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2024-12-31-accounts

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust (Limited by guarantee)

Annual Report & Financial Statements Year Ended 31 December 2024

Registered Company Number 01690117 Registered Charity Number 286575

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Contents

Page
Key Performance Indicators 2
Message from the Chair of the Board of Trustees 3
Trustees’ Annual Report 4
1. Principle Objectives and Activities 4
2. Organisational Structure 5
3. Organisational Support Functions 5
4. Fundraising & Volunteer Support 6
5. Strategic Report 7
5.1.
BMIHT Annual Objectives & Achievements		 7
5.1.1. Curatorial 7
5.1.2. Learning and Engagement 8
5.1.3. Shows, Clubs and Groups 8
5.1.4. Vehicle Restoration 9
5.1.5. Archive 9
5.1.6. The Future 9
5.2.
BMIHC Ltd Annual Objectives & Achievements		 10
5.2.1. Conferencing, Meetings and Banqueting 10
5.2.2. Heritage Certificate Services 10
5.2.3. Retail 10
5.2.4. Cafeteria Dining 10
5.2.5. The Future 11
5.3.
Financial Review		 11
5.3.1. Grants 11
5.3.2. Funds 11
5.3.3. Results for the Year 11
5.3.4. Future Forecast 12
5.3.5. Going Concern 12
6. Principle Risks and Uncertainties 13
7. Structure, Governance and Management 15
8. Reference and Administrative Details 17
9. Trustees’ Statement of Responsibilities 18
Independent Auditor’s Report 19
Consolidated Statement of Financial Activities Year Ended 31 December 2024 22
Consolidated Balance Sheet Year Ended 31 December 2024 23
Charity Balance Sheet Year Ended 31 December 2024 24
Consolidated Statement of Cash Flows Year Ended 31 December 2024 25
Notes to the Financial Statements Year Ended 31 December 2024 26

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British Motor Industry Heritage Trust

Key Performance Indicators

KPI Description 2023 Variance %
2024
LEISURE
Leisure Visitor
Footfall		 Number of Museum,
Show, Club & Event
visitors to site		 149,229 (5,062) (3.4%)
144,167
Visitor Reviews Google Reviews score 4.7 / 5.0 0.1 / 5.0 2.1%
4.8 / 5.0
Gift Aid Conversion % of visitors
purchasing an eligible
ticket opting to Gift Aid
42.2%		 0.9%pts 2.1%
43.1%
LEARNING
Learning Visitors Number of visitors with
a primary purpose of
learning		 4,495 763 17.0%
5,258
CONFERENCE
Conferencing
Occupancy		 Monday to Friday
utilisation of
conference rooms		 29.4% 3.0%pts 10.2%
32.4%
ENVIRONMENTAL CREDENTIALS
Environmental
Museum Credentials		 Award level for
Green Tourism		 Silver n/a n/a
Silver
Volunteers
Volunteer
Contribution		 Total hours freely given
to support charitable
objectives
11,926		 (103) 0.9%
11,823

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British Motor Industry Heritage Trust

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

Message from the Chair of the Board of Trustees

I am pleased to introduce the British Motor Industry Heritage Trust’s Annual Report 2024.

The British Motor Museum further consolidated its position by attracting a healthy number of public visitors to the Museum similar to the numbers attracted in the previous year. This helped to grow income and donations from leisure visitors by 6%, supporting financial stability.

With the new Learning Hub facility, the Museum was able to increase learning visitors by 17%, inspiring more of the next generation of engineers and car enthusiasts.

Conference income grew, but it was extremely heartening that growth from the external market excluding JLR was 14%, further diversifying our income and customer base.

Although needing to invest heavily in staff resources, a cost increase of 10% year-on-year, I am pleased to announce that BMIHT delivered a net profit for a second year running.

At the start of the year, the Museum took a step towards greater global recognition and attended the Salon Retromobile in Paris, one of the largest international classic cars shows. The Museum was invited to showcase a number of MG cars as the centrepiece and took the opportunity attend with our own dedicated stand presenting the Museum and the iconic EJB 33, both attracting much attention.

Closer to home the Museum secured Herbert Austin’s Longbridge Office, which thanks to a generous donation from the Patrick Foundation is now displayed in the Museum alongside William Morris’s Office both with new state of the art interpretation, including holograms.

The British Motor Museum strives to be a place for everyone and increased the number of access days and access tours in 2024, and thanks to funding from Stratford-on-Avon District Council, the Museum was able to instal a Changing Places facility, crucial for some to visit the Museum.

On behalf of the Board of Trustees, I would like to extend our sincere appreciation to all employees and volunteers for their contributions over the past year. Your passion is a cornerstone to the success of the British Motor Museum.

Looking ahead, 2025 marks a period of transition with a change in leadership and, now a lease and planning have been secured, the likely long-awaited start of construction of a new hotel development on the boundary of the Museum site.

Perseverance has been essential in realising the hotel project and so I’d like to take this opportunity to offer my warmest thanks to the retiring Managing Director, Jeff Coope, for his unwavering belief in the project. Jeff’s years of dedication and vision have been instrumental in shaping the Museum and his achievements leave a lasting legacy, and an exciting future filled with opportunity.

The Board look forward to continuing the journey working with our newly appointed CEO, Peter Armstrong, towards a vibrant future.

Mr J. Kordan Trustee and Chair of the Board of Trustees 28 July 2025

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British Motor Industry Heritage Trust

Trustees’ Annual Report Year Ended 31 December 2024

The Trustees, who act as Directors for the purposes of the Companies Act 2006, present the annual report of the British Motor Industry Heritage Trust (“BMIHT”), together with the financial statements for the year ended 31 December 2024.

The Trustees have adopted the provisions of the Financial Reporting Standards applicable in the UK, Accounting and Reporting by Charities: Statement of Recommended Practice (“Charities SORP 2019(FRS 102)”), the Charities Act 2011 and the Companies Act 2006 in preparing the reports and the financial statements.

1. Objectives and Activities

BMIHT is a registered charity with a vision to be:

One of the world’s outstanding museums and the focal point of Britain’s automotive history and culture.

To be recognised as the leading organisation for the display and preservation of collections from Britain’s motor manufacturers.

To develop the British Motor Museum’s built environment into a world class venue.

The mission is to:

Collect and conserve motor vehicles, artefacts, recollections and archive material relating to the motor industry in Britain.

Share this with local, national and international audiences for the benefit of our diverse nation and future generations.

Inspire those audiences through stories that interpret the role the automotive industry plays in social, cultural, technical, economic and environmental development in Britain.

The strategic goals are:

To broaden the engagement of the British Motor Museum by:

To attract 300,000 leisure and business visitors annually to the venue and Warwickshire.

To have financial stability and resilience through further diversification of income.

To recognise and understand our environmental impact and commit to continuous improvement of our sustainable environmental performance.

To continue to develop a culture of health and wellbeing where staff feel safe, supported and empowered.

This is to be achieved by continually developing the British Motor Museum at Gaydon as one of the world’s outstanding accredited motor museums and a major visitor attraction providing educational facility coupled to entertaining and attractive displays featuring the largest collection of British heritage cars and associated archives in the world, with over 400 cars on display in the Museum and Collection Centre.

The British Motor Museum also provides conferences, meetings and events within the meetings, conferences, events and business tourism sectors, through its trading subsidiary. A unique and premium venue, with outdoor space, a central, easy-to-reach location with ample parking, BMIHT will continue to achieve its mission at the British Motor Museum.

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British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

2. Organisational Structure

BMIHT is a charitable trust with a trading subsidiary, British Motor Industry Heritage Centre Limited (“BMIHC Ltd”).

BMIHT’s Board of Trustees are responsible for developing and implementing strategic direction. The day-to-day operation is managed by the Senior Leadership Team. Further details of Trustees and Senior Leaders can be found in section 8.2.

BMIHT’s trading subsidiary, BMIHC Ltd, generates revenue to support BMIHT’s charitable objectives and mission. BMIHC Ltd makes a gift aid donation to BMIHT of its profit.

BMIHT is organised into five main functions; curatorial; archive; learning and engagement; vehicle restoration; and shows and clubs. Further details of these functions’ responsibilities and achievements along with future plans can be found in section 5.1.

BMIHC Ltd is organised into four main functions; conferencing; heritage certificate services; retail; and cafeteria dining. Further details of these functions’ responsibilities and achievements along with future plans can be found in section 5.2 of the Trustees’ Annual Report.

The main functions are aided by; administration; site services; finance; marketing; information technology; human resources and fundraising, the responsibilities of which can be found in section 3.

BMIHT is supported by a dedicated team of volunteers who help across the organisation. They complete roles and tasks BMIHT would not be able to fund itself and complement the role of paid staff. Further details of the volunteer achievements can be found in section 4.2.

3. Organisational Support Functions

3.1. Administration Administration responsibilities include but are not restricted to; health
& safety; licencing; risks; security; local authority planning; corporate
social responsibilities; and disaster management.
3.2. Site Services Site services responsibilities include but are not restricted to; cleaning;
buildings and site management; maintenance and renovation;
environmental sustainability; and cleaning and clearing the site.
3.3. Finance Finance responsibilities include but are not restricted to; management
accounts; audit; budgets and forecasts; insurance; reporting and
analysis; risk management; and governance.
3.4. Marketing Marketing responsibilities include but are not restricted to; audience
research; multi-channel/sector marketing; brand development; and
public relations and communications.
3.5. Information
Technology		 Information technology responsibilities include but are not restricted to;
software implementation; systems integration; hardware support; and
advancing and developing internal reporting and the company intranet.
3.6 Human
Resources		 Human resources responsibilities include but are not restricted to;
recruitment; training; employee wellbeing; data protection; volunteer
co-ordination; and internal communications.
3.7 Fundraising Fundraising responsibilities include but are not restricted to; identifying
and expanding voluntary income opportunities; identify and applying
for grants and funding; and developing stakeholder relationships.
Further detail of fundraising can be found in section 4.1.

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British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

4. Fundraising & Volunteer Support

4.1. Fundraising

Fundraising continued to be a priority during 2024 as BMIHT expands its voluntary income potential through its charitable status. The year saw donations and support from a range of sources including individuals, corporates as well as trusts and foundations.

Achievements

A second year of support from The Patrick Foundation as well as funding for a new Changing Places facility were secured early in the year.

The Adopt a Car programme continued to attract support with 130 “adoptions” during the year. An individual giving campaign ran to “Fix Owls Wings”, an 1899 Wolseley with the number plate OWL 707, attracting 70 individuals to support the campaign.

BMIHT was notified of a legacy, with an interim payment received in year. An additional amount is expected in 2025.

The Trust is extremely grateful to all funders and supporters who enable the Museum to continue to deliver its core charitable objectives. The achievements and impact from this support can be seen throughout this report’s narrative.

Further details of how BMIHT conducts fundraising can be viewed under section 7 Structure, Governance and Management, section 7.6 Fundraising.

4.2. Volunteer Support

In 2024 volunteer numbers remained at approximately 100 to support and compliment the continuing operations and initiatives at the British Motor Museum and in the local community.

The majority of our Volunteers act as Guides in the Collections Centre, providing their insight and knowledge of our extensive collections to all visitors who come through the doors, but can also be readily found in the Museum to enable greater customer interactions.

