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2023-12-31-accounts

Charity registration number 209852 THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND LEGAL AND ADMINISTRATIVE INFORMATION Tru$lee$ Mr M J Baunton. CBE Mr M Hague-morgan Mr W Parfitt CBE Mr T C Bonner CBE Mr J Greer￿￿11 CBE Mr T Abbott Mr Twalker CBE Mr G Gillespie CBE Mr D Morris Mr R Shaw Mr M Flanagan Mr G Saint Mr L Drake Mr T L Evans Mr J M Neill. CBE Mr G P Jones Baron George Simpson of Dunkeld MrASmilh Charlly number 209852 Independent examlner Ensors Accounlanls LLP Connexions 159 Princes Street Ipswch IP1 1QJ Bankers National Westminster Bank Flc 38 Strand London WC2N 5J8 CCLq Investment Management Ltd Client Service Team COIF Charity Deposit Funds 80 Cheapside London EC2V 6DZ Investment advisors HSBC Global Asset Management 78 St James. Street London SW1A 1HL

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND CONTENTS Page Trustees. report Statement of Trustees. responsibilrties Independent examinerfs report Slalement of financial activit￿$ 10 Balance sheet 11 Not9$ to the accounts 12-17

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees have pleasure in presenting their report and accounts for the year ended 31 December 2023. The accounts have been prepared in accordance th the accounting policies sel out in note 2 to accounts and comply with the Charity's Trust Deed. the Charities Act 2011 and "Accounting and Reporting by Charities. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151". Objectlv8s and activStles The Charity's sole purpose was originally lo make loans or gifts to any poor person OT his dependents who were engaged in a position of responsibility in the motor Ir8de, or who contn"buted to the eneouragemenl, promotion or protection of the motor trade. In recent years the purpose of the fund has been expanded to offer assistance.. To persons associ*ed wth the motor trad8 wtho are able lo deM￿strate poverty or hardship., and bl To young persons vthere suth assistance would enable them lo gain employmenl in the automotive sedor. The Trust Deed additionally empowers the Tnjslees lo make grants to BEN (BEN hAolor and Allied Trades Benevolent Fund) and the Tru$lees should ensure that Trust funds are used effectively and in 8￿rdance with the Trust objects. An amendment to the scope was agreed in 2010, pernirtting annual or periodic grants 19 any charitable fund. association, corporation or similar having as one of ils object$ the relief or benefit of any young person Qr pèrsons of POOT indigent or other circumslanees, requiring assistance to establish meaningful employment within the motor trade. Al the end of 2020, the SCTF was approached by BEN and asked for a grant to support the delivery of a 12 month fasl-Ir8ck project aiming lo double the number of individuals supported through BEN'S digital platfomi. Silvercloud. This is a mental health support plarfomi that has been able to reach and support individuals on a wde range of mental health issues that was needed even more due lo the pandemic. This was very successful. and platform is outperforming, reaching more people than planned. A fvrther grant was awarded lo fund the Silvercloud platform for 2021, 2022 and again in 2023, and there were over 1,000 sign&UPS for Ihe platform through the year. In November 2022, the SCTF was approached by BEN to support a frjrther initiative in relab'on lo the Cost of Living crisis. BEN anticipated a significant increase in requests for support due to the crisis and asked the SCTF to contribute lo enable them lo alloeate more gwants. In November 2021, due lo its success in previous years, the Trustees agreed lo cx)nth'nue lo support the Working Assets programme through Toyots and the YMCA Derbyshi￿. The programme was unable lo run during 2020-2023 due lo the coronavirus pandemic and ils continuing effects along wth stsff shortages. bul al the Ncwember 2023 meeting the Trustees agreed to carry over the funding from 2020 into 2024 and il has been confimied that il will go ahead in 2024. The SCTF have sUPPOrted a local Youth Club, St Andrew's for a number of years. In 2023, the Trust was approached and ask for funding for a new initiative that would allow the young people to convert standard bicydes into electric bikes, enabling the young people lo leam new skills that are being used In the aulomolive industry for future technology. publ￿ benefft The Trustees have paid due regard to guidance issued by the Charity Commission in deryding what activities the Charity should undertake.