Charity number.. 1182793 ASTON MARTIN HERITAGE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020
ASTON MARTIN HERITAGE TRUST CONTENTS Page Reference and Administrative Details of the Charitable Incorporated Organisation, its Trustees and Advisers Chairman's Statement Trustees. Report Independent Examiner's Report Statement of Financial Activities 10 Balance Sheet Statement of Cash Flows 12 Notes to the Financial Ststements 13-31
ASTON MARTIN HERITAGE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE INCORPORATED ORGANISATION. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Trustees Mike Abbott (appointed 5 April 20191 Tim Collingham lappoinled 5 April 20191 Mark Donoghue (appointed 11 March 2020) Mark Gaunllell lappoinled 5 April 20191 Nicholas Hewitt lappoinled 5 April 20191 Marek Reichman (appointed 11 March 20201 Rob Smith, Chaimian (appointed 5 April 2019) Simon Sproule (resigned 1 December 20191 Garry Taylor, Treasurer (appointed 11 December 20191 August von Joest lappoinled 5 April 20191 John Warden lappoinled 5 April 20191 Tom Westley lappointed 5 April 20191 Charity reglstered number 1182793 Prlnclpal offlce Drayton St Leonard Wallingford Oxfordshire OX10 7BG Secretary Donna Bannister Accountants James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Bankers HSBC 44 Upper High Street Thame Oxon OX9 2DW Barclays Bank PIC Abingdon Oxon OX25 1UB Sollcltors Helen Harvey, Charity Consultant Barlow Robbins Solicitors The Oriel Sydenham Road Guildford Surrey GU13SR Page 1
ASTON MARTIN HERITAGE TRUST CHAIRMAN'S STATEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2020 The chairman presents his statement for the period. The AMHT started 2020 in a very buoyant mood. Much work was started in the autumn of 2019 on our plans for a new Aston Martin Heritage Centre with several locations under review and an exciting building layoLJt drawn up by archilecls ZMMA containing the archive, museum galleries, lecture theatre and classroom, café and public spaces. 2020 started with a very well received Waller Hayes Memorial Lecture held at the RAC Club in London where Red Bull F1's Christian Homer entertained the sell-out audience with candid tales from the world of F1. In March the Covid-19 Pandemic struck and the situation changed dramatically. The Museum was shut lo visitors depriving us of much needed income and the staff moved to working from home. However, that meant a change of focus and not a shortage of work and so it was decided early on not to furlough the team. This has enabled us lo concentrate on cataloguing the collection and a huge number of images have been scanned, captioned and added to the catalogue. Our social media activities have increased, for which there was a huge demand, and we have posted many historic photographs and created several videos of cars in the collection which were well received. As a board of Trustees, we have concentrated on defining our ongoing strategy and adopted video conferencing for Trustee meetings with great success. The collection continued to grow and several new vehicles joined on permanent loan from AML. The Museum reopened for August and September using an online lickel booking system with timed visiting slots that allowed us to manage the number of people in the museum at any one lime and we stuck carefully wthin the legal limitations of social distancing. This was such a success that we will continue with the online booking system going fonmard. R. V. Smith Chairman of the Board of Trustees Dale.. Aug 2, 2021 Page 2
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2020 The Trustees present their annual report together with the financial statements of the Charitable Incorporated Organisalion ICIOI for the period 4 April 2019 10 30 September 2020. We became a CIO in the period with the assets transferred from the previous unincorporated Trust. The CIO was formed on 4 April 2019 and to comply with the Charity Commissions filing requirements, these financial statements cover the extended period being 4 April 2019 10 30 September 2020, and, as permitted under merger accounting Tules, include results from the unincorporated Trust. The Trustees confirm that the annual report and the financial statements of the Charitable Incorporated Organisalion comply wtth the current statutory requirements, the requirements of the Charitable Incorporated Organisalion's goveming docLJment and the provisions of the Statement of Recommended Practice ISORPI, applicable lo charities preparing accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. Objectives and activities Objectives, actvities and disclosure of public benefit The Aston Martin Heritage Trust IAMHTI has three principal objectives.. the preservation of the motoring heritages of Aston Martin, Lagonda and Aston Martin Lagonda motor cars I'the Marque'l., using that heritage to inspire future generations through the Aston Martin Museum's displays, activities and its Educational services., and the provision of a world-class tourist attraction whose popularity will attract visitor revenues to pay for the preservation and education. The Trustees have had regard to the Charity Commission's guidance on public benefit. Strategies for achieving objectives The strategies employed by the AMHT lo achieve these aims and objectives are.. The development of a world-class museum, dedicated solely lo 