ColDPY registration number. 02180021 Charity registration nthnber. 298099 Bugatti Molsheim Limited (A limit¢d by 8urnle¢) Annu Rep)rt and FinAnci•l St•t¢rn¢nts forthe YrarEnded 31 Marth 2024
Bugatti Molsheim Limited Contents Trustees, Il¢port Ito4 Independent ExominePs Report Statement of Finoncid Activities Balance Sheet 7t08 NO to the FIn4n¢1 Ststomertts 9t019
Bugatti Molsheim Limited Trustees, Report The trnstee4 who are director5 for the purposes of company law. present the annual rep)rt together with the financial ststements of the tharitable company for the year ended 31 March 2024. Trustees A B Rippjn H R G Conway A K Leith {US) CDDe8n J VenablesThLlewelyn A C Trevely#n M Preston RADay S J Adams•Diffey Strudure? governaDte #nd man8gement Legal Status The charity is constituted &% a CompY limited by guardniee and ts therefore governed by • m¢mordndum #nd arti¢l¢s of Js50ciation. Th¢5¢ awounts MplY with the governing doenL Members ofthe charitable company guarantee to contribute if requireil an amount iiot ¢x¢eeding £1 to the assets of the charitable company in the event of winding-up. Organi5ational Stry¢tur¢ The members of the company elect the board of d1ctOrS in a¢cordance with the tequirements of the Companie5 Act 2006. During the year it h8d one fjJll time employee Susan B8rn¢s plu5 three part time employees. Curator Angela Hucke. SeniorAhlV15t Dayid Morys and Archivist Mark Edwanls. Objectives and 8ctivi¢ieJ The compaTEy is a Charitable Trust whose objtctives are the advlncernent of education for th¢ benefit of the community by the establishment and running of astudy cetttre with exhibition fJ¢ilities devoted to the history and technical importance of Ettort Bugatti and car5 and oth¢r prody¢ts whi¢h h¢ created. and such other purposes as shall be exclusively eharitable. Page I
Bugatti Molsheim Limfited Trust, Report A¢hl¢v¢rn¢nt$ ind p¢rf•rThance The retirement of Hugh Conway as Chaimiatt of the Tnjst irt July 2023 marked an important point in the Tntst's 35th anniversary year which w&$ as busy ls ever. After 20 years of hardworking servi¢¢ as Chairnian his day- day input and enonnou5 experience of the Tryst and its affairs is very much missed. Hugh remains t4 board member. To c¢l¢bra¢e th¢ 351h anniversary of fonnation of the Tru51. members were invikd in (ktober 2023 to a day of tslk5 whi¢h included pre$¢ntation$ on the Bu8atti Royo1¢ by Gre8 Morgan, on Bu8atti RadiatOTS by Richard Underiyood of Star Engineering. by Daniel Cross of McLaren Applied on The Future of Motor Sport and by Max Tomlinson on the 1930$ Bugotti Tanks. The celebration also afforded an opportunity to present various gifts to Hu8h Conway includin8 a painting by Stephan MariorAm of Hugh in his Bresci& at Preort. Fomiula Students from Cardiff University and University Colle8e London also fftnded to shOWe their work. One of tht most surprisin8 events of the day was the announcement by the execulors of the Bill Turnbull Estate of a fiher substantial donation of £50.000 which is very grakfully received and brings the tothl received by the Trnst from th¢ Estat¢ to £200,01)0. DuriD8 th¢ ¢our8e of the ye8r o ttumber of further financi&l donatiorts were received and much appreciated in¢lyding donations from ¢h¢ Am¢rican Frk¢nd$ of the Bu8atti Trust, The lart Addison Charitable Foundation (which donat¢d money to 9S5is¢ u$ in the inst&llwtson in the bement of space time eificient roller shelving forthe Bugotti Trust Arthive) and the Mulb¢Thy Trus¢. The Trnst plays importont role in the wider Bugatti world in providing & spa¢¢ in whi¢h to exhibit diff¢r¢nt it¢m5 on # re8ulAr b¥is. The exhibitions durin8 the financial period included the tsil end of our successful Jean Bugatti exhibition in its third iteration with a Buyptti Type 57 VeThtoux. The 2023 exhibition which opetted in May celebrated over30ye4rsof Bugptti frus¢ work ond w¢l¢omed baek important Bu8atti$ from prtvious displays over the decades including the ¢x-Chiron Typ¢ 51. the ex-Peter