Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Limited (A company limited by guarantee) Report and Financial Statements Year ended 31 December 2022 Charity number: 296661 Company number: 2109945 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Report and financial statements 31 December 2022 Contents Jotnt statement from the Chalrman and CEO Trustees, officers and professlonal advlsers Report of the Trustèes Independent audltor repoyt 15 Consolidated stotement of financlal activitie5 18 Balance sheets 19 statement of cash flows and conwlidated statement Df cash flows 20 Notes to the accounts 21.33 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Broolclands Museum Trust Ltd Joint Statement from the Chairman and CEO After three decades of piogress, rnuch of it haid won by dedicaled stalf and volunteers, going above and beyond year alter year, Brooklands Museum h3s now re3ch&d a point that might have seemed unimaginable when it opened in 1991, with its small staff team and litrle in the way of displays beyond the ground floor of the Clubhouse and the old, leakirE8 Bellman harhgar. Today, Brooklands Museurn is playing a major iole in inspiring the next generation cif engineers and scientlsts thrtsugh Brooklands Innovation Academy and through the apprenticeship programme run by Heritage Skills Academy at the Museum. The former brings Brooklands history to life and uses the inspiration of aviation and automotive pioneers, innovators and adventurers to spark and feed the ambitions ol today's young people. We are hugely proud ol our unique partnershlp with Bourne Educatlon Trust and the national Mvseum + Heritage Award that we won for thls programme. As well as its ¥ole in education, brooklands is better known now than lor rnany years, amongst motorinE enthusiasts but much more widely. The second 5erie5 of Secrets of the Transport Museurr, which ailed on UKTV in spring 2022, as well as brand partnerghlps with MtLaren hnd Pèninsula Hotèl, 3re bringing 8rook13nds' legaty to wider range of people and show how much Brooklands, legacy of innovètion, entrepreneurship and phenomenal ende3vour contlnues to be relevant and valued. It is this legacy which has attrdcted a huge range of other collaborators induding the NHS and businesses from Airbus to Balfour Beatty. During 2022 WE were able to start Investing in the future of the Museum again, wlth a Elm renovation and access project for the Grade Il* listed Clubhouse. This is thc first step in our arnbitious plan5 to transform vi51tors' experion t Brooklands, puttlng the story of Innovatlon at the heart of our exhlbltlons and treatlng nèw faeilltle5 for learning and for visitors which reflect the significance of Brooklands, history. Dufing the current year we are developing the next phase of delive¥y ol our masterplan, lor which we will be seeking supporl in 2024. Whi15t Brooklands Museum's purpose is charitable, il must a5 afi effective bu5ines5 In order to provide the resources to deliver that purpose and care for the slte and collection5 which are entrusted to it. The post pandemic world has been Challenging to museums Ilke ours and ensuring we have a sustalnable model for Brooklands Museum's future has been a key focus in 2022 a¢)d 2023. as we develop a new busines5 plan that takes account of the changes in the economy which hit charities1Ske ours hard. We have strengthened many of our existing income streams, including reachln8 our highest ever level of Membership at over 7000 households, and we are exploring new ones which will help to ensure a strong future. During 2022. it was a relief to see life beginning to ret￿r￿ to a new normal although the hangover from the pandemic resulted in our having to cancel our largest and m05t prestigious event- our New Year's Day Gathering. As recolded later in this report. visitor numbers were 162,060. However, footfall remain5 below 2019 fiEure of 183,636,- down 12% but visitor income for the yeèi was £1,884,75412019,. £1,756,9601- an Increase of 7%. Brtroklands Members were at their hlghest levels ever17,1581 and Trip Advisor comments continued to place us in the highest echelon. In 2022 we developed a new project, Brooklonds Stories Uncovered, which has been funded for two years by the National Lottery HeriiaÉe Fund. It wlll enable us to work with people who are currently under-represented amongst the Museurn's VlSIt015. We aim to uncover stories and people connected with 8rooklands that are relevant lo a wider range of people, and use these to be more Inclusive In the ways In which we Share Brooklands history with everyone who vlslts. This prtsgramme is an exciting and important step for Brooklands Museum, building on the inspiring lives of the many, different people who worked and raced here, historicalw. The people who care for Brooklands and bring it to life ère the heart of the Brocjklands communlty. On 3 dally basis they demonstrate the tenacily, ingenulty. good humour and expertise which made Brooklands the crucible f(>r innovation that it was.. this includes staff, volunteers, trustees, members, and our many parlners on the 8rookland5 slte and beyond, and we are indebted to each and evely one of them. They have made Brookland5 Museum what It Is today and will continue to ensure that the Brooklands legacy live5 on, long into the future. Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Sir Gerald Acher CBE LVO Chairman Brooklands Museum Trust Ltd Tamalie Newbery CEO Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Trustees, officers and Professional Advlsers Royal Patron HRH Prince MÉchael of Kent Presldent The Duke ol Rtchmond Board of Trustees Chairman Sir Gerald Acher CBE LVO OtherTrustèts Mr Nell Austln Capt. Mike Banrhlster (Vice Chairl Mr Graham Chlsnall Mr Robert Hallowav Dr Ruth Mallors-Ray 08E Iresi8ned 22107120221 Mr Simon Michaelldes Ms Marllyn Scott MBE Mr M3rk Seligman Mr Randolph Sesstsn MrGeoff Want Ms Geor8ina Wo¢)d MrGre80ry Mark Wood CBE (resigned 22107120221 Secretary Mr Jarnes Thorne Museum Dlrettor & CEO Ms TamalÉe Newbery Banker$ National Westmlnster Bank plc l Hi8h St￿et Weybrtdge Surrey Kr13 8AY 5oll¢ltors Barlow Robblns LLP Qjncord House 165 Churth Street East Woklng Surrey GU216HJ Independent Auditor Menzles LLP Centrum House, 36 Stailon Road Egham Surrey TW20 9LF Reglstered and prlndpal offlce Brooklands Musetsm Brooklands Road Weybrldee Surrey Kr13 OQN Charlty Re8lstratlon Number.. 296661 ompany Reglstratlon Number: 2109945 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Report of the trustees for the year ending 31 December 2022 The trustee5 are pleased to present their annual directors, report together wlth the consolld8ted flnancial statements of the tharity and its subsidiary forthe year ending 31 December 2022. which are also prepared to meet the requirements for a dlrectors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011. the Cornpanie5 Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by ChaTlties.' Statement of Recommended Practice applicable to charitie5 prep3Ting their accounts in accordants with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20191. Charitable Objectlve and Actlvltles Brooklands Museum Twst was Incorporated in 1987 wlth the following object.. e objett of the Trustsholl bè to 0dv0n￿ pijbllc educotlor) In the hlstory ond developmeotof rood vehicle5 olrcroft ondobJect5 oJwhorsoevei nature relatlng to road tronsport ondllylng, und In partlcuknrany of theforegolng whrh ore associated in ony woy with 8rooklonds ot Weybridoe in the County ofsurrey, BrooklandsAutomoblle Roclng Club ond BrooklondsAero Club.- B¥ooklands was the cradle of 8rltSsh Innovatlon and endeavt)ur In the worlds of motorsport and avlatlon. Today Brooklands Museum celebrates the paSS￿n, bravery and inventiveness of the men and women who designed, bullt, raced, and flew machines Ilke those in our Collection, on this historic slte, through0￿1 the twentieth century. Visitors are IEnmersed In Brooklarhds, storles and dlscover for themselves the qualitles. skills and ideas of the Innovators. pioneers. engineers. and adventurers of Brooklands- people whose work chan8ed their world and who can inspire us today to shape the future of our world. In 2020the vision 'to inspire people toshupe thefutUTe through BrooklunGls history ofinnovation ondendeovour, wa5 dopted. The Museum has three core areas of purpose and attivlty.. We celebrate Brooklands. its people. and their achievements. We are a place and a community where inventiveness. expertise and ctsmpetttlveness live on. We use our Collection and heritage to encourage innov8tion and endeavour, today and in the hoture. The CharitV5 principal activities afe the ruThnlng of a museum, on the historle Brooklands slte, tellin8 the story of innovation and human endeavour In the flelds ol motorsport and avlatlon. Thls i￿l￿deS learnlnE programmes, outreach and coMmu￿lty engagement, an exten5ivevolunteerin8 pro8ramrne and the deli¥ery of larEtrscale Events and other activitles that 8enerate Income to support the Museum. Strateg1¢ Report Achlevements and Performan To fulfll our vision and core purpose5, to secure a 5U5tainable future forthe Museum, we need tQ Stren8the￿ the Museum as a charltable bvsln*s, slnce It has to earn or ralse all Its Income. Our strate8Y to achleve thls Is focused on flve area5 for 2D20 to 2030.. Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooldands Museum Trust Ltd A. Develop and deliver a M65terplan for the 32-ac¥e museum slte, showlng how k will be developed to enhance the visitor experience, foster snnovatlo# and endeavour through the Museum's actlvitSes and conserve a¢)d preservethe heritage of the bulldin8s, Race Track and Collections. In addition, create new income srreams to 5UPPOrt the Museum's lon8-tem future. B. Embed our vlslon.. develop and Implement a slte-wlde interpretation strategy which celebrates Brooklands, hlstory and looks forwards as well as to the pasi, as well a5 STEM and engagement strategies. Thi5 will help us to present our Collections to 8 diverse and large audlence. Develop and Implement a fundraislDg strategy to secure the substanti81 fvnds which will be required to dellver the Masterplan. D. Develop and implement a brand and marketin8 StrateBY to ensure Brooklands Is undÈr$t￿d by and appeals to Its target visitors and other stakeholders. Develop and enhance the Museum's organi5ational and financial rnodel to eTrable it to deliver the over411 strategy. During 2022 further progress was made across the strands of thls strategy: MASTERPLAN The key alms of the Masterplan are to.. Make Brooklands Museum sustalnabEe by enhancingthe visitor experience and increasing visitor numbers and other revÈnue. Tell the Brooklands story rnore dearly and with more impttl in line with the Museum's vision and interpretation strategv, Retaln and enhancethe hlstoric character of the site. Enable the proper care and maintenance tsf ihe Colletilon, Scheduled Monument and historfc bulldlngs. A pre-masterplan phase con515ting of £lm of renovatlQll5 and acce55 improvement5 10 the grade Il* Ilsted Clubhouse was undertaken durlng 2022 and early 2023. Thls was than￿ to grants from Elmbrldge Borough Council and the Department of Dlgital Cultvre Media and Sport's MEND fund, a5 well as supportlrom Brooklands Members. The works includod the Installation OF a lift and accessible toilet, which made the building accessiblefor the first time, thus openin8 areas of the first floor lor public use. This includes the dramatic former restaurant overlooking the Pad(kJck and renovating 8nd bringin8 the roof lantern area into public use. Wlndows, claddln& and roof flashlnes were repalred or replaced along with extensive renovatlon of thE South balconyi and the balcony roof which was returned to a slate tile finish instead of the previDu5 felt. The tower wa5 81sD renovated and can Trow be accessed a8aln. As a result of all these WOTksi prot)leFn5 of water ingress and struttural wlnerablllty have been addiessed and a conslderable amount of asbestos was removed. AlonEslde thts prolecL the Clubhouse's boilers were replaced after they failed In Autumn 2022. As well as completSnE these works, progress was made in the development of the next sta8e of the wider Masterplan. Appointin8 the new role of Head ot Major Pro1￿tS and Interpretation in early 2023 has enabled us to uttdertakE a review of the planned phasing for the dellvery of the next Masterplan phase5, in light of the impact of ififlation on the likely project costs. Consultation with statutory 8uthoritie5 has begun and later in 2023 there will be a publlc con5ultstion on the plans. Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd EMBEDDING TPIE VISION- INTERPRETATION, HERITAGE, STEM AND ENGAGEMENT Learnlng: The Museum's learning programmes were c(Nnpletely revlewed during 2021122 wlth opportunitles to Improve the 8rooklands offer identified. In particular, in di5cussion5 Vllth Bourne Education TFU5t, an acaderny chain running schools which are lar8ely In deprwed areas, we identlfied an Innovatlve wayforward for an enhanced learnlng programme at the Museum. Fundlng from Federatlon Skllls Trust enabled us to second a secondary xhool sclence teacher frcTrm Bourne Education Trust, for one day per week. Working closely with the new post of STEM Le8rnin£ & Engagement Manager, they launched tho Brooklands Innovation Academy wlth other partners in May 2022 (see below) and rel3unched our schools prograrnme in September. In May 2023 we were jointly awarded the prestigious, national Museum * Heritage Award lor Best LeaTnin8 Prograrnme for the work we are doing together. The number of schools visits for the academic yearfrom September 202¥23 was 13,481. The Thurnber for 2021122 was 9,258. with the growth reflecting both the strength of the ielaunched learning pro8r3mme and the increase in xhools VlSlting since the COVID-19 pandemic. The 2022123 numbers were 98% of the total ltrr the last full, ècademie year before C￿ld120181191. STEM and Br￿klandS Innovatlon Academy.. Durlng 2022 Broo￿aThd$ Museum developed the Brooklands Innovatlon Academy16IAI, whlch was launched In Mav 2022. It InspirE5 and supports over 800 secondary schuol students every year, to take yp rafeers in STEM subjetts, helping addre55 Dur national shortage of en8lneers and sclentlsts. BIA Is part of the Summer Sclence School pro8ramme, developed by Professor 8rlan Cox, Lord Andrew Mawson and Well North Enterprises. It Is being delivered at 8rth)klands In partnershlp wlth Bourne Educatlon Trust, Ashford and St Peters NHSTrust and Haleon, who is the lead sponsor for Ehe first two years of the programme. The maln event day on 29th November 2022 was supported by 20 businesses and education prowiders who delivered hands-on workshops, as well a5 dlverse. inspirational speakers from a range of englneering disciplines to 360 Year 8 pupils. Around 40 Brooklands Mu5eEtsm volunteer5 hdped to host the event. After a very suc￿$$fUl first year all the partnels commltted to contlnulng the wogramme In 2023, when the main event day will take place on 3 October, hosted in person at Bfooklands Museum, by Prof Brian Cox. During the year we wÈrÈ delI8ht￿ to form 3 new partnershlp wSth STEM Hub who lund BrooWand5 Museum to work wlth them Sn promoting STEM engagement to employers. ApprentI￿shIp% During 2022 the highly re5PKted Heritage Skills Acaderny continued theit apprènticeship trainlnE programme ai B¥ooklands Museum, to deliver over 80 apprenticeshlps a year, ill herita8e vehlc12 malntenance aThd re5tor3tion. This important partnershlpj which also include5 the Federation Ski115 Trust, en5ure5 that skllls needed for the future conservation of heritage vehicles, such as those In the Museum's Collectlon, are belng passed on. It also Btves BrooW8nd5 the opportunlty to work wlth others in future education and learning wogrammes. Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooldands Museum Trust Ltd Interptetatlon: The events programme is a key part of how the Brooklands story Is told presentlng OPPOrtunltles for the public to get invoEved in recreatinB the excitement of 8rooklands Ill It5 heyday, while using our Collectlon of Brooklands vehldes and alrcraft. Each year we hold speclal, commemorative events. In 2022 the Centenary of Speed was of partlcular note. This was a 100-year £nntversary celebratlng the last time a world 18nd speed r@£ord was set at rhe Brooklands Race Track on 17 May 1922. The celebratlon was or8anised with Natknnal Transport Trust and Natlonal Motor Museum and was attended by f3mily member5 of those involved in setting the 1922 world record. It was also the launch of Brooklands Innovation Academy* featuring four schools. This was supported by Andy Greer*, holder of the world land speed re(ord and Don Wales, McLaren Automotive and Mcmurtry. Two t)ew ev￿t$ were launched in 2022.. the Classlc Easter Gathering and German Day. The year also sawthe introduction of costumed Interpreters and further refreshed interpretat(on in the rnotoring village and the acoustics bvlldins. In addition, the￿ was consultatlon and preparation for a ttew exhibition about Barnes Wallis, which opened In May 2023. Collectlons: During the yearthe Museum a¢qulred sÉveral Interesting new objects for thE CDllection, including: A 511ver medal from the first massed start cycle race In Brltaln, whlch was held at Brooklands In September 1907,. boots owned by Totnwny 5opwith who founded a Ilylng school and then aircraft manufacturlng buslness at Brooklands and later went on to found Hawker,. three paintings by Herbert Smith, d¢51Bner of Sopwith aircraft includin8 the Camel, Pup and Snlpe,. BARC Engine Measurerfs notebook which belonged to H Weymouth-Prouse who responsible for Confirming the capacity of any non-St8nd8rd engine entered into a Brooklands r£ce.' a f8mily Sciapbook recordSng the explolts of Muriel Thompson. first winTrer of a women's race at Brookland5 in 1908. and her brother Oscar who also raced. New, long loans made duringthe year included famou5 Brooklands cars- Barnato Ha55an, which was the second fastest car round the Brookland5 circutt,. and Thomas Special, built at Brooklands by JG Parry Thomas for racing and Tewrd breaking. ci FUNDRAISING A ran8e of new Érants were recelved, and &rooklands Museum Ss 8rateful to all the Ind5vlduals and or8an15ations that are supportlng it5 work. DurSng 2022, £200,000 was ralsed towards the flrst two years of the Brooklands Innovatlon Academy. Giant appl&cations were also prepared durirhg 2022 to National Lottery Heritage Fund Dynamic Collections for Brooklands Stories Uncovered1£235,0001 and the Engert Watford Motor Museum1£135,0001 and we were 3warded both 8r3nts in January 2023. The Pioneers programme wa5 launched to encourège donations to support the developmeftt of the Masterplan, with c.