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2020-12-31-accounts

JAGlJk HERITAGE TRUST JAGUAR DAIMLER HERITAGE TRUST (Company Limited by Guarantee) Trustees, Report and Financial Statements For the year ended 31 December 2020 Company number: 1709907 Registered charity number: 286863

JAGUAR DAIMLER HERITAGE TRUST CONTENTS Page 2 Trustees, report for the year ended 31 December 2020 Independent Auditorfs Report Statement of Financial Activities Page 10 Page 13 Page 14 Balance Sheet Page 15 Cash Flow Statement Page 16 Notes to the financial statements

JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2020 Trustees, officers and advisors Board of Trustees Mr Michael Ernest Beasley- Resigned 3 March 2021 Mr Keith John Benjamin Mr Stuart Grenville Dyble Mrjoseph Warden Elliott Mr Martyn Paul Hollingsworth Mr Hanno Kirner Mr Daniel Pink Mr Peter Graham Read Mr Julian Thomson- Resigned 31 May 2021 Mr Barrie ArthurThrussell Mr Michael Van der Sande Mr Richard Charles Osborne Shore Patrons Mr Michael Quinn Mr Peter Mitchell Company Secretary Mi55 Helen Cairns The Senior Management Team Mr Matthew Davis- Managing Dirertor Mrs Maria Margarida Haynes - Financial Controller Mr Tony Merrygold - Vehicle Collection Manager Registered Offlce Abbey Road Whitlev Coventry West Midlands CV3 4LF Bankers HSBC Bank PLC 91 High Street Brentwood Essex CM14 4RU Solicitors Brindley Twist Tafft and James Lowick Gate Siskin Drive Coventry CV3 4FJ Statutory Auditor KPMG LLP One Snowhlll Snow Hill Queensway Birrningham B4 6GH

JAGUAR DAIMIER HERITAGE TRusr Trustee￿ Report for the year ended 3L December 2020 l¢ontinued) The Trustees, who act as directors for the purposÈs of the Companies Act, present the Trustees, Repoit of the Jaguar Daimler Heritagè Trust, together wlth the financial statements for the year ended 31 December 2020. The Trustees, report ha5 been prepared in accordancè with the special provlslons applicable to Companies subject to the small companies regime of the Financial Reporting Standards applicable in the UK.. Statement of Recommended Practice I"Charities SORP 2D19"1, the Charilies Act 2011 and the Companiès Act 2006 in preparing the report5 and the financi31 5tatement5. This is the fourth year the accounts have been prepared untler FRSIO2. The Trustees have prepared the financial 5tatement5 in accordance with the small companips, re8ime and take advantage of the Small companles, exemption in preparlnBthe Tru5teE5' report and the exemptlon from the requirement to prepare a strategit report. L•pl and Administratl¥e Informatlon The full name of the charitable company is Jaguar Daimler Heritage Trust I"JDHf'i. In accordance with Se¢tion 6011) of the Companies Act 2006. the charitable company Is exempt from the requirements of the Act to indude -Limlted" as part of its name. JDHT was incorporated on 25 March 1983 as a company limited by guarantee. under the company number 1709907 and ha5 been grantèd charitable status under the Charities Act 1960, reg15tratlon nurnber 286863. JDHT is governed by a Memorandum and Articles of Assoclation which contain5 no specific restrictions on the way the Charity can lawfully operate to achieve its objects, providèd the income and property of JDHT is used 501ely for the promotion of the objects of the Charity. In 2018 the board of Trustees carried out an extensive review of the Artides of Association, this was approved by a special re501ution and filed with Companies House 11 October 2018. JDHT may by ordinary resolution appoint or remove a Trustee in accordance with the regulations contained in the Memorandum and Articles of Association. New Trustees will be inducted by the chairrnan and the company secretary nd issued with a Trustee pack that includes a copy of all JDHfs policies, a copy of the Charity Commission guidance on being a Trustee and a copy of JDHfs Memorandum and Article5 of A550ciation. Trustees, èxpernses in 2020 totalled £nil12019- £nill. Trustees do not hold shares in JDHT. The Board of Trustees meet quarterly and are responsible for approving the strategy, all policy declsions, the annual budget. and the financial st3tèment5 for JDHT. strategy and poliry decisions are implemented by the Senior Management Personnel who are Ilsted on page 2. They are responsible for the day to day operational matters of JDHT. Remuneratlon of JDHf5 personnel is revlewed at Senior Management level and at the beginning of each financial year and authorised at Trustee Level. Remuneration of the Senior Management Personnel who are listed on pa8e 2, is reviewed and authorlsed by the board of Trustees at the beginning of each financial year. Publlc Benefft JDHT follows Charity Commission guidance on pybllc benefit and dernon5trates this by displaying approximatety 70 of Its Heritage Vehlcles in the Collections Centre, Gaydon an award winning publicly accessible facility completed at the end of 2015 and officially opened to the publlc in February 2016. In additlon, SO% of IDHf5 archive5 and artefact5 collectlon Is housed at the British Motor Museum, Gaydon which also features a dlsplay otJaguar'5 Motorsports Hlslory featuring 8 JDHT Heritage Vehicles. JDHT has since August 2013 had a gallefy at the Coventry Transport Museum. Coventry featuring 17 JDHT Heritage Vehicles and supporting artefacts from JDHT'5 collection. Through its attendance of many prestlglous extemal events throughout the UK and worldwide JDHT seeks to attract. enga8e, interest, and educate the public os widely a5 P055ible.

