continued on the exhibition

redevelopment masterplan for the overall Museum redevelopment. This forward planning put us in good stead for the future and furthered our ambitious plans to develop the way we interpret the Collection. We will continue to move forwards with planning exhibitions that have the Collection at their heart, with STEM interactives and social stories bringing the Collection to life for our visitors.

We also created a new souvenir guidebook, providing another method of interpretation for our audiences

and another way of engaging with the Collection.

Key Objectives for the Year

A review of the Strategic Priorities Plan at the year end showed that all key objectives for year two were achieved and activities are on track for the coming year.

Total Museum visitor numbers, which include attendance at fundraising events such as the monthly Breakfast Clubs car meets, were up a healthy 15% on prior year at just short of 100,000. Museum admission visitor numbers were 2% down on prior year at 75,616 reflecting several unforeseen challenges in 2023, most notably the cost-of living crisis, rampant inflation and extreme weather conditions (summer heatwave). These inevitably had an effect on visitor behaviour and spending patterns, which was experienced throughout the industry. As the economy settled and confidence returned later in the year, so our visitor numbers increased.

After a thorough tendering process, the Museum implemented a new EPOS and ticketing system, VisiSoft, in March 2023. This offered a much more user-friendly online ticketing experience giving us the confidence to encourage visitors to book online. The new system also offers significant flexibility to activate multiple concurrent promotions including price discounts for booking in advance. Pre-booking allows us to better predict visitor numbers and thereby offer an improved visitor experience due to better resource management.

The new ticketing system is linked to the Subscriber database holding details of visitors who have signed up to receive communications from the Museum. The Marketing and Communications team continue to deliver rich, educational content and make the Haynes Motor Museum’s collection more

Social media followers have increased by 51% across all platforms

accessible. During the reporting period the Museum’s social media channels have seen significant growth, with total followers increasing by 51% to 41,300 across all platforms. This growth has been driven largely by organic content, supported by targeted paid campaigns to boost engagement and awareness. Additionally, monthly email campaigns have been crucial in keeping Museum audiences informed about activities, as well as sharing educational content, such as videos from our YouTube channel, providing a broader platform for sharing the rich history and stories behind our Collection.

Commercial Activities

The trading company businesses; Café 750, Conference and Events, Haynes Heritage Engineering (HHE) and Retail, offer services to the Museum and its visitors but also generate funds to support the Museum financially.

The Conference and Events department continues to develop its business and new events during the year included an Adele tribute night, Outdoor Cinema and an Autojumble.

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The range of spaces on the Museum site offers huge scope for different indoor and outdoor events both B2B and B2C.

‘‘ Attendees enjoyed the Red Room which created a great talking point whilst mingling and networking. People also liked the drinks, and said the canapes were brilliant - some of the best some attendees had ever had. We would not hesitate to use Haynes Motor Museum again for corporate events. ’’

HK Law

While the Museum shop remains profitable, the costs of customer acquisition on the online shop platform remains high. Therefore, marketing of the online shop has now been paused and the retail team are concentrating on the Museum shop. Online retail will be revisited when the numbers of actively engaged subscribers to the main database reaches critical mass.

Each of the four business units within the trading company returned a net profit during the year resulting in a total profit of £232k to be donated to the Charity.

Financial Summary

Haynes Motor Museum displays an extensive Collection of vehicles from throughout the ages along with associated interpretation on all aspects of automotive technology.

Our mission is to inspire this generation and the next to explore, discover and experience the motor vehicle, to empower them to learn and invite them to question.

Total income: £3,106,927

Total expenditure: £2,878,604

Donations & Legacies £295.70k Charitable Activities £1.31m Charitable Activities £886.6k Raising funds £1.57m Other Trading Activities £1.78m Other £0 Investments 149.58k

Other £0

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Financial Review

The results for the year may be found in the attached accounts with the statement of financial activities on pages 32 to 35 and the balance sheet on page 36.

Annual income from Museum entrance fees was £874,358 for the period to 31 January 2024 (2023: £724,345). This was boosted by Gift Aid of £186,364 (2023: £145,226). Income from the trading company was £1,796,746 (2023: £1,606,464).

Total balance sheet funds increased by 0.9% to £33.8m from £33.5m in the prior year.

Reserves

The Charity is committed to providing an educational experience for the benefit of the public long into the future and must therefore plan to meet all financial obligations in furtherance of its charitable objectives.

The Trustees have considered what level of income reserves are required by the Charity. The Museum carries a business interruption insurance policy which will fund a shortfall in income from entry ticket sales and funding raised by trading activities to the point of recovery should the Museum be forced to close due to certain unforeseen events resulting in loss or damage to the property.

The level of free reserves considered by the Trustees to be appropriate is that equivalent to twelve months of operational costs. This should be retained to guard against future unforeseen interruptions to Museum operations. These £2m funds are to be held in a designated future resilience fund.

Future Plans

The plans for future periods are laid out in the Strategic Plan document mentioned above and the Museum will continue to make significant progress across all five of its Strategic Priorities, as set out on page 10 of this document. In brief, those plans include:

Collections

Following our Accreditation plans, the Museum will continue efforts to develop collections management with particular focus on small (non-vehicle) objects. The Collections team and supporting Collections volunteers will catalogue the Collection onto Modes, a Collections Management Software, with a plan in place to document all small objects in the coming years after having uploaded the vehicle records. The Collections Committee will also re-assess the inward loans process in line with Spectrum and Accreditation guidance. This will involve the creation of a new loan agreement and a review of items on loan to the Museum. In addition, a new small object acquisition policy will be created as part of the Museum’s plans to display more small objects in the Museum and recognition of small objects as an integral part of the Collection.