£250,000 pledged or gtven In 2022. Overall. the amount raised exceeded the targetslor the year, itk part due to the hlgh level ol MeMb￿ShIp. We conEinue to be indebted to the many or8anlsatlons and companles who fund some of the Mu5eurn's work in 2022 3nd 2023, Includlne the DCMS, Arts Council EnEland, Natlonal Lottery Herltaee Fund, Surrey County Counc11, Elmbrld8e Borough Council, Naleon, Walton Charity, Su¥roy Educaiion Trust, Cargill, Federatlon Skills Trust, North West Surrey He3lth Alllance, Engert Watford Motor Museum, Brooklands Members, STEM Hub and to the many differÈnt or8anlsatl￿s who work with us on different elements ol our programme and activltie5. Brooklands Members continued to go from strength to strength. Membership had declined during the Covid closures and sti)od at 4500 at the end of 2020. By the end of 2021 this has recovered to 5826 and in Spring 2022 the number of households in membershlp exceeded 7000 forthe flrst time. On 31 December 2022 the total nurnber of Members was 7,158. The Members Commlttee contlnue to work with energy and dedicatlon to enhance the expertence of Members nd to 5UPPOrt the Mu5eum'5 attivity apd 8mbÉtions. Thè staff and trustees are ¥r&tefvl to thetn for all their eflorts. Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd BRAND AND hrtARKETING Brooklands Museum is relevant and appea15 to a wide range of audieThce5'. Heritage lovers respond to the exceptional experience, which brings to Ilfe ihe le8ends of Brooklands, theSr quest for speed and flight and their impatt on the world, on the slte where It all happened. Intergenerational families vllue the opportunlty io dlscover the hlstory of Brooklands 8nd its relevance to them, through interactive, immeTslwe expeilences and inspirlng stories. Enthuslasts and reseaicher5 a￿ drawn bythe in-depth IntÈrpretatlon, ￿entS and sense of communlty, In the place where world motorsport and 8rltlsh avlatlon started. Learner5, paTtners and buslnesses recognlse Br(M)klands as a place that fosters innovatton and ende3vour, promotes science, technology, engineerlng and maths ISTEMI, and Insplre5 the innovators of the future. The second sÈrSes of the TV show, Secrets of the Transport Museum. fil¢red entirely at Brooklands Museum, was alred on UKtWs Yesterday channel from February 2022. havin8 been filmed on 51te at Brooklands in the summer of 2021. Thls ralsed the Museurfs profi5e locally and nationally, and extended vlslbility and reach, at a tirne when Covid rneint the Museum was (￿sed. In 2022 the Museum'5 achievernents were reco8nised again wlth a TrlpAdvlsor Travellers, Cholce 8ward, glven to the top 1fft6 of attractions internationally. and when it was selectEd as a fina115t in the Beautiful South awards. Work continued on our brand partnership with The Penlnsula Hotel, London, antlclpatlon of Its opening In 2023 and wlth Brooklands Watch Company who launched thelr flrst, Ilmited edltlon chronograph in September 2022. The 2022 5urnmer marketlng campalgn.'An Incredlble Day OUV, was the flrst opportunlty to plan and irnplemeTrt a full carnpaign since the rebrand on the Museum July 2019. Thls was dtse to the Imp3Ct of cO￿d in 2020 ar¢d 2021. The carnpai8n hi8hlS8hted the stren8ths of the experlence identllied through research. particularly how much there is to see and do at the Museum. Attendance overthe summer was closeto pre-pandemlc levelsi perforrning better than many other museums. Focus was successfully malntained on encpura8in8 online, advance booking, slgn ups to our trnewsletters, converslon of vSsitors to Members. We launched our TikTok channel and BM,tv (Brooklands Members Wl took off In Èarnest on YouTube achleving 1.6m views to date. ORGANISATIONAL DEVELOPMENT Although ihe numberof ¢k>sed days In 2022 was much fewer than in 2021, the Museum did not fully revert to seven days per week openln8 lapart from durlng February half term) until the beginning of its sumn)er opening hours In March 2022. The New Yeafs Day Classtc Gathering event on January 12022 had to be postponed due to operational constralnts resulting from hlgh levels of staff and volunteer illness with COVKI. The event was instead held, very successfully, on Easter Saturd8y. In 2023 it ran both on New Yearfs Day and Easter Saturday. 2022 vlsltor numbers were 162,060 in Ine￿ase of 63,574165Yol over 2021 footfall. However, footfall remains be￿W 2019 figure5. down 12% on 2019 level of 183,636. Visitor iDcomÈ for the yÈar was £1,884,75412021,. £1,238.6521. To prepare forlhe developments whlch wlll be undertaken through the Masterplan and new buslnes5 plan, which Is belng developed In 2023, we introduced a new Museum Management Team to take responsibilitylorthe in-year runntng and improvement of the Museum. Thls is led by the Executive DirectOT and free5 up a slimmed down leadershlp team to focus on longer term issues and requirements. This has been extremely successful, wlth excellent Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd candidates appointed, rnanyfrom outside the museum sector, and has enabled much of the pro8ress made In 2022 and 2023. Work continued on the Museum's eoualiEyi dlverslry ancl incluslon strategy, Op&n Up Brooklatsds. The strategy ptnphasi5e5 workin8 tt make all thÈ Museum s 8CtlvStles, programmes, and exhlbitlons more incluslve and relevant tD a wlde ron8e of people. Work has already begun to integrate good practice across a range of areas including recrultment, marketlng, and learnln8. The Twstees attended a half day development session on EDI in February 2022, accompanled by representatives of the Members, Commirtee. This resulted in the reafflrmation of how Integral this work is to achievin8 thÈ Museum's vision to provide Inspiration to everyone. The Ignltlon proglarnme, defines the organisational culture required to achieve the Museum's ambitions, and the resulting commttment that the whole museum teaFN tnake to all custorners and visitors.. "Brooklund5 Llt its bes¢ every duy" This continues to be central to staff re(ruitment and induction and help5 the OFganlsation to focus on Improvin8 standards. Visitorfeedback durin8 the year showed a strong delivery a8alnst thts commltment, wlth high scores compared tQ Similar orgarblsatlons across all areas of vtsltor experlence. Part of thls strengEh cornes frotn the Museum's volunteer cohort, whlch numbers 4pproxlmately 800 people. They have alw8y5 been key to the Museum's care of Its slte, collectlons and the experlence given to vlsEtors, school groups and others when they vislt Brooklands. The trustees and staff are extremely grateful to all the people who volunteer their time and expertlse to asslst 8rooklands Museum in fvlfiS1ing its purpose. 2022 continued to see us strÈn8then relatlonshlps with the many p3rtners with whom we are delighted to work. Thls includes London Bus Preservation Trust, Herltage Skills A￿derry. Brooklands Cars Ltd, Brooklands Members, Mlddlechlld TV, Well North Enterprises. Bourne Educatton Trust STEM Hub and our neighbours at Mercedes Benz World, The Helghts 8ndJTI, as well as Amlcala Weybridge Itd who purchased the formerJTI slte during 2022. 8rookl8nds Museurn's overall 5trate8y highlights the need to establish a sustainable buslness model for the Museum where operatlllg surpluses are sufflclent to meet ongolng MaIntenan￿ and conservation needs, as providin8 sufficlent Surpluses to invest in new activities and mitigate a r&nge of ri5k5. Pre-covid the Museum dld not 8enerate surpluses for reSnvestment on a sustaSnable basis. Therefore, the challenge of the next few years Is to mowe the Museum operations to a positlon where thls Is possible. Our core focus on Increasln visltor numbers wlll help 8chleve thls, which delivers both Brooklands Museum'5 charitable purpose and supports the finances. 2022 and 2023 are seeing a complete review of the Museum's business model and the cre?tion of 3 busines5 plan to achieve thls. Work began In late 2021 when a comrnercial opportunities review wa5 undertaken by A Dlfferent Wew, and thls has fed into the development of a fIV￿year business plan in 2023, wlth support from consultants Brltton Mcfjrath. Plans for the Future Perlod ImplEmentlng the flve areas of our strategic plan will continue to be the primary focus ITr 2023 and beyond. Ma5terplan- Durlng 2023 we will consult with Statutory 3Uthoritie5 on the lon8.term plans for the Museum. We will coThtinue to work with third parties to develop the next stages tsf the plan to be implemented and hold a publlc coTrsultatlon on these plan5 later in 2023. Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Ernbedding the Vision- We will continue Eo develop and expand our award-winTring learnln8 PfO8ramme and STEM work through the Brooklands Innovation Academy which wlll run for a second year. We wlll commence a new, two- year programme funded by the Heritage Fund, to deepen our community eneaEement. We will develop a new e¥hibition about the innovation5 of Barnes Walli5 to coillcide with the 80th anniversary Df Operation Chastise at further develop our use of Costumed Interpreters. FundralslnE- Ouring 2023 we will commission a review of fundraising potential and restrwture our fundraising capaclty In accordance with its recommendations. We will conilnue to raise funds for the Pione2rs 8nd key acrFvlties suth as Braoklaftds Inntrvation Atademy. We w511 continue to work wlth the Brooklands Members committee to support the hS8h level of membershlp and engagement from members. Brand and Marketing- Foifowing ￿VEeW5 of marketing actiwity as part of the business planThing process, we will iavest in improvements to the online user experience and invest more in our rnarketing tearn. A Trew Marketlll8 Director will take up p05t duling 2023 and will develop a threewear brand and marketing strttegy. Organisatlanal Development- Conttnuing to invest In and 5UPPOrt Dur5taff and voEuntEers rernains at the heart of our priorities so we can deliver our pl8ns. We do thls throu8h our18llltlon pro8ramme. Alongslde thls we will develop a fNe-year busines5 pl3n in 2023, focusln8 on Increasln8 exlstln8 revenues as well as newopportunltles. Flnanclal Rtvlew The statement of flnanclal activltles for 2022 shows an In year, unrestrlcted operating defidt of £107,480 before depie(latlon. The depreclatlon charge was £293,510 Bwin£ an overnll unrestricted operating deficit of £400,990. This was an Improvemeni on the budgeted deficlt forthe year. In year there was 313rge, restrkted capitsl project that h8s been Capitalised. Restricted funds related to this capital project have been transferred to unrestricted. resulting in a net unrestricted surplus of £133,463. Total fund5 fo¥ the year, including restrirted funds, were a surplus of E349,709. Whereas in 2021.105se5 in visitor income frorn havin8 to close duiin8 the pandemic were la¥gely offset by £1,061,937 of Covid related Brant income and 2 reduetion In expendlture, in 2022 only £129,600 of COVID related grants were received. As antlcipated, expenditure returned to higher leve15, as the Museutn reopenpd to nearly pre-Pandemi leve15 but in£omÈ did not fully retover, although with attendance at 88% of pre-covld levels. 8rooklands Museym saw 5tron8er recovery than many comparators. The Trustees alloc8tod the surplus from 2021 to offset the planned deficit in 2022 and to enable capital project5 and rnaintenance work that had to be delayed during Covid. to be undertaken in 2022 and 2023. This work started ith 2022 with substantial and ur8ent renov*ion lo the Grade Il* Ibsted Clubhouse. which benefited from grant fundlng as well as a contributton fr¢)m Brooklands Museuin. In 2022 the Trust tendered lof business plan consultants and appointed BrittonMcGrath early In 2023, to develop a Ilve year business plan that will introduce new Income streams, Increase turnover and piofitablllty of existlng activity, and expand the Trust's fundralslng actEvlty, ThrouÉh this plan the longer-term financial resillence of the muS￿m wlll be assured by diver5ifyin6 In£omÈ streams and etiablinB hlgher overall levels of profitabllity. For ourtradlng subsidlary, Brooklands Limited. 2022 was a much busi￿ year, afterthe Covid related closure5 and disruptlon In 2021. Turnover reached *ts highest ever level at £lJ54,373 wth a gr05s profit of £943,874 and an operat1ne profit of £10,471. io Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Prln¢lpal Rlsks and Vncertalntles An ALtdlt Rlsk and Governance Committee is establlshed as 8 Sub-committee of the Board of Trustees. The comtnittee has two independent rnember5. A risk regisrer has been compllÈd by the Executwe team and is reviewed aTrnually by the committee. and then by the Tru5tee5. The rnost sisnlfltant rlsks are dlscussed. 8nd mitigat¢on strategies are reviewed. The current area5 of major potential rlsks to the Trust have been identified as the impact of the economlc crlsls effectlng the Museurns financial reglllence and maintenance of the aging snfrastructure. Financial resslience- To be sustalnable, the Museum must generate financial surpluses each year. The purpose of the business planning exercise is to identÉfy and then Implernent the changes necessary to achieve thls. The work is yet to be completed, but Sl8nificant opportunllles have already been identified and we are confldent that we wlll be able to i￿trOduce additlonal1ncome streams to achieve this goal. Ageing infrastructure-yhe Trust are working through a program of suiveys and costlngs for large p8rts of the slte, nitially concentratlng on those rnDSt at risk. Fund5 were allocated to urgent areas ol renovation In the Clubhouse dulln8 2022, supported In part by grants. During the year the Clubhouse bollerfailed, and thls was also replaced. In 2023 a new role of Property and Estates Manager has been created, whlch wlll enable greater progres5 on the surveylng and piioritisatlon of works required and the implementatSon of malntenance and renovation projects. Structure, GoverDaThce and Mana8emeftt Governlng Document The Trusvs governin8 documents are the Memrandum of Vnderstandlng and Artkle5 of As50£iation of 1987, as amended in 1999 and 2008. The Trusi Is a reglstered charityi UK Charity No 296661, and is a re8lstered UK company, registered number 2109945. The Trust has a wholly owned subsidiary trading company, Brcrf)klands Llmited, resistered number, 2321226.The Brook18nds MembÈrs organlsation also functions as a wholly owned activity of theTmst. F￿rtherffl0re, the Trust has a wholly owned non-trading sub51dlary cornpany Brooklands Vlmy Inc Incorporated in the State of Delaware In the USA and whose sote PUTP05e is to own Sis Vickers Vimy repllca alrcraft, on the Museum'5 behalf. Appolntment of Trustees CurrentTrustees The Trustees corne from a wide varlety of backgrounds. rellectinE thetrust's de51re to have as wide a set of skllls and experlence available as Is posslble. During 2018 the 8oard undertook an audit of their skills and drew up requirements for newTrustees to fill vacancies on the Board. An open recruitment process was undertaken In early 2019, led by search Company OdsErs. Thls rosulted In the appointment of four new Trust￿ who brlng ski115 to the Board in the are3$ of aerospace en8lneerlng, marketlng. STEM learning arbd flnance. Subsequently a further Trustee has been appointed wlth extensSve business experien￿. This has significan1￿ strengthened the Board. Thi5 has been supplemenied by consultation on a newwsion and direction for the Museum Sn Sprlng 2021, which incorporated consideratlon of key Interpretation theme5 and a new Masterplan for the $5te as Èt develops. Trustees Emerltus and Vlce Presidents The Board retatns In an hDnorary a(fvi50ry Capaclty a number of retired senior Trustees, who are Invlted to attend occasional Board meetings and, especlally, contSnue to a5515t the Trustees and staff wlth fundralslng. The current Trustees Emeritus are.. Lord Trefgarne, Prof Michael Joy OBE and Stewart John OBE. Allan Winn and Sir Mlchael Kadoorfe are Vice Presldents of ihe Museum. li Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Prlnclples of Recrultment for New Trustees The principle is to maintain the widest possible sets of skills and experience relevat)t to the Museum's business. Key rets in which the Trust seeks to maintain strength are finance, business management, marketlng and herltage. with a balance of aviation and Motoring interests. A Remuneratlon anrl Nomlnations Sub-committee mmposed of four TFUStees handles this proce5S, 3nd makes recommendatlons to the lull Board on new appointments. Trustee Induction and TralninÈ New Trustees are Introduced into rhe trust's actlvltles Ehrough a brleflng on their role and the business ol the company from the Company Secretary and a brlefin8 on the artivlties of the company from the Museum CEO. All appropriate declarations are obtalned from new Trustees by the Cornpany Secretary. Copies of the Charity Commission's guldellnes re available to Trustees. IN February 2022 the Board took part in a half day discussion and tiainin6 Session on eouality, dlverslty and inclusion. Trustee Indemnllv Professlonal Ilability irlsurance of £lm Is in place through Ecclesiastlcal Insuiance. Organlsailon The Dlrector & CEO reports to the Board of TTUStees and heads the staff stwcture. Reporting to the CEO 15 a senlor management tearn which durin8 2022 comprlsed ol the ChSef Operatlng Officer, Finance & Support Services Dlrector, Oirector of Engagement and Hèritage, and Marketing Dlrector. Durlns the year the Chlef Operatlng Offlcer resigned and the D¢rector of Engagement and Herita8e was promoted to a new role of Emecutlve Director. bringing operations and estates within their remtt, in addltlon to engagement and herltage. The Flnance & Support Servlces Director took responsibility for tatering and hospliallty when the Chlef Operating Offlcer