JAGUAR DAIMLER HERITAGE TRUST Trustees. Report for the year ended 31 De¢ember 2020 Icontlnuedl Reserve Pollcy The reserves for the year are detailed in note 18 of the finantial statements. The Trustees believe that it is 8ppropriate for JDHT to hold reserves at a levèl equivalent to 12 months of operational cost5. To ensure thal the reserve levels are adequate for the future need5 Of IDHT. the Trustees will review the reserves policy annually upon presentation of the rinancial results. this will Ènablè the Trustees to make an informed decision to maintain the level of reserves going forward and the yearly operating budget. The unrestricted reserves on 31 December 2020 were £5,750,22912019.. £5,610,293) The restricted reserves on 31 December 2020 were £nil12019'. £nlll Flnancial statements and Hèritage assets The Statement of Financial Activitie5 15 set out or) Pa8e 13 JDHT'S assets are hèld to establish. maintain and promote for the benefit of the nation, the permanenl preservation of historic archives. artefacts and motor vehicles manufactured and sold by Jaguar Land Rover Lirniled IJLRLI and its predecessor companies under the marque names of Swallow, SS, Daimler. Lanche5ter and 138uar, where such vehides, archives and artefacts are of actual potential historic, scientific importance and educative value. Historically, when Herltage motor vehicles and artèfads have been gifted to JDHT they have not been capitalised while purchases havè been capitalised at their acquisition cost. Slnce April 2015 the frustees have agreed a revised Heritage A55et policy Isee accountin8 policies nole I page 16 for further details) to value historic motor vehicles and Brtefacts at the point of acquisition in line with Charities SORP 2019 IFRS 1021. An exercise wa5 therefore undertaken to re-value all Heritage Vehicles acquired by IDHT post it5 incorporation year of 1983 with an identifi6ble value until the cost to do so was not commensurate with the benefits to U5er5 of the financial statements a5 allowed in Charitles SORP 2019 IFRS 1021- The valuation is determined by a combination of market value, acquisition cost and Industry knowledge. this wlll be reviewed for impairment annually. The accLTrunting pollcies used tts produce frnancial Statements for JDHT are shown on pa8e$ 16 and 17. All movements in tangible assets are shown in note 11. fjolng Concern Since 2 February 2015 JDHT has hèd in place a lonB-teim funding Covenant with JLRL. This is to cover IDHf5 operating costs lalthouBh not restricted tol and will provide a guaranteed level of funding from JLRL, this 15 Teviewed yearly to ensurè that JDHT has adequate funds to achieve its objectives and to make any necessary changes to reflett changing ircumstance5. Besides putting in place a long-term funding Stability this a150 provides the basis for a closer working relationship with JLRI whith will benefit both partie5. The Trustees see no reas¢n why JDHT would not be able to adequately lullil its going concern obli8ations and comply with the current statutory requirements and the requirements of JDHfs governing document. The Tfuslees are also satisfied that the controls in place to monitor the Covenant and to react accordingly are also adequate. The Tru5tee5 therefore are confident that the arrangèments allow the financial statements to contlnue to be prepared under ihe goin8 concem basis of accounting. Support from rèlatèd partles JLRL has pledged support to the obje￿iveS of IDHT and provlde the following services as gifts In kind Isee note 81 Information technology. legal sevvices, communication services and fuel for the Heritage Vehicles. Auditor's remuneration is also borne by JLRL and is not recharged. The toial Covenant from JIRL In 2020 wa5 £549,48012019.' £578,257). JDHT has in place a long-term funding Covenant with ILRL. This fund is not restricted, but initially covers IDHT'S operating costs. Thi5 provides a guaranteed levèl tsf fundingi which wlll be adjusted yearly to reflect changing circumstancès.lsee note 201