Interventive conservation work on the Museum’s 1961 Aston Martin DB4 will continue with the aim of returning the vehicle to running order. This will be done with conservation best practice in mind. This will involve retaining as much of the historic material as possible and making conservation decisions at every stage to assess the best route forwards for the long-term preservation of the vehicle as a working object. Research will be carried out to develop the Museum’s

knowledge on the history of the car and there are plans to communicate this, along with the interventive conservation process, to audiences digitally through a series of YouTube videos.

Visitor Experience

The Museum will continue to develop and expand our visitor experience activities to provide engaging, interesting and memorable visits for visitors. Plans include a programme of volunteer-led talks, several trails aimed at a variety of different audiences, hands-on fun through a giant Scalextric and brick-building activities and further visitor interaction with the Collection through the Museum’s running vehicle displays.

‘‘ The Explorer Trail was brilliant! A great addition since we last visited and kept our seven year old (and us) interested and engaged! ’’

Visitor feedback

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Photo credit: BNPS
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Exhibition Development

Exhibition development over the next five years has been planned to intersperse major exhibitions with smaller and temporary exhibitions providing a regularly refreshed offering for visitors whilst working towards the vision detailed in the Strategic Plan.

The Great British Marques exhibition will be redeveloped in 2024 including the addition of more interactive STEM (Science, Technology, Engineering and Maths) elements, in line with our strategic objective to seamlessly integrate interpretation of the major objects within the Collection with social history and interactive STEM stations.

The Museum have secured an agreement with Richard Hammond’s DriveTribe, both to host a commercial event in June 2024 and subsequently to present a display around some of his and other DriveTribe vehicles which will be on loan to the Museum for one to two years.

Education and Outreach

The Museum is planning future outreach through further collaboration with the British Motor Show in 2024 and it will once again be the official Education Partner to the show with plans to deliver sessions on two different stages throughout the event in addition to displaying a Collection vehicle for the duration of the show.

Further work will continue to develop formal education tours and programmes across multiple age groups and once again the Museum will be working with a cohort of students from the University of Bath School of Management.

The Museum plans to host the 2024 Somerscience Event, a Somerset-based STEM festival. This exciting family-friendly event will help to further the Museum’s educational charitable objective. The free-to-enter festival provides an opportunity to widen audience engagement and develop external recognition for Haynes Motor Museum as a centre for STEM learning.

Development and Fundraising

Now that the Museum has become accredited, there is further opportunity to explore and develop a fundraising strategy which can be used to further support the Museum’s charitable objectives including future exhibition development, educational outreach programmes and conservation work. The Museum therefore has plans in place to work with a professional fundraising/development consultancy to build a robust fundraising strategy with work commencing in early 2024. No professional fundraising was conducted in the current year. Donations and grants received were not a result of fundraising campaigns.

Volunteering

With a large number of volunteers (approx. 80), it can prove challenging to coordinate and communicate with them effectively. The Museum is therefore implementing an app, ‘Better Impact’, to assist with this process. It will also enable volunteer hours to be better managed, making more efficient use of this valuable resource. The Museum also intends to carry out a comprehensive review

of volunteering starting in the first quarter Going Concern of 2024. This will enable the development There are no material uncertainties over the of wider volunteering opportunities and going concern of the Museum as an entity. strengthen support for both collections care, archive activities and also visitor

engagement. It will also ensure greater access ‘‘ I liked that the displays

to volunteering at the museum. have changed since last

Marketing and Communications year, even just down to

Whilst growing our visitor database, the some cars having the Marketing and Communications team are also bonnets open as it’s not segmenting it to improve communication.

With such a diverse range of visitor types and something you would trading company customers, communications

always get to see! ’’

Whilst growing our visitor database, the Marketing and Communications team are also segmenting it to improve communication. With such a diverse range of visitor types and trading company customers, communications must be appropriately targeted to be effective. Improved communication with annual pass holders should encourage repeat visits and increased secondary spend benefiting the Museum in addition to giving visitors better value for money for their ticket. This work will continue into 2024 and beyond.

Visitor feedback

Statement as to Disclosure of Information to the Auditor

Governance and Oversight

The Museum has a good reputation for accessibility and equity in both visitor services and other areas such as employment. However, there is always more that can be done. In the continuing drive for improvement, an access audit has been carried out to inform future actions. Future plans also include the establishment of several new committees led by members of the SET and supported by Trustees, staff and volunteers.

The Trustees who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Trustees have confirmed that they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.

By order of the trustees

The first phase of these committees will see them each develop strategic prioirities and a detailed three year plan to deliver those priorities.

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20.06.24
Date: ………………………….
Mr Christopher M D Haynes
Chair of Trustees
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Independent Auditors’ Report to the Trustees Year ended 31 January 2024

Opinion

We have audited the financial statements of Haynes Motor Museum Ltd (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 January 2024 which comprise the group Statement of Financial Activities, the group and parent charitable company Balance Sheets, the group Cash Flow Statement and notes to the financial statements, including a summary of 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.

26 Independent Auditors’ Report to the Trustees Year ended 31 January 2024

27

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.

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.

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report which includes the Directors’ Report and the 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 on page 7, the trustees (who are also the directors of the 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 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.

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.

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

28 Independent Auditors’ Report to the Trustees Year ended 31 January 2024

29

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.

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.

