Charity number.. 1182793 ASTON MARTIN HERITAGE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
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 Examlner's Report Statement of Financial Aetivities 10 Balance Sheet Statement of Cash Flows 12 Notes to the Financial Statements 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 2023 Trustees Mike Abbott Tim Coltingham Mark Gaunllell Garry Taylor, Treasurer August von Joesl John Warden, Chairman Tom Weslley Steve Waddingham lappointed 21 March 20231 Tamalie Newbery lappoinled 21 March 2023) Charity registered number 1182793 Principal office Drayton Sl Leonard Wallingford Oxfordshire OX10 7BG Secretary Sue Gibbons AoUntantS James Cowper Kreston Chartered Accounlanls 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG196AB Bankers HSBC 44 Upper High Street Thame Oxon OX9 2DW Solicitors Helen Harvey, Charity Consultant Moore Barlow LLP The Oriel Sydenham Road Guildford Surrey GU1 3SR Page 1
ASTON MARTIN HERITAGE TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The chairman presents his statement for the year. During this financial year the AMHT continued to build on its mission lo develop and preserve a wodd class and comprehensive heritage resource which can be shared in innovative and wide-ranging channels. A significant amount of work, led by our Collections Manager Sophie Anderton, continued to be done lo progress our 'Working Towards Accreditation, with the Arts Council, including improvements in policies, process, cataloguing and artefact care and storage,. this will make our collection more secLJre for the long term and allow us to work more effectively with the wider museum and heritage sector. To support this activity, we welcomed a new trLJStee from outside the Aston Martin community, Tamalie Newbery, CEO of Brooklands Museum and previously CEO of the Association of Independent Museums,. her unrivalled experience of the museum wodd and fundraising will be crucial lo the Trust's development. We also welcomed to the Board Steve Waddingham. Aston Martin Lagonda plc's Historian, a very appropriate appointment which significantly strengthens the links between the Trust and the Company. In order lo help us in our longer term strategic goals, the Board agreed to set up an advisory Council made up of key individuals who can act as strategic advisors and ambassadors for the Trust. and we were delighted lo welcome Marek Reichman as the Council's first member as he stood down after several years as a Trustee, as well as Richard Hayes. who brings his very relevant family background and global marketing expertise. To share the work of the Trust, the new website and expanded social media activity was welcomed by our followers, and we will continue to build on developing a wodd-class online presence to be able lo reach and grow a global audience. Our keynote event of the year, the Walter Hayes Memorial Lecture at the RAC Pall Mall, with guest speaker Dr Ulrich Bez, was a sellout and very well received. The third Aston Martin Heritage Festival, this lime at the British Motor Museum Gaydon, was a strong success, largely through the dedication and hard work of Gary TaOr, Sue Gibbons and the whole staff team., we had planned to 'resl' the Festival concept for a while after 2023, but audience feedback indicated there was strong desire for a regular annual event to continue, so we are planning Festivals for 2024 and beyond. As always, our potential relocation work, led by Michael Abbott, featured strongly in the Board's considerations this year, and it was agreed to develop a robust options analysis and business case to support any eventual move, leading to a move in around 2028, bul also to consider an option to remain al the Barn if it can be made to be suitable for long-lerm archival storage. This work will continue into 2024 and beyond, working with our stakeholders and potential commercial partners with an aim of coming to a final decision on relocation during 2025. We are very grateful to the National Lottery Heritage Fund for providing a grant to support this work. The work of AMHT could not continue without the valLJed SLJPPOrt of the Aston Martin Owners Club which provides some 600/0 of its income and the Board wishes lo express ils thanks to Club Chairmen Stephen Archer and Tom Westley, the Management Committee, and all the Members, for their continued generosity. The Board does not take this funding for granted and it began this year to examine ways of generating further independent sources of revenue. The Trustees also wish lo thank all the volunteers, supporters and friends of the Trust who have helped il grow and professionalise this year. As Chairman, I would also like lo thank the Trustees of the Board themselves volunteers- who are working together as a strong governing body lo lake the Trust forward. John Warden Chairman of the Board of Trustees Dale.. 25 July 2024 Page 2
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Trustees present their annual report together with the financial statements of the Charitable Incorporated Organisalion ICIOI for the year 1 October 2022 to 30 September 2023. The Trustees confirm that the annual report and the financial statements of the Charitable Incorporated Organisalion comply with the current statutory reqLJirements, the requirements of the Charitable Incorporated Organisalion's goveming document and the provisions of the Statement of Recommended Practice (SORPI. applicable lo charities preparing accounts in accordance with 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 Organisalion, charity number 1182793. Ils aim is= The advancement of education by making available for study. research material of all types relating to the automotive engineering and aulomolive 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 'the 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 qUarteY Newsletter and other books or articles covering the history of 'the 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 items 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 lo do so and, where appropriate, demonslrale the Museum's operable objects at events both on and off the Museum's sile., 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 site, 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 annLJal Aston Martin Heritage Festival and others., Organising others events targeted at Aston Martin enthusiasts. motoring enthusiasts. and general audiences., Page 3