resigned. A total of 88 fulktiwne equivaleat slaff were employed bythe Museum In 202212021..511 wSth 26 FTE of the addStional role5 bein8 In customer facin8 and Income generatlng role5, reflectlng the substantlal increase In d8ys in which the Museum open and overall activity between 2021 and 2022, as thln8s restarted after the p3ndemic. A large number of volunteers support the Staff In numerous ways. AlthO￿h the number of volunteers reduced during ihe pandemi( to c.600, durin8 2022 they rose agaln, prlmarlly through the recruitment of new volunteers, reaching the pre-pandemic level of c.800. The Trustees are grateful to the staff arhd volunteers for their collective and personal contrlbutlons to the Mu5eum'5 succe5S. Related Partles and Co-operatlon wlth Other Oryaolsailons Any COnn￿tIon between a trustee or Sen￿r mana8Èr of the charity with a supplier or customer must be disclosed to the lull board of trustees. In the turrent year no such related party transactions were teported. Pay Pollcyfor Senlorstaff The Trustee5 are e55entially the non-ÈxÈcutfv& Board of the Trust and directors of the tompany. They Elvetheirtime freely and no dI￿tOr recelved rernuneratlon in the year. Detai15 of directors, expertses and related party transgctlons are dÈsck)5ed In note 10 and note 20to the accounts. No director5 rece1ved expenses or hHd and rÈlated party transactions during 2022. The senior management team (the Director & CEO and three other senior members of stall) comprise the key management personnel of the charity, in Charge of dlrectlng and controlling, running and operating the Trust on a day to day ba5¥5. The pay of the seniorstaff 15 reviEwed alon8 Wlth that of 311 employees on a regular basi5 and increased It) accordance wlth average earfiin8S tnovetnents but increases are also informed by the trading p051tlon of the Museum. An element of any budgeted pay Increase for staff Is reserved for merit increzses over and above any general increasÈ. All such increases are set wlthln the agreed budget limit by the Director & CEO in con5ultaticn with the senlor management team. The salary of ihe Director & CEO Is set by the Rernuneration and Nominatlons Sub-commlttee of the Trustees. 12 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooldands Museum Trust Ltd Publlc Benefit The Trustees have had due regard to the Charity Cornrni5sion guidance on public benefit. A5 a re8iSterÈd charity, rooklands Museum Trust takes very 5eiiously its re5pon5ibilities for deliveriTr8 4 clear and tanKlble publlc beneflt through its actlvities. The princlpal are£s in which it delivets thls beneflt are defined In the activities to achieve its aims and objE¢tives as detailed at the st3rt of the report. Prl¢lng Pollcy The Museum's management strlves to achieve o balance between 8eneratlngthe funds required to m8inlasn and develop Its herlt8ge assets and makin8 the Museum's dlsplays and activltles accessible to the widest POS5tble audience. To achieve this balallce. we try to keep the core admission price in line with similar attractlons and comrnensuTate with cov￿1￿8 Museum runnlng costs, while Creating premium revenue opportunities such as the CoTrcorde Experience to enhance overall aver88e yield per visitor. We also encourage as many visitors as posslble to Gift Aid their 8drnis510ll. Ileserve5 Pollty and GolnB Concern Brooklands Mu5eurn'5 policy t5 to hold cèsh funds for a variety of purposes. descrlbed In its funds and r￿elveS policy. The 5ntendecl funds fall Into thiee broad categories.. Unrestrlcted Funds, providing the operatin8 cash requlred for day-to-day runnlng of the Museum,. Deslgnated Funds, determined by theTru5tees from time to time to plan for the Museum's future needs.. and Resrrltted Funds, restrlcted to a speclfic PUTpose and which can only be used for that purpose, for instanTr a5 a conditlon Df a grant. The deslgnated funds are built uplrom Income thatthe Museum recelves, whlch Is outslde the revenue streams Included In the operating budget and is not Restricted. Cash Surplus￿ atthe end ol the flnancial year may be allocated to designated funds. The nature of the desl8nated funds and amounts allocated to them can be deterrnifted and amended by the Trustees in atcordance wlth thls pollcy. Currentlythe Mu5eurn holds the rash reoulred for Its ongoing operations and day.to.day needs. Thls tash Indudes the bank loan taken out under the 8tsvernment-backed Coronavirus Business Interrup¢lon Loans Scheme ICBILSI. The other funds all need to be bullt up as resources allow. by balanctng the Museum's future need5 Wlth the current requirements. Restricted Reserve5 comprise funds commkted for speclflc purposes under tem)s set out by the Third Partie5, for instanTr donors and funders. The Trustees have consldered curretrt and lIke￿ future tr3dSng through to the end of 2024. Taklng account of avallable cash resources, they have concluded that It Ss appropriate to prepare the linanclal statements on a goiTrg concern basls. FuDdralslnB The Charity is Trot a member of The Fundraising Regulator, who hold the Code of Fundralslng Practi￿ for the UK. However, our approach to fundraising 15 to ensure that, where practically p05siblÈ, WÈ comply wlth the standard5 as set out In the Code across all of our fundraising activity, in¢ludln8 those relatlng to vulnerable donors. We do tbtst use any thlrd party professlonal fundraisers to approach potential donors or supporters although we have worked (n partnershlp with Well North Enterprtses to secure support for the 8rooklands Irknovation Academy. All fund¥8i5ers are required to dermnstrate an understand5ng of the Code and make a commitment to uphold its values when theyloln the Museum. We did not ￿￿e1ve any iomplaints thls year relating to Fundr3isin8. 13 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Trustees, Responslbllltle5 In Relatlan to the Flnanclal StatemeTht5 Company law requlres the Trustees to prepare financial 5t3tements for each financlal year. Under that law Ehe Trustees have elected to prepare the financial statements In accordance with United Kin8dom Accountln8 Stanilards and applkable law Iunlted Kingdom Generally Accepted Accourlting Practice). includlng Flnanclal Reportlng standard 102 'The Financial Reportlft8 Standard applKable in the UK and Republic of Ireland,. Undei company law the Tiustees must not approve the flnancS8l statements unless they are satisfied that they g1ve a true and fair view of the srate of affalrs of the charlty and of the surplu5 or deficit of the company lor that period. In preparing those flnancial statements, the Tfustees are required to.. select suitable accounting policie5 and then apply them conslstently,. bserve the methods and princlples in the Charitles SORP- make judgements ènd estimates ihat are reasonable end pwdent: prepare the f1nanclal statements on the 80in8 tontern basls unless It is Inappropriate to presume that the company will continue in business. The Trustees are responslble for keeplng adequare accountlng records that are sufficient to Show and explaln the charit15 tran5artions and dI￿105e wlth reasonable ac(uracy at any time the financial positlon of the charity and enable them to ensure that the flnanclal statements comply with the Companles Att 2006. They are also responsible for safeguardlng the assets of the charity and hence for taking reasonable 5tep5 forthe preventlon and detectlon of fraud and other irre£ularltles. In so far a5 the directors a￿ aware.. there Is no relevant audit Information of which the charltls audltor ts unaware., and the dlrectors have taken all steps that they ought to hawe taken to tnake themselves aware ol any relevant audlt Information and to establlsh that the auditof is aware of thÈt Inform8tlOD In approvlns the TrL4Stees Annual Report, the tNstees also approve the Strategk Report In their capacity as cotnpany dlrector5. Auditors Menzie5 LLP are deemed to be re-appointed under settion 487121 of the Companles Aci.2006. Approved by the Board of Trustees. Secretary Trustee Ilphi .2023 14 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museun) Trust Ltd IndppEndent audltor report to the mernbers of Brookland$ Museum Trust Umlted Oplnlon We have audited the financial statements of Brooklands Museum Trust Limited Ithe'parent charitable company'l and Its subsidiarie5 Ithe'eroup'l for the year ended 31 December 2022 which compwi5e the Con501idated statement of Ilnanclal activitles, the Consolldated balance sheet, the Company balance5heet, the Consolidated statement of cash flows and the lated notes, InclÈ*dlng a summary of significant accounting policie5. The financial reportinB framework that has been applled In their preparation is applicable law and United Kingdom Accountlng Standards, Includlng Financial Reportin8 Standard 102 The Financial Reportlng Standard applicable in the UK and Republlc ol Ireland, Ivnited Kingdom GerÈerally Accepted Accounting Pract1cel. In our opinion the financlal statements.. give a true and fair vlew of the state of the Group's and of the parent charitable cornpany's affairs as at 31 December 2022 and of the Group'5 incoming r&ourceg and appllcatlors of resources. including