Michael Strong (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

Accountants St Catherine’s Court Statutory Auditors Berkeley Place Clifton Bristol BS8 1BQ

Date: 27.06.24

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

Financial Statements

30 Independent Auditors’ Report to the Trustees Year ended 31 January 2024

31

Consolidated Statement of Financial Activities Year ended 31 January 2024

Unrestricted
funds
2024		 Designated
funds
2024		 Designated
funds
2024		 Restricted
funds
2024		 Total
2024		 Unrestricted
funds
2023		 Designated
funds
2023
as restated		 Restricted
funds
2023		 Restricted
funds
2023		 Total
2023
as restated
£ £ £ £ £ £ £ £
Notes
Income from:
Gift aid, grants and donations 4 249,198 - 46,500 295,698 427,351 - - 427,351
Charitable activities 5 886,598 - - 886,598 730,142 - - 730,142
Other trading activities 3 1,775,049 - - 1,775,049 1,582,439 - - 1,582,439
Investments 6 149,582 - - 149,582 50,769 - - 50,769
__ __ __ __ __ __ __ __
Total 3,060,427 - 46,500 3,106,927 2,790,701 - - 2,790,701
__ __ __ __ __ __ __ __
Expenditure from:
Charitable activities 7 (902,619) (349,833) (53,738) (1,306,190) (872,548) (364,186) (13,486) (1,250,220)
Expenditure on raising funds 3 (1,542,036) (30,378) - (1,572,414) (1,408,862) (35,422) - (1,444,284)
__ __ __ __ __ __ __ __
Total (2,444,655) (380,211) (53,738) (2,878,604) (2,281,410) (399,608) (13,486) (2,694,504)
__ __ __ __ __ __ __ __
Realised and unrealised gains on
revaluation of investment assets		 16 67,172 - - 67,172 898 - - 898
__ __ __ __ __ __ __ __
Net income/(expenditure) 10 682,944 (380,211) (7,238) 295,495 510,189 (399,608) (13,486) 97,095
__ __ __ __ __ __ __ __

32 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

33

Unrestricted
funds
2024		 Designated
funds
2024		 Restricted
funds
2024		 Total
2024		 Unrestricted
funds
2023		 Designated
funds
2023
as restated		 Restricted
funds
2023		 Total
2023
as restated
£ £ £ £ £ £ £ £
Notes
Net income / (expenses)
brought forward		 682,944 (380,211) (7,238) 295,495 510,189 (399,608) (13,486) 97,095
__ __ __ __ __ __ __ __
Transfer between funds 21 (182,984) 182,984 - - (184,898) 184,898 - -
__ __ __ __ __ __ __ __
Net movement in funds 499,960 (197,227) (7,238) 295,495 325,291 (214,710) (13,486) 97,095
Reconciliation of funds:
Total funds brought forward as at
1 February as restated		 21 2,110,228 31,284,333 84,900 33,479,461 1,784,937 31,499,043 98,386 33,382,366
__ __ __ __ __ __ __ __
Total funds carried forward as
at 31 January		 21 2,610,188 31,087,106 77,662 33,774,956 2,110,228 31,284,333 84,900 33,479,461
__ __ __ __ __ __ __ __

All income and expenses of the Group relate to continuing operations.

The Charity has elected not to present the Charity Statement of Financial Activities. Total income for the Charity for the year was £1,661,695 (2023: £1,340,853).

The net income for the Charity for the year was £259,037 (2023: £97,095 as restated).

34 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

35

Balance Sheets As at 31 January 2024

Notes Group
2024
2023		 Group
2024
2023		 Charity
2024
2023		 Charity
2024
2023
As restated As restated
£ £ £ £
Fixed assets
Tangible assets 12 8,344,856 8,600,783 8,278,216 8,503,815
Heritage assets 13 20,489,300 20,430,550 20,489,300 20,430,550
Investment properties 15 253,000 253,000 253,000 253,000
Investments 16 3,126,446 2,789,962 3,126,446 2,789,962
____ ____ ____ ____
32,213,602 32,074,295 32,146,962 31,977,327
____ ____ ____ ____
Current assets
Stocks 17 163,574 160,635 5,140 768
Debtors 18 158,229 180,573 332,845 364,509
Cash at bank and in hand 1,516,111 1,370,676 1,097,335 953,122
____ ____ ____ ____
1,837,914 1,711,884 1,435,320 1,318,399
Creditors
Amounts falling due within 19 (276,560) (306,718) (148,301) (120,732)
one year
____ ____ ____ ____
Net current assets 1,561,354 1,405,166 1,287,019 1,197,667
____ ____ ____ ____
Net assets 33,774,956 33,479,461 33,433,981 33,174,994
____ ____ ____ ____
Funds
Unrestricted general funds 21 2,610,188 2,110,228 2,335,853 1,902,729
Designated fixed asset fund 21 29,087,106 29,284,333 29,020,466 29,187,365
Designated future 21 2,000,000 2,000,000 2,000,000 2,000,000
resilience fund
Restricted funds 21 77,662 84,900 77,662 84,900
____ ____ ____ ____
Total funds 33,774,956 33,479,461 33,433,981 33,174,994
____ ____ ____ ____

The net income for the Charity for the year was £259,037 (2023: net expenditure of £17,342). The financial statements on pages 33 to 69 were approved by the Trustees and authorised for

20.06.24 issue on ....................... and are signed on their behalf by:

Mr Christopher M D Haynes, Chair of Trustees

Company Registration No. 10757195

36 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

37

Consolidated Statement
of Cashfows Year ended
31 January 2024
Cash flow from operating activities:		 Notes 2024
£		 2023
£
Cash (absorbed)/ generated by 26 400,674 (1,157,406)
operations
Bank charges (9,269) (16,902)
____ ____
Net cash from/ (used in) operating 391,405 (1,174,308)
activities
Cash flows from investing activities:
Income and proceeds from investments 149,582 50,769
Purchase of tangible assets (124,757) (54,898)
Purchase of exhibits (2,000) -
Purchase of investments (2,886,222) -
Proceeds of investments disposals 2,616,910 -
Proceeds of tangible asset disposals 517 12,006
____ ____
Net cash (used by) / from investing
activities		 (245,970) 7,877
____ ____
Movement in cash 145,435 (1,166,431)
Cash and cash equivalents at the
beginning of the reporting period		 1,370,676 2,537,107
____ ____
Cash and cash equivalents at the end
of the reporting period 1,516,111
____		 1,370,676
____
Analysis of cash and cash equivalents:
Cash at bank and in hand 1,516,111
____		 1,370,676
____
Analysis of net debt
At 1
February
2023 Cashflow At 31 January 2024
£ £ £
Cash at bank and in hand 1,370,676 145,435 1,516,111
____ ____ ____
1,370,676
____		 145,435
____		 1,516,111
____

Notes to the Consolidated Financial Statements Year ended 31 January 2024

1. Accounting Policies

1.1. Charity Information

Haynes Motor Museum Ltd is a charity registered in England and Wales.

