Charity number.. 1182793 ASTON MARTIN HERITAGE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
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 Flnanclal Actlvltles 10 8alance Sheet Statement of Cash Flows 12 Notes to the Financial Ststements 13-28
ASTON MARTIN HERITAGE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE INCORPORATED ORGANISATION. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Trustees Mike Abbott Tim Collingham Mark Gaunllell Marek Reichman (resigned 21 March 20231 Rob Smith, Chairman (resigned 20 August 20221 Garry Taylor, Treasurer August von Joesl John Warden, Chairman Tom Westley Steve Waddingham lappoinled 21 March 20231 Tamalie Newbery (appointed 21 March 2023) Charity registered numbgr 1182793 Principal office Drayton St Leonard Wallingford Oxfordshire OX10 78G Secretary Sue Gibbons AOuntantS James Cowper Kreslon Audit 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 Solicitors Helen Harvey, Charity Consultant Barlow Robbins Solicitors The Oriel Sydenham Road Guildford Surrey GU1 3SR Page 1
ASTON MARTIN HERITAGE TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The chairman presents his statement for the year. During this financial year the AMHT continued lo build on its recovery from the lockdown period and develop tts longer-lerm plans. The Board has agreed a strategy with a vision to be the global aLJthorily for Aston Martin Heritage, and the AMHT is investigating ways lo reach out beyond the UK,. one such example is the commissioning of a Matterport 3D scan of the Museum interior which can be accessed from the new AMHT webstte. Following the success of the first such event in June 2021, the AMHT, led by Rob Smtth, organised the second Aston Martin Heritage Festival at Brooklands in August 2022,. despite the high temperatures, the event was successful, with over one thousand visitors, the largest display of pre-war Astons in many years, and publicity in Octane magazine and elsewhere. Although marginally profitable, there is considerable logistics in running these Festivals and the Board is examining ways to redu this for future events. In September the AMHT also had a stand at the Goodwood Revival which usefully reached a new audience. We welcomed two new staff members in March 2022 to provide administrative support and a new role of hosting Museum visitors. Over the year, the staff have developed into a close-knit team and now operate the Museum and Collection with less direct input from Trustees. We intend lo build on this lo allow the Board to concentrate on strategic and governance issues and allow the staff team to manage more of the operational activities. The hosting role has proved very successful, with good feedback on TripAdvisor. The Board continued to examine options for relocating from the Barn, WTth some publicity locally about the Newport Pagnell sile. This options work will continue into 2023. Towards the end of the financial year, relations with AMOC improved subslanlially and we were lo discuss positively a number of issues around finances, use of the Barn and joint working which had not progressed for some time. In August 2022, Rob Smith stood down as Chairman and John Warden was elected to the role. The Board wishes to thank Rob for his tireless support for the Trust as Trustee and Chairman. ] M WArJe John Warden Chairman of the Board of Trustees Dale.. Jul 24, 2023 Page 2
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 The Trustees present their annual report together with the financial statements of the Charitable Incorporated Organisalion ICIOI for the 1 October 2021 to 30 September 2022. 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 is a Charitable Incorporated Organisation, chartty number 1182793. Its aim is-. The advancement of education by making available for study, research material of all types relating to the automotive engineering and automotive designs of Aston Martin Lagonda I'the Marque'l for the benefit of the public including reports, documents, drawings, artefacls and any other material including the history of the companies, products and personalities associated with Aston Martin Lagonda. 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 MarqLJe The development and maintenance of the definitive archive relating to '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 joumal 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 organisalions 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 advertising and editorials., Promotion through digital and social media such and our own website-, Promotion through our own events such as the annual Aston Martin Herttage Festival and others., Organising others events targeted at Aston Martin enthusiasts, motoring enthusiasts, and general audiences., Page 3