'lhe Marque The development and maintenance of the definitive archive relating lo 'lhe Marque,; To produce 'The Register of Aston Martin,, an online database referencing every car made by Aston Martin and Aston Martin Lagonda from 1913 to dale- Make accessible to the general public the Collections Catalogue, an online database of objects, photographs and documents held by the AMHT., Publication of an annual journal ASTON, a quartedy Newsletter and other books or articles covering the history of 'lhe Marque,; Producing a Lecture Series addressing both past and present topics relating to Aston Martin., Collect, maintain, and conserve motor vehicles relevant to the history of Aston Martin and Aston Martin Lagonda Ltd. and associated artefacts., Collect and maintain or conserve as appropriate archive ttems relating to the history of Aston Martin and the people, companies and organisations associated with that history., Pul on display as many of the objects, artefacls and archive items in its care as it is safe and practical to do so and, where appropriate, demonslrale the Museum's operable objects at events both on and off the Museum's site., Make available lo researchers, authors and other interested parties, access to the Museum's collections, and encourage the publication of articles and books on all aspects of the history of Aston Martin., Use the Museum's displays and collections as the foundations for formal and informal learning activities on and off the Museum sile, especially through the creation of new and upgraded exhibitions., Grow public visitor numbers through.. Promotion using print and radio advertising., Promotion through digital and social media such as Facebook and Twitter and our own and others, websites, and through stands at extemal events- Organising special events targeted at Aston Martin enthusiasts, motoring enthusiasts, and general audiences., Page 3
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Objectives and activities {continuedl Grow corporate, group and hospilalily visitor numbers through.. Promotion using print and digital media advertising., Allendance at hospilalily and tourist industry events., Build support for the Museum and ils activities by the operation of a Supporter programme, whose subscription revenues and activity earnings (such as through the organising of talks, functions and events) are gifted lo the Museum., The maintenance of members, funding flows via the Aston Martin Owners Club and benefactors which enable the Trust to meet ils objectives. Achievements and perfomiance The Museum Originally open lo the public on a Wednesday afternoon, maximum visitor numbers were less than 300 per year. Pre-covid, we were open 5 days per week plus every other Saturday welcoming 3,000 visitors per annum. Now reopened, bul with a redUd schedule and back lo the full 5-6 days per week The Museum has changed a lol over the years. It started with just 3 cars (Ulster, AMR1 and a Lagonda} lo the current display of 7 cars that includes pre-war, Fellham, Bloxham & Gaydon. In 2012, prior lo AML'S Centenary, 5 bespoke museum cases were installed, each sponsored by an individual or group. These cases have enabled us lo tell the story of Aston Martin through Lionel Martin's personal photos and lea sel, Mort Morris-Goodall and Jock Horsfall memorabilia to modern trim pieces used by AML today. Digitising the Register and Registrar assets The Covid lockdowns have galvanized the needs of the registrars lo have a¢sS lo our own shared digital archive. We are now more than haIaY through digilising the paper records of the Master Register although many months of scanning are still ahead. We now have a growing shared digital archive of build sheets and have a comprehensive archive of photographs of chassis identification marks. Once events begin again, we will both be collecting more photographs to assist with future seNices for the DVLA and overseas vehicle registration agencies. V765 and other DVLA services The AMHT has been, since ils inception, the DVLA'S prescribed organisation lo provide evidence and advi on the registration of historic Aston Martins. This mostly involves the provision of providing dating evidence and lo support cars through the V765 scheme. Dating evidence or 'dating lellers, are provided for individual cars so that the DVLA has an accurate information of the age of a vehicle so that the correct Vehicle Excise Duty is charged. The V765 scheme is an extension of this whereby we provide evidence and support the application by an owner lo have the original UK registration number reassigned to a car that il may have lost over lime. Education and Learning Since ils formation, AMHT has always provided education in all things Aston, through the museum, archive services, publishing and public lectures. However, the Trustees for some lime have wished lo do more in the education field and ulilise the assets the Trust holds. Hence during 2020 AMHT began lo expand ils education remit lo provide more active engagement with the public, schools and employers in the Aston Martin community. As part of our wider remit, we are developing a schools outreach programme, working with Slowe School, Silverstone UTC, the Heritage Skills Academy, Ecurie Bertelli and Aston Martin Lagonda plc lo provide a series of presentations, teacher-led activities and visits targeted al secondary school children. These will all be based on assets and information held by the Trust and ils partners. The programme primarily links lo core GCSE subjects and aims to inform subject choices and future career goals., the pandemic has delayed work on this project but we intend lo begin later in the year. Page 4