The Archive volunteer team helped with ongoing projects including re-sleeving, digitising and cataloguing negatives. They have also been busy sorting donations and taking part in conservation work.

Volunteers assist with Curatorial projects, gathering data about the collections, recording oral histories and restoring cars and objects from the collection.

A dedicated team of volunteers deliver family, community and outreach projects often found offsite in the community delivering specialist talks or reminiscence sessions.

The Volunteers contributed nearly 12,000 hours of their own time to the British Motor Museum in 2024.

.

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British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

5. Strategic Report

5.1. BMIHT Annual Objectives

The annual objectives of the charitable trust are to:

5.1.1. Curatorial

Curatorial responsibilities include collections management of the motor vehicles and artefacts and the display to the general public at the Museum or in temporary displays. BMIHT has adopted, regularly evaluates and updates its collecting, archive and collections management policies in accordance with Arts Council England (“ACE”) accreditation.

Achievements

Following the success of the automotive art exhibition in 2023, a new edition of ‘ The Gallery’ was held in 2024. Again, curated with Historic Car Art, the exhibition featured 50% more artists than the previous year, with a mix of paintings and sculpture. During the run of the exhibition, BMIHT launched a competition for young artists. Interest was high, with entries from around the world. The three winning artists had their works displayed in the Museum, a mentoring session with a professional artist and a voucher for artists’ materials, courtesy of Life with Art.

The major feature exhibition of 2024/25 opened in July. Titled ‘ From Sketch to Street’ , it illustrated the evolution of car design from pencil to computer. The exhibition encompassed several significant cars from the collection, as well as archive material rarely seen before. Contributors included the design team at JLR, who provided a cutaway, full-size clay model of a Defender, plus students from Coventry University Automotive Design course who gave their view into the future of the automobile.

number of historic MG cars as the centrepiece of the show; including MG EX181, an iconic recordbreaking streamliner from the 1950s, which was the poster child for Rétromobile.

During the summer, in collaboration with JLR, a number of royal Land Rover and Range Rover cars embarked on a tour across North America, starting at the Pebble Beach Concours, California before travelling to the East Coast.

BMIHT also showcased its work at conferences around the world, including the World Forum for Motor Museums in Japan.

Donations to the car collection including everything from a 1950s Hillman Minx Californian, a 1970s Triumph Toledo to a 10-yearold Caterham concept sports car. Additionally, a number of cars from Ford’s Heritage Collection were added to the Museum display and Nigel Mansell’s March-Triumph F3 car was purchased for the collection.

After many years’ lobbying, Herbert Austin’s Longbridge Office was secured for the Museum from MG Motor UK. Thanks to a generous donation by the Patrick Foundation, the office was installed alongside William Morris’s Office. Both were given brand-new interpretation, including holograms of both motoring moguls, recounting events in their lives.

Work in collections management continued apace, with a focus on how the BMIHT increases digital access to its collections, including investment in a new core collection cataloguing system, Axiell.

BMIHT’s collections were seen at a wide variety of shows and exhibitions during the year, as well as on TV. The highlight was Salon Rétromobile, Paris, one of the international motoring calendar’s largest classic car events. BMIHT provided a

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British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

5. Strategic Report (continued)

5.1.2. Learning and Engagement

Learning and engagement is responsible for interactive, cross curricular sessions for primary, secondary and adult learners of all abilities along with engagement with diverse groups of people. BMIHT has adopted, and regularly evaluates and updates its education policy to ensure appropriate links to the national curriculum.

Achievements

Learning and community projects were, as always, central to BMIHT’s activities, many supported by invaluable funding from Arts Council England.

Over 6,000 students, from nursery to university attended programmes at the Museum and over 14,000 young people took part in bespoke activities and clubs for children and families.

BMIHT’s STE(A)M programme encourages the next generation of engineers and included STEM careers days, with a focus on girls and young women, attended by 200 students. The days were supported by Aston Martin, Red Bull, JLR and MoD Kineton.

A new tie-in with the Society of Motor Manufacturers and Traders began with the launch of a competition for four motor industry apprentices to take part in the 2025 London to Brighton Veteran Car Run.

The two major community projects in 2024 were the conclusion of ‘ Life in Cars 2’ , an art reminiscence project and exhibition for resettled families living in the West Midlands and the launch of ‘ A Place for Me’ , a community-groupcurated outdoor sculpture project, involving collective mosaic making, each piece represented a community’s story, led by creative agency, Cantoo. Community work also extended to reminiscence sessions at dementia cafés and Warm Hubs, history talks and holiday clubs for kids from families with social disadvantage.

In autumn, the Brick Bank initiative went live, encouraging people to donate unwanted LEGO bricks, which will be made into construction kits for children whose families find themselves having to use local food banks.

be. Everyone at the Museum strives to continually improve the programmes and visitor experience to make every engagement as inclusive for as diverse an audience as possible.

During the year the team took part in wide ranging training and familiarisation days, including Accessible Gold coaching, as well as discussion sessions with Ryan Zaman, a disability advocate and influencer. More Touch and Access Tours and Access Days were added to the calendar and the SEND community and learning programmes enhanced.

Most notably, a Changing Places toilet was installed in the Spring, enabled by a generous funding award from Stratford-on-Avon District Council. This is a facility crucial for some people, in order that the physicality of the Museum itself doesn’t present a barrier to visiting.

5.1.3. Shows, Clubs and Groups

This team is responsible for the on-going development of patronage and Museum footfall from enthusiast clubs, groups and general visitors to large shows held at the British Motor Museum.

Achievements

Poor weather negatively impacted Show footfall which delivered little growth in 2024. However, against the backdrop of total leisure footfall declining by 3% year-on-year, this was a positive performance.

Tucked and Ultimate BMW both delivered audiences of over 4,000 while new show Rustival in March and September had a combined audience of over 5,000. Other new shows included Ultimate German and Fiats and Friends. The Museum’s monthly, free to enter, Gaydon Gatherings once again proved popular although audience turnout was impacted by poor weather on several months in the year.

December 2024 saw the Museum Marketing team launch ‘ An Evening With… Ian Callum’ , which took place in January 2025 and attracted the largest audience yet for an event of this type, with over 300 guests paying £50 per head.

At the heart of all the work that BMIHT does is ensuring that everything is as accessible as it can

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British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

5. Strategic Report (continued)

5.1.4. Vehicle Restoration

The Restoration Workshops are responsible for the restoration, renovation and preservation of the BMIHT collection of vehicles, but also provides support, maintenance and repair of various operational site vehicles.

Achievements

Another packed programme of activities and events in 2024 kept the vehicle technicians busy preparing cars for displays and demonstration both at the Museum and further afield, no more notably than when removing MG EX181 from its display plinth in the Museum to a display plinth at Retromobile, in Paris.

Again, a vehicle was prepared during the summer months for the popular Gaydon Gatherings. Ten cars were provided for ‘Museum on the Move’, an opportunity for Museum Members to ride in cars from the collection and four cars from different eras for the popular education rides available to schools.

Concluding the event season, six pre-1904 cars from the Museum tackled the annual London to Brighton Veteran Car Run, all prepared and supported by the workshop team.

After nearly 35 years of service the workshop manager, Paul Gilder, retired from BMIHT at the end of the year. He will be superseded by his once apprentice, Martin Brown, with nearly 20 years’ experience already the workshop is in safe hands.

5.1.5. Archive

The Archive collects, catalogues and conserves an extensive range of archival material relating to the history of the British motor industry and also provides licenses for the use of BMIHT’s archive films and images to a wide range of third parties.

Achievements

A wide variety of material was donated to the Archive, including a significant collection of documents about the Pressed Steel Company, by the Oxford Bus Museum.

In the Autumn a new Senior Archivist was appointed, his first key task is how BMIHT makes its archive holdings more visible and accessible, with reference to the challenges in the physical infrastructure, systems, people and resources in place.

5.1.6. The Future

2025 will be a year of transition for BMIHT, after 23 years of service, and leading from the front for the last four, the Managing Director, Jeff Coope, retires. An external candidate has been appointed and will start in September 2025 to preserve all that is good about BMIHT and unlock its greater potential to take the Museum to the next level.

The 5-year strategy will undoubtedly undergo a full review, but much of the emphasis will remain including financial stability, raising the charity profile, developing diversity and meeting future environmental sustainability challenges, while effectively delivering charitable objectives.

While in transition the Welcome Gallery project, including relocation of the café, will be paused to review its delivery, but still remains an important growth opportunity by changing the dynamic of the visitor experience.

The Fundraising function, now in its third year, will arguably benefit most from a revised strategy with clear fundraising targets and timescales.

Funding as a National Portfolio Organisation continues and will once again be used to deliver exhibitions, grow diversity and engage with local communities and audience development.

BMIHT will continue to nurture relationships with companies in the automotive industry to expand the collection and support the industry.

The Archive contributed content to Museum displays in 2024 including the temporary exhibitions and continue to provide depth to a wide variety of researchers and material featured in magazines, on screen and in books.

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British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

5. Strategic Report (continued)

5.2. BMIHC Ltd Annual Objectives

The annual objectives of the trading subsidiary are to:

5.2.1. Conference, Meeting and Banqueting

The conference and events venue at the British Motor Museum has meeting rooms offering flexible and unique spaces for 10 to 600 delegates. Outdoor spaces for team building activities and a driving training track. The majority of sales are derived from the corporate event sector, supplemented by a small number of private celebrations, weddings, wakes and dinners. The flexible onsite catering has the capacity to meet all requirements.

physical certificate, which can be delivered quickly by email, avoiding delays that can be associated with shipping a physical product around the world. The aim is to have digital versions available in 2025.

5.2.3. Retail

To enhance the visitor experience, the Museum shop stocks a range of general and motor-themed gifts as well as unique items created using BMIHT’s archive material. The shop also has a presence on the British Motor Museum website.

Achievements

Achievements

In 2024 demand continued to be impacted by short booking timescales and a lack of forward visibility, but 6% growth delivered in excess of £2 million of sales for the first time since 2019.

To raise the profile of conferencing at the Museum the team attended and exhibited at the Conferencing and Hospitality Show Birmingham and The Meetings Show at Excel London. The Senior Sales Manager also attended industry roadshows and meet the buyer events, networking with prospects, clients and industry stakeholders.

The in-house catering team continued to develop creative menus to reflect the seasonal availability of quality produce and to support conferencing by creating more choice for clients and new upsell opportunities for the team.

5.2.2. Heritage Certificate Services

Using the BMIHT unique archive collections, the Archive Team undertake research and provide technical information which can be purchased as a heritage certificate to authenticate details and vehicles.

Achievements

Work began in 2024 to develop a digital version of the Museum’s Heritage Certificate. The aim is to provide customers with an alternative to a

The development of bespoke products continues to play a key role in the Museum’s retail strategy. 2024 saw the introduction of a 621 AOK plush toy, based on the mini in the Museum, this is unique to the Museum and designed and produced by the London Toy Company.

5.2.4. Cafeteria Dining

As well as banqueting services BMIHC Ltd operates a cafe offering a selection of hot and cold food and drinks throughout the day. The café serves visitors to the Museum, staff and conference delegates. In addition to the café, a burger van operates outside to support the show and event season.

Achievements

The café offer has grown and evolved over the last 5 years with varied and interesting seasonal menus and daily specials, including hot main meals, deli specials and cake of the day.