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2022 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., Extend our reach beyond the UK lo a more global authority on Aston Martin Heritage. The maintenance of members, funding flows via the Aston Martin Owners Club and benefactors which enable the Trust lo meet ils objectives. Achievements and perfomiance The Museum We are back lo opening 3 days a week plus occasional Saturdays, with approximately 200 visitors per month. Museum entrance is complimentary for AMHT Supporters, employees of Aston Martin Lagonda and AMOC Members. 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, Feltham, Bloxham & Gaydon. We currently hold 25 cars, which some are in secure storage. These cars are rotated on a regular basis lo show in the museum where space allows. Digitising the Register and Registrar assets We are continuing to digilise the paper records of the Master Register although many months of scanning is still ahead. We now have a growing shared digital archive of build sheets and have a comprehensive archive of photographs of chassis idenlificalion marks. Vve will both be collecting more photographs lo assist with future services 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 may have lost il over lime. Education and Learning Since ils fomialion, 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. Although delayed by other mallers during 2022, the AMHT will now continue to expand ils education remit lo provide more active engagement with the public, schools and employers in the Aston Martin community. 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 automotive 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. Page 4
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2022 Financial review The Trust receives its principal funding from subscriptions and donations. The major source of income remains the Aston Martin Owners Club by which we received £163,924 as part of our £271,688 total income. As mentioned, the total incoming resources for the year are £271,688 12021.. £275,454). Total resources expended in the period were £256,301 12021.. £265,194) and the resulting net surplus was £15,387 12021.. £10,260). The free unrestricted fund balance {excluding fixed assets) al the end of the period was £304,144 12021.. £298,035}. Going concern 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 lo reserves maintained to meet specific projects. Reserves dedicated by the donor to a specific project may be treated as restricted funds. In the year to September 2022 free reserves amounted to 12 months of operating expenditure, which the Trustees believe lo be prudent. The balance of the restricted fund on 30 September 2022 was £nil. 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 YEAR ENDED 30 SEPTEMBER 2022 structure, governance and management Constitution The Trust Iregislered charity number is 11827931 was originally consliluted by a deed dated 5 August 1998, with modifications dated 23 August 2000 and 14 June 2004. In 2019 the Aston Martin Heritsge Trust became a Charitable Incorporated Trust 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. Up to eleven Trustees can be appointed.. up lo seven may be co-opted by virtue of their personal or professional qualifications by the existing Trustees,. up lo two are nominated by Aston Martin Lagonda Ltd,. and up lo two are nominated by the Management Committee 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 takes pla al the Trust'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. We 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 Firstly, the AMHT have decided to become an accredited Museum in order lo demonslrale and maintsin the quality of care and security that the archive and collection deserve. To start this process, we have applied for, and been awarded, 'Working Towards Accredilalion, status with the Arts Council, which is a Ihree-year project of quality improvement and organisalional development to achieve Accredilalion. This will give us significant credibility in the museum sector, give you confidence that we are looking after the archive and collection, and allow access to heritage grants and inler-museum loans. Secondly, the Barn al Drayton St Leonard has been the AMHT'S home from our inception and the 13th century barn has been a fascinating sile- but now il is loo much of a challenge and is a serious restriction to us growing and fully achieving our charitable goals. With over Iwenty-five years of acquisitions, we have outgrown by some margin the room available. Therefore, with much sadness, we do need lo move out of the Barn. The Trustees have set a deadline of six years lo relocate so work is ongoing on a credible business case for relocation. Page 6