H8rnp¢on Type 15 on lfft from the Natiortal Motor Museum at Beaulieu, a Type 23 BreKia and a Jom¢5 Young bodied Type 57. The m8in backdrop for ¢h¢ exhibition featured a wllo8¢ of1.200 photO8raphs of young people leArnin8 Wlth the Bu8atti Trnst over the years. The TNst E41s0 regularly updates i¢s smaller display spirxs with a peThn¥nent Brea dedicated to women in the Bugatti story os well as a 'spotlight on the archives, cabinet in connKlion with th¢ latest th¢m¢d exhibilion. In addition, the Trust had a special Le Mans Centenary lrnil throughout the exhibition room$ eomplemented by haThdou¢S Bnd vi$ual deteetive quiz sheets for junior visitors. A speciAI mention must also 80 to a social event to celebrate the 100 years of Mike And Sue R88h8us¢'s Type 30 with &ddition81 ¢xhibiliort material io complement. Page 2
Bugatti Molsheim Limited Trustees, Report The Trust's work in the education81 space conttnued ap8ce with its mi55ion to inspire the younger generation through Ettore Bugattis creation5. ThÈs work took m¥Thy fonns. The ongoin8 relationship with Bath Untversity saw the Tru award the end of adeMiC year Bugatti Tnt prize to Ni¢holos Burt for his contribution to the new Bath Hydrogen team. Cardiff, Coventry, Leicester, UWE Bristol and UCL universities all received sponsorship eontributiotLS for their Formula Student teams &s did Berkeley racing frnm the univetsity of California Competing in ihe SAE track evertt irt Michigan in May 2023. The Trust is a regular sup]x)rter of Fl in schools teams and ChtDmium Racing fmm Pate's Grammar School in Cheltenham whom we sponsored stood out with their campaign 5trat¢gy and impreiVe perfonnan¢¢ at the n&tionai finals. W¢ W¢Te happy to SUPPOrt a number of end of year prizes at the JCB A¢ademy and p18n a trjre collaborntive project. We s0 supported a careers, day at Bicester Heritsge with & pop-up displey of a Brescia Bugatti used as & prop to explain some of its clever design &ycts. The edueational resources developed with the tn5titLrtion of Ertgineer5ng and Technology went lÈve on ourwebsiteand 8t latest counthave reached over 27,000 learners and we are getttng helpful rtte#rch support from our Duke of Edinburgh award5 volunteer. A flnal ¢du¢ational m¢ntion must go to the Cotswold's Schools VEX Robotics club going from strength to strength with the Trust supporting il as spons¢)rs &$ w¢ll as judggs on int¢r- sthool mpetItIon day5. As our annual accounts reve. the effect of signifjcant int110th has been to incregse the Trust's cost base and erode the value ofthe return on its investments. In consequenee, membership fees InCred during the year from £60.00 to £65.00. The incrle w&% aecepted almost universally and w¢ are gra¢¢ful to our members for their continuing and unwaiv¢ring syppTht. The Bugatti Trust Archive h&% continued to assist a broad mge of customers whether desiring drawin photographs or other itjforniation. It has as usual expanded a little as a result of various very generous donation5 which have been hÉghlighted in the Trust's regular Newslcttcr which was prepared and circulated to m¢mbers in the usual way during the coulse of the financi year. In ¢)rderto en$ure that the Trust rem4iDS r¢l¢vant and accessible in the modern digitsl world. Hugh Conway prior to his resignation had the foresight to start putting in place a framework to enable the Trust to make tnore of its content available online. This pmcess involves scanning documents in the Tn]st Archive and selecting a provider of software to enable the Trust to upload inforn)ation &$ necessary to 8 website and grant aesS as appKJpriate. The proce55 is far from c¢)mplete and will wntinue forat l¢Jst a further financial year. Whilst an expensiveprocess it will rnean that peopl4 wherever they may be, can learn mor¢ about and be inspired by the genius of Ettore Bu8atti. Arguably Ettore Bugatti's greatest achievement Was the d&%ign of the Grpnd Prix Bugatti which fiT5t app¢Jr¢d Y4t the French Grand Prix at Lyon in 