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Achievements and perfomiance Icontinuedl In conjunction with the outreach project, we are developing several subjecl-based GCSE Teaching Packs which use leaching material and GOnptS based on AMHT'S assets and archive. The first of these, for leacher-led GCSE English, is in the process of being developed and in due course will be available on the TES Resources website. We want to use our cutaways to show Aston Martin's innovative engineering design, so we are offering temporary loans lo educational establishments. For the first of these, during 2021 we have loaned our AM6 Vantage cutaway lo the MIRA Technology Inslilule al Nunealon, where the students can study il every day in the foyer. A continuing concern of the Trustees is the skills shortage in engineering and manufacturing, which impacts the ability to maintain and restore our cars. Hence AMHT is working with other partners which support apprentices and skills development such as.. the Heritage Skills Academy, which trains apprentices in heritsge skills., the Federations Skills Trust, which provides grants lo support aulomolive apprenticeships,. and Slartermolor, a charity which encourages young people to engage with heritage motoring. Working with these partners, AMHT aims to encourage, support and signpost employers and apprentices in the AML community to maintain the skills needed in our heritage sector. Financial review The Trust receives tts principal funding from subscriptions and donations. Total incoming resources for the period were £321,163 (period to 3 April 2019.. £184,6551- Total resources expended in the period were £355,649 (period lo 3 April 2019.. £158,486) and the resulting nel deficit was £34,486 (period to 3 April 2019.. surplus of £26,169). The free unrestricted fund balance (excluding fixed assets and heritage asselsl at the end of the period was £283,195 las al 3 April 2019.. £320,924). Going concern The Trustees have considered the impact of the global Covid-19 pandemic on the ability of the Charity lo continue trading for the foreseeable future. This review has included considering the impact of the pandemic lo the date of signing the financial statements and updating financials in respect of the Charity income and expenditure. Based on this review and taken together with existing financing facilities the Trustees believe that the financial statements have been prepared appropriately on the going concern basis. After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Reserves policy The Trust aims to have a minimum of 6 months operating expenditure in liquid reserves at any one time in addition to reserves maintained to meet specific projects. Reserves dedicated lo a specific project may be treated as restricted funds. At the end of the period to September 2020 free reserves amounted to 10 months of operating expenditure, which the Trustees believe to be prLJdent in the light of anlicipaled expenditure during 2020121. The balance of the reslricled fund at 30 September 2020 was £5,365. Material investments policy The Trustees follow an investment policy lo optimise investment income consislenl with the secure maintenance of capital. Page 5
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE PERIOD ENDED 30 SEPTEMBER 2020 structure, governance and management Constitution The Trust Iregislered charity number is 10724101 was originally consliluted by a deed dated 5 August 1998, with modifications dated 23 August 2000 and 14 June 2004. During the period, the Aston Martin Heritage Trust became a Charitable Incorporated Trust Iregislered charity number 11827931 and the assets, property and challels from the previous unincorporated Trust were transferred over in according with a general vesting declaration dated 1 August 2019 signed by the Chairman and a Trustee. Methods of appointment or election of Trustees The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Six Trustees are appointed following approval by the Committee of Management of the Aston Martin Owners Club, two from Aston Martin Lagonda and up lo three may be co-opted by virtue of their personal or professional qualifications by the existing Trustees., all the Trustees are members of the Aston Martin Owners Club. Policies adopted for the induction and training of Trustees New Trustees are given induction packs, together with an induction session which lakes place al the Charitable Incorporated Organisalion's headquarters al the Barn in Oxfordshire. Risk management The Trustees are responsible for the management of the risks faced by the Trust. Risks have been identified, assessed and controls established, and a fomial review is undertaken periodically. Vve continue to keep systems and procedures under review, and these appear to us lo be appropriate lo the Trust's size and the nature of our operations. Future plans The Bam al Drayton St Leonard has been the AMHT'S home from our inception and the 13th century bam has been a fascinating sile - bul now it is loo much of a challenge and