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 30 SEPTEMBER 2022 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 which give a true and fair view of the slate of affairs of the Charitable Incorporated Organisation and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, 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 adeqLJale 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.. ] M WArde John Warden Chairman Dale.. Jul 24. 2023 Page 7
ASTON MARTIN HERITAGE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022 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 year ended 30 September 2022. 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 Since the Charitable Incorporated Organisation's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Institute of Chartered Accounlanls in England and Wales, which is one of the listed bodies. 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 confirm 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 order to enable a proper understanding of the accounts to be reached. Page 8
ASTON MARTIN HERITAGE TRUST INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2022 This report is made solely to the Charitable Incorporated Organisation's Trustees, as a body, in accordance wtth Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Charitable Incorporated Organisation's Trustees those matters l am required to stale to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept 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. Signed.. Michael Bath Dated.. 25 July 2023 Bsc FCA DChA James Cowper Kreston Audit 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 YEAR ENDED 30 SEPTEMBER 2022 Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and legacies.. Donations Grants Subscriptions Donated servIs Charitable activities 12,899 4,000 167.574 12,899 4,000 167.574 12,271 15,143 155,774 23,400 53,961 14,893 12 66,294 20,823 98 66,294 20,823 98 Other trading activities Investments Total income 271,688 271,688 275,454 Expenditure on: Raising funds Charitable activities 9.751 244.557 9.751 246.550 11,849 253,345 1.993 Total expenditure 1,993 254,308 256,301 265,194 Net movement in funds 11.9931 17,380 15,387 10,260 Reconciliation of funds.. Total funds brought forward Nel movement in funds 1,993 11,9931 856,443 17,380 858,436 15,387 848,176 10,260 Total funds carried forward 873.823 873.823 858,436 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 28 form part of these financial statements. Page 10
ASTON MARTIN HERITAGE TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2022 2022 2021 Note Fixed assets Tangible assets Heritage assets 15 16 21,811 547,868 13,181 547,220 569,679 560,401 Current assets Stocks 17 12,007 81,770 268,161 7,006 74,226 238,383 Debtors Cash at bank and in hand 18 361.938 319,615 Creditors.. amounts falling due within one year 19 (42,2691 16,5801 Net current assets 319.669 313,035 Total assets less current Ilabllltles 889,348 873,436 Provisions for liabilities 20 115.5251 115,0001 Net assets 873.823 858,436 Total net assets 873,823 858,436 Charity funds Restricted funds 21 1,993 856,443 Unreslricled funds 21 873,823 Total funds 873,823 858,436 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by- ] M WAtJe John Warden Chairman Dale.. Jul 24. 2023 The notes on pages 13 to 28 fomi part of these financial statements. Page11
ASTON MARTIN HERITAGE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2022 2022 2021 Note Cash flows from operating activities Nel cash used in operating activities 24 47.333 2,148 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 98 1,000 {18,6531 12 12,6491 12,2351 Net cash used In Investlng actlvltles 117,5551 14.8721 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 29,778 12,7241 241,107 238.383 Cash and cash equlvalents at the end ofthe year 25 268,161 238,383 The notes on pages 13 to 28 fomi part of these financial statements Page 12
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 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. 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 with 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 to 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 YEAR ENDED 30 SEPTEMBER 2022 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. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entillemenl of reipl, tts recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 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 included 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 serViS or facilities are recognised when the Charitable Incorporated Organisation 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. Page 14
