Charity number.. 1182793 ASTON MARTIN HERITAGE TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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 2024 Trustees Mike Abbott (resigned 20 June 2025) Tim Coltingham Mark Gaunllell Garry Taylor, Treasurer August von Joesl John Warden, Chairman Tom Weslley Steve Waddingham Tamalie Newbery Alan Haig lappointed 12 December 2023, resigned 29 April 20241 Kerry Greene lappoinled 14 May 20251 Charity rggistered 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 Badow LLP The Oriel Sydenham Road Guildford Surrey GU1 3SR Page 1
ASTON MARTIN HERITAGE TRUST CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The chairman presents his statement for the year. The mission of the Aston Martin Heritage Trust is to develop and preserve our world-class and comprehensive collection and share il as far as possible. We do that through an increasingly rich and valuable stable of activities across preservation, curation, education, research, and events. We support Aston Martin Lagonda plc. the Aston Martin Owners Club, and many other organisalions and individuals who need to know about the marque's long and varied heritage. During 2024, the AMHT Board spent a lot of time working through options for relocation from the Bam. To recap, the Trust's collection has now grown to a point where the Barn is far loo small to accommodate it, and ils long- term storage is increasingly difficult in a medieval building. In earfy 2024, the Trust successfully applied for a grant from the National Lottery Heritage Fund lo engage museum sector specialist consullanls to help us look at our options and choose a solution, based on our aims, resources, appetite for risk, and potential audience. This work will continue into 2025, but we have already agreed that the future Trust should do much more online. sharing our collection and enabling worldwide reach, and this will support us in growing our audience and fundraising prior to a move in around 2028129. As to the actual new location, we have narrowed the options and scope, and plan to conclude our choice later in 2025. Our staff and volunteers have continued lo provide excellent and dedicated support lo the Trust and ils operations. Museum footFall has increased 37,/0 from 2,125120231 to 2,920120241, and special exhibitions were mounted for the DB7 model and Aston Martin at Le Mans. Our AMOC friends in North America recently sel up a charity to preserve the materials they have gathered over the years, and we have begun to sel up formal links between AMHT and the AMOC North America Historical Society to work together. The only change to the Board this year was Alan Haig, who stepped down,. he contributed much in his short time as Trustee, and we look forward lo continuing to work with him as AMOC Treasurer. In March, we warmly welcomed Carl-Peter Forster onto our Advisory Council, joining Marek Reichman, David Richards CBE, and Richard Hayes as our key advisers and ambassadors. Their advice and guidance have been invaluable throughout the year, and they may well be busier in 2025 as we work towards our relocation choice. ep John Warden Chairman of the Board of Trustees Dale.. 24 June 2025 Page 2
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Trustees present their annual report together with the financial statements of the Charitable Incorporated Organisalion ICIOI for the year 1 October 2023 to 30 September 2024. 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 regular 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., Display as many of the objects, artefacts and archive items in ils care as it is safe and practical lo do so. and, where appropriate, demonstrate 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 2024 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 entran is complimentary for AMHT Supporters, AMOC Members and Aston Martin Lagonda employees. Visitors, whether complimentary or paid, continue lo increase in numbers, with a 370/0 increase in 2024 compared to the previous year. Together with regular rolalion of displays, visitors have an enhanced experience with our museum hosts guiding them through the Aston Martin heritage. The heart of the Museum is the cars. The foundation of our heritage fleet began with the bequest of the 1934 Ulster. Over the years, this has grown through purchase, loan and donation. We currently care for many vehicles, engineering prototypes, design models and culaways. Due lo the size of the museum, we cannot display all the cars al once bul rotate them on a regular basis. In addition lo the cars, we display engines, trophies, artefacls, engineering tools, racing memorabilia and a scale model collection. DSgltSslng the Reglster and Reglstrar assets Digitising the paper records of the Master Register is ongoing with 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 identification marks. We will be collecting more photographs lo assist with future setvices for the DVLA and overseas vehicle registration agencies. Hlstorlc Vehlcle reglstratlon and UK V765 The AMHT has been, since ils inception, the DVLA'S prescribed organisation lo provide evidence and advice on the registration of historic Aston Martins. This mostly involves the provision of dating evidence and supporting cars through the V765 scheme. Dating evidence, or 'daling letters,, are provided for individual cars so that the DVLA has accurate infomalion about the age of a vehicle, so that the correct Vehicle Excise Duly 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 lo a car that may have lost il over lime. Increasingly, we are also supporting owners outside of the UK with the registration of historic Aston Martins with less tolerance of older motor vehicles. Build SheetslHerStage and "One or Certlflcates An increasing valuable and popular setvice lo owners and dealers, the AMHT can supply the Build Sheets being internal documents used by the factory give specific detsils of how a car left the factory. These setwices now extend to more recent vehicles built between 2017 to 2023. The Heritage Certificates, based on a car's build sheet, can help lo confirm the provenance of a car. 'One Of Certificates combine a certificate with a unique research document which identifies how many cars there were built to a matching specification. Page 4