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlgv8mgnt$ and performance Swnrficanl activities and achievements against obiectwes The fund's charitsble expenditure for the year is £127,74212022". £TI,5661. SCTF significantly supported BEN'S efforts in 2023 by donating a lolal of £61.350 12022.. £35,000). This included £36,350 to fund BEN'S mentsl health platfomi. Silvercloud. which has been instrumental in providing critical support lo a wder range of people. These programs primarily addressed anxiety, depression, and body image concems, and achieved a high customer satisfaction rate of 97%. SCTF'S fvnding has demonstrably increased the number of people BEN can assist wth cnlical mental heatth support. Additionally. SCTF recognised the challènges of the cost of living crisis and provided a separate grant of £25.000 lo enable BEN lo support more grants. The SMMT Charitable Trust Fund also contributed £40.00012022." £40,000> towards Mission Automotive. an amied forces engagement initiative for the aulomolive industry. in partnership wrth the Royal Foundation and the Prince and Princess of Wales. The initiative aims lo assist ex-service personnel and their families lo integrate into the Civilian world and lo align transferable skills into the aulomolive industry. 2022 and 2023 saw a significant rise in the level of interest for Armed Forces engagement from wlhin Ihe aulomots've industry. largely driven by the industry's recruilmenl needs. James Cameron from Mission Motorsport attended Ihe November 2023 meeting to update Trustees on the programme's progres5. Thè SMMT CSR staff strategy group launchèd a financial aid program called "Drive lo Thrive." This initiative, developed in collaboration with SCTF and administered by BEN. provides apprentices wlh grants lo cover the cost of driving lessons. The program aims lo eliminate a significant finanaal barrier for apprentices. commuting expenses. A lolal of £13.500 has been allocated lo support apprentices in obtaining their licenses and improving their employment opportunities. Sl Andrew's bike conversion - The SMMT Charitable Trust Fund granted £5,000 lo St Andrew's lo enable them lo run a project for the members of the Club. The charitable trust fund also continued funding IET engineering horizon bursaries for six students at a total cost of £5,50012022". £6,600). From the 2019 cohort, Iwo have now graduated and one is in their final year. Notè that an underspent amount of £4,034 was relumed lo the fund relatin9 to the 2021 Apprents"ee Support Programme. Flnanclal revlew Al the year end. the lotsl reseryes available are £1.316.685 12022.. £1.318.4011. The Slalemenl of Financial Activities shows that the ¢han¢y has made a deficit of £1,716 12022.. £186.789 deficill including a gain on investments of £134,06912022.' £100,634 lossl.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 ReseNes polry Reserves policy SCTF will always relain 8 minimum of £1,000.000 in reserves, suLI"ect to annual CPI infialionary rtses from 2021 onwards. The Charitable Trust follows a base policy ￿erebY dividend income and profil on sale of assets is made available for suitable charrtable activibes on an ongoing baws. subject to the reserves policy. In addition, if an appropriate funding activity presents itself, spend level may be increased on a discretionary basis wrth the approval and agreement of the Chairman and majority of trustees. 11 is the policy of the Charity lo maintain the unrestrieted eharrtable funds at a level appropn8le to generating investment income lo Cover the direct ehantable expendrture in each year. The Charity only has unrestricted reserves for use in line with the policies of the Charity al the discretion of the Trustees for the furtherance of the Charity's objects. Movement In reserves The reserves and its policy are sel out as follows.. 2023 2022 Fund Balance as at beglnnlng of the year 1,318.401 1,505,190 Restricted Designated Funds.. Unrestricted Funds 1.318.401 1,505,190 ProfiVILossl from Investments 134,069 1100,6341 Admin Expenses 18,0431 (8,5891 Funding Mission Molorsport 140,000 140,0001 Grants lo BEN 161.3501 135,0001 The Inslilulion of Engineering and Techndogy Bursaries 15,5¢X)I 16,6001 Formula 1 in Schools 1300) Drive lo Thrive 113,200) Apprenlieeship Grant 4,034 Sl Andrews Bike Conversion 15.0001 Grants to Individuals (2,3921 Total Funds at the end of the year 1,316.685 1,318,401