JAGUAR DAIMLER HER ￿AGE TRUST Trustees. Report for the year ended 31 December 2020 Icontlnuèdl Since Novernber 2015 JDHT ha5 been working alongside British Motor Industry Herltage Trust I'BMIHVI, Charity number 286575. having paid a E400,000 contribution toward the construction of the Collectlons Centre. This has allowed forthe enh#nced display of the majorityofJDHT's HeritaBe Vehicles both in the Museum and Collections Centre adding to the offerinK available lo the public. JDHTworks closely with all BMIHfs departments to identify any synergies that will be beneficial to both Trusts. Isee note 201 Contlnulng OperatlOn5 The Trustees consider that JDHfs assets are available and adequate to fvlfil 115 obligations, and thai the financial statements comply with current statutory requirements and with the requirements of JDHT's governin8 document. The introduction of a revised Heritage Asset5 Policy in 2015 has only served to refine this position. Since 2 February 2015 JDHT has entered a long-term funding Covenant with JLRL. this is rÈviewèd yearly to allow for any han8es in circumstances and to ensure that JDHT has adequate funds to achieve its objective5. JDHT'S Archive in¢ome for 2020 was E147,91912019.' £181.0741 see charitable activities note 4. JDHT has Cash reserves of £1,597,27512019.' £1.115,0681 Therefore. the Trustees see no reason why JDHT would not be able to satisfy it5 going concem obllgation5 in the next twelve months15ee note 11 Tru￿ee5, Indernnltles JDHT has made indemnlty provisions for the benefit of its Trustees which were made during the year and remain in for￿ at the date of thi5 report. This yearfs cost was £1,86012019: £1,8241. Independent Audltors In accordance wiih Section 485-488 of the Companies Act 2006, JDHT has elecied to dispense with the annua appointment of auditors. Wlth such election in force the Charity Auditors shall be deemed to be re-appointed for each sUC￿eding financlal year In actordance with section 386 of the Act. Charltable alms and ¢bjertlves The Jaguar Daimler Heritage Trust I"JDHT"l is a regSstered charitsble Trust established for public benefit and its aim5 and mi55ion are: To establish, maintain and promote for the benefit of the nation, the permanent preservation ol hlstoric archive5, artefacts 3nd motor vehides manufactured and sold by Jaguar Land Rover Llmited IJLRLI and its predecessor companies under the marquee names of Swallow, SS. Daimler, Lanchester and jaguar, where Such vehicles, archive5 and artefacts are of actual potential hlstoric, scientific importance and educative value. Tcp exhibit to the public such vehicle5 and artefact5 as aforesaid by mean5 of either temporary or pèrmanent exhibltlons. To demonstrate to the public the working and operatlon of any suth vehicles, artefacts and io provide public access to the archive material. o be the ttctive custodions o[Jaguorfs histtsry, its vehicles tsnd it5 archives working olongsFde Jts9uor Ltind Rover to Sho￿ onts4 pmmote that historyforptssterity." Thls has been aided by the relocation of IDHT'S office. staff and Heritage vehicles to the Collections Centre, Gaydon. This 15 part of one of the world's outstanding accredited motor museum5 and a major visltor attraction providlng a broad based acèdemic and educational facility, featurln8 the largest collections of Brit15h Heritage Vehicles in the world being displayed in the British Motor Museum and Ctsllection5 Centre at any one time.