The plated service in the café minimises food waste which has in turn reduced all food waste by 62% since 2019 supporting BMIHT’s environmental sustainability credentials.

The Chef team have continued to maintain the highest standards qualify for a level 5 hygiene rating and Coeliac UK accreditation in 2024.

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British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

5. Strategic Report (continued)

5.2.5. The Future

The target in 2025 is to continue to grow sales, but as mentioned in section 5.1.6, with the paused Welcome Gallery project no new conference spaces will be created, and so growth will have to be achieved by continuing to deliver a culture of operational excellence and class leading customer experiences to match the unique site and premium facilities.

Refining and growing marketing and sales activity to reach new and existing audiences with powerful compelling messages will support customer growth and increased market share.

In the longer term with a lease and planning permission now in place, the hotel development is closer than ever, the commencement of construction is planned in 2025 with an opening in 2027.

The hotel development is a key part of strategic plans and future conference growth. A hotel on site has the potential to rapidly increase occupancy and reposition the venue from single day conferences to multi-day events and evening functions.

However, £8,046,839 (2023: £8,255,005) of the total fund is tied up in assets, many of which are restricted, that would have to be disposed of in order to be re-purposed.

Careful management of cash and cash equivalents of £2,247,362 (2023: £1,994,126) and investment resources of £2,183,183 (2023: £1,925,885) is required.

As stated in the Reserves Policy the Trustees have identified that BMIHT should retain approximately £2.3 million of reserves in investments and cash equivalents. This value of reserves will ensure that should a proportional negative impact on cashflow occur, this value will ensure BMIHT can continue to operate for at least 12 months from the date of the event.

The policy also identifies optimum and minimum reserve thresholds to guide Trustees and identify when extraordinary actions may be required.

The current level of reserves in investments and cash equivalents is currently within these thresholds and therefore the Trustees are comfortable with the level of reserves.

5.3.3. Results for the Year

5.3. Financial Review

5.3.1. Grants

Grants totalling £361,548 (2023: £534,060) were received during 2024 and include:

5.3.2. Funds

Funds of £11,373,937 (2023: £11,191,944) of which £5,788,569 (2023: £5,894,474 is restricted and £525,817 (2023: £557,483) is designated will continue to be used to further develop BMIHT to achieve its charitable objectives and allow its trading subsidiary the resources required to successfully develop and grow income streams.

2024 has been another good year achieving a consolidated net profit for a second year.

Although leisure footfall fell 3%, related entry sales grew 7% year-on-year and sales from all leisure activities including entry, shows, catering and shop grew 6% year-on-year.

6% growth year-on-year was replicated by conference sales which exceeded £2 million for the first time since 2019.

While staff costs are the most significant outlay and grew 10% in 2024, they are also the most critical and important resource BMIHT has. Operating in the service industry, leisure and charity sectors attracting and retaining staff with the right skill sets who compliment and work well in a team is critical to success.

These achievements and results ensure BMIHT maintain sufficient reserves and remains in a relatively healthy position to grow and develop in the future and deliver charitable objectives.

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British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

5. Strategic Report (continued)

5.3.4. Future Forecast

2025 will be a transitional year as the current MD retires and a new CEO is appointed, this brings with it a degree of uncertainty, but an experienced senior leadership team will ensure a steady transition.

Maintaining visitor numbers and achieving growth where possible through marketing activity of the Museum and shows is essential. A new temporary exhibition centred around the theme of sound and the motor car is an exciting opportunity which coupled with a summer of senses to compliment the exhibition will deliver a packed program of activities for all ages.

Fundraising and raising the awareness of the charitable credentials of BMIHT continues to grow and develop. It is an important element of BMIHT’s future, both as an income generator and the realisation of charitable objectives.

Greater resources in both the sales team and marketing spend will help to deliver conferencing enquiries and achieve targets, but short lead times will continue to make forecasting difficult and increase risk. Operational teams will continue to deliver excellence and exceed customer expectations.

BMIHT has retained adequate reserves that will allow it to navigate any negative but proportional setbacks should it be required.

The 5-year strategy will undoubtedly undergo a full review, but much of the emphasis will remain including financial stability, raising the charity profile, developing diversity and meeting future environmental sustainability challenges, while effectively delivering charitable objectives.

While in transition the Welcome Gallery project, including relocation of the café, will be paused to review delivery, but still remains an important growth opportunity capable of changing the dynamic of both the visitor experience and conferencing possibilities.

After many years the hotel development is closer than ever, with both a lease and planning permission agreed, the hotel is on course for opening in 2027. This will not only increase the potential to develop new and current commercial income streams, transform the conference business from single day to multi-day and

increase conference occupancy but also increase the potential of leisure income streams, attract new visitors and experiences to the museum, all helping to secure the financial stability of BMIHT.

5.3.5. Going Concern

The wider economy continues to be challenging and volatile, cost of living is still having a negative impact on personal spend, but Museum visitor footfall was strong in both 2023 and 2024, and so there is no reason to suspect this will not also be the case for 2025.

Planned growth of the conference sales team in 2025 will help to achieve targets despite a challenging outlook and with lead times still short, forecasting is difficult and does create some uncertainty.

The recruitment of a new CEO will aid BMIHT’s long-term future, but in the short-term a transitional year will be harder to navigate.

However, BMIHT has been able to maintain adequate levels of cash and cash equivalents along with investments to ensure BMIHT can navigate a transitional period and any proportional negative impacts on cash flow should this be required.

To ensure going concern BMIHT will look to maximise income streams with a focus on operational excellence and customer experience while managing spend and resources carefully by identifying and prioritising requirements.

The five-year strategy will be reviewed in 2025, but financial stability is viewed as critical and will remain a key part of the strategy.

Considered with BMIHT’s track record, the business plans and 12-month forecast, the reserves and assets available, offset by the challenges ahead the Trustees are confident that BMIHT will have sufficient funds to meet liabilities as they fall due for at least 12 months from the date of approval of these financial statements and therefore satisfy going concern obligations.

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

6. Principal Risks and Uncertainties

An updated Risk Management Policy was accepted as a true reflection of the current threats to BMIHT by the Board of Trustees in April 2024.

Trustees are confident that there are arrangements presently in place to mitigate current known risks and will continue to monitor through regular board meetings. The main risks, impact and mitigating factors extracted from the Risk Policy are presented in the table below:

Risk Potential Impact Steps to mitigate risk
Disaster
recovery and
planning		 Destruction of charity
property, equipment or
records through fire, flood
or similar damage		 BMIHT has a Crisis Management Plan in place which is
reviewed annually.
The archive photo database and cataloguing systems
have automated back-up processes.
Critical systems are hosted by 3rdparties and include
disaster recovery and automated back-ups.
Information
Technology		 Systems fail to meet
operational needs
Failure to innovate or
update systems
Loss/corruption of data
Lack of technical support		 BMIHT employs an IT Manager and support staff and
can utilise JLR’s IT department to provide technical
support.
External support contracts are in place for finance,
archive, conference, retail and ticket/CRM system.
The venue management system is updated quarterly,
with a CRM and quoting software added, while the
ticketing/CRM/ EPOS system is updated regularly.
The website was updated in 2020 to meet growing
customer digital expectations.
Mirrored servers are in place for all systems and daily
back-up procedures are in place.
Reserves policy
and cash flow
sensitivity		 Lack of liquidity to
respond to new needs or
requirements
Inability to meet
commitments or planned
objectives and impact
thereof
Reputational risks if policy
cannot be justified		 Trustees review the reserves at quarterly meetings
and decide if these are adequate for future
requirements based on prepared cash-flow
statements, reserve policy and on the current
economic conditions.
Bank balances are monitored on a daily basis and
appropriate funds kept in reserve.
The current level of funds reflects the appropriate
level of reserves the BMIHT should maintain to ensure
going concern and to be used as future development
opportunities arise.

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

6. Principal Risks and Uncertainties (continued)
Risk Potential Impact Steps to mitigate risk
Loss of
audience		 The Charity’s activities are
less relevant to its existing
audiences or not relevant
to new audiences
Lower audience has
negative impact on
viability and (financial)
sustainability		 The Trust has an Audience Development Plan to
broaden the relevance of its activities to more people
and to continually improve and develop its
programming.
The Trust regularly engages with audiences for
feedback and sentiment, for example through visitor
surveys, focus groups and impact toolkits.
Infectious
disease
pandemic		 Closure of site
Home working required
Loss of income		 The Trust maintains the use of casual workers where
appropriate.
The Trust is continuing to diversify income streams
especially online and repeat/ continuous streams that
would be likely to continue in a site closure scenario.
All T&C’s and contracts have been legally reviewed
and updated to reflect recent changes in attitudes
since the pandemic.
HR, risk assessment and policies are in place to
achieve all required standards and industry best
practice.
Where possible the Trust ensures staff have
equipment to work from home if required.
Dependency
and/or
protection of
income
sources.		 Cash flow and budget
impact of loss of key
income source		 Historically BMIHT has been reliant on conferencing
but will continue to diversify to reduce reliance on one
income stream and better insulate against external
changes.
BMIHT returned to the external conferencing market in
Q4 2019. The business has been re-structured from
operations to a sales focus with a revised senior
leadership team.
Weekly conference forecasts are reviewed by senior
leaders and at weekly sales meetings. Monthly
finance reports are reviewed by finance, senior
leadership and managers.
Quarterly updates and forecasts are presented to the
Trustees at Board Meetings.

All risks are covered in the Risk Management Policy and constantly monitored by both Senior Leaders and Trustees using the guidance in the policy when making strategic decisions.

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

7. Structure, Governance and Management

7.1. Public Benefit

BMIHT follows Charity Commission principles to have an identifiable public benefit. BMIHT demonstrates this by conserving and sharing its collection in publicly accessible facilities to as wide an audience as possible, and by inspiring through its educational and learning activities.

7.2. Governance

BMIHT is governed by its Memorandum and Articles of Association which contains no specific restrictions on the way the Charity can lawfully operate to achieve its objects. Clause 4 of the Memorandum and Articles of Association states that no payment shall be made by way of a dividend, bonus or otherwise to any members of BMIHT.

Pay and remuneration of BMIHT’s key personnel is reviewed and agreed by the Managing Director and Finance Director. The Finance Directors pay and renumeration is reviewed and authorised by the Managing Director whose own pay and remuneration is authorised by the Board. Industry comparatives are used to ensure these amounts are appropriate.

The Managing Director is ultimately responsible for implementing strategy and operational management, but as a member of the SLT that meets fortnightly draws upon the professional expertise of the group to ensure coordinated implementation of the strategy throughout the organisation.

Annually, the SLT develop the annual strategy which is discussed, developed and approved by the Board of Trustees.

7.3. Structure

7.4. Reserves

The Board of Trustees meet regularly, no less than four times a year, and are responsible for setting the 5-year and annual strategy, approving the annual budget and financial statements, taking overall policy decisions, reviewing financial performance and offering advice to the Senior Leadership Team (“SLT”) responsible for the dayto-day operational matters of BMIHT.

BMIHT may by ordinary resolution appoint or remove a Trustee in accordance with the regulations contained in the Memorandum and Articles of Association and following the Boardapproved policies.