1924. The centenary of its first appearance fa115 in August 2024 and by the end ofthe financial year preparations were itt full swing to celebrate the centenary appropriately. I sincer¢ly hop¢ that by the time this fiftarteial staternent L5 published. many of our members and the wider world will have already enjoyed the ¢xhibilion r¢lating to th¢ ¢¢nt¢nary and our various other Celebrntions of Ettore's achievement. Little at the TNst would be possible without our staff and our volunteers artd l&%t ytsr w&% no exception. I would like to thank them for811 their hd work duringthe yearwhich often. in the ca5eof Staff. exceeds their contractual obligations. Thanks are also due to our Trtlees not only for their valued wntribution al our regular Board Mcetings but also for their attendance at many events throughout th¢ y¢8r as tlog b¢ar¢rs for ihe Trust and its 8mbitions. Page 3
Bugatti Moisheim Limited Tee, Report Fittxneial review The Trustee5 continue to belÈeve it is apprioFYiate to rn8intsin a high level of re5erw the majority of which are invested io generate incom¢ to be sPt in the fi]Ithe of the Chjrities obiecti%Ts. The level of reserves has Ired slightly fr%Mn £1,745244 to £1.747.460. Sm•ll tompxDies provi510ll Statement This rwrt bas been preportd irt 2cconlartce with the small comparties regime uththe Companies Act 2006. The annual rerth was approved by the trustees of ¢harity on...... . and signed on its behr by". ABRipp Chairnian & Tntstre
Biigatti Molsheim Limited Independent Examiner'5 Report to the trustees of Bugatti Molsheim Limited I report on Ihc accoiinis of the charity for the year ended 31 March 2024 which are set out on pagcs 6 to 19 Respcctive rt%i)onsibilities of trustee5 41nd examiner Thc Iriislee5 Iwli() ore also tlie directors of the coiiipany for tlic purposes of coinpaiiy lawl are rLsponsible for the preparation ofilic <1ccount5. The iiusie¢% ¢onsider thai an audii is not rcqiiircd for Iliis )'ear linder scclioii 1441)) of tlie Chariiics Act ?0 I l {tlic 2011 Acil and Iliat an independent exarnin<ilion is needed. Th¢ chariiy's gross incoinc excetdcd £?50.000 aiid l arn qualified to undcrtakc tlic cxarRinic lion by brin¥ a qualifieJ iiiLDibercifACA. Having saiisficd 11is'sclf Ihal Ilic charit), is not Subject to audit undcF COlllPt&ny law and is eli¥ible for indepcndent exaniinaiion, it is my responsibility to-. exarninc the account5 undcr 5eclion 145 of thc ?01 l Act: to follow thc proccdurc5 laid dowii in Ilie g¢n¢ral Directions given by the Charity Coinmis5ion under section 14515llb} of Ilic 2011 Act; and to 5tat¢ whether particular rnatters have Come 10 my attenlion. Basts of indei)eiideiLt exaTTiiiier s i-ei)ort M). Lxciiiiination th'ay carried oui in accordance ii'iih the general Direeiion% given h}, th¢ Charily Commission. An exaniin%ilion includes a reviLw of ihi. accountTngT rL'cords kept bj th¢ ch41rity and coinparison of Ilic accounts prescnted with those rccords. It a150 include5 consideration of any uiiiisiial itein5 or disclosurcs iii iht accounts, aiid scckinTr txplqi iiaiions froin you as Iriistccs coiiccrnilln any such iiiallcrs. Tlie proccdiires lliidenak-eii do not providc 2L11 the ti'idcncc th2i l iyoiild be reqiiircd iii an audit and coiiscqiicntly no opinion is given as 10 ivhether the aceouiiis prescnt a 'irue and fair Vie aiid the report is liniited 10 Iliose iiiatiers sct oui in ilie siaiemertt b¢luiv. Indcpcnilont ¢Ayn]incr's Itteient In conticciion iviih In), e.KaiJiiiii211011, no matlcr has come to m}, attention: 111 wliich gives me reasonable cau5¢ to bclieve that in any material rcspcct the reqiiireinents.. lo keep accounting rccords in accordanbe wilh section 386 of the Cunipanies Act 2006,. and to prepare accoun15 M'hicli accord i¥iili the accounting records, comply iyiih thc 2ccoiiniinu* requiremenis of 5eLlion i96 of th¢ CoTllPdnies Act 2006 and with the Inciliods and principlcs of Ilie Siaiemeni ot'Reeomm¢rtded Piacticc.. Accouiilinn and Rcporting by Cliariiies have not beert met,. or {21 to which, in niy opiniun, altention should be drawn in order to enablc a proper understanding of the ac¢ounis to bc reached. Mrs Boniiie Connoll). ACA Dale.. Pagc 5