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Achlevements and performance (contlnuedl EducatSon and Learnlng Since its formation, AMHT has always provided education in all things Aston Martin, through the museum, archive Servi$, publishing and public lectures. However, the Trustees wish lo do more in the education field and ulilise the assets the Trust holds. Of concern lo the Trustees is the skills shortage in engineering and manufacturing, which impacts the ability lo maintain and restore our cars. Hence, AMHT is wanting lo work with other partners which support apprentices and skills development. Worldwlde reach The Trustees are aware of being perceived as a UK-based museum. During the year, the aim was to extend the reach of the AMHT to beyond the UK through our social media channels generating increased woddwide engagement, email newslellers, allending and participating in overseas events such as Aston Martin Arcadia in Japan, and subsequent lo the year-end presented lectures in Holland. Furthemiore, since its lenlative launch in November 2022, the Aston Martin Heritage Podcast gained more Iraclion last year, with over 8,000 listeners worldwide, with Germany and the USA following the UK in subscriber numbers. Our podcast often appears within the lop entY of automotive podcast charts. 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 £158,000 as part of our £363,388 total income. The total incoming resources for the year are £363,388 12023.. £283,128). Total resources expended in the period were £402,61712023.. £297,792) and the resulting net deficit was £39,22212023= £14,664 net deficit). The free unrestricted fund balance (excluding fixed assets) al the end of the period was £250,321 12023= £299,391). 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 to reserves maintained to meet specific projects. Reserves dedicated lo a specific project may be treated as restricted funds. In the year lo September 2024 free reserves amounted to 9 months of operating expenditure. 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 2024 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 Organisalion 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. For the 2024 year, up lo eleven Trustees can be appointed.. up lo seven may be co- opted by virtue of their personal or professional qualifications by the existing Trustees., up to two are nominated by Aston Martin Lagonda Ltd,. and up to two are nominated by the Aston Martin Owners Club Management Committee. As the Board of Trustees continue to develop ils future skills needs and succession plan, il became clear that seven independent Trustees aren't enough, so in February 2025 the Constitution was amended lo increase the Trustee numbers lo 13, including the AML and AMOC nominees, in bringing the right skills onto the Board. 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 Accredltatlon The AMHT is working towards achieving ACE Museum Accreditation in order to demonstrate and maintain the quality of care, security and ac$5 that the collection deserves. AMHT is nearing the end of the three year 'VVorking Towards Accreditation, submission timeframe and is due to submit in October 2025. This is an ongoing process of quality improvement and organisational development to achieve and maintain Accreditation. Becoming a fully accredited museum will give us significant credibilily in the museum sector, give confidence that we are looking after the collection properfy and allow wider access lo heritage grants and inler-museum loans. Flndlng the Future In May 2024, AMHT was awarded £81,000 by the National Lottery Heritage Fund for the Finding the Future project, which aimed lo enable Iruslees to make infomed decisions about the Trust's long-tem) future, given that il is unlikely lo be able lo remain in its current location indefinitely. With the funding, expert research and advice were commissioned on the interests of our potential audiences, fundraising, and business and operational planning. This insight was then used lo consider a number of potential scenarios for the future of the Trust and how il might reach audiences and care for and display ils collections. The project concluded that building a stand-alone museum of any substantial size was not viable in capital or Page 6