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Oblectlves and actlvltles {contlnuedl Grow corporate, group and hospitslily visitor numbers through.. Promotion using print and digitsl media advertising- Attendance at hospitslily and lourisl 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 performance The Museum Museum entrance is complimentary for AMHT Supporters, employees of Aston Martin Lagonda and AMOC Members. Visitors, whether complimentary or paid ,conlinue lo increase in numbers and our themed displays in the year, such as our 25 Anniversary and Le Mans exhibition, are well received. The Museum has changed a lol over the years. It started with just 3 cars Iulsler, 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 rotsled on a regular basis lo show in the museum where space allows. Dlgltlslng the Reglster and Reglstrar 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. We will both be collecting more photographs lo assist with future services for the DVLA and overseas vehicle registration agencies. V765 and other DVLA servlces The AMHT has been, since ils inception, the DVLA'S prescribed organisalion lo provide evidence and advice on the regislralion of hisloric Aston Martins. This mostly involves the provision of providing dating evidence and lo support cars through the V765 scheme. Dating evidence or 'daling 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 it over time. Educatlon and Learnlng Since ils fomalion, 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 Heritsge Skills Academy, which trains apprentices in heritsge skills., the Federations Skills Trust, which provides grants lo support automotive apprenliceships,. and Slartermolor, a charity which encourages young people to engage with heritage motoring. Vvorking with these partners, AMHT aims to encourage, support and signpost employers and apprentices in the AML community lo maintsin the skills needed in our heritage sector. Page 4
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 Flnanclal revlew 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 £157,396 as part of our £283,128 total income. As mentioned. the total incoming resources for the year are £283.128 12022.. £271,688). Total resources expended in the period were £297,792 12022.. £256,301) and the resulting net deficit was £14,664 12022= £15,387 net surplus). The free unrestricted fund balance {excluding fixed asselsl at the end of the period was £299,391 12022.. £304,144). 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. 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 lo meet specific projects. Reserves dedicated by the donor to a specific project may be treated as restricted funds. In the year to September 2023 free reserves amounted to 12 months of operating expenditure. which the Trustees believe lo be prLJdent. The balance of the restricted fund on 30 September 2023 was £nil. Material investments policy The Trustees follow an investment policy lo optimise investment income consistent with the secure maintenance of capital. Page 5
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 structure. governance and management Constltutlon The Trust Iregislered charity number is 11827931 was originally constiluled by a deed dated 5 August 1998, with modifications dated 23 August 2000 and 14 June 2004. In 2019 the Aston Martin Heritage 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 appolntment or electlon 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 to seven may be Copted by virtue of Iheir 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. Pollcles adopted for the Inductlon and tralnlng of Trustees New Trustees are given induction packs, together with an induction session which takes place al the Trust's headquarters at the Barn in Oxfordshire. Rlsk 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 Firstly, the AMHT have decided to become an accredited Museum in order lo demonslrale and maintain 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, slalus with the Arts Council, which is a Ihree-year project of quality improvement and organisalional development to achieve Accreditslion. 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 lo heritage grants and inter-museum loans. The Barn al Drayton Sl Leonard has been the AMHT'S home from our inception is loo much of a challenge and is a serious restriction to us growing and full achieving our charitable goals. With over twenly-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 to relocate so work is ongoing on a credible business case for relocation. To this end, in 2024 we have secured funding from the National Lottery Heritsge Fund lo appoint several consultants lo advise the Trustees as to the feasibility of a new Museum and location. Page 6