JAGUAR DAIMLER HERITAGE TRUST Trustee< Report for the year ended 31 December 2020 IcontSnuedl Annual Objective5 The annual objective5 of JDHTare to.. Conserve and protect the collections of vehicles, archives and artelacts for future generations; Maintain and update the IDHT website, and increase JDHfs media presence: Malntain, restore and conserve the vehicle collectlon with the support of the Jaguar land Rover Classic Team; Support ILRL with archlve material and Heritage Vehl¢les at appropriate marketing and PR attivities and events,. Continue discus5ion5 Wlth JLRL to improve,. al The process of gifting production examples of new Jaguars.. and bl ImpTove lon8 term funding security for JDHT; and cl Transfèr of records for historical preservation. The achievement of these objectives is detailed in the organisation functions and achievements. Or8anSsatlonal Strurture. Funrtion5 and Achievements 2020 JDHT 15 organised into three main function5'. Herlta8e Vehl¢le Collectlon Responsibilities Include the rnanagement of JDHfs Heritage vehicle collection and Its d15plays for the members of the public at Culture Coventry Museum, British Motor Museum and Collectlons Centre, Gaydon. Responsibilities also indude the maintenance and restoratiori of all heritage vehiclès, liaising with JLRL Cla$5ic regarding all aspects of events and technical support, coordinating the volunteer workforce regarding any support required in Ihe Collections Centre and at numerous events, and promoting and facilitating JaBuar Club events at the British Motor Museum. Vehlcle Collectlon Achlevements 2020 Activities throughout 2020 were severely curtailed by thè COVID pandemic wlth most events being cancelled. However, JDHTran a verysuccessful event at Gaydon on the first weekehd of September, between lockdowns. This event worked so well it has been decided to make this weekend a regular feature in our calendar. Restoration and maintenance work continued although at reduced capècity, the management took the decision that our tèam of retiree volunteer5 should not come In to help until theywere all vaccinated, and the pandemic spread has subsided substantially. 2. Archive Responsibilitie5 include the managemenl of collecting. catalo8ulng, conserving and making accessible a wide range of archive materials to the publlc, agencies and all JLRL departments. Thi5 includes licenclng JDHf5 film and photographic archives, undertaking hlstorical research and provldlng a Vehicle Productlon Herita8e Certificate service. Archive Achlevemènt5 2020 Achievements in 2020 include the continued support of JDHTattivities lincluding exhibitions and Social media contènt), providing remote access to researchers during Covid-19 restrictions and interacting with enthusiast groups and the widèr archive netwtsrk. The Archive also continues to provide support for varlous JLR global departments by allowing acces5 to archive material and 8rtefacts lincludlng Legal, ClassÉ¢, PR, Records Management and assisting with various product developmeni activitiesl. The Archive ¢ontinues to progress In long-term collectSon improvement. These include, improving the existing Catalogues and box list in preparation for all tollections being Ilsted on the collection management System IAdlibl. prèparing Adlib for JDHT requirements, preparing digitlsed phoiographic collections for Adlib, continued transcription% of the Build Ledgers, repackaging and ¢on5ervation of fragile records Induding the Build Ledgers. Servlce Manuals and on8oinÈ di8lt15ation projects of photographic collections. Major cataloguing projects include the Service Manuals, Press Packs and Sales Brochures. Cataloguing also continued wlth the film collection, glass plate negativès and Competition department Files. The Vehicle Production Heritage Cèrtificate service was maintained during the Covid-19 restrlctions and proved invaluable to JLR, the public and various agencies.

JAGUAR DAIMLER HERITAGE TRUST Tiustee< Report for the year ended 31 December 2020 Iconiinuedl Finance and Administratlon responslbllltles Responsibilities include administration, management and reconci1Sation of rranagernent accounts and bank accounts. Management of the ccmputèrised accounting System Opera 11, audlt. budEet5, forecasts, insurance ènd payroll analysis. Supporting all function5 Wlthin the organisation with HR. data protection, administratlon and financial Iluties. Flnance and Adrnlnistration achlevèments 2020 Achievement5 in 2020 include the management of the Covenant with ILRL to continue the provision of fundin8 and seturtty for JDHT. Management of the payroll and the workplace pènsion for all JDHT staff ensuring monthly payments are met and are compliant with current HMRC rules and regulations. The management of all JDHT policies to ensure compliance and ihe ¢Cntinuation of support to all functions within the organisation. During 2020 regular tneetings were put in place to discuss the impact of COVID-19 and all other risks, and to implement any necessary procedures to minimise any potential impact on JDHT. Volunteers During 2020the deciSlDn was made to complywith the COVID-19 regulations, that ourteam of retiree volunteers should not comè in to help until they were 311 vaccinated, and the pandemic spread has subsided substantially. Contributions from our volunteers is a great assèt to JDHT and we are 8r3teful for the loyal support. It is not pra￿lt31 or p055ible for JDHT to value the services provided by our volunteer5. Future Developments To continue to meet re8ularly with JLRI Finance to ne8Qtiate and a8ree the Covenant for the future. To con5011dare all archive materlals and artefacts in a single location, ensurin£JDHT requirements for long term archive and 3rtefacts storage facility is built to the required specificatlon. To maintain the Adlib archive management solMare to ensure the detailed cataloguing of archive material5, artefacts. photographs. and film. To continue thè implementation of a rollin8 plan to restore and conserye JDHT vehlcles into an appropriate condition and continue the dèvelopment of the plan for public display of the remainin8 collection of Dairnler5 and Lanchester models. To continue the development in conjunction with BMIHf5 education and lifelon8 learninB function, a programme of educational packages. To continue to identify any synergles tc* maintain the dose relationship with BMIHT. Rlsk management JDHT iegularly reviews the major strategic, business and operation risks to which it is exposed at Its quarterly board meetings, this includes any impart relating to COVID-19. Action is then taken lo mitigatè those risks and procedures implemenled to minimise any potenlial impact on JDHT, should any of those ri5k5 materiali5e. Going forward the risks are the funding from JLRL as per the deed Covenant and the security of the Heritage Vehicles and archives. Some of these risks are mitigated by having re8ular meetings with JLRL to discu55 the continuou5 funding. and regular reviews with the insurance broker to clarifythat the heritage vehicles collection and the archives collectlon are suitably insured. The Operations Committee Iwhich includes the senior management team and three assigned Tru5teesl are meeting regularly to dlscuss the impact of COVID-19 and all other rlsks, to irnplement any necessary procedure5 to minimlse any potenllal impact on JDHT.