ASTON MARTIN HERITAGE TRUST TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 Future plans Icontlnuedl operational terms, and as a result, il was decided that AMHT could not proceed with the sile for a potential new- build museum al Newport Pagnell. The Newport Pagnell Council was infomed, and the Trust thanked them for all the support and patience they have shown. Excitingly, the audience research showed strong interest in Aston Martin from groups who do not typically visit museums, and a growing interest in new ways of a¢ssIng content, for instance, online, through touring exhibitions and pop-up experiences. AMHT is looking to build on this by developing its non-venue-based offer, enabling il to serve UK and global Aston Martin fans, and will look lo ClOcate its permanent exhibitions and collection with another allraction. 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 {United Kingdom Generally A¢pted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the slate of affairs of the Charitable Incorporated 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 accounling eslimales that are reasonable and prudent., stale 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 adequate 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.. ] WArde John Warden Chairman Date.. Garry Taylor Treasurer 24 June 2025 Page 7
ASTON MARTIN HERITAGE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 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 2024. 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 2024 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 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 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies.. Donations Subscriptions Grant Charitable activities Other trading activities Investments Other income 10,314 164.362 10,314 164,362 40.500 118,989 24,805 3,418 1.000 23,750 161,783 40.500 118,989 24,805 3,418 1.000 80,262 14,942 2,391 Total income 40,500 322,888 363,388 283,128 Expenditure on: Raising funds Charitable activities 15.654 343.024 15.654 386.963 2,108 295,684 43.939 Total expenditure 43,939 358,678 402,617 297,792 Net expenditure Transfers between funds 13.4391 3,439 (35.7901 13.4391 (39.2291 {14,6641 20 Net movement in funds (39.2291 (39.2291 114,6641 Reconciliation of funds.. Total funds brought forward Nel movement in funds 859.159 (39.2291 859,159 (39.2291 873,823 (14,6641 Total funds carried fonNard 819.930 819.930 859,159 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 2024 2024 2023 Note Fixed assets Tangible assets Heritage assets 14 15 16,874 552,735 10,938 548,830 569,609 559,768 Current assets Stocks 16 27,539 98,196 193.528 28,015 104,374 218,712 Debtors Cash al bank and in hand 17 319.263 351,101 Creditors.. amounts falling due within one year 18 (53,9421 136,7101 Net current assets 265.321 314,391 Total assets less current liabilities 834,930 874,159 Provisions for liabilities 19 115.0001 115,0001 Net assets 819.930 859,159 Total net assets 819,930 859,159 Charity funds Restricted funds.. Unrestricted funds 20 819,930 859,159 Total funds 819,930 859,159 The financial stslemenls were approved and authorised for issue by the Trustees and signed on their behalf by- ] WArde John Warden Chairman Dale.. Garry Taylor Treasurer 24 June 2025 The notes on pages 13 to 28 form part of these financial statements. Page11
ASTON MARTIN HERITAGE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Note Cash flow$ from operating activities Nel cash used in operating activities 23 {13,5491 {44,5991 Cash flows from investing activitios Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 3.418 1,000 (16,0531 2,392 5,000 112,2421 Net cash used in Snvestlng actlvltles {11.6351 14.8501 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year {25,1841 218,712 (49.4491 268,161 Cash and cash equlvalents at the end ofthe year 24 193,528 218,712 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 2024 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 2024 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 2024 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 2024 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 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Subscriptions Grants 10,314 164,362 10,314 164,362 40.500 23,750 161,783 40,500 40,500 174,676 215,176 185,533 Total 2023 185,533 185,533 There are no donated goods and services reflected in the financial statements for the year. Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Research fees Archiving Educational events Museum income 350 45,851 52,078 20,710 350 45.851 52,078 20,710 100 28,939 39,109 12,114 118,989 118.989 80,262 Total 2023 80,262 80,262 Page 17
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Total funds 2023 Advertising Merchandising 10,475 14,330 10,475 14.330 1,800 13,142 24,805 24,805 14,942 Total 2023 14,942 14,942 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income 3,418 3,418 2,391 Total 2023 2.391 2,391 other Incomlng resources Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Profit on disposal of fixed assets 1.000 1,000 Page 18
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2023 Educational events Archiving Museum costs Journal expenses Support costs 44,513 62,609 14,853 62,818 158,231 44,513 62,609 14,853 62,818 202,170 40,668 43,230 12,862 43,474 155,450 43,939 43,939 343,024 386,963 295,684 Total 2023 295,684 295,684 Summary by expenditure type Staff costs Depreciation Other costs 2024 2024 2024 Total 2024 Total 2023 Educational events 44,513 3,322 14,853 62,818 136,404 44,513 62,609 14,853 62,818 202,170 40,668 43,230 12,862 43,474 155,450 Archiving Museum costs 59,287 Journal expenses Support costs 59,554 6,212 118,841 6,212 261,910 386.963 295,684 Total 2023 91.156 17,152 187.376 295,684 Page 19
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Support costs Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Office expenses Insurance costs 11,469 18,705 15,470 59,554 2,929 17,166 461 4,524 7,461 2,250 11,469 18,705 15,470 59,554 2,929 17,166 461 4.524 7,461 2,250 43,939 12.030 6.212 12,741 15,472 23,869 47,709 2,798 13,630 1,115 4,601 962 1,911 Website and IT costs Salaries Travel and meeting costs Rent MislIaneOUS Repairs Motor costs Bank charges Consultancy Governance costs Depreciation 43,939 12,030 6,212 11,150 17,152 43,939 158,231 202,170 153,110 Tol812023 153,110 153,110 Governance costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Accountancy fees Legal fees 10,062 1,968 10,062 1.968 9,894 1,256 12,030 12,030 11,150 Page 20