For new Trustee positions nominations from members of the Board of Trustees can be considered, but positions must always be advertised externally. Appointments are made where they have the necessary skills to contribute to the Charity's management and development.

When new Trustees are appointed, they are given an introduction to the work of the Charity and provided with the information they need to fulfil their role, which includes information about the role of a Trustee.

Trustees do not receive payment or renumeration in respect of their services to BMIHT for acting as a Trustee. The Managing Director and Finance Director hold positions on the Board to aid implementation of Board decisions throughout the Charity and ensure buy in at senior level.

The Trustees regularly review at board meetings the level of free reserves. Free reserves are reserves not classified as restricted or designated and not tied up in assets and can be freely used to meet the needs of BMIHT. Predominately made up of cash & cash equivalents held in bank accounts, high interest accounts and an investment portfolio the Trustees ensure they are appropriate to the needs of BMIHT. The reserves policy sets three levels of reserves:

  1. Minimum (£1.5 million) , the lowest level at which point Trustees must take appropriate actions to safeguard the heritage assets.

  2. Accepted (£2.2 million) , the level of reserves required to safely manage any unforeseen proportional negative impacting events, based on 12 months running costs of BMIHT.

  3. Optimal (£3.2 million) , the ideal level of reserves to allow BMIHT to take advantage of investment and development opportunities as they arise.

Free reserves at the end of 2024 were marginally above the accepted level of reserves at £2.3 million.

BMIHT holds unrestricted reserves of £5,036,583 (2023: £4,708,572), restricted reserves of £5,788,569 (2023: £5,894,474) and designated reserves of £525,817 (2023: £557,483).

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

7. Structure, Governance and Management (continued)

7.5. Heritage Assets

BMIHT’s heritage assets are held to promote the permanent preservation of motor vehicles manufactured and sold by the motor industry in Great Britain from 1896 to the present day together with historic archives and artefacts.

The Trustees consider the value of the collection of historic vehicles to be in excess of its book value but, because of the objects of BMIHT, do not consider it appropriate to continually value the collection and furthermore the cost to do so would not be commensurate with the benefits to users of the financial statements. Therefore, heritage assets are valued at cost if purchased or fair value if donated at the date of acquisition, see note 1 of the notes to the financial statements for more information.

The accounting policies used to produce the financial statements for BMIHT are shown on pages 26 to 28.

7.6. Fundraising Fundraising has been carried out by BMIHT staff since 2023, primarily by the Fundraising Development Manager.

No door-to-door, telephone or fundraising via consultants has taken place and BMIHT did not engage with a professional fundraiser or commercial participator.

BMIHT’s Fundraising Policy reviewed annually by the Board will be core to fundraising programs and activities BMIHT develop and evolve in future years.

BMIHT received no Fundraising complaints during 2024.

7.7. Continuing Operations

The Trustees consider that the assets available are adequate to fulfil BMIHT’s financial and charitable obligations and that the financial statements comply with current statutory requirements and with the requirements of BMIHT’s governing document.

BMIHT has cash and cash equivalent reserves of £2,247,362 (2023: £1,984,041) and investments of £2,183,283 (2023: £1,925,885).

2024 is the second year in a row since the pandemic that BMIHT has posted net profits and has a budget in place to again post profits in 2025. Having consistently posted net profits before the pandemic and with a 5-year strategy in place delivering net profits, the Trustees are confident that BMIHT will have sufficient funds to meet liabilities as they fall due for at least 12 months from the date of approval of these financial statements and therefore satisfy going concern obligations (see note 1).

BMIHT is registered with the Fundraising Regulator and works to the Code of Fundraising Practice Standards of which there have been no compliance issues. BMIHT is committed to ensuring all fundraising is legal, open, honest and respectful, and to protecting all of our supporters including vulnerable people. BMIHT is also an organisational member of the Chartered Institute of Fundraising.

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

8. Reference and Administrative Details

The full name of the charitable company is British Motor Industry Heritage Trust, registered address British Motor Museum, Banbury Road, Gaydon, Warwickshire, CV35 0BJ.

In accordance with Section 60(1)(a) of the Companies Act 2006, the charitable company is exempt from the requirements of the act to include “Limited” as part of its name.

BMIHT was incorporated on 7 January 1983 as a company limited by guarantee, under the company number 1690117 and has been granted charitable status under the Charities Act 1960, registration number 286575.

BMIHT has made qualifying third-party indemnity provisions for the benefit of its Trustees which were made during the year and remain in force at the date of this report.

8.1. Support from Other Entities

BMIHT owns the entire issued ordinary share capital, consisting of two ordinary shares of £1 each of the trading subsidiary British Motor Industry Heritage Centre Limited, trading address British Motor Museum, Banbury Road, Gaydon, Warwickshire, CV35 0BJ.

Jaguar Land Rover Limited (“JLR”) supports the objects of BMIHT and has provided gifts in kind, support of services, and non-cash donations amongst other assistance (see notes 6 & 31).

Jaguar Daimler Heritage Trust, charity number 286863 works alongside BMIHT having relocated their archive, office and collections to the British Motor Museum site. This has allowed them to display in the Museum and Collections Centre adding to the overall offer to general public. A rent premium has been paid to secure a lease, to enable this.

8.2. Trustees, Officers and Advisors

Board of Trustees

Mr J.N. Kordan, Chair of the Board of Trustees Mr W.M.R. Bruce Mr J.C. Coope (resigned 21 March 2025) Mr S.J. Cropley Mr J.W. Levy Mr A.J.P. Managhan Ms S.K. Rana-Grindley Ms S.F. Sevier (resigned 20 November 2024) Mr R.C.O. Shore Ms L.R. Sinclair (appointed 17 July 2024) Mr P. Singleton Mr K.J. Timms (resigned 24 April 2024)

Senior Leadership Team

Mr J.C. Coope, Managing Director Mr A.J.P. Managhan, Finance Director Mr T. Batchelor, Head of Commerce Mrs A. Bruneau, Head of Operations Mr S. Laing, Head of Collections

Bankers

Statutory Auditor

Forvis Mazars LLP HSBC Bank PLC Two Chamberlain Square PO Box 68 Birmingham 130 New Street B3 3AX Birmingham B2 4JU

Solicitors

Pennington Manches Cooper LLP 9400 Oxford Business Park Cowley Oxford OX4 2HN

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Trustees’ Annual Report (continued) Year Ended 31 December 2024

9. Statement of responsibilities of the Trustees of British Motor Industry Heritage Trust in respect of the Trustees’ annual report and the financial statements

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law they have are required to prepare the group and parent company financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charitable company and of the group’s excess of income over expenditure for that period. In preparing each of the group and charitable company financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Companies Act 2006.

They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities.

Furthermore, so far as each of the trustees at the time the report is approved are aware:

On behalf of the Board

Mr J.N. Kordan

Trustee and Chair of the Board of Trustees

British Motor Industry Heritage Trust British Motor Museum Banbury Road, Gaydon, Warwickshire CV35 0BJ

28 July 2025

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Independent Auditor’s Report to the Members of British Motor Industry Heritage Trust

Opinion

We have audited the financial statements of British Motor Industry Heritage Trust (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31[st] December 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Group Statement of Cash Flows 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 FRS 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 the parent charity 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's and the parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.

Opinions on other matters prescribed by the Companies Act 2006.

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

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Independent Auditor’s Report to the Members of British Motor Industry Heritage Trust

Matters on which we are required to report by exception

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

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

Responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 17, the trustees 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 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’s and the parent charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the 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 the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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.

Based on our understanding of the group and the parent charity, and its industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, employment regulation and fraud.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Independent Auditor’s Report to the Members of British Motor Industry Heritage Trust

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006

In addition, we evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements including the risk of management override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to fund accounting, revenue recognition (which we pinpointed to the risk of incorrect cut off), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the 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 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 company and the company’s members as a body for our audit work, for this report, or for the opinions we have formed.

David Hoose (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor First Floor, Two Chamberlain Square, Birmingham, B3 3AX

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Consolidated Statement of Financial Activities Year Ended 31 December 2024

2024
2023
£
£
£
£
Notes
Restricted
Unrestricted
funds
funds
Total
Total
Income from:
Donations
Donations & gifts 3 199,334) 886,290) 1,085,624) 973,090)
Grants 4 137,500) 224,048) 361,548) 534,060)
336,834) 1,110,338) 1,447,172) 1,507,150)
Charitable activities
Museum income -) 872,916) 872,916) 852,884)
Learning income -) 48,548) 48,548) 38,643)
Archive income -) 26,758) 26,758) 14,217)
5 -) 948,222) 948,222) 905,744)
Other trading activities
Trading company income 9 -) 3,361,075) 3,361,075) 3,241,527)
Investments
Bank interest -) 27,894) 27,894) 25,386)
Other 10 -) 532,954) 532,954) 271,817)
Total income 336,835) 5,980,483) 6,317,317) 5,951,624)
Expenditure on:
Charitable activities
Museum costs (373,078)
(2,524,232)
(2,897,310)
(2,762,691)
Archive costs (8,228)
(282,808)
(291,035)
(267,410)
Education costs (38,871) (263,701) (302,572) (152,099)
11 (420,177)
(3,070,741)
(3,490,917)
(3,182,200)
Raising funds 12 (39,767)
(2,862,038)
(2,901,805)
(2,672,476)
Total expenditure 14 (459,944) (5,932,779) (6,392,722) (5,854,676)
Net income/(expenditure) before
investment gains		 (123,109)
47,704)		 (75,405)
96,948)
Unrealised gain on investment
assets		 15 -) 257,398) 257,398) 121,518)
Net income/(loss) (123,109)
305,102)		 181,993) 218,466)
Transfer between funds 16 17,204) (17,204) -) -)
Net movement in funds (105,905)
287,898)		 181,993) 218,466
Reconciliation of funds
Total funds brought forward 5,894,474) 5,297,470) 11,191,944) 10,973,478)
Total funds carried forward 5,788,569) 5,585,368) 11,373,937) 11,191,944)

The notes on pages 26 to 44 form part of these financial statements.

All income and expenditure is derived from continuing activities within the United Kingdom and there are no other recognised gains or losses in the year, other than those reflected in the Consolidated Statement of Financial Activities (“SOFA”).

For a SOFA with a comparative for all funds please see note 34.

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Consolidated Balance Sheet As At Year Ended 31 December 2024 Company Number 01690117

Consolidated Balance Sheet
As At Year Ended 31 December 2024
Company Number 01690117
Notes 2024
2023
£
£
Fixed assets
Tangible assets

18
Heritage assets
17
Investments
15		 5,300,166)
5,597,239)
2,746,673)
2,657,765)
2,183,283)
1,925,885)
10,230,122)
10,180,889)
Current assets
Stock (finished goods)
19
Debtors
20
Investments
23
Cash at bank and in hand
23		 65,096)
58,814)
598,130)
440,459)
282,510)
268,841)
1,964,852)
1,725,285)
Creditors-amounts falling due within one year
21		 2,910,588)
2,493,399)
(1,766,773)
(1,482,344)
Net current assets 1,143,815)
1,011,055)
Total assets less current liabilities 11,373,937)
11,191,944)
Net assets 11,373,937)
11,191,944)
Funds
Restricted
24
Restricted revaluation reserve
25
Designated
26
Unrestricted
27
Unrestricted revaluation reserve
28		 4,503,944)
4,609,849)
1,284,625
1,284,625)
525,817)
557,483)
3,670,397)
3,608,231)
1,389,154)
1,131,756)
Total funds
28		 11,373,937)
11,191,944)

This balance sheet consolidates BMIHT, registered company number 01690117 and registered charity number 286575, and the wholly owned trading subsidiary BMIHC Ltd, registered company number 02262284.