IAGUAR DAIMLER HERITAGETRUST Trustees, Report ftsr the year ended 31 Dttember 2020 l¢ontlnuedl Flnanclal Review JDHfs total funds at the end of 2020 are just over £5.7 million12019'. just over £5.6 million). Thi5 includes £l.597.275 cash reserves12019.. £1,115.0681 and £3,431.896 Heritage Assèts12019- £3,443,896) Charitable activities income in 2020 totalled £700,14312019'. £776,3271 details as follows= Covenant from ILRL £549,48012019- £578,257) Slnce 2 February 2015 JDHT has had In place a long-lerm funding Covenant with ILRL. This w511 cover IDHfs operating costs lalthough not restricted tol and wlll provide a guaranteed level of funding from JLRL, which will be reviewed and adlusted yearly to reflect any chan8ing circumstances. Exhibitions and Heritage Vehicle events income in 2020 £2,74412019.' £16,996) Archive Income in 2020 wa5 £147,91912019.' £181,0741 Charitable attivities expenses in 2020 totalled £655,190 12019.. £734.9931 dètails as follows.. Covenant cost5 2020 totalled £354.68212019.. £401,807). Since the Sale of JDHfs trading company thè operating cost are covered by the Covenant received from JLRL Exhibitions and Heritage Vehiclè event5 C051s in 2020 totalled £85,02212019- £115.4021 Arthivè Costs 2020 totalled £215,48612019.' E217,7841 Restricted funds Sn 2020 was £nil12019'. £nill detai15 as follows.. Restricted income in 2020 was £26,50D12019.' £23,000) Restricted expenditure in 2020 was £26.50012019.. £23,000)

JAGUAR DAIMLER HERITAGE TRUST Statement of Tru5tee5' responslbllltlos in re5pert of the Trustees. annual report and the flnanclal statements The trustees are responsible for pieparing the Trustees, Annual Report and the financial statements In accordance with applicable law and regvlations. Company law requires tru5tee5 to prepare financial statements for èach financial year. Under that law they are required to prepare the financial statements In accordance with UK Actountin8Standards and applicable law IuKGenerallyAccepted Accounting Practice). including FRS 102 The Finonciol Reporting Stond(JrGI opplicable in the iIK ond Reptsblic of Ireland. Under company law the trystees must not approve the fSnancial statements unless they are satlsfied that they give a true and falr vlew of the State of affairs of the charltable company and of the income and expenditure for that period. In preparin8 these financial statements, the trustees are required to.. select suitable accountln8 pollcles and then apply them consistently.. makejudgemenis and èstimates that are reasonable and prudent,. State whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed. subject to any material departure5 disclosed and explained in ihe financial statements,. a55e55 the charitable company'5 ability to continue as a golng ¢on¢ern, disclosin& as applicable, matters related tc¢ goin8 concern,. and use the golnB concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations or have no reallstic alternative but to do s¢. The trustees are responsible for keeping adequate a¢counlin8 record5 thal ale sufflcient to show and explain the charitable company'5 transactions and disclose with reasonable accuiacy at any time the financial position of the Charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2QK16. They are responsible lor such internal ¢ontrol as they determine is necessary to enable the preparation of financial statements that are free from material rnisstatement, wheiher due to fraud or error, and have general responsibility for taking such sieps as are reasonably open to them 10 Safeguard the assets of the charitable company and to prevent and detert fraud and other Irre8ul3rities. The trustèès are responsible for the malntenance and integrity of the corporate and flnanclal information included on the charitable company's webslte. Legislatlon in the UK governing the preparatlon and disseminatioh of financial statements may differ from leB151ation in otherjurisdictions. On behalf of the Board 8arrle Thrussell Trustee Jaguar Dalmler Herltage Trust Date.. 29 September 2021