Haynes Motor Museum Ltd and its group meet the definition of a public benefit entity under section 34 of FRS 102.

1.2. Basis of Preparation

These accounts have been prepared in accordance with Financial Reporting Standard 102 – “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland” (FRS 102) and with the Statement of Recommended Practice “Accounting and Reporting by Charities” FRS 102 as revised in 2019 (the SORP 2019) together with the reporting requirements of the Companies Act 2006 and the Charities Act 2011. The Charity has adapted the Companies Act formats to reflect the SORP 2019.

The accounts have been prepared under the historical cost convention, as modified by the inclusion of investments at market value or transaction value, unless otherwise stated in the relevant accounting policy.

The financial statements are presented in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.

The accounts have been prepared on the going concern basis. There are no material uncertainties about the Charity’s ability to continue. The Charity is a public benefit entity. The accounting policies have been applied consistently throughout the accounts and the prior year.

1.3. Basis of Consolidation

Haynes Motor Museum Ltd was incorporated in May 2017 and was registered as a charity on 5 May 2017. On 31 October 2018 it received the net assets and undertakings of the unincorporated Haynes International Motor Museum, an existing unincorporated charitable trust with the same charitable objectives as the incorporated charity. The results of the Charity are consolidated with its wholly owned subsidiary undertaking, on a line by line basis. In the consolidated accounts, uniform accounting policies have been used. The consolidated entity is referred to as “the Group”.

No separate charitable company Statement of Financial Activities (SOFA) has been prepared by the Charity as permitted by section 408 Companies Act 2006.

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1.4. FRS 102 Reduced Disclosure Exemptions

In accordance with FRS 102, the charitable company has taken advantage of the exemptions from the following disclosure requirements;

1.5. Accounting for Income

Admission fees, gifts, exhibits and donations are accounted for as the income is received. Donated exhibit assets are valued by the Curatorial Director at the date of the donation for insurance purposes but held at historical cost. Donated investments are valued at the date of the gift. All incoming resources have been included in the SOFA gross of any related expenditure. Income from the trading subsidiary is accounted for on an accruals basis. Rental income is recognised on an accruals basis.

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

1.6. Interest Receivable

Interest on UK listed investments is accrued on a day to day basis. All income arising on deposits is accounted for on a receivable basis.

1.7. Donated Assets and Core Collection

Additions to the collection are capitalised at valuation only when an appropriate valuation is provided, otherwise the purchase cost is used when known or can be reliably ascertained. No value is attributed to physically donated assets within the financial statements where no reliable valuation can be obtained.

1.8. Donated Services

Core to the museum’s strategy is the involvement of volunteers to enhance the visitor experience and help the Charity develop its services to its beneficiaries.

The museum has a strong group of volunteers ranging from people who help at the museum when asked for a special purpose, to those who work at the museum on a regular weekly basis.

The time spent by volunteers during the year was approximately 11,000 hours (2023:

15,000). The estimated costs of these services are based on the national living wage of £10.42 (2023 at £9.50) and the values of these services are therefore £114,620 (2023: £142,500). In accordance with the Charities SORP (FRS 102) this value is not recognised in the SOFA.

1.9. Expenses

Expenses are accounted for on an accruals basis and are recognised in the period in which there is a legal or constructive obligation to make a payment to a third party. In accordance with the Charities SORP, expenditure has been analysed between the expenditure on raising funds and charitable activities. Items of expenditure which involve more than one cost category have been apportioned on a reasonable, justifiable and consistent basis for the cost category concerned. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Museum to the expenditure.

Charitable expenditure includes expenditure associated with Exhibitions, Curatorial Matters and Education and shows costs directly attributable to each activity. Costs not directly attributable to one activity including the proportion of support costs relating to charitable expenditure have been allocated on a reasonable basis of resources used.

1.10. Allocation of Support Costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include finance, IT, staff, general office and governance costs which support the charity’s operations and activities. These costs have been allocated to charitable activities. The basis on which support costs have been allocated are set out in note 8.

1.11. Governance Costs

Governance costs include those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

1.12. Employee Benefits

The costs of short-term employment benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or are capitalised.

The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the charity and group are demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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1.13. Tangible Fixed Assets

All tangible fixed assets that have an expected useful economic life that exceeds one year and a value of more than £1,250 are capitalised and recorded at cost.

Depreciation has been calculated on fixed assets so as to write off the cost of the assets in equal instalments over their useful lives as follows:

1.14. Heritage Assets

Heritage Assets are held at fair value as determined by the Trustee’s judgement based upon their experience and expertise. This is sensitive to changes in the market value for classic vehicles and wider economic conditions.

The assets are reviewed for impairment on an annual basis, and this is amended only when evidence shows a change in the physical condition of the asset.

1.15. Investment Properties

Investment properties are shown at open market value as estimated by the Trustees. Any surplus or deficit on revaluation is taken to the Statement of Financial Activities.

1.16. Fixed Asset Investments

Investments are stated in the balance sheet at market value, any depreciation or diminution in value in the year being accounted for in the Statement of Financial Activities. Listed investments are valued at the year end at prevailing market prices.

sell is recognised as an impairment loss in the SOFA. Reversals of impairment losses are also recognised in the SOFA.

1.18. Funds

The museum’s financial statements show the consolidation of four funds. These divide into two distinct categories which have been analysed in accordance with the SORP as follows:

Unrestricted Funds

The use of these funds has not been restricted to a particular purpose by a donor or their representatives. They are divided into the general fund and designated funds.