The financial statements along with accompanying notes of BMIHT, on pages 26 to 44, were approved and authorised for issue by the Board of Trustees and signed on their behalf by:

Mr J. Kordan Trustee and Chair of the Board of Trustees 28 July 2025

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Charity Balance Sheet As At Year Ended 31 December 2024 Company Number 01690117

Charity Balance Sheet
As At Year Ended 31 December 2024
Company Number 01690117
Notes 2024
2023
£
£
Fixed assets
Tangible assets
18
Heritage assets
17
Investments
15		 5,300,166
5,597,240)
2,746,673)
2,657,765)
2,183,285)
1,925,887)
10,230,124)
10,180,892)
Current assets
Debtors
20
Investments
Cash at bank and in hand		 1,474,940)
1,303,852)
282,510)
268,841
941,722)
616,757)
Creditors-amounts falling due within one year
21		 2,699,172)
2,189,450)
(1,578,327)
(1,209,813)
Net current assets 1,120,845)
979,637)
Total assets less current liabilities 11,350,969)
11,160,529)
Net assets 11,350,969)
11,160,529)
Funds
Restricted
24
Restricted revaluation reserve
25
Designated
26
Unrestricted
27
Unrestricted revaluation reserve
28		 4,503,944)
4,609,849)
1,284,625)
1,284,625)
525,817)
557,483)
3,647,429)
3,576,816)
1,389,154)
1,131,756)
Total funds
28		 11,350,969)
11,160,529)

The gain for the financial year dealt within the financial statements of the parent Charity was £190,440 (2023: £219,590).

The financial statements along with accompanying notes of BMIHT, registered company number 1690117 and registered charity number 286575, on pages 26 to 44, were approved and authorised for issue by the Board of Trustees and signed on their behalf by:

Mr J. Kordan Trustee and Chair of the Board of Trustees 28 July 2025

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Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Consolidated Statement of Cash Flows Year Ended 31 December 2024

Notes 2024
2023
£
£
Cash flows from operating activities
Net cash used by operating activities
29		 532,428))
126,584)
Cash flows from investing activities
Interest
Proceeds from sale of investments
Purchase of property, plant and equipment		 27,894)
25,386)
0))
800,000)
(307,087)
(352,321)
Net cash generated by/(used in)
investing activities
 (279,193))
473,065)
Change in cash and cash equivalents in the
reporting period
23		 253,235))
599,649)
Cash and cash equivalents at the beginning
of the reporting period		 1,994,126))
1,394,478)
Cash and cash equivalents at the end
of the reporting period
23		 2,247,362))
1,994,127)

Page | 25

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements Year Ended 31 December 2024

1. Accounting Policies

BMIHT is a public benefit entity and a private company limited by guarantee, registered in England and Wales, for more information please see section 8 of the Trustees’ Report.

Accounting Convention

The financial statements are prepared under the historical cost convention, with the exception of heritage assets (see note adjacent and note 1) and investments, the latter of which are included at market value, in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities (SORP 2019)” applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Companies Act 2006.

Basis of Consolidation

The group financial statements consolidate the accounts of British Motor Industry Heritage Trust and its subsidiary undertaking British Motor Industry Heritage Centre Limited drawn up to 31 December 2024. The result of the subsidiary is included in the consolidated SOFA. Intra-group sales and profits are eliminated fully on consolidation. The SOFA for BMIHT has not been presented as permitted by section 408 of the Companies Act 2006 while Charities SORP 2019 (FRS 102) paragraph 24.36 states to include gross income and results of the parent company and is shown in note 33.

Going Concern

BMIHT and BMIHC Ltd activities, together with factors likely to affect future development, performance and position, are set out in the Trustee’s Annual Report which also describes the financial position, its cash flows and liquidity position.

Taking account of the group’s cash and cash equivalent resources at the balance sheet date and following a review of prepared cash flow forecasts the Trustees are of the opinion that the group could navigate the next 12 months taking account of severe but plausible downsides.

Considered with available assets and business plans the Trustees are confident that the group will have sufficient funds to continue to meet liabilities as they fall due for at least 12 months from the date of approval of the financial statements, the going concern assessment period, and therefore have prepared the financial statements on a going concern basis.

The Trustees have adequate controls in place to monitor budgets and react to forecasts.

Fixed Assets

Heritage Assets

BMIHT holds heritage assets in accordance with Charities SORP. These are divided into two distinct groups; heritage motor vehicles; and, archive material and artefacts.

Archive Material and Artefacts

Archive material and artefacts number in the millions of items and therefore have not been capitalised as the cost to value them would not be commensurate with the benefits to users of the financial statements, as is allowed by Charities SORP. Furthermore, to value the items individually would do the collection an injustice as the whole is greater than the sum of its parts and it would not be a meaningful figure.

Heritage Motor Vehicles Acquired Post 1983 Motor vehicles acquired by BMIHT post its incorporation year of 1983 have been stated at cost or identifiable fair value at the point of acquisition in line with Charities SORP. Fair value is determined by review of sales of similar vehicles and with expert knowledge of the Head of Collections, as an authority and expert in the field of the British motor industry and aided by the Curator. However, several of the motor vehicles do not have an identifiable fair value as they are ‘one offs’, ‘first ofs’ or prototypes and are completely unique, therefore reference to sales of similar items is impossible.

The cost or valuation of capitalised heritage assets is not subject to revaluation as the cost to do so would not be commensurate with the benefit to users of the financial statements nor have they been depreciated as they are deemed to have indefinite lives. However, they are subject to impairment where damage or deterioration is reported.

Heritage Motor Vehicles Acquired Pre 1983

BMIHT has not capitalised motor vehicles prior to its incorporation year of 1983 as the cost of any valuation would not be commensurate with the benefits to the users of the financial statements nor would a valuation be meaningful.

Historic cost quickly becomes meaningless due to movements in opinions, provenance, taste and market demand.

Page | 26

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year ended 31 December 2024

1. Accounting Policies (continued)

Tangible Assets

Tangible assets, which exclude heritage assets, are stated at cost less any provisions for depreciation and impairment. Impairments are calculated such that the carrying value of the tangible fixed assets is the lower of its cost compared with the higher of its net realisable value and its value in use.

Expenditure is capitalised for additions of tangible assets, replacements of major components and betterments where the expenditure materially adds to the productive capacity, efficiency or value of the assets or adapts the assets for a different use. Assets are not capitalised where the individual value of the asset is below £1,000.

Depreciation of the cost of tangible assets is provided at the following annual rates on a straight-line basis to write off the assets to their estimated residual value over their estimated useful lives:

%
Leasehold improvements
Exhibitions
Office and museum equipment		 4 to 10
10 to 20
10 to 25

Investments

Taking account of low returns available from bank deposits, BMIHT continue to use Cazenove as investment advisors utilising the Cazenove Multi Asset Fund. Since initial investment, the value of the fund has increased by additional funds from the instant access account as well as gains.

In 2024, £nil (2023: £500,000) was divested to ensure the appropriate level of liquidity to support ongoing operations. There was an unrealised gain of £257,398 in the year (2023: £121,518). The value of the fund may go up or down before the gain is realised. All values are measured at fair value.

Support Costs

Support costs which also include governance costs have been allocated by percentage of floor space, see note 11.

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost is based on a firstin first-out principle and includes expenditure incurred to acquire or produce. All stock held are finished goods.

Trade and Other Debtors/Creditors

Trade and other debtors are recognised initially at transaction price plus attributable transaction costs, while trade and other creditors are recognised initially at transaction price less attributable transaction costs.

Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objectives.

Designated funds are unrestricted funds identified for particular spend by the Trustees.

Restricted funds are subject to restrictions defined by the donor.

Incoming Resources

There are no restrictions on the powers of the Trustees deciding the investment policy. The policy sets out the objective, to maintain capital value ahead of long-term inflation, the attitude to risk and liquidity requirements, a minimum £0.5 million in cash or near cash investments.

All income is accounted for when there is entitlement, probability and measurement.

Entrance fees and donations, retail and café income are recorded on a receivable basis.

Income from conferencing, archives, workshops, learning and bank interest are recorded on an accrued basis. Grants are recognised when received or probable (see note 4).

The policy states no specific ethical rules above legal responsibilities and socially acceptable considerations for investing and is monitored at each board meeting.

Page | 27

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year ended 31 December 2024

1. Accounting Policies (continued)

Taxation

BMIHT does not expect to pay tax, including UK corporation tax and foreign tax, as a result of exemptions due to BMIHT’s charitable status.

A covenant with the trading subsidiary active at the balance sheet date ensures all profits are gifted to BMIHT and eligible for gift aid tax relief.

Tax will be provided for at tax rates and laws enacted by the balance sheet date, if applicable.

Deferred tax will be recognised where transactions that result in an obligation to pay more or a right to pay less tax in the future have occurred at the balance sheet date, if applicable.

Reserves

The Trustees review at each quarterly board meeting reserve levels to ensure that they are appropriate for the needs of BMIHT as defined in the Reserves Policy.

The reserves currently meet requirements of the policy set at a target of £2.3 million to safely manage any unforeseen proportional events and is based on BMIHT’s running costs for 12 months.

The group holds unrestricted reserves of £5,059,551 (2023: £4,739,987), restricted reserves of £5,788,569 (2023: £5,894,474) and designated reserves of £525,817 (2023: £557,483), detailed in notes 24-28.

Volunteers

Contributions from general volunteers are gratefully utilised by BMIHT to complement the work of paid staff and help complete tasks that would otherwise be neglected.

Volunteers assist BMIHT with guiding visitors around the Museum and Collections Centre, relaying key information about the site and collections both formally and informally, assist with vehicle restoration projects, oral history collection, collections care and support fundraising.

Pension

The retirement benefits of employees hired before 18 June 2012 are members of the Land Rover Defined Benefit Pension scheme, see note 30 for more detail. BMIHT does not incur costs or any liability for actuarial valuations, only a percentage contribution of employee salaries in the scheme.

Employees of the company hired on or after 18 June 2012 are eligible to join a separate defined contribution pension. The costs in respect of this are charged to the statement of financial activities as incurred.

2. Critical Accounting Judgements and Estimations

In the application of the accounting policies detailed in note 1 the Trustees are required to make judgements and assumptions regarding the carrying amount of assets and liabilities not readily apparent. Judgements are based on experience, industry knowledge and factors considered relevant. Actual results may differ from these estimates. Estimates are reviewed on an on-going basis with revisions recognised in the period of revision and future periods if applicable.

The following judgements have been made in the process of applying accounting policies with the most significant effect on the financial statements:

Depreciation

BMIHT exercises judgement to determine the useful life and residual value of tangible assets to calculate depreciation.

Impairment

BMIHT tests whether assets have suffered any impairment; these tests require the use of judgement for fair value, useful life and residual value.

Gifts in Kind

BMIHT uses available knowledge, experience and expertise when making a judgement as to the best way to value a gift in kind when no clear method is available.