Bugatti Molsheim Limited Statement of Finaneial Aetivlties for the Year Ended 31 Mv4rch 2024 Dcluding Income and Expenditure A¢eoMnt and Statement of Total Reeognised Gains and Losses) Tot81 2024 Total 2023 Unrestrlded Note Ineome #rtd Ettdowments frfjm: Don&tion$ and legacies chItable tIVItIeS Investment income 162.986 25 J56 162,986 25,356 136.683 37,079 Total income 258 409 Expenditur¢ on: RaLSLng funds ChariÉable activities (2.160) (1160) 236015 (1.144) Totsl expenditure Nei income 238 175 206 634 20.234 20,234 33.205 Other r¢cognl$ed ga5n$ and losses GaiTrSlioeS on revaluation of fixed assets Nel movement in fvnds 2.216 2216 (40,3581 Reconciliation of funds Total fundj brou8hi forward 1745 244 1745 244 1785 602 Tot41 fund$ carried forward 16 1747 460 1747.460 1745 244 All of the charity's activities derive from continuin8 opera¢ion$ duriTr8 the above two periods. The funds breakdowtt for 2023 is shown in note 16. The notes on pages 9 19 fom) an integrnl part of these finan¢ial statements. Page 6
Bugatti MoL8heim Limited (Regi8tr2tion number: 02180021) Balance Sheet as at 31 Mar¢h 2024 2024 2023 Note Fixed Rssets Tangiblc assets Investment$ 511.867 1231553 1743 420 517,603 1214571 1732 174 10 Crrent assets Stocks Debtors C&4h at bank and in hand 4,097 4.420 3.621 4.457 12 13 20.718 21.972 Creditors: Amounts falling due wi¢hln QDe year 14 Net eurrent assets Net assets 1747.460 745 FndS of the charity: Unrestricted income funds UnreStricd fund$ 747.460 745 Tot81 funds 16 1747,460 1,745244 The notes on pages 9 to 19 fonn an int¢gral part of these financial stsiements.
Bugatti Molsheim Limited (Regi$trntion number. 02180021) Balanee Sheet 8$ at 31 Mar¢h 2024 For the financial yvdr ending 31 March 2024 the charity entitled to exemption from audit under 5e¢tion 477 of the Companies Act 2(6 relating to small companies. Directots, rtsponsibilities.. The rnembers have th)t required the ¢h8rity to obtain an wdit of its accounts for the year irt question itt accordance with Section 476. and The directors acknowledg¢ their responsibilities for g)mplying with the Tequir¢ment5 of th¢ Ac¢ with respert to aecouniing records 8nd the preparntion of accounts. The fin8n¢ial statements on pages 6 to 19 were apprnved by the trust¢e5, and authoris¢d for i55u¢ on...... and signed on thew behalf by- A B Rippon Chairman and trustee The notes on pag¢s 9 to 19 forni an integrtl part of these fin8n¢ial statements. Page 8
Bugatti Mobheim Limited Note8 to the Financial Statements for the Year Ended 31 March 2024 I Charlty stat Th¢ charity 15 limited by guarattiee. irteoryorated in Ett8lartd & Wales, and Consequently does not have share capithi. Eh of ¢h¢ tNst¢¢5 is lioble to eontributt an 8mount not ex¢eeditt8 £1 wardS the 8ssets of the chority in the event of liquidation. Thr address of its registered offi¢¢ is.. Prescott Hill Gotherinwon Chelt¢nham GL52 9RD 2 Ac¢ountlng ptsllcl¢8 Summary of ¥lgnlfl¢nt ctountlth8 polltles And key #etoutttlng tttlmAt The principal oc¢ountin8 liCLeS applied iTh the prepargtÈon of the$e financial Statements are setout below. These policies have been consi5t¢ntly applied to 411 the year5 pr¢5ent¢d. unless oth¢rwi% stated. StÈtement of complllnee The financial statements have been prepared in Ordance with Accounting and Reporting by Charities: Statement of Recommended Prnctice (applible to charities prepIll8 their accounts in e0rdance with th¢ Financial Reporting Standard applIble in the UK and Republic of Ireland (FRS IQ2)) (issued in October 2019) (Charities SORP (FRS 102)>, the Financial Reportin8 Stand&rd appIlble in the UK and Ropublic of Ireland (FRS 102) and the Companies Aci 2006. B9919 of prep&rAtlon Bugatti Molsheim Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at hi51orical wgt or lrnn5a¢tion value unless