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 statement of Trustees. responslbllltles The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally A¢PIed 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 Organisalion and of its incoming resources and application of resources, including ils 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 eslimales that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presLJme that the Charitable Incorporated Organisation 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 accLJracy al any lime the financial 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) RegLJlations 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 detedion of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. ] WAtJe John Warden Chairman Dale.. Garry Taylor Treasurer Jul 25. 2024 Page 7
ASTON MARTIN HERITAGE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 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 2023. Responsibilities and Basis of Report As the Trustees of the Charitable Incorporated Organisalion you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 1 the 2011 Acl'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 Organisalion'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 iSSLJed 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 lo provide a true and fair view in accordance with 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 mallers have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charitable Incorporated Organisalion as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the accounts do not comply wlh 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 to 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 (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 This report is made solely to 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 matters l am required to slate to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent permilled 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.. 29 July 2024 Bsc FCA DChA James Cowper Kreston Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Bert(shire RG19 6AB Page 9
ASTON MARTIN HERITAGE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies.. Donations Grants Subscriptions Charitable activities Other trading activities Investments 23,750 23,750 12,899 4,000 167,574 66,294 20,823 98 161.783 80.262 14,942 2.391 161.783 80,262 14,942 2,391 Total income 283,128 283,128 271,688 Expenditure on- Raising funds Charitable activities 2,108 295.684 2,108 295.684 9,751 246,550 Total expenditure 297,792 297,792 256,301 Net movement in funds (14.6641 (14.6641 15,387 Reconciliation of funds.. Total funds brought forward Nel movement in funds 873.823 (14.6641 873.823 (14.6641 858,436 15,387 Total funds carried fonNard 859.159 859.159 873,823 The Ststemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 28 fomi part of these financial statements. Page 10
ASTON MARTIN HERITAGE TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Note Fixed assets Tangible assets Heritage assets 15 16 10,938 548,830 21,811 547,868 559,768 569,679 Current assets Stocks 17 28,015 104,374 218.712 12,007 81,770 268,161 Debtors Cash al bank and in hand 18 351.101 361,938 Creditors.. amounts falling due within one year 19 (36,7101 142,2691 Net current assets 314.391 319,669 Total assets less current liabilities 874,159 889,348 Provisions for liabilities 20 115.0001 115,5251 Net assets 859.159 873,823 Total net assets 859,159 873,823 Charity funds Unreslricled funds 21 859.159 873,823 Total funds 859,159 873,823 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by. ] WAtde John Warden Chairman Date.. Garry Taylor Treasurer 25 July 2024 The notes on pages 13 to 28 fomi part of these financial slalements. Page11
ASTON MARTIN HERITAGE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Note Cash flow$ from operating activities Nel cash used in operating activities 24 144,5991 47,333 Cash flows from investing activitios Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 2.392 5,000 (12,2421 98 1,000 118,6531 Net cash used in Snvestlng actlvltles (4.8501 (17.5551 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 149,4491 268,161 29,778 238,383 Cash and cash equlvalents at the end ofthe year 25 218.712 268,161 The notes on pages 13 to 28 form part of these financial statements Page 12
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 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.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financi81 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 102} 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 lo 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 Practi effective from 1 April 2005 which has since been withdrawn. The financial stslemenls 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 enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. 1.2 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charitable Incoorated Organisation and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitsble 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 stslemenls. 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 2023 Accounting policies (continued) 1.3 Income All income is recognised once the Charitable Incorporated Organisalion has entillemenl to the income, it 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 receipt 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 it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charitable Incorporated Organisalion, can be reliably measured. Grants are included in the Statement of Financial Aclivtties 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 receipt, ils 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 paty 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 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 Organisalion 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 Organisation 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 lime of the donation. Income lax recoverable in relation lo investment income is recognised at the time the investment income is receivable. Page 14