Heritage Assets

When a heritage asset valuation is available and the cost of the valuation is commensurate with the benefits to users of the financial statements BMIHT values at cost if purchased or fair value if donated at the time of acquisition.

Where no cost is available the Head of Collections and Curator will use market values, expertise and industry knowledge to make a judgement. In cases such as prototypes where no possible value can be estimated it is held on the balance sheet at £1.

Page | 28

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year ended 31 December 2024

3. Donations and Gifts

Donations and gifts gratefully received in 2024 totalled £1,085,624 (2023: £973,090) as follows:

Description 2024
2023
£
£
Restricted Gifts in Kind
See note 6 for details
Gifted Heritage Assets
Donations of Heritage Motor Vehicles
Cash Donations
Small cash donations, donated entrance
fees and associated Gift Aid		 137,128
121,128
58,800
173,000
889,696
678,962
Total 1,085,624
973,090

The donation from the trading subsidiary of £1,236,776 (2023: £1,299,344) has been eliminated on consolidation in the SOFA.

4. Grants

BMIHT received Grants in 2024 totalling £361,548 (2023: £534,060), comprising of:

2024
2023
£
£
Arts Council England (National Portfolio Organisation)
Patrick Trust
Stratford-on-Avon District Council
Patrick Foundation		 224,048
280,060
2,500
-
60,000
-
75,000
254,000
Total 361,548
534,060

BMIHT would like to thank Arts Council England for the National Portfolio Organisation fund, Stratfordon-Avon District Council, the Patrick Foundation and the Patrick Trust for their on-going support in 2024 and beyond.

Grants awarded in the period will be recognised to the extent to which they have either been received or to which future stage receipts can be viewed as probable based on grant conditions within BMIHT’s control being satisfied or there is sufficient evidence that the conditions will be met. As a result, the expenditure to which the grants are given is not matched and may be recognised in a later period.

Where expenditure occurs in a later period and the grant is restricted, a restricted fund is created for any unspent grant which is reduced as the expenditure occurs. Grants given to provide a fixed asset are recognised as incoming resources in the period received. Where the use of the asset is restricted, a restricted reserve is created and reduced over the useful economic life of the asset in line with depreciation in accordance with Charities SORP. Any interest received on grants while invested such as in deposit accounts will also be restricted and utilised as the grant would be utilised.

5. Charitable Activities

Charitable activities consist of:

Museum Payments to access the museum, excluding donations, related shows and exhibitions. Hire of Heritage vehicles.

Learning

Archive

Sales of educational programs Sales of licences to use photos to educational institutions and and films provided from the community groups. archive for commercial Provision of out-of-school clubs. purposes.

Page | 29

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year ended 31 December 2024

6. Gifts in Kind

Gifts in kind are goods and services received free of charge and used in the pursuit of BMIHT’s objects.

2024
2023
£
£
IT & Systems consultancy
Professional taxation & Secretariat support
Audit fees
Pool car vehicle rental
Forklift truck
Payroll services		 46,020
47,436
4,200
3,500
28,000
26,600
42,484
27,360
5,000
5,000
11,424
11,232
Total 137,128
121,128

BMIHT has a long-term lease until 2152 on 32 acres of land with JLR for the British Motor Museum premises and site which states a peppercorn rent. The unique nature of the site, it’s use, and the nature of the premises mean it isn’t possible to identify a rentable market value for gifts in kind.

JLR provide BMIHT a variety of specialised services free of charge from centralised departments such as IT, legal secretariat and taxation. In addition, vehicles are loaned free of charge to use as company vehicles, as well as a forklift truck. Auditor's remuneration is borne by JLR and not recharged.

Gifts in kind are included in the donations and gifts within the SOFA. The expenditure for the revenue items has been split between Support costs £97,361 (2023: £86,001) and raising funds £39,767 (2023: £35,127).

7. Subsidiary Undertaking

BMIHT owns the entire issued ordinary share capital, consisting of two ordinary shares of £1 each in BMIHC Ltd, which principally provides conferencing, meeting and banqueting services in the United Kingdom. The subsidiary donates its taxable profits to BMIHT by Gift Aid. Its trading results for the year, as extracted from the audited financial statements, are summarised below:

2024
2023
£
£
Turnover
Cost of sales		 3,361,075)
3,260,934)
(920,455)
(847,481)
Gross profit
Administration expenses		 2,440,620)
2,413,453)
(1,212,290)
(1,115,233)
Profit before tax 1,228,330)
1,298,220)
Taxation -)
-)
Profit after taxation 1,228,330)
1,298,220)
2024
2023
£
£
Total assets
Total liabilities		 1,422,238)
1,383,130)
(1,399,268)
(1,351,713)
Net assets 22,970)
31,417)

Page | 30

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year ended 31 December 2024

8. Tax on Result of Trading Subsidiary Ordinary Activities

There is a £nil tax charge for 2024 (2023: £nil) explained below:

Factors affecting the tax charge for the year

The tax assessed for the year is lower than (2022: lower than) the blended standard rate of corporation tax in the UK of 25.5% (2023: 23.5%).

2024
2023
£
£
Profit on ordinary activities before tax
Current tax charge for the year:
Profit on ordinary activities at standard rate of UK corporation tax at
25.0% (2023: 23.5%)
Tax effect of expenses not deductible for tax purposes
Tax effect of other items attracting no tax relief or liability
Tax relief for Gift Aid donation		 1,228,330) 1,298,220)
233,383)
246,662)
2,879)
1,135)
(1,274)
(922)
(234,988)
(246,875)
Total -)
-)

9. Trading Company Income

Details of trading income and prior year comparison are listed below:

2024
2023
£
£
Conference & catering operations
Shop
Archives		 2,796,515
2,647,838
252,667
254,502
311,893
339,187
Total 3,361,075
3,241,527

Within the turnover line of note 7, there is an £nil (2023: £19,406) of other income which relates to catering concessions of £nil (2023: £11,167) and other sundry income of £nil (2023: £8,204) which in the consolidated SOFA is within other income, analysed further in note 10 below.

10. Other Income

10. Other Income 10. Other Income
2024
2023
£
£
License fees and royalties
Heritage vehicle storage & maintenance
Catering concessions
JDHT Collection Centre charge & Storage
Grounds maintenance
Rates rebate
Other items		 132
297
145,517
145,374
-
11,167
23,332
49,055
33,948
23,363
260,476
-
69,549
42,561
Total 532,954
271,817

Following a change in allowable calculation methods for charities, museums and historical properties a business rates rebate was received for £260,476 (2023: £nil) for the years 2017 - 2023.

Page | 31

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year ended 31 December 2024

11. Cost of Charitable Activities

11. Cost of Charitable Activities
Unrestricted
Restricted
Activity or
programme
Activities
undertaken
directly
Support
costs
Support
costs
Grant
funding of
activities
£
£
£
£		 2024
2023
£
£
Museum
744,251 1,779,981
87,762
285,316
Archive
135,576
147,231
8,228
-
Learning
239,162
24,539
1,371
37,500		 2,897,3102,762,691
291,035
267,410
302,572
152,099
Total
1,118,990
1,951,751
97,361
322,816		 3,490,917
3,182,200
Support cost breakdown by activity
Museum
Archive
Learning
£
£
£		 2024
2023
£
£
Support costs unrestricted
Finance
299,722
28,099
4,683
Marketing
340,393
21,728
3,621
Insurance
61,542
5,770
962
Information technology
31,973
2,997
500
Management
-
-
-
Facilities
903,153
75,213
12,535
Governance
143,199
13,425
2,237		 332,504
321,646
365,742
135,413
68,273
58,327
35,470
32,869
-
2,038
990,901
1,221,452
158,861
59,983
Total unrestricted
1,779,981
147,231
24,539
Support costs restricted
Donations in Kind
87,762
8,228
1,371		 1,951,751
1,831,728
97,361
86,001
Total support costs
1,867,743
155,459
25,910		 2,049,112
1,917,729

Support costs are allocated by percentage of floor space 29% trading company, 64% Museum, 6% Archive and 1% Learning and includes governance costs as per SORP 2019.

12. Cost of Raising Funds

12. Cost of Raising Funds
Unrestricted
Activities under-
taken directly
Support
costs
£
£		 Restricted
Support
costs
2024
2023
£
£
£
Total
1,993,905
868,132		 39,767
2,901,8052,672,476

Support costs are those activities undertaken across the business not associated within a single part of BMIHT or BMIHC Ltd such as marketing, finance, site services and management. The restricted support costs are due to gifts in kind.

Page | 32

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year ended 31 December 2024

13. Employee Information

13. Employee Information
2024
2023
£
£
Salaries
National insurance
Pension contributions		 2,628,544
2,345,820
224,408
193,172
133,847
141,500
Total 2,986,799
2,680,492

For the retirement benefits of the employees see note 30.

The average number of employees, employed in pursuit of BMIHT’s objects was:

2024
2023
2024
2023
Headcount
Headcount
Full-time
Equivalent
Full-time
Equivalent
Museum
Learning
Archive
Management & administration
Trading activities		 38
39
22.6
23.0
9
9
4.2
3.9
4
3
2.6
2.2
20
18
17.7
16.7
51
43
31.4
28.8
122
112
78.5
74.6

Combined key management personnel remuneration of the 5 (2023: 5) senior leaders (see page 17):

2024
2023
£
£
Salaries
National insurance
Pension contributions		 375,296
354,130
43,003
39,280
32,230
39,809
Total 450,529
433,219

The number of employees whose emoluments exceeded £60,000:

Group 2024
2023
Number
Number
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000		 0
0
1
1
1
1
0
0
1
0
0
1

Page | 33

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year ended 31 December 2024

14. Analysis of Total Expenditure

14. Analysis of Total Expenditure
2024
2023
£
£
Salaries
Cost of sales
Depreciation
Expenses		 2,986,949
2,680,492
877,998
838,435
574,052
561,746
1,953,723
1,774,002
Total 6,392,722
5,854,675

15. Investments

15. Investments
Group
Group
2024
2023		 Trust
Trust
2024
2023
Investment in charity fund
Market value brought forward
Deductions
Add loss/net gain on revaluation		 £
£
1,925,885)
2,604,367)
-)
(800,000)
257,398)
121,518)		 £
£
1,925,885)
2,604,367)
-)
(800,000)
257,398)
121,518)
Market value carried forward
Investment in subsidiary undertaking		 2,183,283)
1,925,885)
-)
-)		 2,183,283)
1,925,885)
2)
2)
Total 2,183,283)
1,925,885)		 2,183,285)
1,925,887)

The Charity acquired all of the issued share capital of British Motor Industry Heritage Centre Limited, a company incorporated in England and Wales, company number: 02262284 on 28 November 2000 for a consideration of £2. The principal activity of the company is the provision of conference facilities, meeting rooms, catering and banqueting.

In 2010 BMIHT appointed Cazenove as investment advisors, investing £1,000,000 in the Cazenove Charity Multi Asset Fund. In 2013 BMIHT invested an additional £729,512 transferred from their Instant Access Account.

In 2023 BMIHT divested £800,000, having previously divested £500,000 in 2022 from the Cazenove Charity Multi Asset Fund to ensure appropriate liquidity of funds in line with the investment and reserve policies to ensure operations would be protected against any further proportional negative impacts following enforced closures during 2020 and 2021 as a result of the covid pandemic.