JAGUAR DAIMiER HERITAGE TRUST Independent audltorfs report lo the memb•rs of Jaluar Dalmler Hgrlts8e TNst Oplnlon We have audited the flnancial 5tatement5 of Jaguar Daimler HerSta8e Trust l-the charitable company") for the year ended 31 December 2020 whith comprlse the Statemeni of Flnancial Activities, the Balance Sheet. the Cash Flow Statemènt, and related note5. induding the accountTrnB policies in note l. In our opinlon the finanaal ststements.. gtve a true and fair view of the state of the charitable companWs affairs as at 31 Decembw 2020 and of its incomin8 resources and applicatlon of resovrces, Includlng Its Income and expendlture, forthe year then ended,. have been properly prepared In accordance with UK accountlng standards, Includin8 FRS 102 The Finoncial Reporting Standordapplicoble in the UK t7nd Republic of Irelgnd,. and have been prepared in accordance with the requiremet)ts of the Companies Act 2￿6. Basls for oplnlon We conducted our audlt In accordance wlth Inlernatlonal Standards on Auditing IUKI I"ISAs IVKfi and applicable law. Our responslbilities are descrlbed below. We have fulfllled our elhlcal responsibilitie5 under and are independent of the charltable company In accordance with, UK ethScal requirements includln8 the FRC Ethlcal Standard. We belleve that the audit evidence we have obtained is a 5ufficlenl and appropriate bas15 for our tsplnlon. Golni concern The Irustees have prepared the financial statement5 Qn the 80ing concern basis as thèy do not intend to liquidate the charitable company or to cease its operations, and as they have concluded that the charltable companls financlal position means that this is realistlc. They have also toncluded that there are no materi31 uncertainties that could have cèsl significant doubt over its ability to contlnue as a going concern for at least a year from the date of approval of the financla5 statements I'the Boing concèrn perlod"}. In our evalvation of the trustee5' condusions, we considered the inherent rlsk5 to the ¢harilable companws business model and analysed how those rlsk5 mi8ht affect the charltable companfs finanaal resources or abbl￿V to continue operations over the 80ing concem perlod. Our conclusions based on thls work.. we consider that the trustees, use of the 80ing concern basis of accounting in the preparation of the financial statements is approprlate,. we have not identified and concur with the tiustees, assessment that there is not, a material uncertainty Telated to events or conditlOn5 that. indlvidually or ¢olle(tivel¥. may cast significant doubt on the charitable company's ability to Continue as a going concern lor the goin8 wn¢ern period. However, as we cannot predict all future events or condilions and a5 Subsequent events may result In Outcomes ihat are nconslstent withjudgement5 Ihai were reasonable at the time they were made. the above concluslons are not a guarantee that the charitable company will continue in operation. Fraud and b￿athe$ of law5 and regulations- abiiftyto dete¢t Identifying ond responding to n5ks of motÈriol mi55f¢ytement due tofroud To identify risks ol materlal mi55tatement due to fraud I"fraud risks") we asse55ed event5 Qr condltions that could iftdlcate an Incentive or pressure lu commit fraud or provide an OPPOftunlty to commit fraud. Our risk a$5essmenl procedure5 included.. Enquiring of dlrector5 as to the Charltable Companvs hi8h-level policies and procedures to prevent and detect fraud. and the Companrfs channel for -whlsileblowing- as well as whether they have knowled8e of any attual, suspected or alle8ed fraLtd. Reading Board mlnutes.. io