is a serious reslriclion lo us growing and fully achieving our charitable goals. The biggest challenge is that of space. Both the Museum and Archive areas are completely full. This means that we cannot display all the cars and ephemera we have in the collection. We must pay for storage elsewhere which is an expensive overhead. The lack of space makes il difficult lo curate a meaningful Aston Martin story on the museum floor and display cabinets. We want lo be able to display much of our collection, and in such a way that the visitor makes the most of the experien, coming away feeling they have leamed and experienced something special. The new Heritage Centre will be able lo tell the Aston Martin story in a much more coherent manner and allow us to tell the stories of many of our items. The second biggest challenge is that of the environment. We have priceless artefacts in the collection which need special care to preserve them for the future. We are unable lo regulate lemperalure and humidity in an ancient barn,. il is not well sealed against dust and we must lake special precautions against both insects and rodents. The new Heritage Centre will be fully climate controlled, with offi8 separate from the archive space and special areas for quarantining and cleaning incoming items. Page 6
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Future plans Icontinuedl Our Educational facilities form an important part of our new Heritage Centre plans with both a lecture theatre and classroom included to enable us lo host events and lectures in-house. These facilities will also be available lo rent by the local community and other organisations. statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally A¢pted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the slate of affairs of the Charitable Incorporated Organisalion and of its incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial slalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis Ljnless il is inappropriate to presume that the Charitable Incorporated Organisalion will continue in business. The Trustees are responsible for keeping adeqtjale accounting records that are sufficient lo show and explain the Charitable Incorporated Organisation's transactions and disclose with reasonable accuracy al any lime the finanal position of the Charitable Incorporated Organisation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charitable Incorporated Organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. GAtry Taylo Rob Smith Chairman Dale.. Garry Taylor Treasurer Aug 2, 2021 Page 7
ASTON MARTIN HERITAGE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Independent Examinerfs Report to the Trustees of Aston Martin Heritage Trust I'the Charitable Incorporated Organisation'l I report to the charity Trustees on my examination of the accounts of the Charitable Incorporated Organisation for the period ended 30 September 2020. Responsibilities and Basis of Report As the Trustees of the Charitable Incorporated Organisation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the 2011 Act'l. I report in respect of my examination of the Charitable Incorporated Organisation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement Your attention is drawn to the fact that the Charitable Incorporated Organisation has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance wtth the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confrrm that no matters have come lo my attention in connection wth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charitable Incorporated Organisation as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements conceming the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in older to enable a proper understanding of the accounts to be reached. This report is made solely lo the Charitable Incorporated Organisation's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Charitable Incorporated Organisalion's Trustees those mallers l am required lo slate to them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl permilled by law, I do not a¢pt or assume responsibility to anyone other than the Charitable Incorporated Organisalion and the Charitable Incorporated Organisalion's Trustees as a body, for my work or for this report. Page 8
ASTON MARTIN HERITAGE TRUST INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Signed.. M N Farwell MQfv.dl Dated.. 0210812021 MA FCA DChA James Cowper Kreston Chartered AccoLJnlanls 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Page 9
ASTON MARTIN HERITAGE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Total funds 2019 Note Income from: Donations and legacies.. Donations Subscriptions Donated servIs Charitable activities Other trading activities Investments Other income 7,527 205,365 35.100 54.218 18,524 429 7,527 205,365 35.100 54.218 18,524 429 5,964 75,960 10,000 27,705 12,753 73 52,200 Total income 321,163 321,163 184,655 Expenditure on: Raising funds Charitable activities 11.971 338.626 11.971 343.678 2,962 155,524 5.052 Total expenditure 5,052 350,597 355,649 158,486 Net movement in funds Reconciliation of funds.. Total funds brought forward Nel movement in funds 15.0521 129.4341 134.4861 26,169 10.417 15.0521 872.245 129.4341 882,662 134.4861 856,493 26,169 5,365 842,811 848,176 882,662 Total funds carried forward The Statement of Financial Activities includes all gains and losses recognised in the period. The notes on pages 13 to 31 fomi part of these financial statements. Page 10