its income and expendlture for the year then ended,. have been proper￿ prepaied In accordance with United Ktngdom Generally Accepted Accountlng Pracilce,. and have been prepared In accordance with the requirem¢nt5 of the Cornpanles Act 2006. Basls for oplnlon We coaducted our audlt in accordance with International Standards on Audlting IUKI IISAS IUKII 2nd applkable law. Our responsibiltties under those standards are further described in the Authtor5' responsibilities for the audit of the flnanclal statement5 sectlon of our report. We are Independent of the GfOUP In accordance with the ethical requlrements that are relevant to ou¥ audlt of the financial statements in the Unlted KingdDm, Includlng ihe Flnanci81 Reporting Council's Ethical standard, and we have fulfilled our other ethical responsibilities Sn accordance wlth these requirements. We believe that the audlt evldence we have obiained Is sufflcient and appropr4aie to provlde a basls lor our Opin￿Tr. Concluslons relatlng to golng Concern In audltlng the financtal $tatements, we have concluded that the Trustees, use of the 8oinB concern basls of accounting In the preparation of the flnancial 5taterneTrt5 is appropriate. Based on the work we have ￿rformed, we have not Identified any material uncertalnties relatlngto events or conditions that, Indsvldually or collettivelyl may cast slgnifTcant doubt on the Group's or the parent char5table company's ability to contlnue as a 80in8 toncem for a perlod of at least twelve months from when the financial statements are authorlsed for issue. Our resp0Tr5ibilsti@s and the resp)nslbilities of the Trustees wlth respect to golng concern are described the relevant section5 of thls report. Other Informatlon The other Infomiation comprises the Informatlon Included in the Annual report other than the financial statements and our Audltors, report thereon. The Trusiees are responsible forthe other ithforFllation cont4ined wlthSn the Annual report. Our oplnlon on the flnanclal statements does not cover the other information and, ex¢ept to the extent otherwise expllcitly stated In our report, we do not express any form of a55ur8nce concluslon the¥eon. Our responsibility is to read the other informatlon and, indoingso, considerwhethertheother Informatlon 55 materSally inconsistentwith the financial statements or our knowledge obtained in the course of the audit, Or otherwlse appears to be materi8lly rnis5tated. If we identify such maierial inconsistencÉes or apparent material rnisstètements, we are requlred to de¢ermir¢e whether thi5 gfves rise to a material misstatemeEkt in the financial Statements themselves. If, based on the work we have performed, we conclude that there is a material rnis5tatement of this other Infom)ation. we are reouired to report that fact. We have nDthlng to rewrt in this re8ard. 15 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Oplnlon on other mattels prescrlbed by the CompanÉEs Att 2008 In our opinion, based on the work undertaken in the course of the audit: the information given in thE Tru5tÈÈs' report including the Strategic report for the financial year for which the fin8nci31 statements are prepared is COnSlStent with the financial st3tement5. theT¥u5tees' reportand thestrategic report have been prepared in 3ccordance with applicable legal ieouirements. Matters on which we are re4ulred to report by exceptlon In the light af OLsr knowled8e and understanding of the charltable company anij its environment obtained in the course of the 3udit, we have not IdÉntlfled material M￿Sstaten)entS In the Trustees, report including the Strateglc report. We have nothin8 10 report In respert of the followlng matrers In retatlon io whlch Companles Act 2006 requires u5 to report to you if, in our oplnlon.. the paient charitable c(pmpany has not kept adequate and sufficlent accountlng records, or returns adequate for our audit h?ve not been retÈivÈd from branches not visited by us,. or the parent charltable company financlal statements are not In agreement wtth the accountln8 records and returns- or certaln dlsclosure5 of fntsstees, temunerailon spocifSed by law are not rnade; or we have not received èll the Informatlon and exp18nations we requlre for OUT audit. TheTrustees were not entltled io prepare rhe flnanclal statements In 3CCOTdancewith thesmall companies reglme at)d take advantsge of the small compan1es' exemptlon In preparing the Directorg, report. Re5ponslbllitles of Trustees As eKplained more fully in the Trustees, respoTrsibllitie5 Statement, the Trustees Iwho are also the dlrector5 of ihe charbtable company forthe puip05es of company lawl are responslbleforthe preparatlon of the flnancial statewent5 and for being satlsfied that rheyglve a true and fairvlew, and for such internal control as theTru5tee5 determine Is noc@ssary to et)able the preparatlon ol financial statements that are free from rnaterial misstaternent, whethET due to Fraud or error. In preparlng the flnanclal statements, the Trustees are responsible for asse5Sin8 the Group's and the parent charitable company's abiltty to continue a5 a Boin8 concem, (Jlsclosing. 3$ applicable. matter5 related to goln8 conc&m and u51ng the golng concern basis ol accounting unless the Trustees either intend to liquldate the Group or the parent charitable company or lo cease operatlons, or have no realistic alternatlve but to do so. Audltors, responslbllltles forthe audlt of the flnancial 5tatEmeThts Our objectives are to obtain reasonable assurance abokEt whether the flnancial statement5 as a whtsle are free from materlal mi55tatement, whether due to fraud 01 error, and tt> issue an Auditors, report that includes our oplnlon. Reasonable assurance Is a high level of assvrance, but is not a guarantee that an 8udit conducted in accordance wlih ISAS IUKI will always detect a m3teri31 mssstatement when it eKlSts. MSsstatements can arise frorn fraud or error and are considered material if, individually or in the a8sre8atÈ, they could reèsonably be expected to Influence the economic decisions of users taken on the ba515 of these financlal statements. Irre8ular*ties, including fraud, are Instances of non-compllance wtth laws and regulations. We design procedure5 in line with our responslbilitie5, QUtlinÈd above, to detect material misstatements in respect of irregularities, 1￿cludIng fraud. The extent to which our pro£edu￿S are capable of detectinB lrre8ular1t5￿, includin8 fraud is detailed below.. The Group and parent charitable company are subject to laws and regulations that directly affect the flnancial 16 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd 5tstÈments Including financial reportlng leglslatlon. We determined that the lollowing law5 aThd re8ulatlons were most slgnificant includin8 the Charitles Act 2011, Employment Law. Health and Safely le8lslatlon, and the Food SafÈty Act 1990. We assessed the extent of compliance wlth these laws and regulations as part of ovr procedures on the related linaftclal statement items. We understood how the Group and parent ch3ritable company is complyinE with those legal and regulatory framework5 byj makin6 Inqulrtes to management. those responsible for legal and compliance procedures and the company Secretary. WÈ corrobor8ted ovr inquiries through our review of board mintjtes. The engagement partner assessed whether the en8agemeE)t team collectively had the approprlate competence and capabllities to identify or recognise non-£omplianc@ wlth laws and reBulation5. The assessment did not identify any Issues In this a￿3. We assessed the susceptlbllity of the Group and parent charltable compan¥l5 financial statements to mareiial misstatement, including how fraud might occur. We tonsldered the opporttsnities ènd incentlves th8t may exist wlthin the organisatlon for fraud IdentlfSed the greatest potential for fraud In the followin£ a￿3$.. > Posting of fraudulent journal entrl > PrJ5ting of fraudulent payments and recelpts In the accounting software yb AuthorisatlOnJ proce55in81 and payment of fr3udulent expenses > Tlrnlng of reveTrue re¢o8nltlon Al￿1t procedur& performed by the engagement team included.. > Identifyin8 and assesslng the design effectlveness ol coTrtrols mana8ement has In place to prevent and detect fraud.. > ilnderstanding how those charged with 8overnance tonsldered and addressed the potentlal foroverrlde of controls oi other inappropriate Inftuence OVEr theflnancI81 reportlng proces5.' > Challenglng a$5umptions andludgment5 rnade by man38ement in Its signifitarst atcountlng estlmates,. and > Identlfylng and testing journal entries, in particular any Sournal entrles posted with unusual attount comblnations. Because of the Inherent lirnitatlons of an audlt, there is a rlsk that we wlll not detect all irregularltles, InclydÈn8 those leadingtrj a m8terial misstatement In the Ilnancial statement5 Qr non-compltance with regulatlon. Thls risk increases the more that compliance with a law or regulat5on is removed from the events and tran$8CtIDns reflected ITr the financial statements, as we wlll be ￿$$ Ilke5y to become aware of instance5 of non-compllante. The rlsk is also greater garding Irregularitles