General Fund

The general fund is the free fund of the Charity. It is not tied or designated in a particular area or for some other defined or designated purpose.

The general fund has to provide for the general administration of the Charity, for serving the public and for publicity. It also has to meet the Charity’s requirement for working capital and the costs of tangible fixed assets.

Designated Funds

Designated funds are those which have been allocated by the Trustees/Charity for particular purposes. The designated funds are:

The designated fixed asset fund holds all freehold and leasehold property of the Museum, as well as all tangible assets, including exhibits.

The future resilience fund: A fund designated in case of another period when the Museum is unable to open. This was based upon expenditure incurred during the year ended 31 January 2021.

Restricted Funds

Investments are assessed for indicators of impairment at each reporting end date. Investments are impaired when there is objective evidence from events that the estimated future cash flows have been affected. The impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the investments original effective interest rate. The impairment loss is recognised in the SOFA.

1.17. Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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

The restricted funds are donations and grants which the donors requested be spent on specific projects, see note 21.

1.19. Financial Instruments

As the charity and group only have basic financial instruments it has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102, to all of its financial instruments.

Financial instruments are recognised when the charity or group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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Basic Financial Assets

Basic financial assets, which include trade and other receivables, loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of Financial Assets

Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the SOFA.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the SOFA.

De-recognition of Financial Assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

1.20. Cash and Cash Equivalents

Cash and cash equivalents includes cash and short term highly liquid investments with a short maturity period.

1.21. Foreign Currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at net incoming resources.

2. Critical Judgements and Estimates

In the application of the charity’s and group’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of the tangible and heritage assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.

The assets are reviewed for impairment on an annual basis, and this is amended only when evidence shows a change in the physical condition of the asset.

Financial Liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic Financial Liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

De-recognition of Financial Liabilities

Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled or they expire.

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3. Results of Trading Subsidiary

Haynes Motor Museum Trading Ltd, is Haynes Motor Museum Ltd’s wholly owned trading subsidiary incorporated in England and Wales, company number 02016467. A summary of the audited income statement for the year ended 31 January 2024 is stated below:

Turnover
Cost of sales
Gross profit
Administrative expenses
Other operating income
Interest receivable
Profit / (Loss) for the year
Amounts payable under Gift Aid Donations
Profit retained for the financial year
Balance sheet summary
Fixed assets
Current assets
Current liabilities
Net assets
Reconciliation of trading subsidiary results to SOFA
Included in government grants receivable (note 4)
Turnover of trading subsidiary
Less intercompany sales
Income from trading activities from SOFA
Cost of sales from trading subsidiary
Administrative expenses from trading subsidiary
Total expenses in subsidiary
Less: Rent of premises
Cost of intercompany sales
Add: Charity’s expenditure on raising funds
Expenditure on raising funds		 2024
£
1,796,746
(771,668)
1,025,078
(798,444)
-
5,452
232,086
195,578
36,508
2024
£
66,640
685,092
(410,755)
340,977
2024
£
-
1,796,746
(21,697)
1,775,049
(771,668)
(798,444)
(1,570,112)
72,519
14,722
(89,543)
(1,572,414)		 2023
£
1,606,464
(660,612)
945,852
(762,347)
-
309
183,814
209,376
(25,562)
2023
£
96,968
692,765
(485,265)
304,468
2023
£
-
1,606,464
(24,025)
1,582,439
(660,613)
(762,339)
(1,422,952)
62,623
16,814
(100,769)
(1,444,284)

4. Income from Gift Aid and Donations

Unrestricted Restricted **Total ** Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Gift aid on
entrance fees		 186,364 - 186,364 145,226 - 145,226
Gift aid on
donations		 - - - 25,000 - 25,000
Grants and 62,834 46,500 109,334 257,125 - 257,125
donations
249,198 46,500 295,698 427,351 - 427,351

5. Income from Charitable Activities

Unrestricted Total Unrestricted Total
funds funds
2024 2024 2023 2023
£ £ £ £
Entrance fees 874,358 874,358 724,345 724,345
Sale of catalogues 12,240 12,240 5,797 5,797
886,598 886,598 730,142 730,142

6. Income from Investing Activities

Unrestricted Total Unrestricted Total
funds funds
2024 2024 2023 2023
£ £ £ £
UK listed investments 88,191 88,191 - -
Bank interest and investments 13,463 13,463 3,419 3,419
Other income 47,928 47,928 47,350 47,350
149,582 149,582 50,769 50,769

46 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

47

7. Expenditure on Charitable Activities

Unrestricted Restricted Designated Total Unrestricted Restricted Designated Total
Funds Funds Funds 2024 Funds Funds Funds 2023
2024 2024 2024 2023 2023 2023 £
£ £ £ £ £ £ £
Wages and national
insurance		 310,333 - - 310,333 277,898 - - 277,898
Training and staff costs 8,691 - - 8,691 8,187 - - 8,187
Rent & General rates 59,317 - - 59,317 66,734 - - 66,734
Water rates 5,239 - - 5,239 5,125 - - 5,125
Repairs and restoration 24,519 53,738 - 78,257 71,345 13,486 - 84,831
Waste removal and
cleaning		 13,385 - - 13,385 9,017 - - 9,017
Insurance 61,329 - - 61,329 56,627 - - 56,627
Lighting and heating 57,379 - - 57,379 54,713 - - 54,713
Catalogue and education
expenses		 13,240 - - 13,240 11,356 - - 11,356
Depreciation on property
improvements		 - - 183,948 183,948 - - 183,948 183,948
Loss/(gain) on sale of fixed
assets		 - - (517) (517) - - (10,000) (10,000)
Support costs (see note 8) 333,287 - 166,402 499.689 297,146 - 190,238 487,384
Governance costs (see note 8) 15,900 - - 15,900 14,400 - - 14,400
_____
_____ _____ _____ _____ _____ _____ _____
902,619
_____		 53,738
_____		 349,833
_____		 1,306,190
_____		 872,548
_____		 13,486
___		 364,186
_____		 1,250,220
_____