JAGUAR DAIMLER HERITAGE TRUST Indep•nd•ni audltorfs report lo the memb•rs of Jaguar Dalmler Herlt¥8 Trust (contlnu•dl We communlcated Identified fraud r15ks throughout the audit team and remained alert to any indTrcations of fraud throughout the audit as required by auditing standards, we perform procedures to address the risk of management override of controls and the risk of fraud(rlent revenue recognition, in particular the risk that revenue is recorded in the wrong period artd the risk that management may be in 3 position to make inappropriate a¢countinB entries. We did not identify any additional fraud ilsk5. Wè performed precedures Includlng.. Identlfying journal entrie5 to test b8sed on r￿k criterla and comparing the Identlfled entrie5 to supporting documentatlon. Sample testing of revenue relatln8 to the period prior to and following 31 December 2020 to determine whether income 15 recognised in the correct accounting period. Identifytno t7ndresponding to risk5 of moteriol mi5Stotcrnent due to fton-compltollcg with lows ondregulotion5 We identlfled alea5 of laws ènd regulatlons that could reasonably be expected tc have a material effed on the flnancial statements from our 8eneral ¢omrnercial and sector experience and through discussion wlth the dlrectcir5 las required by auditing standardsl and discussed wrth the directors the pollcies and procedures regardlng compliance wrth laws and reBulations. We communicated ideniilied laws and re8ulatlons throughout our te?m and remained alert to any indications of non- compliance throughout thè audlt The potential eflect of these laws and regulations on the financlal statement5 varies considerably. The Company Is subjert to law5 and re8ulations that directly affect the financial statements Includln8 financial reportlng le8151ation Ilncludln8 related companies legislation), distributab￿ profits legislation and taxation legislation and we assessed the extent of compli8nce with these laws and regvlations as part of our procedures on the related financlal 5talement items. Whilst the Companybs subject to many other laws and regulatfions, we dld not identify any others where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financlal statemenls. Context of the obllity of the oudit to dete¢tfraudor breoches oflow orregulotion Owing to the inherent lirnitations ol an audii. there is an unavoidable flsk that we may not have detected some material rnlsstatements in the financlal statement5, even though we have properly planned and performed our audit in accord3nte with auditing standard5. For example, the furiher removed non-compliance wlth laws and re8ulaiions is from ihe events and transactions reflected in the flnancial sia¢ernents, the le55 likelythe inherently Ilmited procedures required by auditln8 standards would Identlfy it. In addition, as wllh any audit, there remalned a higher risk of n¢n-detection of fraud. as these may involve collusion, forgery, intentional omission5. misiepresentation5, or the override of internal controls. OLtr audit procedure5 are designed to detecl material mi55tatement. We are not responsible for preventlng non-compliance or fraud and cannot be expe¢ted to detect non-compliance with all laws and regulations. Other inlormatlon The trustee5 are responsible for the other inlorrnation, whlch comprise5 the Trustees, Annual Report. Our opinion on the linallcial statements does not cover the other information and, a¢coidin8ly, we do not expfess an audit oplnion or, except a5 explicltly stated below, any form of a$5urance concluslon theieon. Our responsibllity is to read the other information and. in doin8 50. ￿nSIder whether. based on our finanual statements audit work, the informètion therein is materially misstated or inconslstent with the financlal statements or our audil knowlefJ8e. Based solety on that work.. li

JAGUAR DAIMLER HERITAGE TRUST

Independent auditor's report to the members of Jaguar Daimler Heritage Trust (continued)

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have nothing to report in these respects.

Trustees' responsibilities

As explained more fully in their statement set out on page 9 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC's website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Dawson (Senior Statutory Auditor) for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants One Snowhill Snow Hill Queensway Birmingham B46GH Date: 29 September 2021

12

JAGUAR DAIMLER HERITAGE TRUST statement of financlal actlvltles includlng Sn¢ome and expendlture account for the year ended 31 December 2020 Notes Restricted Unrestricted 2020 2019 fvnds funds Total Total Incomefrom Donations Donations & gifts 26,500 26,500 23,OCQ 26.500 26.544 23,000 Charitable actlvitie5 Covenant from ILRL 549,480 549.480 578,257 Exhlbitions & Events 2,744 2,744 16,996 Archive Incorne 147,919 147,919 181.074 700,143 700,143 776,327 Investments Bank interest 3,367 3,367 8,109 other 42,500 42.500 Total income 26.500 746,054 772,5S4 807,436 ExpendSture Charltable artlvltles Covenant costs 113.2501 1341,4321 178,3971 1208,8611 1354fi821 185.0221 12L5,486) 1655,19)) 1401,8071 1115,4020 Exhibitions & Events 16,6251 16,6251 IZ6,%XII Archive costs 1217,7841 Total Expendlture 1628,6901 1734,9931 Net IncomelleXpend￿YTe) Other Recognlsèd Ilossesllgalns Net movement In funds 117,364 117,364 72.443 22,572 22.572 139,936 139,936 72,443 Total lunds brought forward 5.610,293 5,610,293 5,537,850 Total funds ¢arrled forward 5,750,229 5,750.2Z9 5,610,293 The notes on p3ges 15 to 26 form part of these financial statements. All income and expenditure are derived from ctivitie5 wlthin the United Kingdom and there arè no other comprehensive income or expenses in the year, other than those reflected in the Statement of Financial Activitie5 ISOFAI. All income Is derived from continuing operations. For a 2019 SOFA comparative see note 23 13