occurrlng due to fraud rather than error, as fraud involves Intenth)nal concealment, forEery, collusion, omission or mlsrepresentatlon. A further de5criptioTr of Dur responslblllties for the audit of the flnanclal statement5 Is located on the Financial Reportln8 Counc%l'5 web51te 3t.' www.frc.org.uVauditorsrespoThs5blllties. Thls description forms part of our Auditors, rèport. Use of our report This feport Is made solely to the charitable company's members. as a body* in accordance wlth Chapter 3 of Part 16 of the Companies Act 2(M)6. Our audit work has been undertaken $0 that we mlght State to thÈ ch8rStable company's members those matters we are required to state to them in ar& Auditors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assurre re$￿SibIlItY to anyone otherthan the charltable company and its members, as a body. for our audlt worK forthls report, orfor the oplnlons we hive fDrmed. Do¢uS￿dn•d by. JANICE MAThHEWS FCA Isenlor StatutoryAuditorl For and on behalf of MENZIES LLP Chartered Accountants and Statutory Auditor 634F24DE92A4471 22-Sep-2023 Centrum House, 36 Statlon Road Egham Surrey TW20 91F 17 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd eROOKLM4DSMU5EIFMTRysfLTD coB$olldat&d $144m+htof finantia1att￿￿ies.YeJT ended 31 Dol￿￿ts￿r2•1t Note UTrrestrl¢ted Reslrtctred Unre3tTIL*ed R85trktBd Funtk Funds oec2022 F￿ndS Fund5 Dec2021 T￿81 Tot Inr any impaimient In value. Stocks Stocks, bein8 finlshed goods and 8oods for resale. are valued at the lower of cost and net reallsable value. 23 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E BrooklAnds Museum Trust Ltd Debtors Trade and other debtOf5 are reco8nlsed at the settlerner*t amount due after any irade dlscount offered. Prepayments are valued at the amount prepaid after taking account of any trade dlscounts due. Credltors and provlslons Creditors and provisions are recognised where the charity has a present obllgation resulting from a past event that will probably result In the transfer of funds to a third party and the amount due to settle the obligatlon can be measured or estimated rdiably. Creditors and provision5 aTe normally recu8nlsed at their settlement amount after allowlng for any tr8dÈ discounts due. Flnanclal Instruments The group only has financial asset5 and liabllEtles of a klnd that qualify as bas¢c Ilnanclal instruments. Basic financi31 inStruM￿t$ are initlally measured zt tran58Ction value ar&d subsequently rneasured at thelr settlement value. Deferred taxatlon Jeferred tax is recognised in respettol all tlmlng difference5 that have orlglnated but not reversed gt the balance sheet date where tran$8Ctlons or event5 have occurred at that date that will result In an obli8ation to pay more, or a rlght to pay less or to receive more tax. 5. lficome from Donatlons 2022 2021 Donatlons CoTPDrate donadons ieRacv Oonatlon f un4ralslni Donatlon5 Govèrnment grat)t$', Coron3vlrvs Job Reteotlon Scheme SME Restart Kick5tsrt Grant- Surrey Chambers Of Commerce DofE- Apprentice rebate Councll- Culture Recovery Fund 71,931 28.402 552 87,488 829,968 20.ODO 1,780,142 76.537 3MOO 3,256 3.000 129,600 982.400 2 007 929 2 008 347 Of the£Z,007.929 recdved in 202212021: £2,008,347) £1.032.926 was held In restrlcted lunds12021.. £167,854) 6, Income from Charltablé Actlvltles Unrestrlrted fuods 2022 Unrestrlcted fund5 2021 Gate revenue Slte hlre CDncorde Other incotninz resource5 1,512,488 52,792 114,892 I￿11.879 45.989 63,614 59 1 146 994 24 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooldands Museunj Trust Ltd 7, Income from Tradlng Actlvltles The wholly owned tradln8 subsSdiary B¥ookland5 Ltd is incorporated In the United ￿ngdoM (company number 23212261. tts reglstered office is the same as Bfooklands Museum Trust Limiied. It pays all of Its profits to the charttv under the gift aid scheme. Br￿)klandS Ltd operates the Museum Shop, Brooklands Concorde Slmulator and all caterlng activitlès Dnslte. A summary of the trading results Is shown below. The re8lStered ollice of 8rooklands Limited 15 at Brooklands Museum. Brooklands Road, Weybridge, Surrey KT13 ON brooklands Llmlted Dec-22 De¢-21 Turnover Cost ol sales Gross pioflt 1,854,373 910 499 943.874 987.202 409 990 577.212 Admlnlsiratlve expenses 1933,4041 1543.8361 Oper&tlTrg profit 10,471 33.376 Interest rErelvable and slmllar Incomè Inter&t tkyable and slmllar charge5 Glftild to parent company 892 13 Profit (Loss) on oidlnarv aftlvltles beforè taxatlon li 63 Tax Ichar%el on proflt on ordlnary a¢￿vItIes Tax rellef In respect of Glft Prlor year adiustrnent optnlnE reialned earn11￿5 162.8911 196,2801 Payment to p*ent tharlty made under the gift ald sfheme Tax rellef in %ift aid payment mède Retalned protit carrlpd forward si 28 At theyearend the aggre8ète assets of Biookland5 Umited were £475,24312021.' £532.4861. aggregate liabilitles £526,671 12021.. £595,2771 and shareholder funds1É62,7911.12021..1£96,1801- Prolectlons for 2023 iftd￿ate a retained surplus in 2023. 8, Expendlture for the year Ihe Group ThÈ Charlty DÈ¢-22 Detr21 Dec-21 Tree*pe￿LI1tUre lor ¢hÈyear Includes- Audiior re￿￿Ther1￿0 -audirfee5 -tsxaUon 3nd other eonsulrancy - othw seNlces Depreclauon.. In Year 21,175 510 2,766 293 510 317,961 16,950 1,225 4,8Z8 16.975 12,750 715 4,828 214 265 232 558 2,766 273 978 293 719 246,690 25 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Allo¢atlon of expexses (excludes restrlcted experKlTrturel Cost olcharltable ctlY*lés- Musewn curatorialand restoratloTr costs Cost of chawit¥ble artlvllles- Marketkng& Muse¥m Operatlons Cost of gener￿l￿gfUnd5. nd i¥￿ngrA+sts Gwup Unrestrlcted Totsl 2012 Staff to$ts rettcosts Flnance Markett￿g Insurance IT& Comms 77,553 80,158 393,930 48a,870 1,167316 I,iaoM23 64,446 169,931 I￿38.799 I￿94￿51 12.778 182,709 96fi12 IS￿64 402008 96,612 15,564 280?39 19,914 101,155 Support Cost5 42.S33 216,045 600P24 858,602 Totsi Unrestrlcted 232 936 1.291612 3N29 43 4 9$3 591 Z021 staff tOSt5 t4fKICosts Finance Markelilg In5uran¢e IT& Comms Facllltles 63,475 240025 345,265 723,771 749.2LS 32,620 101.695 lJ)18.071 1094rt80 32,620 135,593 87.697 16.509 239309 33I98 8Y.697 16,509 142,521 20075 75,913 Strpport Cosis 48,676 177.009 555,026 780,711 Total Unre5trided 166 24 916 709 57 *including the costs of the tr8dlng subsidiary Brooklands Ltd (Note 71 Support ¢ost$ wmprlse the followln8'.- 2022 2021 Sraff costs Flnance Insurance IT & Comrt Adminlstratyon 441,255 72.834 32,204 62,254 64,976 113,307 71,770 343,189 71,954 29,232 66,037 40,511 112.866 116,922 Governance 858fi00 710 711 Support costs are spllt between actlvltles in li newith stsff salaries 26 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd 10. Informatlon regardln8 employees The Group a￿d the Charltv Detr21 De¢-2Z Awdrage No. Oee-2Z Aver4¢e No. Oe¢-21 FTE Group Avw38e number of p¥sons wnDloyed.. Ailmini5trafjon & Fundralsln8 Slte & S￿vrItY Coll2ctlon5 & Herita8e Generating F￿n￿5 i¢èrnlr¢E &Visitor Ser￿ceS 18 16 75 41 57 31 109 51 0Èc*22 Dw21 Group Employee rosts d¥rlngtheyea*'. W3Re5 3ffld Salaries Sv¢ial securltycosts Conti)b￿lIOn to deflned conirfjbutioo penslon schem Redundancycosts 1384263 209,438 71,032 1,497,596 128,710 46,401 2 664 733 1672 707 The Group and the (￿arIty OÉc-21 D8Tr22 Dw22 Averw No. DecQl Chailty Awer4ge No. Average n￿n￿er ot persons employed.. Admlnlstr311on & ¥undralslTr£ Slte& Se¢urllV CDllectloThs & Herltage Ge￿eratIll￿ Funds Learnlng & Wsltorseivlces 18 16 34 21 26 16 57 36 DeTr12 tseTr21 Charky Employeecosts durln8theY¥r'. Wa£es and salaTie5 5o¢lal se¢¥ritycosts Contributlun LO dellned coniributlon pernslon scherne5 RetsUnd3￿y COSIS 1.833,325 166,299 56.242 1,198.246 105,271 38.365 055 866 1341 882 Durlng the year Z employeès were pald emolument$ In exces9 of £60,(￿0 a5 follows.. 20Z2 2021 No In the range of £70,￿0 to £80,000 In the rangeof £60,WO to £70.(XIO Key management personnel of the charity dvrlng 2022 comprlsed ol the Director & CEO, Executive Director, Director of Finance & Supp)rt Services. and Ma¥kÈtSng Dlrector whose employee costs total £274,09812021.. £286,089) Duilng the year, no Trustees received any rernuneratlon or other benefits12021- £NILI. Durlng the yeai ended 31 December 2022, ThoTru5tee expense5 h8ve been incurred12021- £NILI. 27 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd 11. Tangible flxed assets MwsÉum f¥h￿lts ske and bulldl art•nd oqulprnent Exhibhs rot Grouy Cost.. Ati JènuAiy2022 ditions 1,406.184 soo 675NOE ID275,441 954.311 1.998,171 3E,925 14.455.205 3,736 At31 DecembEf 2022 A￿￿￿ulatOd depredaiion.. Ati Ian￿￿ryI022 Charp£lor theyeir li 675.408 2,246,725 149.652 883.575 43.857 3,E05.708 293.509 At31 2021 NÈ¢ hoDkvabJe'. A13k Oecembtt 2022 1,406,6E4 8*33,375 1.1fy9.665 11349,724 A131 Duembd 2021 498 Muswm ExNbT¢S 5k•and bulWlnBS equlpmeni TOt41 Ml Aanuiiy 2012 AdtkUon5 sposJ15 At31 0Écornber2022 A(rumui*ed dÈprè(latkn'. M 114wary 1022 Chal￿for theyvar IW6,184 SOD 675AD8 10,375,441 Y54Jll IffiSS,E27 8.690 14,113,#60 965,701 li 77 675A08 2.246,725 249ffj52 56&241 14.326 3119D,375 273,978 At31 OwtrnbEr 2012 Net bo•kw￿￿￿'. At31￿￿emL￿ 2012 IA06.684 8,833.375 I￿73.