48 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

49

8. Allocation of Support Costs and Governance Costs

Staff costs Premises General Professional Depreciation Total Total
2024 costs office costs fees 2024 2024 2023
2024 2024 2024
£ £ £ £ £ £ £
Support costs
Wages and national insurance 243,617 - - - - 243,617 197,487
Security - 9,578 - - - 9,578 11,480
Printing & stationery - - 3,956 - - 3,956 6,261
Motor expenses - - 2,524 - - 2,524 2,625
Travel expenses - - 6,413 - - 6,413 6,396
Telephone, postage and IT - - 41,237 - - 41,237 49,635
Professional fees - - - 15,922 - 15,922 5,856
Sundry expenses - - 771 - - 771 504
Bank charges and interest - - - 9,269 - 9,269 16,902
Depreciation: - - - - - - -
Fixtures and fittings - - - - 166,402 166,402 190,238
Motor Cars - - - - - - -
_____ _____ _____ _____ _____ _____ _____
243,617 9,578 54,901 25,191 166,402 499,689 487,384
_____ _____ _____ _____ _____ _____ _____
Governance costs
Audit - - - 15,900 - 15,900 14,400
_____ _____ _____ _____ _____ _____ _____
243,617
_____		 9,578
_____		 54,901
_____		 41,091
_____		 166,402
_____		 515,589
_____		 501,784
_____

50 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

51

9. Information Regarding Staff Costs and Trustee’s Remuneration

C Copson was paid a salary in relation to his role as Curatorial Director in the year (appointed as trustee 23 September 2021). Expenses to the value of £nil were reimbursed to the Trustees (2023: £nil). One employee received emoluments between £70,000 and £80,000 during the year (2023: One between £70,000 and £80,000). No other employees received emoluments in excess of £60,000 (2023: nil).

Key management personnel emoluments during the 2024 2023
year:
£ £
Emoluments from Charity 194,717 110,812
Emoluments from subsidiary - -
___ ___
194,717 110,812
___ ___
Employee costs during the year:
Wages and salaries 1,109,674 1,011,783
Social security costs 87,311 80,092
Defined contribution pension costs 21,429 19,594
___ ___
1,218,414 1,111,469
___ ___

Emoluments relating to Trustees equal £1,382 (2023: £26,461) based on the market value for services rendered during the period. The full value for the current year relates to Dr Luca Hoare (curator) for the period after her appointment as a trustee during the year. In the prior year the full value related to Chris Copson (curator) for the period until he ceased employment with the charity.

Average number of persons employed during the year:
Curatorial department
Administration
Fund raising subsidiary		 2024
No.
2
25
33
_
60
_		 2023
No.
2
21
25
_
48
_

52 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

53

10. Net Income / (Outgoing) Resources

Unrestricted Designated Unrestricted Designated
Funds Funds Total Funds Funds Total
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Net incoming/(outgoing) resources is arrived at
after charging / (crediting):
Depreciation – owned assets 196,736 183,948 380,684 43,416 364,186 407,602
Loss/(gain) on disposal of fixed assets - (517) (517) - - -
Debtor impairments - - - - - -
Auditor’s remuneration
Fees payable to the Charity auditor for the audit of 15,400 - 15,400 13,700 - 13,700
the financial statements and the consolidation
Fees payable to the Charity auditor and its
associates for other services:
Accountancy 2,600 - 2,600 2,350 - 2,350
Tax compliance services 1,400 - 1,400 1,250 - 1,250
___ ___ ___ ___ ___ ___

54 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

55

11. Taxation

Haynes Motor Museum Ltd is a registered Charity within the meaning of the Charities Act 2011. As such its source of income and gains, received under Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992, are exempt from taxation to the extent that they are applied exclusively to its charitable objectives. No tax charge has arisen in the Charity or the group in the year.

12. Tangible Fixed Assets

Fixtures,
Assets under Freehold fittings, Motor
Group Construction Property plant & Vehicles Total
£ £ equipment £ £
£
Cost
At 1 February 2023
156,477		 10,071,432 1,949,919 26,567 12,204,395
Additions - - 124,757 - 124,757
Disposals - - (628,830) - (628,830)
___ ___ ___ __ ___
At 31 January 2023
ary 2024		 156,477 10,071,432 1,445,846 26,567 11,700,322
___ ___ ___ __ ___
Depreciation
At 1 February 2023
-		 2,179,677 1,409,781 14,154 3,603,612
Charge for the year - 183,948 193,633 3,103 380,684
On disposals - - (628,830) - (628,830)
___ ___ ___ __ ___
At 31 January 2024 - 2,363,625 974,584 17,257 3,355,466
___ ___ ___ __ ___
Net book value
At 31 January 2024 156,477 7,707,807 471,262 9,310 8,344,856
___ ___ ___ __ ___
At 31 January 2023 156,477 7,891,755 540,138 12,413 8,600,783
___ ___ ___ __ ___
Fixtures,
Assets under Freehold fittings, plant &
Charity Construction Property equipment Total
£ £ £ £
Cost
At 1 February 2023 156,477 10,071,432 1,660,754 11,888,663
Additions - - 124,757 124,757
Transfers - - - -
Disposals - - (523,834) (523,834)
___ ___ ___ ___
At 31 January 2024 156,477 10,071,432 1,261,677 11,489,586
___ ___ ___ ___
Depreciation
At 1 February 2023 - 2,179,677 1,205,171 3,384,848
Charge for the year - 183,948 166,408 350,356
On disposals - - (523,834) (523,834)
___ ___ ___ ___
At 31 January 2024 - 2,363,625 847,745 3,211,370
___ ___ ___ ___
Net book value
At 31 January 2024 156,477 7,707,807 413,932 8,278,216
___ ___ ___ ___
At 31 January 2023 156,477 7,891,755 455,583 8,503,815
___ ___ ___ ___

All assets of material value are held for use on a continuing basis in the Charity’s activities. The Trustees do not consider it practicable to segregate assets used for direct charitable purposes and those used for other purposes.