16. Transfer Between Funds

A transfer of funds is required as the advanced rent premium paid by JDHT has been designated but is being released against a restricted asset on the balance sheet which has created a mismatch in funds. The need for a transfer between the two funds will exist for as long as the lease is in effect, until 2039.

Page | 34

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year Ended 31 December 2024

17. Heritage Assets

Heritage assets are a collection of motor vehicles and related archive material and artefacts related to the British motor industry. BMIHT’s charitable objective is to collect, conserve, research and display for the benefit of the nation such assets. A Collections Development Policy governs these assets.

Current collections constitute two distinct groups, motor vehicles, and archive material and artefacts. The vehicle collection of 338 vehicles (2022: 334 vehicles) is a unique collection spanning more than one hundred years which describe the British motor industry from the earliest products to the latest models. The archive and artefacts collection includes technical documents, magazines, manuals, trophies, parts and memorabilia and one of the world’s largest and most comprehensive collections of photographic images and film, with more than one million images.

The current Collections Development Policy is two-fold:

The criteria for the acquisition of an item for the collections are classified in four main areas; historical interest; technical interest; social impact; and condition and usability. The Head of Collections supported by the Curator and Archivist are BMIHT’s principal officers for making decisions on acquisitions and are responsible for setting the preservation and management of the collections. For acquisitions outside of budgetary control BMIHT’s Board of Trustees are required to make a controlling decision. All decisions on disposals must be agreed by the Board of Trustees.

Viewing the entirety of the vehicles is now possible in the Museum and Collections Centre while the archive collection is possible on-line, through the reading room or appointment.

The motor vehicle assets are valued at cost if purchased and at fair value if donated at the date of acquisition, as long as the cost to do is commensurate with the benefits to the users of the financial statements and shown in the table below:


statements and shown in the table below:
At valuation total
£
Carrying amount at the beginning of the period
Purchases
Donations		 2,657,765
30,108
58,800
Carrying amount at the reporting date 2,746,673

In 2024 BMIHT was donated 4 vehicles (2023: 4), there were no disposals.

The table below summarises heritage asset transactions:

2024
2023
2022
2021
2020
£
£
£
£
£
Additions 30,108
-
128
-
-
Donations 58,800
173,000
45,000
36,000
31,500
Carrying Value 2,746,673
2,657,765
2,484,765
2,439,638
2,403,638

There have been no impairments or revaluations in the above periods.

The artefact and archive collection which consists of millions of documents would take generations to value and the cost to do so would not be commensurate with the benefit to the users of the financial statements.

Page | 35

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year Ended 31 December 2024

18. Tangible Assets

18. Tangible Assets
Group
Land &
Buildings
Equipment
Fixture &
Fitting Exhibitions
£
£
£
£		 Total
£
Cost
At 1 January 2024
7,758,138
1,080,327
2,161,078
1,420,569
Additions
-
49,191
175,840
51,947
Disposals
-
-
-
-
12,420,113
276,979
-
At 31 December 2024
7,758,138 1,129,518
2,336,918
1,472,516		 12,697,091
Accumulated depreciation
At 1 January 2024
3,795,851
761,185
1,385,726
880,111
Disposals
-
-
-
-
Charge for the year
316,938
47,401
136,994
72,718
6,822,873
-
574,052
At 31 December 2024
4,112,790
808,586
1,522,719
952,830		 7,396,925
Net book value at:
31 December 2024
3,645,349
320,932
814,199
519,687		 5,300,166
31 December 2023
3,962,287
319,142
775,353
540,458		 5,597,239

BMIHT has no freehold, instead holds a long-term lease on the site. The site and main Museum building do not make up part of the balance as the lease states a peppercorn rent. The main balance relates to the Collection Centre with a NBV of £2.58 million, the rest of the balance is made up of additions, alterations and refurbishments to the site and buildings during BMIHT’s tenure.

19. Stock

Stock held at year-end is either ingredients and products to be sold in the café or to conference customers or products to be sold in the gift shop. There is no material difference between the replacement cost of stock and the net realisable value

2024
2023
£
£
Catering stock
Shop stock		 23,619
19,656
41,477
39,158
Total Stock 65,096
58,814
20. Debtors
Amounts falling due within one year		 Group
Group
2024
2023
£
£		 Trust
Trust
2024
2023
£
£
Trade debtors
Amount owed by related parties
Amount owed from group
Sundry debtors
VAT recoverable
Prepayments		 326,390
116,704
96,446
167,425
0
0
96,875
67,494
-
-
78,419
88,836		 168,661
52,009
1,644
33,905
1,146,834
1,076,352
96,875
62,431
-
2,829
60,926
76,326

598,130
440,458
1,474,940
1,303,852

Page | 36

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued)

Year Ended 31 December 2024

21. Creditors

21. Creditors
Amounts falling due within one year Group
Group
2024
2023
£
£		 Trust
Trust
2024
2023
£
£
Trade creditors
Amount owed to related parties
Amount owed to group
Sundry creditors
VAT payable
Accruals
Deferred income		 106,755
116,833
1,055,187
725,731
0
0
31,229
19,439
80,621
86,195
269,432
384,028
223,548
150,117
51,686
76,204
1,055,187
725,731
63,988
0

31,462
19,439

6,454
-
230,285
345,639
139,265
42,799
1,766,773
1,482,345		 1,578,327
1,209,813

Deferred income relates to deposits paid for future conferences and Museum visits that are likely but may not go ahead in future periods.

22. Operating Lease Commitments and Contingent Liabilities

Payments totalling £13,131 (2022: £13,068) are committed at the end of the year to be made during subsequent years in respect of operating leases for tangible assets, namely telephone handsets and filtered water dispensers. The expiry of these contracts is as follows:

Commitments under operating leases
2024
2023
£
£		 Commitments under operating leases
2024
2023
£
£
Within one year
Between two and five years		 7,181
9,089
5,950
3,979

In 2006 and 2014 the Trust entered into first charge debentures, in favour of the National Heritage Memorial Fund, in respect of grants of £997,681 and £1,424,900 respectively. The debentures are secured on the collection of motor vehicles, artefacts and archive material and are liable to be exercised in the event that:

The contingent liability will be discharged after 25 years from the initial date.

23. Analysis of Cash and Cash Equivalents

23. Analysis of Cash and Cash Equivalents
At 1 January
Cash flows
2024
£
£		 At 31 December
2024
£
Cash at bank and in hand
1,725,285
239,566
Notice deposits (less than 3 months)
268,841 13,669		 1,964,852

282,510
Total
1,994,126
253,235		 2,247,362

The notice deposits are held in a bank account with a 30-day notice period managed by Cazenove.

Page | 37

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued)

Year Ended 31 December 2024

24. Restricted Funds

Restricted funds, held only on BMIHT’s balance sheet, are summarised in the below tables:

Grants for capital assets
2024
2023
£
£
Balance at 1 January
Incoming resources
Resources expended		 1,094,895)
1,176,898)
-)
-)
(82,002)
(82,002)
Balance at 31 December 1,012,893)
1,094,895)

This fund has arisen due to grants received and used for the acquisition of fixed assets and will be released to match the depreciation of the assets.

Grants
2024
2023
£
£
Balance at 1 January
Incoming resources
Resources expended		 -
66,660)
77,500)
56,012)
(77,500)
(122,672)
Balance at 31 December -)
-)

Grants have been received in the year from Arts Council England as a National Portfolio Organisation, but have now been classified as designated funds, see note 4.

Heritage assets
2024
2023
£
£
Balance at 1 January

Incoming resources
Resources expended
1,696,019)
1,523,019)
89,035)
173,000)
(30,235)
-)
Balance at 31 December 1,754,819)
1,696,019)
Heritage assets analysis 2024
2023
£
£
Liquid assets
Heritage assets		 292,771
322,879
1,462,048
1,373,141
Balance at 31 December 1,754,819
1,696,019

Heritage assets include a fund created in 2003 from an auction of duplicate motor vehicles from BMIHT’s collection. The remaining funds are held as liquid assets and will be used to broaden the collection with the acquisition of heritage vehicles not represented in the collection and in its display and interpretation.

Page | 38

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year Ended 31 December 2023

24. Restricted Funds (continued)

Special projects
2024
2023
£
£
Balance at 1 January
Incoming resources
Resources expended		 1,818,935)
1,680,062)
60,000)
254,000
(142,703)
(115,127)
Balance at 31 December 1,736,232)
1,818,935)

BMIHT has previously received three Heritage Lottery Fund awards to improve the Museum, catalogue the Baldwin Collection and construct the Collections Centre. BMIHT is due to make a contribution to all of these projects and this fund is set up to enable this.

Total restricted funds
2024
Gifts in kind
Grants
Heritage
assets
Special
Projects
Total
£
£
£
£
£		 Total restricted funds
2024
Gifts in kind
Grants
Heritage
assets
Special
Projects
Total
£
£
£
£
£


Total

£
Balance at 1 January
-)1,094,895)1,696,019)
1,818,935)
Incoming resources
137,128)
77,650)
89,035)
60,000)
Resources expended
(137,128) (159,652)
(30,235)
(142,703)		 4,609,849)
363,814)

(469,719)
Balance at 31 December
-)
1,012,893)
1,754,819)
1,736,232)		 4,503,944)
Total restricted funds
2023
Gifts in kind
Grants
Heritage
assets
Special
projects
Total
£
£
£
£
£
Total
£
Balance at 1 January
-)
1,243,557)1,523,019)
1,680,062)
Incoming resources
121,128)
56,012)
173,000)
254,000)
Resources expended
(121,128)
(204,674)
-)
(115,127)		 4,446,638)
604,140)
(440,929)
Balance at 31 December
-)
1,094,895)
1,696,019)
1,818,935)		 4,609,849)

25. Restricted Revaluation Reserve

Restricted revaluation reserve

2024
2023
£
£
Balance at 1 January
Revaluation		 1,284,625
1,284,625
-
-
Balance at 31 December 1,284,625
1,284,625

The revaluation reserve, only on BMIHT’s balance sheet, was created in 2018 when the heritage assets were revalued following a change in accounting policy agreed by the Board of Trustees.

Page | 39

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year Ended 31 December 2024

26. Designated Funds

Designated funds, held only on BMIHT’s balance sheet, are summarised in the below tables:

Property fund
2024
2023
£
£
Balance at 1 January
Incoming resources
Resources Expended		 557,482)
476,701)
224,048)
224,048)
(255,714)
(143,267)
Balance at 31 December 525,817
557,483)

The property fund has two parts:

National Portfolio Organisation fund
2024
2023
£
£		 National Portfolio Organisation fund
2024
2023
£
£
Balance at 1 January
Incoming resources
Resources Expended		 557,482)
476,701)
224,048)
224,048)
(225,714)
(143,267)
Balance at 31 December 525,817
557,483)

A grant received from Arts Council England as a National Portfolio Organisation has been designated to ensure that funds spent on the agreed activity plan are easily identifiable and measurable.