[49 11,41a,208 At31 r*reMbèr 2011 12 Site Ireehol valuation The Museum holds litle of the Museuffl 51te freehold havlng been the benellclary of a generous traTrsfer from Japan Tobaccc lTrc In 2010. The property was valued on an existing use basis by reference to its e4rnlngs potentlal by Matthews and Goodman LLP. The propwty Is owned subject to the Covenant that ITh the event the sSte, or any part of It, Ss sold for redevelopment fr>r commercial galn, all prweeds revert to the donor, Japan Tobacco Internatlonal. Thevaluation vf £1,650.Tr)O. included In the site and build¢ng5 Costs brought forward, has been calculated on the basls that the title is unencumbered and free from any onerou5 or restrlctive covenant as to its use. However it has been assumed thar the site would contlnue to be used foi herltage purposes. The carryÈng value of flxed assets whith are pledged as security for Ilabilities Is £11,349.72412L121: £10,623,485). 28 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd 12. Heritatte A$set$ VkntaBe C¥5 rcr* MOtorqtlÉs Icy<*5 33,233 C05E Atl Jah ID22 diti4nS D1$posals Depreciatton At31 Det 2022 F[￿-b￿ar￿umm3ry¢rh0rlt•￿¥ Ismttyans￿CsonS 956*3 416,368 5QO 956 583 2022 5CM) 2021 D20 2019 L491 2018 9￿$8 dlbi)ns Donat1¢n5 5CM) 92 s6 bposa 91191 P4390 Salfs proceeds Other than disclosed above, the rnalority of transaction5 ift ephemÈr3 during the perlod were acqulsitloThs by doThation. In the Trustees. view, the value of these donations is not materS8l and obtaining a current valuation would involve disproportK>nate cost. Herlta8e #$sets management poll¢v The Museum display5 a collection of over 100 vehlcles, over 30 motorcycles, nearly 40 aircraft and over 100 bicycles which reflert the history of BrDoklands. All of these items are on displayto the publlc. The Museum also holds a laTge coElection of motoring and avlatlon ephernera assoclated with the hlstory of the slte. Thls collection compri5E5 some 50,000 iterns Including manuals, tiophiès, b8dges. models, furniture workshop equiprnent, prints, paintings and drawings plus a Ilbrary and extenslve photo and technlcal 8rchive. 29 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd 13. Investments Company IOOordlnaryshère5 In 5ub51dlaiycompany 3t CC>S115tlanyaiy2022 and 3lstvtt￿ber 2021. loo Debpnwreloan [eCUr￿ In 5ub51dièrycempJny ?tlsrJanyary2022 aRd 31Sti*èmber2022. so.￿0 The Investment amount of £SO,000 (December 2021- £50,0001 is in respect of a debenture loan made to Brookl4nds Limited, the tradlng subsidi3ry of Brooklands Museum Trust Lirnited. This debent￿re loan was for a period ol S years vJ¢th the balance repayable Sn full èt the end of the term,. however in pracrlce it is renewed on a rolling basis Upon the date of eKPiry and Ss therefore due in more than I year. It is rherefore considered to be a fixed asset Investment. It 15 secured on the assets of the subsidiary company and intpre5t is charged at 1% above base rate arbnually. Subsldlary Country of Incorporatlon Artlvlty Percentsge ol Ordlnary shares held Brookland5 Ltmited En818nd and Wales Caterin& conferences, shop alld merchandise relating to the Brooklands Museum loo% The result5 of this subsldlary are shown in Note 7 to the accounts. 14. Capltsl Commltments At 31 December 2022 there were capltal commitments of E90,000 relatln8 to a boiler UPBrade in the clubhouse131 December 2021. Nill. 15. btors The fyoup Dec-22 The ChaYliV Dec-22 0tr21 De¢-21 TraOedebtor5 Amount owed by$ubsldlary undulakln8 Taxauon and soclal seC￿rI￿ Prepaym￿t5 arnd accrued 1￿come 110.9S8 47,295 98,222 206￿6 140327 59354S 38,694 368,387 1S,666 216,164 52.080 593,545 20,522 237,015 304 32 64 16. Credltors.. *m￿r￿S lalllng duewlthln one yeor The Group D4ts22 The Charfty Dec-zl Dec-21 Detr21 Bank loan and overdrafts Tr3decredltDrs VAT, taxati¢n 3•d so¢lal securlty Amount5 d￿et0 s￿b$[dIarY Cornpany Accrua15 3ffld delerred Income Biookland5 8ond other credltor5 250.0 349.091 37,278 250,(KIO 322,353 32,291 250POO 202,273 97,278 250,000 182542 32,291 127,901 45,000 9,539 107P73 92,801 45,000 9,539 69,994 18,401 18,401 636 891 553 228 30 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd Movement$ In D￿erred Income ThÈ Group The Charfty Dec-21 Dec-22 Dec-zl Dof4rrad Income * l J*uary1022 Grants releaserf to incomedurlD%Year Premlum s31es relea5edlrefuDded durin8year rickei sales deferred to lollowngyear Premium sales deferred to follovA Trgyear Defefred lrtwme at 31 Dg¢emb&r 2022 19,300 ?1￿43 130.0001 122,3431 119,3001 3,114 3,114 17. Credltors= amountslallln8 due after morethan one year The Grou Dotr22 Th• Char￿V De¢-22 Dec.Zl Oec-21 B3ok loan CBIiS 6rookland5 Bond 645,833 515,000 895,833 S60,000 645,833 515A)00 895,833 S60￿00 55 55 33 The 8rooklands Bond of £560,000 relates to bond5 i55ued In March 2013. Interest is payable annually at 3.5% to 4.5% dependin8 OTh the level of bonds issued. The bonds are redeemable 5 years from the rlate of issue, at year end we had confirmation that £515,000 of the bond5 would be renewed. The remalnln£ £45,000 has been reallocated to credltors amounts falling due wlthin one year. There is an addltlonal charge over the Ireehold property which arose on se(urlng htnding from NLHF. The CBILS ban of £895,833 Ilncluding £250,000 payable In one yearl12020; £1,145,833 includln8 £250.000 payable in one yearl is secured gn all assets of the company. 18. Movement$ ID restrkted funds CIL**ouyeAth$$ pro￿ rooWands Innovat￿n Aiadpmy OthÈrFund5 Rlyaluathin Reserwe Tot 8alan¢tatlsii•n 1022 {15￿$3> 13,2501 32*11 1fi5Q.UOO I￿64,509 GranVdonaV¢n5 r￿4¥able 689.250 191,948 ¥032,92S Expendi￿re 1139h731 1282,1271 r{a￿SterS ¢QUnrest￿Ctedtsllds 1534,4531 1$34A531 lanceat 315E02c 1022 104 40 Brooklands Innovatlon Academy is part of the national Science Surnrner School programme. co-founded by Professor Brian Cox CBE and Lord Afidrew Mawson OBE and We(1 North fnterprises. In Surrey. it is represented by Br￿k13ndS Museurn and delfvered in partnershlp wth Bourne Education Trust. The revaluatlon reserve of £1,650,1)00 relating to the tstle of the Museum's site freehold has been disclosed as a reslricted fund as the property Is owned subject to rhe Covenant that In the event the site, or any part of It. Is to be sold for redevelopment for commercial gain. all proceeds revert to the donor dixlosed in note 11 to the accounts The t¥ansfer of restrlcted funds reflect5 the capitsllsètlon of the clubhouse prolett Incurred In 2022. 31 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooklands Museum Trust Ltd 19. Analy$lsof NetAssets between lurbds Group NÈt Current Assets LoniTemi Nxed Asset$ Total 2022 nrestricted funds Resirlcted f￿ndS 9.699,724 1,65DAJOO 1.447205 23055t¥ 11,160,833) 9,986,096 IA80,554 11349 724 1677 759 1 160 833 Charlty Net Currenl As5etS 1ongTerm Ll3blllle5 Ilndydkng prov151¢nsl Flxed A55Ets Total 21J22 Unrestrl¢ted funds Re51ri¢ted funds 9.713,308 1.650.000 1,485.184 230,554 11.160,8331 10,037,659 1,880.554 11363 308 1 715 738 33 11918 213 Group Net CU￿Ont A&%ets LwgTerm F￿e￿ Assets Total 2021 pro￿slon5) Unrestric￿￿ funds Restricted fuTrd5 8.999.498 1,650POO 2.308,968 14308 11,455.8331 9A52,633 1.664308 10 649 498 2 323 275 1455 833 11 516 941 Charlty Net Current Asse%$ LongTerm Flxed Assets Total 2021 Ilnduding provJsloNi Unre5trlcted fuTrds Restrl¢ted fufids 9Tr￿,586 1,650.000 2347,805 14,308 11.455,833 9,915,558 1,664.308 10 673 586 2 362 113 1455 833 66 20. Related party transactlons The results of the tradin8 subsldiary Brooklands Limited Is shown in Note 8, the amou#ts due to and from Brooklands Limlted at the year-end 15 Elisclosed in Notes 15 and 16 respective￿. Management charges to Brooklands Limited during the year wwe E204.00012021- f 136,0001. At 31 December 2022 Brooklands LiFnited owed £206.006 to the parent chartty12021,. £368,387). 32 Docusign En¥ÈlopÈ ID". 6A8049D7-AF02-4E59-8381-81D983DC7C4E Brooldands Museum Trust Ltd 21. Reconclllatlon of net Income to net ta5h flow frorn operatln8 adlvitlÈs The Group Dec-22 Defr21 The Charltv Detr22 Dec-21 Net incornellexpeftditurel for the reportlngpe¥lod135 per the statementof fl#anc131 activlties.. Adjustments for= Depreciatlon ch&rge L05$ on Olsposal Interest income shown In Investl¢)8 activitles lfiterest on CBIis Interest on Brookland5 bonds Decreas￿lI￿¢rease} In stock Decreaselllncreasel in debtors InCr@as￿(De¢rÈasel credltors 338,347 440.913 349.709 474,301 293,509 223.687 273.978 214.265 14.1661 31.722 24.400 133.1011 1451,7501 57,231 12151 18,977 27.100 117,4511 120.701 164,807 13.2741 31,722 24,400 12011 18,977 27.lOQ 1395,6891 1157,5021 52.203 80.948 Net rash used In operatln8 attlvltles 267 554 1011907 321687 22, Analysls of ¢ash and cash equlvalents The Group Dec-22 The Charltv Dé¢-22 De￿21 Dec-21 Cash in Wolice Deposlts (less than 3 montbsl Ov8rdraftfaclllty payable on d¢mand I,628￿02 2.669.678 1,314P29 2,272.4aO Total cash and cash e4ulv8lents 02 2 669 678 I Z14 02S 2 272 430 23. An8lysls of ¢hab)2es In net debt- Group At start of year ot*er ThDn- sh thanys C48hflow$ At eTrd of year sh Cash equivalents 2,669,678 IIP41,6781 1,628,000 11,041,6781 loans failing duc)ylthln oneyear Loans fallln8 dupalter nwethan oTreyear 1263,5401 IIA55A331 263.540 1810.0001 810PQ) I810,{i￿1 1645,8331 778 138 172 167 33