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Investment policy Investrnent policy Since April 2012 HSBC Global Asset Management have acted as custodian trustees of the fund with HSBC Private Bank acting as advisors since 2015. The Trustees see prolecaion againsl inflation as important and have required capital growth lo ensure that the future sty'pends expenditure is mel. In consullalion wlh HSBC. the Trustees reviewed their investment strategy against the HSBC 'charily investment tree. to assess the appropriate balance be￿een risk and return over the SI￿rt. medium and long term. The Trustees conduded that the HSBC UK Growth and Income Strategy would be the most appropriate strategy in the circumstances. This should achieve a balance befvleen long term capital growth and income with some protection against inflation. The lund would be well diversified and offer exposure lo fixed interest 5ècurilies 126.90AI, equities 160.9%% both UK and globall and allemth.ve investments such as propety, private equity, and commodilies112.3%1. The expected relum ftom the asset classes wthin the fund would be S.3% per annum over the long term. lo which HSBC would aim to 8¢Jd an outperfonnance of 1.0% lo make the lonlerm investment cycle1&10 yearsl portfolio return o16.30h. A quarterty investment report on past perforniance and lonlerni ouuook is i$$ued lo the Trustees who meet lo review the performance on an annual basis. An annual managemenl fee of 0.45Qk applies., payable quarterty in arrears Iplus VATI and HSBC do not charge for transaction commissions. Thère are no restrictions on the Charity's power to invest. Majornsks RSgk management An analysis of the risks faced by the Charity in a￿a$ of operations. administration and finance was carried out in collaboration wf(h the investment portfolio management. In P￿paratIOn of t)olh a hard and a soft B￿xIt, the risks the Charity may face and the need lo diversify the p￿110 was discussed, and appropriate measures were implemented lo mitigate these risks. Slruclure, governance and management The Charity is constituted under a Trust Deed dated 3 August 1932 as amended 25 May 2010 and 1$ a registered harity under number 209852.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees who served during the year and up to the date of signature of the finanaal slalements were.. Mr M J Baunton, CBE Mr M Hagu&Morgan Mr W Parfitt CBE MrT C Bonner CBE Mr D N Reilly CBE Mr J Greenwell CBE MrT Abbott MrT Walker CBE Mr G Gillespie CBE Mr D Morris Mr R Shaw Mr M Flanagan Mr G Saint Mr L Drake MrT L Evans Mr J M Neill, CBE Mr G P Jones Baron George Simpson of Dunkeld MrASmilh (Resigned 12 October 20231 Recmitn7enl and appointn7enl of trustees The number of Trustees shall not be less than seven and shall consist of the current and past presidents, the eurrenl vie&presidenl and honorary trèasurer of The Sou"ety ol Motor Manulaeturers and Traders ISMMTI and al least three other persons deuded by the C¢)uncil of the Sou"ety. The current SMMT president and vice-presidenls of SMMT or honorary treasurer and all past presidents of SMMT are 8ulomalically Trustees of the Charity, this has been the case since 1932. In addrtion. anyone chosen lo be a Trustee by the other Trustees Icollectively refer￿0 lo as Management Trusleesl may be appointed, The Trusteeship musl maintain a figure of al least seven and a quorum of al least five al all decision making meetings. On appointment, all Management Twslees are provided th a comprehensive pack of infomiation setting out Ihg history of the fvnd, the duties, responsibilities and powers of the Trustees, criteria for assessing applications to the fund, the specific roles of the Chaiman of the Truslees and the honorary treasurer, the role of the Charity Commission, detail of the Charty's curTenl Auditors, the Charity5 Fund Managers and details of all current Trustees. The Charitys current policy conceming the payment of trade creditors is to.. • sellle the terms of payment wlh suppliers when agreeing the temis of each transath'on,. ensure that supplier5 are made aware of the terms of payment by indusion of the relevant terms in conlraets., and pay in accordance wrth the company's eontractual and other legal obligabons.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, report was approved by the Board of Trustees. Mr G P Jones Chalrman of the Trustees Dale.. 20106/2024

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Acc￿ting Standards (United kn'ngdom Generally Accepted Acwunting Practice). The law applicable lo charities in England and ￿tsIes requires the Trustees to prepare financAal statements for each financial year which give a true an(J lair view of the stale of affairs of the Charity and of the incoming resources and application of resources of the Charity for that yeaf. In preparing these financial stslemenls. the Trustees are required lo_' select suitable accounting policies and then apply them consistently.. - observe the methods and prinaples in the Charities SORP.. make judgements and eslimales that are reasonable and Prudent; slate whether applicable accountsng standards have been followed, subject lo any material departures diselo8ed and explained in the financial slalemenls". and prepare the financial statements on the going concem basis unless it is inappropriate lo presume that the Charity will continue in operation. The Trustees are responsible for kee￿ng sufficient a¢￿unb'ng records that disdose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial slalemerts comply with the Charities Act 2011, the Chirity (Accounts and Reports) Regulations 2008 and the provisions ol the trust deed. They are also responsible for safeguarding the assets of the Charty and heneè for tsking reasonable stèps for the prevention and detection of Iraud and other irregulaTilies.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

I report to the Trustees on my examination of the financial statements of The Society of Motor Manufacturers and Traders Charitable Trust Fund (the Charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Malcolm McGready Independent Examiner