27. Unrestricted General Funds

Group
Group
2024
2023
£
£
Trust
Trust

2024
2023

£
£
Company
Company

2024
2023

£
£
Balance at 1 January
Incoming resources
Resources expended
3,608,231) 3,755,274)
5,611,235) 4,951,996)
(5,549,069)(5,099,040)		 3,576,816) 3,722,736)
3,632,137) 3,161,846)

(3,561,524)(3,307,766)		 31,415)
32,538)
3,361,075) 3,252,694)

(3,369,522)(3,253,818)
Balance at 31
December		 3,670,397)
3,608,231)
3,647,429)
3,576,816)		 22,968)
31,415)

Page | 40

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year Ended 31 December 2024

28. Total Funds

Group

Group
2024
Total
Inter-
company
movement
Restricted
Restricted
revaluation
reserve
Designated Unrestricted
Unrestricted
revaluation
reserve
£
£
£
£
£
£
£
Fixed assets
Current assets
Current
liabilities		 10,230,122)
-)4,483,752 1,284,625
-
3,072,591)
1,389,154
2,910,587) (1,210,822)
20,192
-
525,817
3,575,401
-
(1,766,773)
1,210,822)
-
-
- (2,977,595)
-
Net assets 11,373,937
-)
4,503,944
1,284,625
525,817
3,670,397)
1,389,154
2023
Total
Inter-
company
movement
Restricted
Restricted
revaluation
reserve
Designated Unrestricted
Unrestricted
revaluation
reserve
£
£
£
£
£
£
£
Fixed assets
Current assets
Current
liabilities		 10,180,890
-)
4,501,433
1,284,625
-
3,263,076)
1,131,756
2,493,399
(1,076,352)
108,416
-
557,483
2,903,852)
-
(1,482,345)
1,076,352
-
-
-
(2,558,697)
-
Net assets 11,191,944)
-)
4,609,849
1,284,625
557,483
3,608,231)
1,131,756

Charity

Charity
2024
Total
Inter-
company
movement
Restricted
Restricted
revaluation
reserve
Designated Unrestricted
Unrestricted
revaluation
reserve
£
£
£
£
£
£
£
Fixed assets
Current assets
Current
liabilities		 10,230,122)
-)4,483,753 1,284,625
-
3,072,591)
1,389,154
2,699,172) (1,210,822)
20,192
-
525,817
3,363,985
-
(1,578,327)
1,210,822)
-
-
- (2,789,149)
-
Net assets 11,350,969
-)
4,503,944
1,284,625
525,817
3,647,427)
1,389,154
2023
Total
Inter-
company
movement
Restricted
Restricted
revaluation
reserve
Designated Unrestricted
Unrestricted
revaluation
reserve
£
£
£
£
£
£
£
Fixed assets
Current assets
Current
liabilities		 10,180,890
-)
4,501,433
1,284,625
-
3,263,076)
1,131,756
2,189,450
(1,076,352)
108,416
-
557,483
2,599,903)
-
(1,209,813)
1,076,352
-
-
-
(2,286,165)
-
Net assets 11,160,529)
-)
4,609,849
1,284,625
557,483
3,576,814)
1,131,756

Restricted funds are held between a combination of fixed assets and cash and cash equivalents. Fixed assets consist of the Baldwin Collection, vehicles, leasehold improvements and archive equipment. All other restricted and designated fund balances are held as cash and cash equivalents.

The unrestricted revaluation reserve is gains on investment and includes a gain in 2024 of £257,398 (2023: gain of £121,518).

Page | 41

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year Ended 31 December 2024

29. Reconciliation of Changes in Resources to Net Cash Inflow from Continuing Operations

2024
2023
£
£
Net income
Adjustments for:
Depreciation of tangible fixed assets
(Gains)/Losses on investments
(Gains) on donated heritage assets
Net interest receivable
Decrease/(Increase) in debtors
Decrease/(Increase) in stock
(Decrease)/Increase in creditors		 181,993)
218,467)
574,052)
561,746)
(257,398)
(121,518)
(58,800)
(173,000)
(27,894)
(25,386)
(157,671)
53,270)
(6,282)
(1,963)
284,428)
(385,033)
Net cash inflow from operating activities 532,428)
126,584)

30. Pensions

Employees hired before 18 June 2012 are members of the Land Rover Defined Benefit Pension scheme, the assets and liabilities of which cannot be split reliably between various group companies. The schemes’ full details can be found in the Jaguar Land Rover Limited Annual Report and Financial Statements, which does not form part of this report.

A monthly recharge fee relates to salary and pension costs of which the pension cost is an average 9.88% (2023: 13.48%) of the employees’ net earnings. The scheme is currently in surplus, but there is no liability on BMIHT as JLR make up any shortfall if in deficit.

Employees of the company hired on or after 18 June 2012 are eligible to join a defined contribution pension scheme operated by The People's Pension which conforms to the Pensions Act 2008 whereby BMIHT will match 4% of the employees’ net earnings.

31. Related Party Disclosures

Trustees

Trustees’ expenses in the year totalled £nil (2023: £nil). Trustees received £nil (2023: £nil) in respect of their services to BMIHT for acting as a director. Two officers of BMIHT, the Managing Director and Finance Director, also act as Trustees for which they receive no payment for acting as a Trustee.

BMIHT has made qualifying third-party indemnity provisions of £2 million in the aggregate for the benefit of its Trustees which were made during the year and remain in force at the date of this report, the cost of which cannot be split from other insurance costs BMIHT incurs.

Jaguar Land Rover Limited

JLR are two of the four members of BMIHT and have a member on the Board of Trustees to represent the company. JLR is also the landlord providing a peppercorn lease until 2152 and supports BMIHT to fulfil its charitable objects by providing gifts in kind (see note 6). The Managing Director is a JLR employee. BMIHT allows JLR employees free access to the Museum and, via the trading company, provide JLR with conferences, meeting rooms and catering at an 'arm’s length' commercial rate.

At the year end the amount outstanding from JLR was £93,743 (2023: £133,294), the amount due to JLR on the creditor ledger was £799,826 (2023: £nil), in addition to this an accrual for salaries and utilities yet to be invoiced was created for £255,361 (2023: £1,005,675) and no amounts have been written off during the year (2023: £nil).

Page | 42

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year Ended 31 December 2024

31. Related Party Disclosures (continued)

Jaguar Daimler Heritage Trust

JDHT have similar objectives to BMIHT, but in connection to Jaguars cars rather than the British motor industry as a whole. They operate from an office in the Collection Centre and display their vehicles in the Museum and on the ground floor of the Collection Centre for which they paid a rent premium and from which BMIHT benefits. They also pay 50% of on-going charges in relation to the Collection Centre such as maintenance and utilities. From time to time, they purchase services such as catering from BMIHT, but the two Trusts operate side by side and share resources when appropriate.

At the year end the amount outstanding from JDHT was £2,703 (2023: £34,131), the amount due to JDHT was £nil (2023: £nil) and no amounts have been written off during the year.

Related party transactions are broken down below:

Invoiced sales to
JDHT
JLR
related parties
£
£
2024
JDHT
JLR
2023
£
£
£
£
Conferencing
-
303,152
Catering
4,586
27,024
Workshop
-
-
Archive
-
-
Finance
-
28,000
Museum
-
2,798
Site
23,881
33,948		 303,152
-
355,690
355,690
31,610
4,053
66,554
70,608
-
-
3,200
3,200
-
-
-
-
28,000
60
24,200
24,260
2,798
-
471
471
57,829
55,025
23,363
78,388
Total
28,467
394,923		 423,390
59,138
473,478
532,616
Invoiced purchases
JDHT
JLR
from related parties
£
£		 2024
JDHT
JLR
2023
£
£
££
Salary costs
-
2,682,079
Facility costs
-
475,102
Other
1,127
2,016		 2,682,079
-
2,384,707
2,384,707
475,102
-
343,025
343,025
3,143
3,717
4,536
8,253
Total
1,127
3,159,197		 3,160,324
3,717
2,732,268
2,735,985

32. Capital

BMIHT is a company limited by guarantee. Each member has undertaken to contribute a maximum of £10 to the assets of the company to meets its liabilities if called upon to do so. The total amount guaranteed by members at 31 December 2023 is £40 (2022: £2).

33. Gross Incoming Resources and Results Attributable to the Parent Charity

2024
2023
£
£
Total incoming resources 4,450,418
3,990,034
Total outgoing resources (4,259,977)(3,770,444)

BMIHT has taken the exemption available and not presented the unconsolidated profit and loss account as permitted by section 408 of the Companies Act 2006.

Page | 43

Docusign Envelope ID: 98ED8FDB-5B77-4922-8428-32B5DFF66C59

British Motor Industry Heritage Trust

Notes to the Financial Statements (continued) Year Ended 31 December 2024

34. Comparative Statement of Financial Activities for All Funds

2024
2023		 2024
2023		 2024
2023		 2024
2023		 2024
2023		 2024
2023
£
£
£
£
£
£
Restricted
Unrestricted
Restricted
Unrestricted
funds
funds
Total
funds
funds
Total
Income from:
Donations
Donations & gifts 199,185)
885,790)
1,084,974)
294,128)
678,962)
973,090)
Grants 137,650)
224,548)
362,198)
310,012)
224,048
534,060)
336,835)
1,110,338)
1,447,172)
604,140)
903,010)
1,507,150)
Charitable activities
Museum income -)
872,916)
872,916)
-)
852,884)
852,884)
Education income -)
48,548)
48,548)
-)
38,643)
38,643)
Archive income -)
26,758)
26,758)
-)
14,217)
14,217)
-)
948,222)
948,222)
-)
905,744)
905,744)
Other trading activities
Trading company income
-)
3,361,075)
3,361,075)
-)
3,241,527)
3,241,527)
Investments
Bank interest -)
27,894)
27,894)
-)
25,386)
25,386)
Other -)
532,954)
532,954)
-)
271,817)
271,817)
Total income 336,835 5,980,483)
6,317,317)
604,140)
5,347,484)
5,951,624)
Expenditure:
Charitable activities
Museum costs (373,078)
(2,524,232)
(2,897,310)
(414,527)
(2,348,164)
(2,762,691)
Archive costs (8,228)
(282,808)
(291,035)
(7,268)
(260,142)
(267,410)
Education costs
(38,871)
(263,701)
(302,572)
(1,211)
(150,888)
(152,099)
(420,177)
(3,070,741)
(3,490,917)
(423,006)
(2,759,194)
(3,182,200)
Raising funds (39,767)
(2,862,038)
(2,901,805)
(35,127)
(2,637,349)
(2,672,476)
Total expenditure (459,944)
(5,932,778)
(6,392,722)
(458,133)
(5,396,543)
(5,854,676)
Net income/(expenditure)
before investment gains
(123,109)
47,704)
(75,405)
146,007)
(49,059)
96,948)

Unrealised gain/(loss) on
investment assets
-)
257,398)
257,398)
-)
121,518)
121,518)
Net income (123,109)
305,102)
181,993)
146,007)
72,459)
218,466)
Transfer between funds 17,204
(17,204)
-)
17,204)
(17,204)
-)
Net movement in funds (105,905)
287,898)
181,993)
163,211)
55,255)
218,466)
Reconciliation of funds
Total funds brought
forward
5,894,474)
5,297,470)
11,191,944)
5,731,263)
5,242,214)
10,973,477)
Total funds carried
forward
5,788,569)
5,585,368)
11,373,937)
5,894,474)
5,297,470)
11,191,944)

Page | 44