otherwis¢ stated in the relevont accountin8 policy rtotes. Golng eoDeern Th¢ tru5te¢5 con5id¢r that there 8r¢ no m4t¢rial nrtaintI¢5 about the chprity% thility lo ¢ontinu¢ as a going ¢on¢ern nor any $ignifieknt of uneertainty thAt Iffeet the etrryin8 value of ¥sets held by the charity. Exernptlon frgm prep4rlDg A cash flow 3t¥tern¢nt The charity opred to early adopt Bulletin I published on 2 February 2016 and have thefr$re not included a cash flow statemettt in these financial sthtements. IDcorne gnd endowments All income is reeoBniged once the ¢lwity hu entitlement to the income. it is probgble the incorne will be received atKI the #mouttt of the income receivable can be measured reliably. Page 9
Bngatti Molsheim Limited Not&8 to the Financial Statements for the Year Ended 31 March 2024 tX)nations ar¢ recogThi5ed when ¢h¢ ¢haTity has be¢n notified in Writing of both the amountand settlement date. In the event that a donation i5 subject to conditions that require a l¢v¢l of perfomian¢¢ by the charity before the charity is entitled to the funds, the income is deferred and t]ot re¢ognised until either those eortditions are fully mel or the fulfilment of those conditions is wholly within th¢ nts)I of the chwity and it is probable that these conditions will be fjjlfilled in the reFWtin8 period. Investmefti Ineome Dividends are reco8ni5ed once th¢ dividend has been declared and notification has been reeeived of the dividend due. Exp¢nditur¢ All expenditure is rt¢ognised once there is a legal or constructive oblÉgation to that expendiluTt. it is probable settl¢meni is reqUId and the amount can be measured reliably. All Costs are allocated to ihe applicable expenditure heading that aggregate similar Costs to that ¢&tegory. Where ¢osts cannot be directly attributed tt> particularheadingsthey have been allocated on a b&8is conslstentwiththe use of resource5. with central staff costs allocated on the basis of time spenL and depitciation charges allocated on the N)rtion of the asset's e. Other support Costs are allocated based on the spread of $taff costs. RSIngfUNdS Th¢5¢ ar¢ c05¢s incurred in attra¢ling voluntary inwme. the management of inv¢stments and those incuffed in trading activtties that raise fijnds. Governance ¢osts These include the costs attributable to the charity'$ complianee with constitutional and statutory requirements. iAclllding #udi4 Sts#tegic management and trustees's meetings and reimbutsed expenses. T#x8tion The charity is eonsidered to the tests set out in Pardgrdph I Schedule 6 of the FillanceAct 2010 and th¢refor¢ it meets the definition of a charitable mpanY for UK coryot*ion tsx purposes. A¢¢ordingly, the dwity is entially exempt from t&xation in respect of ineorne or capitsl gains received within Categories covered by Chapter 3 Part I l ofthe Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or 8ains are applied exclusively to eharitable pur]y)ses. Depreciation and Amorti5ation D¢pr¢¢iation is providedon tangibl¢fixed ¥ss¢ts so as to wrile off the ¢¢)st0rvUat10Th. le5$Y ¢5timated r¢sidual valu4 over their expeeted usefijl economic life &$ follow5.. Asse¢ d85$ Leasehold properties Plwnt and machinery Fixtures. fitting & equipment Depreciation method and Ate Straight line over the lifr of the le&%e 2Ya $trai8ht line 20% redu¢ing balanc¢ Pa8¢ 10
Bugatti Mo]sheim Limited Notes to the Financial Statements for the Year Ended 31 Mareh 2024 Flxed asset Inves¢meTrts Fixed asset investments. oth¢r than pmgramme related investrnent4 are included at market value at th¢ balanc¢ sheet date. Realised 8ain$ and losses on investments gr¢ [culated the differenee between sales proceeds and their market value at the start of the Yr, or their subse4uertt COS4 and are ch8rEed or credited the Ststement of Financial A¢tiYities in the period of disposal. unreI5¢d gain5 and lo95es represent the movement in market values durin8 the year and are credited or char8ed to the Ststement of Financial Activiti¢s bd on the market value