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 10. 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. 11. Independent examiner's remuneration 2024 2023 Fees payable lo the Charitable Incorporated Organisalion's independent examiner for the independent examination of the Charitable Incorporated Organisalion's annual accounts 3.200 3,090 12. Staff costs 2024 2023 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 112.403 5,148 1,290 86,784 2,549 1,823 118,841 91,156 The average number of persons employed by the Charitable Incorporated Organisalion during the year was as follows.. 2024 2023 Employees No employee received remuneration amounting to more than £60.000 in either year. 13. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefils12023 - £NILI. During the year ended 30 September 2024, no Trustee expenses have been incurred12023- £NIL}- Page 21
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 14. Tangible fixed assets Motor Flxtures and vehicles fittings Office equlpment Total Cost or valuation At 1 October 2023 Additions Disposals 5,495 10,990 15,4951 136.529 1,158 33.661 175.685 12,148 15,4951 At 30 September 2024 10,990 137,687 33,661 182.338 Depreciation At 1 October 2023 Charge for the year On disposals 5,495 1,374 15,4951 125.591 4,838 33.661 164.747 6,212 15.4951 At 30 September 2024 1,374 130,429 33,661 165.464 Net book valuo At 30 September 2024 9,616 7,258 16,874 At 30 September 2023 10,938 10.938 Page 22
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 15. Heritage assets Assets recognised at cost Heritage motor vehicles 2024 Archives 2024 Total 2024 Carrying value at 1 October 2023 Additions 409,819 139,011 3,905 548.830 3.905 409,819 142,916 552,735 Analysis of heritage asset transactions 2024 2023 2022 2021 2020 Additions Archives 3,905 963 2,235 137 Total additions 3,905 963 2,235 137 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. 16. Stocks 2024 2023 Closing merchandise stock 27,539 28,015 17. Debtors 2024 2023 Due within one year Trade debtors other debtors Prepayments and accrued income 46,704 8.172 43.320 17,678 4,490 82,206 98,196 104,374 Page 23
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 18. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Accruals and deferred income 49,222 1,520 3,200 17,049 4,452 15,209 53.942 36,710 19. Provisions Car register At 1 October 2023 15,000 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 2024 20. Statement of funds Statement of funds - current year Balance at 30 Transfers September inlout 2024 Balance at 1 October 2023 Income Expenditure Unrestrlcted funds General Funds - all funds 859,159 322,888 {358,6781 (3,4391 819,930 Restricted funds National lottery heritage fund 40,500 (43.939) 3,439 Total of funds 859,159 363,388 {402,6171 819,930 statement of funds - prior year Balance at 30 September 2023 Balance al 1 October 2022 Income Expenditure Unrestricted funds General Funds - all funds 873,823 283,128 1297,7921 859,159 Page 25
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 21. Summary offunds Summary offunds - current year Balance at 30 Transfers September inlout 2024 Balance at 1 October 2023 Income Expenditure General funds Restricted funds 859.159 322.888 40,500 {358.6781 (43.9391 (3.4391 3,439 819.930 859.159 363,388 {402,6171 819,930 Summary offunds - prlor year Balance at 30 September 2023 Balance al 1 October 2022 Income Expenditure General funds 873,823 283.128 1297,7921 859.159 22. Analysis of net assets between funds Analysis of net assets between funds - Current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Heritage assets Current assets Creditors due within one year Provisions for liabilities and charges 16,874 552,735 319,263 153,9421 115,0001 16,874 552,735 319.263 153.9421 (15.0001 Total 819,930 819,930 Page 26
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 22. Analysis of net assets between funds {continuedl Analysis of net assets between funds - prior period 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 {36,7101 115,0001 Total 859,159 859,159 23. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Nel expenditure for the period las per Statement of Financial Aclivilies) {39.2291 114,6641 Adjustments for- Depreciation charges {Profitl I loss on disposal of fixed asset Investment income {Increasel I decrease in stocks {In¢reasel I decrease in debtors Increaselldecreasel in creditors 6,212 (1.0001 (3.4181 476 6,178 17.232 7.293 9,859 12,3911 (16,0081 122,6041 16,0841 Net cash used In operatlng actlvltles 113.5491 144,5991 24. Analysis of cash and cash equivalents 2024 2023 Cash in hand 193.528 218,712 Total cash and cash equivalents 193,528 218,712 Page 27
ASTON MARTIN HERITAGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 25. Analysis of changes in net debt At1 October 2023 Cash flows At30 Soptember 2024 Cash at bank and in hand 218,712 {25,1841 193,528 218.712 125,1841 193,528 26. 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 12023: £nil}. 27. Related party transactlons During the period the Charitable Incorporated Organisalion made purchases of £6,00012023". £6,000) for accountancy services provided by Goose Taxation. owned by one of ils Trustees. There was no amount outstanding at the period end {2023'. £nill. 28. 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 2024 there were 23 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