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies (continued) 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 apporboned 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 inclLJdes all expenditure incurred by the Charitable Incorporated Organisation to raise funds for its 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 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 carryng 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 Ljseful lives. Depreciation is provided on the following basis.. Motor vehicles Fixtures and fittings Museum display cabinets 25'/o reducing balance 400/0 reducing balance 100/0 straight line Specialised display cabinets have been acquired with funds received specifically for this purpose dLJe to their long usefLJI life they are separately shown and depreciated. Page 15
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies (continued) 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 lo the Statement of Financial Activities when incurred. Archive items are included at cost or valuation. Donations of archive items are included at estimated value al the lime of receipt, except where the cost of obtaining a valuation would be disproporbonate. In the opinion of the Trustees, motor vehicles and archives have an indeterminate life and accordingly il is not appropriate to charge depreciation. Conservation of these items is central to the Trust's activities. The TrLJSt's management policy in respect of ils 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 settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investrnenls with a short maturity of three months or less from the dale 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 Organisation anticipates it will pay to sellle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time valLJe 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 discoLJnt is recognised in the Statement of Financial Activities as a finance cost. 1.12 Financial instruments The Charitable Incorporated Organisation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrLJments are initially recognised at transaction value and subsequently measured at their selllement 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 2023 Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experien 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 carrwng amounts of assets and liabilities within the next financial year are discussed below. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experien 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 liabilities within the next financial year are discussed below. Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Total funds 2022 Donations Subscriptions Grants 23,750 161,783 23,750 161,783 12,899 167,574 4,000 185,533 185,533 184,473 Total 2022 184,473 184,473 There are no donated goods and services reflected in the financial statements for the year. Page 17
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Income from charitable activities Unrestricted funds 2023 Total funds 2023 Total funds 2022 Research fees Archiving Educational events Museum income 100 28,939 39,109 12,114 100 28.939 39,109 12,114 7,573 14,838 36,445 7,438 80,262 80.262 66,294 Total 2022 66.294 66,294 Income from other tradlng actlvltles Income from fundralslng events Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Advertising Merchandising 1,800 13,142 1,800 13,142 3,834 16,989 14,942 14.942 20,823 Total 2022 20.823 20,823 Investment Income Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Investment income 2,391 2,391 98 Total 2022 98 98 Page 18
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2023 2023 Total 2023 Total 2022 Educational events Archiving Museum costs Journal expenses Support costs 40,668 43,230 12,862 43,474 155,450 40,668 43,230 12,862 43,474 155,450 35,548 35,238 6,079 41,484 128,201 295,684 295,684 246,550 Total 2022 1,993 244,557 246,550 Summary by expenditure type Staff costs Depreciation Other costs 2023 2023 2023 Total 2023 Total 2022 Educational events 40,668 2,123 12,862 43,474 88,249 40,668 43,230 12,862 43,474 155,450 35,548 35,238 6,079 41,484 128,201 Archiving Museum costs 41,107 Journal expenses Support costs 50,049 17,152 91,156 17,152 187,376 295.684 246,550 Total 2022 79.335 8,935 158.280 246,550 Page 19
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Support costs Unrestricted funds 2023 Total funds 2023 Total funds 2022 Office expenses Insurance costs 12,741 15,472 23,869 47,709 2,798 13,630 1,115 4,601 962 1,911 11,150 17,152 12,741 15,472 23,869 47.709 2,798 13,630 10,140 10,339 9,230 47,326 2,260 14,630 661 5,934 3,638 1,060 14,048 8,935 Website and IT costs Salaries Travel and meeting costs Rent MislIaneOUS Repairs Motor costs Bank charges Governance costs Depreciation 4.601 962 1,911 17.152 153,110 153,110 128,201 10. Governance costs Unrestricted funds 2023 Total funds 2023 Total funds 2022 Awountancy fees Legal fees 9.894 1,256 9,894 1.256 11.713 2,335 11,150 11,150 14,048 Page 20
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 11. Taxation The Charitable Incorporated Organisalion is a registered charity and accordingly is exempl from taxation on its income and gains where they are applied for charitable purposes. 12. Independent examiner's remuneration 2023 2022 Fees payable lo the Charitable Incorporated Organisalion's independent examiner for the independent examination of the Charitable Incorporated Organisalion's annual accounts 3.090 3,000 13. Staff costs 2023 2022 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 86.784 2,549 1,823 71,220 6,626 1,489 91,156 79,335 The average number of persons employed by the Charitable Incorporated Organisalion during the year was as follows.. 2023 2022 Employees No employee received remuneration amounting to more than £60.000 in either year. 14. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefils12022 - £NILI. During the year ended 30 September 2023, no Trustee expenses have been incurred12022- £NIL}- Page 21