56 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

57

13. Heritage Assets (Group and Charity)

The exhibits are classified as Heritage Assets, using the definitions set out in SORP.

Exhibits £

Net book value at 1 February 2023 as restated 20,430,550 Additions 58,800 Disposals (50) Net book value at 31 January 2024 20,489,300

15. Investment Properties

nvestment Properties
Group and Charity Investment properties
£
Cost
At 1 February 2023 and at 31 January 2024 253,000

The Charity owns a property for rental to a third party and therefore it is considered by the Trustees to be an investment property. The value relates to the original purchase price. The Trustees’ consider there to be no material difference in the market value of this property and the value that it was held under fixed assets and therefore the property is held at its current net book value as at 31 January 2024.

No depreciation is provided in respect of investment properties.

Further details of how the Charity manages, preserves and grants access to its collection of heritage assets is provided in the Trustees Report. The Charity maintains detailed electronic records of its heritage asset collection including date of acquisition and disposal.

Following the prior year restatement, all heritage assets are now stated at fair value. This is a change in accounting policy from the prior year so their carrying amount at the start of the reporting period has been restated. The base valuation was carried out by Trustee and former Curator, Micheal Penn, in June 2022 based on experience of the classic vehicle market and recent sales activity within it. This was reviewed within the year by the Collections department and was deemed to be correct with no impairment adjustments required.

14. Five-year Financial Summary of Heritage Asset Transactions (Group and Charity)

2023-24 2022-23 2021-22 2020-21 2019-20
£ £ £ £ £
Additions:
Purchases 58,800 - - 5,500 12,100
Disposals
Carrying value 50 - - - -
Sale proceeds 400 - - - -

16. Investments Held as Fixed Assets

Investments Held as Fixed Assets
Group and Charity Unrestricted Total
Funds 2024
£ £
At market value
As at 1 February 2023 2,789,962 1,156,824
Revaluation (losses)/gains 67,172 898
Additions 2,886,222 2,666,136
Proceeds on disposal (2,616,910) (1,033,896)
___ ___
As at 31 January 2024 3,126,446 2,789,962
___ ___
Historical cost as at 31 January 2024 2,461,998 2,461,998
___ ___

Unrestricted funds comprise two funds held through RBC Brewin Dolphin. One is a longer term (>10 year) portfolio holding £2.1m. The other has a 3-5 year horizon holding £1.0m.

Investments held by the Charity also include an additional £2 (2023: £2) investment in the subsidiary company held at £nil net book value (2023: £nil) (see note 3). The Charity owns 100% of the share capital. The subsidiary’s principal activities are hospitality services, workshop and restoration centre and retail.

58 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

59

17. Stocks

17.
Stocks
Group
2024
2023
£
£
Goods for re-sale
162,871
159,124
Work in progress
703
1,511
_
_
163,574
160,635
_
_		 Charity
2024
£
5,140
-
_
5,140
_		 2023
£
768
-
_
768
_

18. Debtors

18. Debtors Group Charity
2024 2023 2024 2023
£ £ £ £
Trade debtors 111,823 162,056 8,605 29,046
Amounts owed by subsidiary
undertaking - - 281,663 318,616
Prepayments 46,406 27,593 42,577 25,922
VAT receivable - - - -
___ ___ ___ ___
158,229 189,649 332,845 373,584
___ ___ ___ ___

20. Financial instruments

20.
Financial instruments
Group Charity
2024 2023 2024 2023
£ £ £ £
Financial assets that are debt
instruments measured at
amortised cost:
Trade debtors 111,823 162,056 8,605 29,046
Amounts owed by subsidiary - - 281,663 318,616
undertaking ___ __
111,823 162,056 290,268 347,662
Financial liabilities measured at
amortised cost:
Trade creditors 133,866 228,842 95,424 101,965
Accruals and deferred income 53,150 43,037 27,362 18,767
187,016 271,879 122,786 120,732

19. Creditors

19. Creditors Group Charity
2024 2023 2024 2023
£ £ £ £
Trade creditors 133,866 228,842 95,424 101,965
Other taxes and social security 23,138 34,839 11,251 -
Accruals and deferred income 53,150 43,037 27,362 18,767
VAT Payable 66,406 9,076 14,264 9,076
___ ___ ___ ___
276,560 315,794 148,301 129,808
___ ___ ___ ___

60 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

61

21. Statement of Funds

At 1 Realised &
February unrealised Transfer At 31
2023 (losses)/gain between January
as restated Income Expenditure s funds 2024
Group £ £ £ £ £ £
Unrestricted funds
General funds 2,110,228 3,060,427 (2,444,655) 67,172 (182,984) 2,610,188
Designated fixed asset fund 29,284,283 - (380,161) - 182,984 29,087,106
Designated future resilience fund 2,000,000 - - - - 2,000,000
____ ____ ____ ____ ____ ____
Total unrestricted funds 33,394,511 3,060,427 (2,824,816) 67,172 - 33,697,294
____ ____ ____ ____ ____ ____
Restricted funds
Donations and grants 84,900 46,500 (53,738) - - 77,662
____ ____ ____ ____ ____ ___
Total funds 33,479,411 3,106,927 (2,878,554) 67,172 - 33,774,956
____ ____ ____ ____ ____ ____

The designated fixed asset fund holds all freehold and leasehold property of the Museum, as well as all tangible assets, including exhibits

62 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

63

21. Statement of Funds (continued)

The future resilience fund: A fund designated in the previous year in case of another period when the Museum is unable to open. This was based upon expenditure incurred during the year ended 31 January 2021.

The restricted fund is the balance of a private donation to be used for restoration of two vehicles and further social history interpretation within the museum.