at the ye4r end. Stoek Stock is VAlued &t the lowerof Cost and estimated selling price less costs to wmplete and ]1. after due regard for obsolete and slow moving stocks. Cost is deterniined using the first-in, firsl.out (FIFO). Tr*de debtorj Trade debtors 4r¢ amounts due from memb¢rs for M¢h8nd13¢ sold or seTvice5 perfornied in the ordinary course of the TNst'5 activities. Trade debtors gre rkSed initially at the tr&¢lIOn price, Th¢y are sub$equenily metsur¢d 41 amorti$ed ¢ost usin8 the effective irttere9t method, less provisiort (or impairnent. A provt$ion forth¢ impainnent of irade debtors 15 ¢5tablished when there is objective evidence thatthe ¢harity will no¢ b¢ able to ¢oll¢ct all amounts due aOrdin8 ¢0 ¢h¢ ori8in81 t¢rms of the receivabl¢s. Cosh and cash equlvalents Ctsh and ¢uh ¢quiv81¢n15 MPrIse¢Uh on hmd and call deposits. and other 5hort-terni highly liquid investments that are readily convertible lo a known amount of cash and are wbject w an iD$i8nifl¢t risk of ¢han8e in v4]u¢. Trade eredltors de crediiors are obligotions to pay for goods or services that have been a¢quid itt the ordinary ci)ur8e of business from suppliers. Accounts pvlyable are classified as eurrent liabili¢ie5 if the charity doe5 no¢ have an unconditional right. at the end of the reporting period, to defersettlement of the ereditorforat le45t twelve months after the reportin8 date. If there is an unconditional rL8ht to defer settlement for 4t least ¢welv¢ months after the reporting dat4 ih¢y are presented as non-¢un%nt liabilities. Trade creditors are reeognised initially it the trl¢tIon price and subs¢qu¢ntly mell5ur at amorti5ed cost usin8 the ¢ff¢¢tive interest method. Fund strneture Unre5tri¢t¢d in¢om¢ fvnd5 4r¢ 8¢n¢ral fvnd5 tha¢ are available for use at the trustees discretion in furtherance of the objectives of the charity. Pwll
Bugatti Molshelm Limited Notes to the Financial Statements for the Year Ended 31 M2reh 2024 Penslons And other poit retlrtmtnt obligations The ¢harity op¢ra¢es a d¢fin¢d ¢ontribution pension scheme which is & pension plan under whieh fixed contribution5 are paid into 8 pension fund and the Charity has no legAI or constructive obligation to pay fvrth¢r ¢ontribution5 even if the fund does nothold sutTici¢nt assets to pvly all employee5 the benefits relatin8 to Employee Service in the Current and prior peri¢Jds. Contributions to defined contribution plans are recognised in the Statement of Finarte1 Activities whert they are due. If contnbutiott yMents exceed the contribution due for 8eryic¢. the exrxss is r¢¢ogni5ed ag o prepaymenL FIDDcf•l Instrnments Financial a$5ets knd fin8n¢iAI liabilities are reeogttised when the chArity becomes a paty to the eorttww81 provisiotts of the instrument. Financial liabilities And equity ittstruments ore clossified aceordirt8 to the substsnce of the wrttractu•l arTngements entered ittto. An equity irtstrument 1$ any Contract thai evidences & Sidual interest in the Sets of th¢ chgrity after deductinB all of its liabilities. Recognlilon t7nd meqsuremenl All financial as1$ and li8bilitie8 ire initi&lly me8sured &t transaction price lin¢ludin8 trnn5aCtion costs). except for th05¢ financial Sets elL81ified as at fair value through profit or loss. which are initially measured at fair value (which is nornially the tran58Ctign price ex¢ludLII8 trartsa¢tion costs), unless the arrangement constithtes a finan¢inB transaction. If an arTwng¢mcTrt constitutes a firbancirt8 tr8rtsa¢tion, the financial Asset or financi liability is me85UTed at ¢h¢ pr¢s¢nt value of the thjture payments disc4)unted at a morket rate of interest for a similar debt instrument. Financial assets and liabilities ar¢ only olyset in the statement of fimncial position when. and only when there exists a leg&lly enforceable ri8ht to set off the recognis¢d omounts and the charity int¢nd$ either to settle on 4 net ba515. or to re4li8¢ ¢he wet and settle the liability gimultaneously. Financial &8sets are derecogni5ed when