ASTON MARTIN HERITAGE TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2020 30 September 2020 3 April 2019 Note Fixed assets Tangible assets Heritage assets 16 19,996 544,985 16,890 544,848 17 564,981 561,738 Current assets Stocks 18 10,785 56,051 241,107 10,512 64,673 281,282 Debtors Cash at bank and in hand 19 307.943 356,467 Creditors.. amounts falling due within one year 20 15,7481 16,5431 Net current assets 302.195 349,924 Total assets less current Ilabllltles 867,176 911,662 Provisions for liabilities 21 119.0001 129,0001 Net assets 848.176 882,662 Total net assets 848.176 882,662 Charity funds Restricted funds Unreslricled funds 22 22 5.365 842,811 10,417 872,245 Total funds 848,176 882,662 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by- GAtry Taylor Rob Smith Chairman Dale.. Garry Taylor Treasurer Aug 2, 2021 The notes on pages 13 to 31 fomi part of these financial stalemenls. Page11
ASTON MARTIN HERITAGE TRUST STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 2020 2019 Note Cash flows from operating activities Nel cash used in operating activities 25 118,7511 925 Cash flows from invosting activitios Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Purchase of heritage assets 429 73 107,360 {21.7161 {137} 12921 Net cash (used Inllprovlded by Investlng actlvltles 121,4241 107,141 Cash flows from financing activities Net cash provided by financing activities Change In cash and cash equlvalents In the perlod Cash and cash equivalents at the beginning of the period {40,1751 108,066 281.282 173,216 Cash and cash equivalents at the end of the period 26 241.107 281,282 The notes on pages 13 to 31 fomi part of these financial statements Page 12
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports} Regulations 2008 only lo the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Aston Martin Heritage Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otheiSe staled in the relevant accounting policy. This is the first set of financial statements for Aston Martin Heritage Trust following the transfer to a Charitable Incorporated Organisation on 1 August 2019. The principles of merger accounting have been applied and the result of the application is lo present the financial statements as if the Charitable Incorporated Organisation had always operated. The figures for the period include the period from 4 April 2019 to 31 July 2019 of the former charitable trust and the period from 1 August 2019 10 30 September 2020 of the Charitable Incorporated Organisation. Comparative figures are for the period from 1 October 2018 to 3 April 2019. 1.2 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charitable Incorporated Organisation and which have not been designated for other purposes. Reslricled funds are funds which are to be used in accordance wfth specific restrictions imposed by donors or which have been raised by the Charitable Incorporated Organisalion for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial stalemenls. Investment income, gains and losses are allocated to the appropriate fund. Page 13
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Accounting policies Icontinuedl 1.3 Income All income is recognised once the Charttable Incorporated Organisalion has entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of reIpt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entillemenl to a legacy exists when the Charitable Incorporated Organisation has sufficient evidence that a gift has been left to them Ithrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in question will not be required lo satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that il will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed to the Charitable Incorporated Organisation, can be reliably measured. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are induded al the value to the Charitable Incorporated Organisation where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. Donated services or facilities are recognised when the Charitable Incorporated Organisalion has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charitable Incorporated Organisation of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charitable Incorporated Organisation which is the amount the Charitable Incorporated Organisalion would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income lax recoverable in relation lo investment income is recognised at the lime the investment income is receivable. Other income is recognised in the period in which tt is receivable and to the extent the goods have been provided or on completion of the servi. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Page 14
