What the Trust calls its “primary measure of financial performance”, its Operating Margin, was 19.8% during the pandemic, not much less than its average margin in good years. It is true total income declined significantly, from £680m to £507m. But there were also reductions in spending that would have occurred had properties been open as normal, such as seasonal staff. A pause of £85m of conservation projects helped bring total expenditure down to £514m (from £699m the year before). The furlough scheme provided a cushion of almost £50m, and membership income remained stable, at £267m. Shrewd investment decisions, and the stock market’s recovery, have seen the endowment perform well, against the Trust's expectations at the beginning of the pandemic. In all, the total funds stand at £1.46bn, an increase of £175m on the year before.