and only when Bl th¢ wntrnctual ri8htsto the cash flows from the fin•nci&l wet expire or are settled, b) the Charity transfers to another party substontially all of the risk$ artd rewwd$ of owrtership of the financial asset. or ¢1 the Charity. despit¢ having retsined $ome. but not all. sigthifieant risks and r¢wvds of ownership, has transferred control of the ass¢1 to 4noth¢r party. Finan¢ial li4bllities are dernwgnised only when the obligation specified in the ¢ontr¥t 1$ disthBryed, ¢artctlled or expires. Investments in non.convertible pref¢r¢Tree sh9 ond Thon-puttable ordinary or preference sh8res (where shares art publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair valu¢ cannot measured reliably* investm¢rtts Are meAsured ai cost less impainnent. Investments in subsidi¥ies and associates are Measured ai ¢osi l¢ss impaimi¢nt. For investments in 5ubsidiarie5 8CqULred for consideration in¢ludin8 the issue of shsres qUlfyIng for mer8er relief. cost l5 tnwured by reference to the nominal value of the shares issued plu5 fair value of other eonsideratiort. Any premium is ignored. Page 12
Bugatti Mobheim Limited Notes to the FinaneAal Ststements for the Year EDded 31 March 2024 Folr The best ¢vid¢nc¢ of fairvA]u¢ is 8 quoted pric¢ foran identicwj 855et in an xtiv¢ mats. Wh¢n quoted price5 4r¢ unavAilable, the price of a re¢¢nt trtion for an identic•l 85sd provides ¢videD¢¢ of hir va]u¢ as long as th¢r¢ has rtoi been • signifK8nt change in ec((nIC ¢1UmsAntts or a siBnifi¢ant lapse of time since the transaction took place. If the tnarket is adive attd rtceni tratClI0nS of identical assd ott their own Are not & go1 estimate of hir volu4 the f8ir value is ¢5timthl by using 8 valuation chniqu¢. 3 Itheome from dotttIo And Iweies Unrestrfeted Totsl 2024 Totsl 2023 GeDernl Donations le8a¢ies; Admissions Donl0S from individwls Gift aid nclairned 7.648 152208 7.648 152208 8,166 125.083 102 986 162 986 136 683 4 Invutment Incom• Unrutrleted Trds Genernl Tot1 2024 Totsl 2023 Interest receivable and similar incom Interest receivabl¢ on bank deposits her income from fixed 995¢¢ inv¢slm¢nts 276 276 Pw13
Bugatti Molsheim Limited Notss to the Financial Ststements for th¢ Year EDd¢d 31 M4r¢h 2024 Staff costs Wages and sajories Social security eos Pension eosts Othersthff costs Markeiing and publicity DePTlatIon. amortisalion and other similpr costs Other governance oists Net incoming resources for the year i11¢. 2024 21123 Depreciation of fixed assets 19 Pa8e 14
Bugatti Moishelm Limited Notes to the FinaD¢ial Statements for the Year End 31 March 2024 7 Stff costs The aggregate payroll wsts w¢r¢ as follows: 21124 2(123 Staff costs durlng the year were: Wages and sT1e% So¢hal security co$ts Pension eosts Other staff costs 111.501 5,378 2,684 126 119689 105.565 5.054 2,370 697 113686 Th¢ monthly average numberof persoD${in¢luding seniormanagem¢ntlleadeTship teom) employed by the¢hority during the year expressed as full time equIvCnts was as ftillows: 2024 2023 No Avera8e Number Employees 412023 - 4) of the above ¢mpk>y¢e5 Participated in the DefuKd Contribution Pension Schemes. No employee received emoluments of MO th8rt £60,(KIO during the year. Page 15
Bugatti Mobkeim Limited Notes to the Financial StatemeAts for the Year Ended 31 Mar¢h 2024 8 1Ddep¢nd¢Dt ¢X4miryer'$ retyunerxtion 2024 2023 Other ftts to exatninejs The examining of aOts ofwry a5xJciate of th¢ charity All other services 2.400 2.400 032 9 Tanglbie fixed assets IADd 8nd blIding% FTrrnitsre Ind equipment EquipmeTrt Totsl At l April 2023 Addttions 427558 1131 351,896 600 871,585 At 31 March 2024 427 58 105 155 352 496 885 09 Depred*tlon At l April 2023 Charge for th¢ y¢ar 211.084 51 78.793 64.105 353.982 19 A¢ 31 Mah 2024 219 635 373 42 Net book value At 31 Mwrh 2024 A¢ 31 Mh 2023 216474 13 38 10 FiIed gsset investments 2023 Other inveslments 71 Page 16