At 1 Realised &
February unrealised Transfer At 31
2023 (losses)/gain between January
as restated Income Expenditure s funds 2024
Charity £ £ £ £ £ £
Unrestricted funds
General funds 1,902,729 1,548,023 (999,087) 67,172 (182,984) 2,335,853
Designated fixed asset fund 29,187,315 - (349,833) - 182,984 29,020,466
Designated future resilience fund 2,000,000 - - - - 2,000,000
____ ____ ____ ____ ____ ____
Total unrestricted funds 33,090,044 1,548,023 (1,348,920) 67,172 - 33,356,319
____ ____ ____ ____ ____ ____
Restricted funds
Donations and grants 84,900 46,500 (53,738) - - 77,662
____ ____ ____ ____ ____ ____
Total funds 33,174,944 1,594,523 (1,402,658) 67,172 - 33,433,981

64 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

65

22. Analysis of Net Assets Between Funds

23. Related Party Transactions

Key Management Personnel

Designated
Restricted property General
Group funds fund funds Total
£ £ £ £
Fund balances at 31
January 2024 represented
by:
Tangible fixed assets		 - 8,344,856 - 8,344,856
Heritage assets - 20,489,300 - 20,489,300
Investment properties - 253,000 - 253,000
Fixed asset investments - - 3,126,446 3,126,446
Current assets 77,662 2,000,000 (239,748) 1,837,914
Current liabilities - - (276,560) (276,560)
___ ___ ___ ___
Total net assets 77,662 31,087,156 2,610,138 33,774,956
___ ___ ___ __
Designated
Restricted property General
Charity funds fund funds Total
£ £ £ £
Fund balances at 31
January 2024 represented
by:
Tangible fixed assets - 8,278,216 - 8,278,216
Heritage assets - 20,489,300 - 20,489,300
Investment properties - 253,000 - 253,000
Fixed asset investments - - 3,126,446 3,126,446
Current assets 77,662 2,000,000 (642,342) 1,435,320
Current liabilities - - (148,301) (148,301)
___ ___ ___ ___
Total net assets 77,662 31,020,516 2,335,803 33,433,981
___ ___ __ ___

Total compensation paid to key management personnel during the year was £194,717 (2023: £110,812).

One Trustee received remuneration during the year (see note 9). No other Trustees received remuneration for the provision of their services as Trustees of Haynes Motor Museum Ltd during the year. Expenses to the value of £nil were reimbursed to the Trustees (2023: £nil).

The Trustees have considered the disclosure requirements of the SORP for Charities (January 2019) and of FRS 102 Section 33 and believe that the following related party transactions require disclosure:

The Charity

The Trading Subsidiary

66 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

67

24. Capital Commitments

There are no outstanding capital commitments at the year-end (2023: £nil).

25. Company Status

The company is limited by guarantee and the total of those guarantees is £1 per member.

26. 26. Cash Generated from OperationsCash generated from operations

Cash Generated from Operations
ash generated from operations
2024 2023
£ £
Net income/(expenditure) 295,495 (42,905)
Adjustments for:
Bank charges 9,269 16,902
Investment income received (149,582) (50,769)
Donation of heritage assets (56,750) -
Depreciation 380,684 407,602
Recognised and unrecognised (67,172) (1,633,138)
loss/(gain) on revaluation of
investments
(Profit)/loss on disposal of fixed assets (517) (10,000)
411,427 (1,312,308)
Decrease / (increase) in stock (2,939) (39,360)
(Increase) / decrease in debtors 22,344 117,526
Increase / (decrease) in creditors (30,158) 76,736
Net cash provided by / (used in)
operating activities 400,674 (1,157,406)

No restrictions apply to the cash or cash equivalents.

28. Prior Year Restatement

The Trustees have changed the Group’s accounting policy for heritage assets to hold the assets on a fair value basis to reflect the true and fair value of the assets more accurately in the accounts. Heritage assets were previously held at a cost basis. This note explains the principal adjustments made by the Group in restating its financial statements, including the financial statements as of, and for, the year ended 31 January 2023.

Reconciliation of reserves Group Charity
1 February 31 January 1 February 31 January
2022 2023 2022 2023
£ £ £ £
Reserves as previously reported 17,371,500 17,328,595 17,041,470 17,024,128
Adjustments to prior period:
Heritage asset revaluation 16,010,866 16,150,866 16,010,866 16,150,866
___ ___ ___ ___
Reserves as restated 33,382,366 33,479,461 33,052,336 33,174,994
_____ _____ _____ _____
Reconciliation of financial activity for the period Group
2023
£
Net movement in funds as previously reported (42,905)
Adjustments to prior period:
Heritage asset revaluation 140,000
___
Net movement in funds as restated 97,095
_____

The heritage assets are held as part of the designated fixed asset fund. Prior to restatement the Group had a brought forward balance at 1 February 2022 of £13,488,177 and a balance at 31 January 2023 of £13,133,467. The Charity designated fixed asset fund had a brought forward balance at 1 February 2022 of £13,377,562 and a balance at 31 January 2023 of £13,036,499.

27. Operating lease commitments 27. Operating lease commitments

Equipment and motor vehicles
Due within 1 year
Between 1-5 years		 2024
£
1,181
1,811
2,992		 2023
£
7,264
2,127
9,391

68 Trustees’ Report and Consolidated Financial Statements for the year ended 31 January 2024

69

PRESERVATION[•] RESTORATION[•] EDUCATION

Contact Us

T: 01963 440804 E: visitus@haynesmuseum.org haynesmuseum.org Haynes Motor Museum, Sparkford, Somerset, BA22 7LH

Haynes Motor Museum Ltd is a charitable company limited by guarantee, registered in England, number 10757195. Registered charity number 1176857. Haynes Motor Museum Trading Ltd is a wholly owned subsidiary. Company number 2016467. Registered offices: Haynes Motor Museum, Sparkford, Somerset, BA22 7LH.