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policies Icontinuedl 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. 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 activities 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 capitalised 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 1 00/0 slraighl line Specialised display cabinets have been acquired with funds received specifically for this purpose due to their long useful life they are separately shovvn and depreciated. Page 15
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Accounting policies Icontinuedl 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. 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 nel 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 finanal 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 year. Page 16
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 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 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. Income from donations and legacies Unrestricted funds 2022 Total funds 2022 Total funds 2021 Donations Subscriptions Grants Donated services 12,899 167,574 4,000 12,899 167,574 4.000 12,271 155,774 15,143 23,400 184,473 184,473 206,588 Total 2021 206,588 206,588 There are no donated goods and services reflected in the financial statements for the year. Last year, the Charitable Incorporated Organisalion occupied rent free a building it shared with the Aston Martin Owners Club. The value of rent on the part occupied and not owned was £23,400 per annum which was reflected in the financial slalements in both income and expenditure last year. Page 17
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Income from charitable activities Unrestricted funds 2022 Total funds 2022 Total funds 2021 Research fees Archiving Educational events Museum income 7,573 14,838 36,445 7,438 7.573 14.838 36.445 7,438 6,335 8,362 35,915 3,349 66,294 66,294 53,961 Total 2021 53,961 53,961 Income from other trading activities Income from fundraising events Unrestricted funds 2022 Total funds 2022 Total funds 2021 Advertising Merchandising 3,834 16,989 3.834 16,989 2,600 12,293 20,823 20.823 14,893 Total 2021 14,893 14,893 Investment income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Investment income 98 98 12 Total 2021 12 12 Page 18
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2022 2022 Total 2022 Total 2021 Educational events Archiving Museum costs Journal expenses Support costs 35,548 35,238 6,079 41,484 126,208 35,548 35.238 6.079 41,484 128.201 30,794 32,099 13,748 30,794 145,910 1,993 1,993 244,557 246,550 253,345 Total 2021 3,372 249,973 253.345 Summary by expenditure type Staff costs Depreciation Other costs 2022 2022 2022 Total 2022 Total 2021 Educational events 35,548 3,229 6,079 41,484 71,940 35,548 35,238 6.079 41,484 128,201 30,794 32,099 13,748 30,794 145,910 Archiving Museum costs 32,009 Journal expenses Support costs 47,326 8,935 79,335 8,935 158,280 246.550 253,345 Total 2021 74,420 9,464 169,461 253,345 Page 19
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Support costs Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Office expenses Insurance costs 10,140 10,339 9,230 47,326 2,260 14,630 661 5,934 3,638 10.140 10,339 9.230 47,326 2.260 14,630 661 5.934 3.638 9,177 10,538 7,725 51,619 71 33,053 651 2,695 2,652 4,904 43 628 12,690 9,464 Website and IT costs Salaries Travel and meeting costs Rent MislIaneOUS Repairs Motor costs Irrecoverable VAT Bad debt written off Bank charges Governance costs 1,060 14,048 8,935 1.060 14.048 8,935 Depreciation 128,201 128.201 145,910 Total 2021 3,372 142,538 145,910 10. Governance costs Unrestricted funds 2022 Total funds 2022 Total funds 2021 Accountancy fees Legal fees 11,713 2,335 11,713 2.335 12,250 440 14,048 14,048 12,690 Page 20
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 11. Taxation The Charitable Incorporated Organisalion is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes. 12. Independent examiner's remuneration 2022 2021 Fees payable lo the Charitable Incorporated Organisalion's independent examiner for the independent examination of the Charitable Incorporated Organisalion's annual accounts 3.000 2,200 13. Staff costs 2022 2021 Wages and salaries Social security costs Contribution to defined contribution pension schemes 71.220 6,626 1,489 66,692 6,458 1,270 79,335 74,420 The average number of persons employed by the Charitable Incorporated Organisalion during the year was as follows.. 2022 2021 Employees No employee received remuneration amounting to more than £60,000 in either year. 14. Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits12021 £NILI. During the year ended 30 September 2022, no Trustee expenses have been incurred12021- £NILI. Page 21
