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
A￿oUntantS
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 Ta￿Or, 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 qUarte￿Y 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 C￿opted 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 Inco￿orated 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
Mis￿lIaneOUS
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 pu￿haSe$ 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 administe￿d 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