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Accounting policies Icontinuedl 1.4 Expenditure {continued} Expenditure on raising funds includes all expenditure incurred by the Charitable Incorporated Organisation to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the aclivtties which further the Charitable Incorporated Organisation's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Incorporated Organisalion,. this is normally upon notification of the interest paid or payable by the Bank. 1.6 Tangible fixed assets and depreciation Tangible fixed assets costing £250 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrwng value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis.. Motor vehicles Fixtures and fittings Museum display cabinets 25,10 reducing balance 40010 reducing balance 100/0 slraighl line Specialised display cabinets have been acquired with funds received specifically for this purpose due to their long useful life they are separately shown and depreciated. 1.7 Heritage assets Motor vehicles are included in the financial statements at cost or the value when donated. Vehicles are maintained in full working order, insured at their current value with maintenance costs charged to the Statement of Financial Activities when incurred. Archive items are included at cost or valuation. Donations of archive items are included at estimated value at the lime of reipl, except where the cost of obtaining a valuation would be disproportionate. In the opinion of the Trustees, motor vehicles and archives have an indeterminate life and accordingly tt is not appropriate to charge depreciation. Conservation of these items is central to the Trust's activities. The Trust's management policy in respect of its heritage assets is summarised in note 30. Page 15
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Accounting policies Icontinuedl 1.8 Stocks Stocks are valued al the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 1.9 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.10 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.11 Liabilities Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Incorporated Organisalion anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability- The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 1.12 Financial instruments The Charitable Incorporated Organisalion only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaelion value and subsequently measured at their settlement value. 1.13 Pensions The Charitable Incorporated Organisation operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Incorporated Organisation to the fund in respect of the period. Page 16
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Critical accounting estimates and areas of judgement Eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charitable Incorporated Organisation makes estimates and assumptions conceming the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The eslimales and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabiltties within the next financial year are discussed below. Critical areas of judgement.. Tangible Fixed Assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Income from donations and legacies Unrestricted funds 2020 Total funds 2020 Total funds 2019 Donations 7,527 205,365 35,100 7,527 205,365 35,100 5,964 75,960 10,000 Subscriptions Donated services 247,992 247,992 91,924 Total 2019 91,924 91,924 Page 17
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Income from charitable activities Unrestricted funds 2020 Total funds 2020 Total funds 2019 Research fees Archiving Educational events Museum income 6,207 10,436 27,539 10,036 6,207 10.436 27.539 10,036 6,084 3,590 15,505 2,526 54,218 54.218 27,705 Total 2019 27,705 27,705 Income from other trading activities Income from fundraising events Unrestricted funds 2020 Total funds 2020 Total funds 2019 Advertising Merchandising 3,865 14,659 3.865 14,659 7,055 5,698 18,524 18.524 12,753 Total 2019 12,753 12,753 Investment income Unrestricted funds 2020 Total funds 2020 Total funds 2019 Investment income 429 429 73 Total 2019 73 73 Page 18
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Other incoming resources Unrestricted funds 2020 Total funds 2020 Total funds 2019 Profit on disposal of freehold property 52,200 Total 2019 52,200 52,200 Donated goods and services The Charitable Incorporated Organisalion occupies rent free a building ils shares with the Aston Martin Owners Club. The Charitable Incorporated Organisation owned 13.420/0 until 14 March 2019, and occupies 700/0. The value of rent on the part occupied and not owned is £21,700 per annum which has been reflected in the financial statements in both income and expenditure. Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Total funds 2019 Educational events 28,360 60,647 20,753 21,582 207,284 28,360 60,647 20,753 21.582 212,336 22,430 16,433 13,397 30,384 72,880 Archiving Museum costs Journal expenses Support costs 5,052 5,052 338,626 343,678 155,524 Tol812019 1,686 153,838 155,524 Page 19
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Analysis of expenditure on charitable activities Icontinuedl Summary by expenditure type Total funds 2020 Total funds 2019 Staff costs Depreciation Other costs 2020 2020 2020 Educational events Archiving Museum costs Journal expenses Support costs 28,360 22,884 20,753 21,582 124,106 28,360 60,647 20.753 21,582 212.336 22,430 16,433 13,397 30,384 72,880 37,763 69,620 18,610 107,383 18,610 217,685 343,678 155,524 Total 2019 35,564 6,702 113,258 155.524 Page 20