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 Tangible fixed assets Motor Fixtures and vehicles fittings Office equipment Total Cost or valuation At 1 October 2021 Additions Disposals 13,495 15,850 18,0001 122.535 2,715 33.661 169.691 18,565 18,0001 At 30 September 2022 21,345 125.250 33.661 180.256 Depreciation At 1 October 2021 Charge for the year On disposals 9,375 991 13,8801 115.467 2,831 31.668 1.993 156.510 5,815 13,8801 At 30 September 2022 6,486 118.298 33.661 158.445 Net book valuo At 30 September 2022 14,859 6,952 21,811 At 30 September 2021 4,120 7,068 1,993 13,181 Page 22
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 16. Heritage assets Assets recognised at cost Heritage motor vehicles 2022 Archives 2022 Total 2022 Carrying value al 1 October 2021 409,819 138,049 547.868 409,819 138,049 547,868 Analysis of heritage asset transactions 2022 2021 2020 2019 2018 Additions Archives 2,235 137 292 1,277 Totsl additions 2,235 137 292 1,277 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. 17. Stocks 2022 2021 Closing merchandise stock 12.007 7,006 18. Debtors 2022 2021 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 1,281 1.722 78,767 10,820 786 62,620 81.770 74,226 Page 23
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 19. Creditors: Amounts falling due within one year 2022 2021 Trade creditors Other taxation and social security Other Creditors Accruals and deferred income 22.222 2,975 214 3,000 1,100 280 2,200 16.858 42.269 6,580 20. Provisions Car register At 1 October 2021 Increase 15.000 525 1 S,525 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 income l expenditure of updating part of the final stage of the online Car register. Page 24
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 21. Statement of funds Statement of funds - current year Balance at 30 September 2022 Balance at 1 October 2021 Income Expenditure Unrestricted funds General Funds 856,443 271,688 1254,3081 873,823 Restricted funds Museum display cabinets 1,993 11,9931 Total of funds 858,436 271,688 1256,3011 873,823 statement of funds - prior year Balance at 30 September 2021 Balance al 1 October 2020 Income Expenditure Unrestricted funds General Funds 842,811 275,454 1261,8221 856,443 Restrlcted funds Museum display cabinets 5,365 13,3721 1,993 Totsl offunds 848,176 275,454 1265,1941 858,436 Page 25
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 22. Summary offunds Summary offunds - current year Balance at 30 September 2022 Balance at 1 October 2021 Income Expenditure General funds Restricted funds 856.443 1.993 271.688 1254.3081 11,9931 873.823 858,436 271,688 1256,3011 873,823 Summary of funds - prior year Balance at 30 September 2021 Balan al 1 October 2020 Income Expenditure General funds 842,811 5,365 275,454 1261,8221 13,3721 856,443 1,993 Restricted funds 848,176 275,454 1265,1941 858,436 23. Analysis of ngt as$gt$ betwegn funds Analysis of ngt assgts between funds - currgnt year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Heritage assets Current assets Creditors due within one year Provisions for liabilities and charges 21,811 547,868 361,938 142,2691 115,5251 21.811 547.868 361,938 142,2691 115.5251 Totsl 873,823 873,823 Page 26
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 23. Analysis of net assets between funds Icontinuedl Analysis of net assets between funds - prior year Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Tangible fixed assets Heritage assets Current assets Creditors due within one year Provisions for liabilities and charges 1,993 11,188 547,220 319,615 16,5801 115,0001 13,181 547,220 319,615 16,5801 115,0001 Totsl 1,993 856,443 858,436 24. Reconciliation of net movement in funds to net cash flow from operating activities 2022 2021 Nel income for the year las per Statement of Financial Acliviliesl 15,387 10,260 Adjustments for- Depreciation charges Loss on disposal of fixed asset Investment income (Increase) I decrease in stocks Increase in debtors 5,815 3,120 1981 15,0011 17,5441 35,654 9,464 1121 3,779 118,1751 832 14,0001 Increase in creditors IDecreasel in provision Net cash provided by operating activities 47,333 2,148 25. Analysis of¢a$h and cash equivalgnts 2022 2021 Cash in hand 268.161 238,383 Total cash and cash equivalents 268,161 238,383 Page 27
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 26. Analysis of changes in net debt At1 October 2021 Cash flows At30 Soptember 2022 Cash at bank and in hand 238,383 29.778 268.161 238,383 29,778 268.161 27. 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 12021.. £nil}. 28. Related party transactions During the period the Charitable Incorporated Organisalion made purchases of £6,00012021'. £6,000) for accountancy services provided by Goose Taxation, owned by one of ils Trustees. There was no amount outstanding at the period end12021'. £nill. 29. 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 2022 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. It 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 aCsS lo 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 28