Connexions 159 Princes Street Ipswich IP1 1QJ

Dated ......................... . . 24/06/2024

n

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrictèd Unrgstricted funds funds 2023 2022 Notes Investments 35,926 28,500 Raising funds 5,679 6.585 Charitable activities 130,1C6 79.570 Total resources expgnded 135,785 86,155 Nel gainslllossesl on investments 11 98,143 {129,1341 Nat movam•nt In funds {1,7161 {186,7891 Fund balances al 1 Janulry 2023 1,318,401 1,505,190 Fund balances at 31 December 2023 1,316,685 1,318,401 The 51alemenl of financial acts'vitses i￿l￿deS all gains and losses recognised in the year. The slalemenl of financial activities includes all gains and l¢)sses recognised in the year. All irKome and expenditure derive from continuing activities.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Notes Fixed assets Investments Current assets Cash al bank and in hand 12 1,555,165 1,427,730 22.748 21.793 Creditors: amounts falling due withln one year 14 {261.228) {131.1221 Nel current liabilities 1238,4801 1109,3291 Total a8$8ts less current IlabllltS•J 1,316,685 1,318.401 Income funds Unreslricled funds 1,316,685 1,318,401 1,316,685 1,318,401 20/06/2024 Thè accounts wère approved by thè Trustees on ......................... Mr G P Jones Chalrman of the Trusteè#

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND BALANCE SHEET (CONTINUED) AS AT31 DECEMBER 2023 Critlcal accounling 8slimatss and Judggments In the application of the Charity's accounting rx)licies. the Trustees are required lo make judgements. eslimales and assumptions about the carrying amounl of assets and liabilits'es that are not readily apparent from other sources. The estimates and assoaated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resulis may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions lo aeeounling eslimales are recognised in the period in vthich the estimate is revised where the rèvision affects cnly that period, or In the period of the revision and futuie periods where the revi&on affects both cutrent and future periods. Accountlng pollclè8 Charlty information The Society of Motor Manufacturers and Tra(lers Charitable Trust Fund is consliluled under a Trust Deed dated 3 August 1932 as amended 25 May 2010 and is a registered charity under number 209852. 2.1 Accountlng conventlon The financial stslemenls have been prepared in accordance wlh the Charity's Trust Deed, the Charities Act 2011 and 'Accounling and Reporting by Charities.. Statement of Recommended Pradi¢e applicable lo harilies preparing Iheir a¢￿￿nIS in 0￿r¢JanCe vmlh Ihe Finanoal Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting peri¢)ds ¢ommen¢ing from 1 January 20161. The Charity is a Public Benefit Entity as defined by FRS 102. The Charity h88 taken advantage of the provisions in the SORP for tharities applying FRS 102 Update 8ullelin 1 not lo prepare a Slalemenl of Cash Flows. The financial statements are prepared in sleding. vthith is the fiJnction81 currency of the Charity. Monetsry amounts In these financial slalemenls are rounded lo the nearest £. The accounts have been prepared under the historical eost eonvents'on, modthed to include the revyluation of certain fixed assets. The principal accounting policies adopted are sel out below. 2.2 Golng concorn Al the lime of approving the financial statements. the Trustees have a reasonable expecialion that the Charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Tntslees continue lo adopt the going concem basis of accounting in p￿paring the financial slatemenls. 2.3 Charltable funds Unre51ricled funds are available for use at the dis¢￿tIOn of the Trustees in furtherance of their chantsble objectives. 2.4 Incomlng resources Income is recognised when the Charity is legally ents.ded to it after any perforniance conditions have been met, the amounts can be measured reliabty, and it is wobable that income will be received. Cash donations are recognised on receipt. Other donations are ￿cOgnised once the Charity has been notified of the donation. unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under GiftAi(J or (Jeeds of covenant is recognised al the time of the donation. 2.5 Resources expended Expenditure is includetl on an ac¢ruals basis and all￿ted to the appropriate heading in the accounts.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies Icontlnuedl Expenditure to Tneel the charity'5 aims and objectives. This includes grant5 to BEN during the year and expenditure of an Indirect nature necessary to supw)rt the activity. rn Those costs associated wth meeting the conslilulional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. 2.6 Flxed a$$et Investments Fixed asset investments are initially measured at transaction price exduding transaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in nel incomellexpendilurel for the year. Transaction costs are expensed as incurred. Realised and unrealised gains and losses on investments are added lo or deducted from the general unrestricted funds. Realised gains and losses in the year represent the difference be￿een disposal proceeds and the market value al the point of disposal. 2.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand. ￿$h in Iransil, deposrts held al call with banks, other short- term liquid investments with original maturities of Ihree months or less. and bank oveidrafts. Bank overdrafts are shown within borrowngs in current liabilities. Baslc Ilnanclal assets 8asic financial asset5. which indude debtors and eash ar￿ bank balaneès, are inits'ally measured at transaction price including transaction eosls and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rate of interest. Financial a8sel8 classified as receivable wslhin one year are nol aM0￿'sed. Basic financial Ilabilitles Basic financial liabilities, including creditors and bank loans are inits'ally recognised al transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured * the present value of the future payments dI￿ounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised c05t, Using the effective interest rate method. Trade ¢￿ditorS are obligations lo pay for goods or services that have been acquired in the Ordin￿ course of operations from suppliers. Amounts payable are dassified as current liabilrties if payment is due wthin one year or less. If not, they are presented as no￿¢Urrent liabilities. Trade Creditors are recognised initially al transacts'on price and subsequently measured al amortised cost uwng the effects've interest method. Derecognltlon of Ilnanclal Ilabllltles Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or can￿lled.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Invgslments 2023 2022 Income from listed investments Interest receivable 34,075 1.851 28,289 211 35.926 28,500 Ralslng funds 2023 2022 Investment management costs 5,679 6,585 5,679 6,585 I costs above are allO￿ted lo the unrestricted fund. Charltable acllvltle¥ 2023 2022 Grant funding of activities (see note 61 Share of govemance costs (see note 81 127,742 2,364 77,566 2,004 130,106 79,570