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 10. Support costs Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Total funds 2019 Office expenses Insurance costs 8,732 12,994 6,486 69,620 2,023 47,170 2,078 2,954 5,196 8.732 12,994 6.486 69,620 2.023 47,170 2.078 2.954 5.196 4,096 7,036 7,023 23,350 1,546 13,100 167 1,130 50 119 Website and IT costs Salaries Travel and meeting costs Rent MislIaneOUS Repairs Motor costs Subscriptions Bad debt written off Bank charges Licences 1,568 2,150 17,750 15,000 13,558 1.568 2.150 17,750 15,000 18.610 883 Consultancy Governance costs Depreciation 7,678 6,702 5,052 5,052 207,284 212,336 72,880 Total 2019 1,686 71,194 72,880 11. Governance costs Unrestricted funds 2020 Total funds 2020 Total funds 2019 Accountancy fees Legal fees Trustee costs 13,795 1,153 52 13,795 1,153 52 3,495 4,243 15,000 15,000 7,738 12. Taxation The Charitable Incorporated Organisalion is a Tegistered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes. Page 21
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 13. Independent examiner's remuneration 2020 2019 Fees payable lo the Charitable Incorporated Organisalion's independent examiner for the independent examination of the Charitable Incorporated Organisalion's annual accounts 2.200 4,200 14. Staff costs 2020 2019 Wages and salaries Social security costs Contribution to defined contribution pension schemes 101.106 4,077 2,200 33,590 1,291 683 107,383 35,564 The average number of persons employed by the Charitable Incorporated Organisation during the period was as follows.. 2020 2019 Employees No employee received remuneT8tion 8mounling to more than £60,000 in either period. Trustees. remuneration and expenses During the period, no Trustees reiVed any remuneration or other benefits {2019 - £NILI. During the period ended 30 September 2020, expenses totalling £49 were reimbursed or paid directly to 1 Trustee {2019.. £NILI. Page 22
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 16. Tangible fixed assets Motor Fixtures and vehicles fittings Office equipment Total Cost or valuation At 4 April 2019 Additions 5,495 8,000 106.170 13.716 33.661 145.326 21,716 At 30 September 2020 13,495 119,886 33,661 167,042 Depreciation At 4 April 2019 Charge for the period 5,495 2,500 99,697 11.058 23.244 5.052 128.436 18.610 At 30 September 2020 7,995 110.755 28.296 147,046 Net book value At 30 September 2020 5,500 9.131 5.365 19.996 At 3 April 2019 6,473 10,417 16,890 Page 23
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 17. Heritage assets Assets recognised at cost Heritage motor vehicles 2020 Archives 2020 Total 2020 Carrying value al 4 April 2019 Additions 409,819 135,029 137 544.848 137 409,819 135,166 544,985 Analysis of heritsge asset transactions 30 September 2020 30 30 30 3 April September September September 2019 2018 2017 2016 Additions Archives 137 292 1,277 1,963 42,023 Total additions 137 292 1,277 1,963 42,023 All additions were purchases or in the case of vehicles, capital costs of resloralion. Items and memorabilia donated to the collections have been included at £nil value as in the opinion of the Trustees obtaining separate valuations would be disproportionately expensive. Stocks 30 September 2020 3 April 2019 Closing merchandise stock 10,785 10,512 Page 24
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 19. Debtors 30 Sgptgmbgr 2020 3 April 2019 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 8,874 37,485 3,994 23,194 47.177 56,051 64,673 20. Creditors: Amounts falling due within one year 30 September 2020 3 April 2019 Trade creditors 838 1,813 1,453 1,277 2,000 Other taxation and social security other creditors 2,299 411 Accruals and deferred income 2.200 5,748 6,543 21. Provisions Car register At 4 April 2019 Additions 29.000 110.0001 19,000 Car register The register provision is for updating and publication of the Aston Martin Heritage Trust Register of Cars. It has recently been transferred lo an online version so it only includes data management costs. Any amount released relates to expenditure of updating part of the final stage of the online car register. Page 25
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 22. Statement of funds Statement of funds - current period Balance at 30 September 2020 Balance at 4 April 2019 Income Expenditure Unrestricted funds General Funds 872,245 321,163 1350,5971 842,811 Restricted funds Museum display cabinets 10,417 15,0521 5,365 Total of funds 882,662 321,163 1355,6491 848,176 statement of funds - prior period Balance al 1 October 2018 Balance at Income Expenditure 3 April 2019 Unrestricted funds General Funds 844,390 184,655 1156,8001 872,245 Restrlcted funds Museum display cabinets 12,103 11,6861 10,417 Totsl offunds 856.493 1158,4861 882,662 Page 26
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 23. Summary offunds Summary offunds- current period Balance at 30 September 2020 Balance at 4 April 2019 Income Expenditure General funds Restricted funds 872.245 10.417 321.163 1350.5971 15,0521 842.811 5,365 882,662 321.163 1355,6491 848.176 Summary of funds - prior period Balance al 1 October 2018 Balance at Income Expenditure 3 April 2019 General funds 844,390 12,103 184,655 1156,8001 11,6861 872,245 10,417 Restricted funds 856,493 184,655 1158,4861 882,662 24. Analysis of ngt as$gt$ betwegn funds Analysis of ngt a$$gt$ bgtwegn funds - currgnt P9riod Rgstrictgd Unrfrstrictod Totsl funds funds fund$ 30 30 30 Soptember Sgptember Soptember 2020 2020 2020 Tangible fixed assets Heritage assets Current assets Creditors due within one year Provisions for liabilities and charges 5,365 14,631 544,985 307,943 15,7481 119,0001 19,996 544.985 307,943 15,7481 119.0001 Totsl 5,365 842,811 848,176 Page 27