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 15. Tangible fixed assets Motor Flxtures and vehicles fittings Office equlpment Total Cost or valuation At 1 October 2022 Additions Disposals 21,345 125.250 11.279 33.661 180.256 11,279 115,8501 {15,8501 At 30 September 2023 5,495 136,529 33,661 175.685 Depreciation At 1 October 2022 Charge for the year On disposals 6,486 118.298 7,293 33.661 158.445 7,293 19911 {9911 At 30 September 2023 5,495 125,591 33,661 164.747 Net book valuo At 30 September 2023 10,938 10,938 At 30 September 2022 14,859 6,952 21,811 Page 22
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 16. Heritage assets Assets recognised at cost Heritage motor vehicles 2023 Archives 2023 Total 2023 Carrying value at 1 October 2022 Additions 409,819 138,048 963 547.867 963 409,819 139,011 548,830 Analysis of heritage asset transactions 2023 2022 2021 2020 2019 Additions Archives 963 2,235 137 292 Total additions 963 2,235 137 292 All additions were puhaSe$ or in the case of vehicles, capital St$ of restoration. Items and memorabilia donated to the wlleclions have been included at £nil value as in the opinion of the Trustees obtaining separate valuations would be disproportionately expensive. 17. Stocks 2023 2022 Closing merchandise stock 28,015 12,007 18. Debtors 2023 2022 Due within one year Trade debtors other debtors Prepayments and accrued income 17,678 4.490 82.206 1,281 1,722 78,767 104,374 81,770 Page 23
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 19. Creditors: Amounts falling due within one year 2023 2022 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 17,049 4,452 22,222 2,975 214 15.209 16,858 36,710 42,269 20. Provisions Car register At 1 October 2022 Amounts reversed 15.525 15251 15,000 Car register The register provision is for updating and publication of the Aston Martin Heritage Trust Register of Cars. It has recently been transferred to 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 2023 21. Statement of funds Statement of funds - current year Balance at 30 September 2023 Balance at 1 October 2022 Income Expenditure Unrestrlcted funds General Funds - all funds 873,823 283,128 1297,7921 859,159 Statement of funds - prlor year Balance at 30 September 2022 Balance al 1 October 2021 Income Expenditure Unrestricted funds General Funds 856,443 271,688 1254,3081 873,823 Restricted funds Museum display cabinets 1,993 {1,9931 Total of funds 858,436 271,688 1256,3011 873,823 Page 25
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 22. Summary offunds Summary offunds - current year Balance at 30 September 2023 Balance at 1 October 2022 Income Expenditure General funds 873.823 283.128 1297.7921 859.159 Summary offunds - prior year Balance at BalanTr al 1 October 2021 30 September 2022 Income Expenditure General funds Restricted funds 856,443 1,993 271,688 1254,3081 {1,9931 873,823 858,436 271,688 1256,3011 873,823 23. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Heritage assets Current assets Creditors due within one year Provisions for liabilities and charges 10,938 548,830 351,101 136,7101 115,0001 10,938 548,830 351.101 136.7101 (15.0001 Total 859,159 859.159 Page 26
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 23. Analysis of net assets between funds {continuedl Analysis of net assets between funds - prior 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 {42,2691 115,5251 Total 873,823 873,823 24. Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Nel incomelexpenditure for the year (as per Statement of Financial Acliviliesl (14,6641 15.387 Adjustments for: Depreciation charges Loss on disposal of fixed asset Investment income 7,293 9,859 (2,3911 {16.0081 (22,6041 (6,0841 5,815 3.120 1981 15,0011 17,5441 35.654 (Increase) I decrease in stocks Increase in debtors Increaselldecreasel in creditors Net cash provided byl{used in) operating activities 144,5991 47,333 25. Analysis of cash and cash equivalents 2023 2022 Cash in hand 218,712 268,161 Total cash and cash equlvalents 218.712 268,161 Page 27
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 26. Analysis of changes in net debt At1 October 2022 Cash flows At30 Soptember 2023 Cash at bank and in hand 268,161 {49,4491 218,712 268.161 149,4491 218.712 27. Penslon commltments The Charitable Incorporated Organisalion operates 8 defined contribution pension scheme. The assets of the scheme are held separately from those of the Charitable Incorporated Organisalion in an independently administed 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 12022: £nil}. 28. Related party transactlons During the period the Charitable Incorporated Organisalion made purchases of £6,00012022". £6,000) for accountancy services provided by Goose Taxation. owned by one of ils Trustees. There was no amount outstanding at the period end {2022'. £nill. 29. Herltage asset management pollcy The Charitable Incorporated Organisation'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. Al 30 September 2023 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 Charitsble 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 maleri81. 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 Slowers collection, and the Neill Bruce collection. Where possible the Charitable Incorporated Organisation is pleased lo supply images for use in publications and research. Public access lo the archive is encouraged for consultation and research by both members and the general public. Acquisitions are made by purchase or donation, and occasionally, the Charitsble 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