Bugatti Molsheim Limlted Notes to the Finallcial Statements for the Year Ended 31 March 2024 Other IDvos¢menl¥ Listed iTrv¢s¢ments Total Cost or Valuatlon At l April 2023 Rev8lu#tion Additions Disposa15 1.214.571 118,018) 90.OfX) ,214.371 {18.018) 90.000 At 31 March 2024 1231 $53 1231553 Net book value At 31 March 2024 1231553 At 31 Mh 2023 71 I I Stoek 2024 2023 Stocks 12 Debtors 2024 2023 Trade debtors Prepayments Other debtor5 1.671 915 960 914 13 Cajh 4nd Cash equtvalents 2024 2023 Cosh on hand CAsh at bAnk 278 Pag¢ 17
Bllgatti Molsheim Limited Not&8 to the Financial Statements lor the Yar Ella1 31 March 2024 14 Creditors: amounts due witbkn otse TrAde credTtLvs Othercreditoys Accrnals 11.015 (i) 3.789 8.902 Page 18
Bugatti Molsbeim Limfited Notes to the FinAn¢ial Statements for the Year Ended 31 March 2024 15 Pension otber schemes Defined ¢ontribvtlOD pension schetnt The charity op¢rat¢s * deflned etsntributitirt pension scheme. The pension cost charge for th¢ y¢ar represents contributions payable by th¢ ¢harity to the scheme and amounted to £2,684 (2023 - £2.370). 16 Funds Balance at I Aprll 2023 Incoming resources Resourtts txp¢Dded B#l#nte At 31 March 2024 UDre¥trided funds General 1745 244 BalatEce 8t I April 2022 256 193 Rewurtes txpended 1747 460 Balante at 31 March 2023 IDcorning resources UDr¢stricted fud$ General 1785 602 239 839 280 197 1745 244 17 An#tysis of Det as*ts between fvnds Unrestricted Totsl fndS at 31 fund$ M8rfh GeDerAI 2024 Tangible fixed as5¢ts Fixed asset investtn¢nt5 Current set$ Current liAbilities 511.867 .231.553 20,718 511.867 1231.553 20,718 Total net &$5ets 747 460 1747 460 Pag¢ 19
Bugatti Molsheim Limited Detsil¢d Statement of Financial Activities for the Year Ended 31 March 2024 Tot81 2024 Total 21123 Income and Ettdowmtnts from: Donation5 and legacies {8nalysed below) Charitable activities (tnalysed below) Investment income (analysed below) 162.986 2S,356 136,683 37,079 Total i1me 239 839 ExpeDditure OD: Raising fU[S (analysed below) Charitsbl¢ ac¢tvili¢5 (an8iys¢d below) (2,160) (1,1441 Total expenditur¢ 206 634 Net income 20234 33205 Other recogDised gains And losses Gainsllosses on revaluation of fixed assets {enalysed below) Net rnovement in funds 2,216 (40.358) Reconciliation of funds Totsl fiuKls brought fonvanl 745 1785 602 Total fv]N15 wri¢d forward 1747,460 1745244 Thi5 pa8e does not form part of the sthtutory financial statements. Page 20
Bugatti Molsheim Limited Detailed Statement of Financial A¢tivitios for the Year Ended 31 March 2024 Total 2024 2023 Dont71ions &ndl4Aeles Donations & subscriptions Gift Aid t&Y reclaimed Admissions income 152208 3.130 125.083 3,434 162 986 136 683 Charllableacdvldes Sale of drawin8S SJle of photographs Salc of books Other income Recharge of and packÈn8 12.303 8.696 1.064 2,688 605 8,112 24.657 2,457 1,167 686 Income from listed investments Interest on ch deposits 69.791 276 66.073 R&tsln8funds Other ditrct Costs Purchase5 (1227) 933 (361) 783 Charitable oclivilieF Wages and swlari¢5 Stsff NIC (Employers) Staff pensions Staff w¢lf8re PremisES costs Insurance {IiiJoi) (SJ78) (2.684) {126) (35,224) {660) (9,613) (4J36) 119.044) (1,708) {495) (8.411) (5.837) (1.737) (1240) (3.679) {105 J651 (5.0541 (2J70} (120) (21.458) {6421 (8.4411 (3.423) Repairs and maintenance Other establishment costs Scanning costs Telephone and fax Computer soltware. website and maintenance costs Printing, postage and stationery Ch8ritsble donations HIR of equipm¢nt Travel and sub5iStence Promotiottal expenses (42551 (2.6651 (9.9741 (82861 (1.4961 (lJ171 (6.9731 This page does fy)t fomi part of the Statutory financial $taternents. Page 21
Bugatti Mobheim Limtted Detailed Statement of FillaDcial Activitie5 for the Year Ended 31 March 2024 Totsl 2024 Tot81 2023 Stsff entertainin8 {loW¥bI¢ for t&x) Independent examinerfs fte Bonk Charges Depreciation of fithres and fittings (577) (3.432) (1.819) (3,660) (1,322) 236015 205 490 G•InOl revAIuAtlort of fixed Asaets IGainllloss of revaluation of investsnents This pa8e does tt forni part of the ststutory financial 5t#ternents. Page 22