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 24. Analysis of net assets between funds Icontinuedl Analysis of net assets between funds - prior period Restricted Unrestricted funds funds 3 April 3 April 2019 2019 Total funds 3 April 2019 Tangible fixed assets Heritage assets Current assets Creditors due within one year Provisions for liabilities and charges 10,417 6,473 544,848 356,467 16,543) 129,0001 16,890 544,848 356,467 16,5431 129,0001 Totsl 10,417 872,245 882,662 25. Reconciliation of net movement in funds to net cash flow from operating activities 30 September 2020 3 April 2019 Nel incomelexpendilure for the period las per Statement of Financial Acliviliesl {34,4861 26,169 Adjustments for: Depreciation charges Investment income 18,610 {4291 6,701 1731 152,2001 Gain on the sale of fixed assets Increase in stocks Decrease in debtors {2731 8,622 110,7951 30,293 19,9651 Decrease in creditors Net cash provided byllused inl operating activities 118,7511 925 26. Analysls ofcash and cash equlvalents 30 September 2020 3 April 2019 Cash in hand 241.107 281,282 Total cash and cash equivalents 241.107 281,282 Page 28
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 27. Analysis of changes in net debt At30 Soptember 2020 At 4 April 2019 Cash flows Cash at bank and in hand 281,282 {40.1751 241.107 281,282 140,1751 241.107 28. Pension commitments The Charitable Incorporated Organisalion operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charitable Incorporated Organisalion in an independently administered fund. The pension cost charge represents contributions payable by the Charitable Incorporated Organisalion to the fund and no amounts were unpaid al the period end 12019.. £nil}. 29. Related party transactions During the period the Charitable Incorporated Organisalion made purchases of £4,500 12019.. £nill for accountancy services provided by Goose Taxation, owned by one of ils Trustees. There was no amount outstanding at the period end {at 3 April 2019.. £nill. At the period end, £50012019.. £nill is owed lo the Charitable Incorporated Organisation by a Trustee in respect of lecture and event lickels. No Trustees made financial donations lo the funds of the Charitable Incorporated Organisation in the period12019.' £nill. 30. Heritage asset management policy The Charitable Incorporated Organisalion's objectives include maintaining and developing the already extensive archives of material relating to Aston Martin, Lagonda and Aston Martin Lagonda cars, and preserving a collection of significant cars. At 30 September 2020 there were 4 cars in the collection including A3, which is the earliest surviving Aston Martin in the worfd. Cars are made available for public inspection at the Charitable Incorporated Organisalion's premises in Oxfordshire and are also exhibited at various events throughout the UK, and occasionally abroad. The Archive contains an impressively large collection of material relating to the history of Aston Martin. 11 holds a large number of original manufacturing plans, drawings and blueprints dating back lo the 1920s. 11 also has an extensive collection of factory records and publications, including order books, workshop manuals, and original publicity material. The archive also holds a collection of over 250 books, many of which are rare. In addition there is a major photo archive, including the work of Louis Klemantaski for Aston Martin, the Roger Stowers collection, and the Neill Bruce collection. Where possible the Charitable Incorporated Organisation is pleased lo supply images for use in publications and research. Public aC$S to the archive is encouraged for consullalion and research by both members and the general public. Acquisitions are made by purchase or donation, and occasionally, the Charitable Incorporated Organisalion disposes of items where the Trustees are satisfied that lo do so does not delracl from the integrity of the collection. Page 29
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 31. Controlling party The Charitable Incorporated Organisation is controlled by its Trustees. 32. Merger accounting Analysis of principal Statement of Financial Activities components for the current reporting period.. Charitable trust (pre- merger) 2020 CIO (post- mergerl 2020 Total funds 2020 Total income Total expenditure 80,378 164,0531 240,785 1291,5951 321.163 {355.6481 Net incomel{expenditure) 16,325 150,8101 134,4851 Nel movement in funds 16,325 150,8101 134,4851 The charitable trust figures are for the period from 4 April 2019 to 31 July 2019 and the CIO figures include the period from 1 August 2019 to 30 September 2020. Analysis of principal Statement of Financial Activities components for the previous reporting period= Charitable trust 2019 Total funds 2019 Total income Total expenditure 184,655 1158,4861 184,655 {158.4861 Net incomel{expenditure) Total funds brought forward 26,169 856,493 26,169 856.493 882,662 882,662 The charitable trust figures are for the period from 1 Oelober 2018 to 3 April 2019. Page 30
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2020 Analysis of net assets al the date of the merger.. Charitable trust 2019 Total funds 2019 Nel assets 898,987 898.987 Represented by.. Charitable trust 2019 Total funds 2019 Restricted funds 9,293 889,694 9,293 889.694 Unreslricled funds 898,987 898,987 Page 31