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable Grants payable 2023 Grants payable 2022 Grants lo inslitulions". Mission Molorsport The Institution of Engineering and Technology Sl Andrews Drive lo Thrive BEN Apprenticeship Grant North London Collegiate School 40,000 5,500 5,000 13,200 61,350 40.000 6,600 35,000 14,0341 300 125,350 77,586 Grants lo individuals 2,392 127,742 77,566 Tru8te•8 None of the Trustees lor any persons conneeted wlh them) re￿ived any remunèration or benefits from the Charity during the year. Any expenses incurred by the Trustees were reimbursed by The Society of Motor Manufacturers and Traders Limited. Support costs 2023 2022 Audit fees 2,004 2,004 Analysed betsveen Charitable activities 2,004 Employees Therg were no employees during the year. 10 Taxatlon The charty is exempl from taxation on its activities because all rts income is applied for charitable purposes.

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Ngt galn$lllo$$gsI on Inveslmgnts 2023 2022 Revaluation of investments Gain on sale of investments 126,388 128,2451 1111,5461 117,5881 98,143 {129,1341 12 Flxed a¥¥gt Invgstments Llsted Investments Cash In portfollo Totsl Cost or valuatlon Al 1 January 2023 Additions 1,409.638 769.456 18,092 1,427,730 769.456 At 31 December 2023 2,179.094 18,092 2,197,186 Impalmient Al 1 January 2023 Disposals 748,336 748,336 At 31 December 2023 748.336 748,336 Carrying amount Al 31 December 2023 1.430.758 18,092 1,448,850 At 31 December 2022 1.409.638 18,092 1,427,730 Flx&d asset Investments revalued Listed investments are induded al their respective market values al each reporb'ng date, these market values are based on the quoted mid point pri￿ of each investment held. The historieal ￿5t of the investments held al the balance sheet dale is £1,422,291 12022". £1,401,172).

THE SOCIETY OF MOTOR MANUFACTURERS AND TRADERS CHARITABLE TRUST FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

13
Financial instruments
Carrying amount of financial assets
Equity instruments measured at cost less impairment
Carrying amount of financial liabilities
Measured at amortised cost
14
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income
15
Unrestricted funds
At 1 January
2023
Incoming
resources
Resources
expended

£
£
£
General funds
1,318,401
35,926
(135,785)
Previous year:
At 1 January
2022
Incoming
resources
Resources
expended

£
£
£
General funds
1,505,190
28,500
(86,155)		 2023
2022
£
£
1,555,165
1,427,730
261,228
131,122
2023
2022
£
£
249,667
84,717
11,561
46,405
261,228
131,122
Gains and
losses
At 31
December
2023
£
£
98,143
1,316,685
Gains and
losses
At 31
December
2022
£
£
(129,134)
1,318,401		 2022
£
1,427,730
131,122
2022
£
84,717
46,405
131,122

16 Related party transactions

There were no related party transactions during the current or previous financial years that require disclosure.