JAGUAR DAIMLER HERITAGE TRUST Balance Sheet as at 31 December 2020 2020 2019 Notes Flxed assets Tangible assets li 514,604 581,9SO Herita8e assets 12 3,431.896 3,443,896 3,946.$00 4,025,846 Current a$sets Debtor5 293,107 571,795 Cash at bank and In hand 1,597,275 1,115,068 1,890,382 1,686,863 Current Ilabllltles Creditors 14 86,653 1&2,416 Net current assets 1,803,729 1,584,447 Total assets less ¢Ufreni liabllltles 5.750.229 5,610,293 Net assets 5,750,229 5,610,293 Fufids Restrlcted 15 Unrèsiricted 16 3,055,642 2.903.706 Revaluatlon Reserve 17 2,694,587 2,706,587 Total funds 18 5.750.229 5,610,293 ThÈ accounts h3ve been prepared In accordance with the provisions appltcable to companies, Subject to Ihe small companies, regirne. The financial statements along with accompanying notes of JDHT. registèred tompany number 1709907 and registered charity number 286863, on page5 16 to 27, were approved by the Board ofTru5tees and signed ot) their behalf by.. Barrle Thrussell Trustee Jaguar Dalmlef Heritage Trust Date.. 29 September 2021 14

IAGUAR DAIMLER HERITAGE TRusr Cash Aow Ststement as at 310ecember2020 Statement of Cash Flows Notes 2020 2019 Cash flows from operatlng act5vltles Net cash labsorbedlF/provided by operating activities 21 438,840 1225.0451 Cash flows from Invest5ng activitles Interest 3.367 8,109 Purchase of property, plant & equipment 158,544 Sale of heritage assets 40.000 Net cash expended on 5nvestlng actlvltlès 43,367 150,4351 Change In cash and cash equlvafents in the reporting perlod 22 48Z,207 1275,4801 Cash and cash equlvalents at the beKinnln8 of the rep(*tin8 perlod 1,115.068 1,390,S48 Cash and ¢ash equivalents at the end of the reportinK perlod 1,597,275 1,115,068 15

JAGUAR DAIMLER HER ￿AfjE TRUST Notes to the flnan¢ial statements for the year ended 31 Oecember 2020 Accountlng Policies Basls of a¢countln8 The financial statements are prepared under the historical cost tonvention, in accordance with the Statement of Recommended Practice -Accounting and Reporting by Charitie5 ISORP 20191" applicable to charities preparrng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Golng Concorn JDHT'S activities, together with the factors likely to affect Its future development. performance and position, are set out rn the Trustee's Annual Report which also describes the flnancial position, its cash flow5, and liquidity position. The financial staternents have been prepared on a going ￿ncern basis which the Trusteès consider to be appropriate for the following reasons. JOHT havè prepared cash flow forecasts for a period of 36 months from the date of approval of these Ilnancial 5taternents. After reviewlng these forecasts. the Trustees are of the opinion that, taking account of sèvere but plausible downsides, In¢ludin8 the anticipated irnpact of COVID-19 JDHT will have Sufficient funds to meet its liabilities as they fall due over the peiiod of 12 months from the date of approval of the financial siatÈments Ithe going concern assessment period). JOHT sold its trading company JDHT Limited to ILRL on 2 February 2015 and has since put in place a long-term funding Covenant with ILRL. This will cover JDHT'S operating costs and will provide a guarahteed level of funding from JLRL. this is reviewed yearly to ensure that JDHT has adequate lunds to achieve its objectives and to make any ne¢e55ary changes to reflect changing circumstances. Besides putting in place a lon8-tErm funding Stability this also provides the basis for c105er working relationship with JLRL which will benefit both parties. In 2020 JDHT secured the signlng of Covenant for 2021,2022 and 2023. Although the agreement allows for JLRL to terminate the agreement with 12 months, noti￿, the trustees are confidet)t that at the date of approval of these flnancial statement5 there 15 no intention for JLR to terminate the agreement early. In addition, JDHT has Sufficient Cash to fvnd its operating costs for a period of at least 12 months in an extreme worst case scenario whère covenant funding was not received. Thèrefore, the Trustees see no reason whyJDHT would not be able to adequately fulfil its going concern obligations and comply with the current Statutory requirements and the requirernents of IDHfs 8overning document. Consequently, the Trustees are confident that IDHT will have sufficient fund5 to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financlal statements ènd therefure have prepared the financlal statements on a goin8 concern basis. Hefltage A$5et5 IDHT'5 motor vehicles were manufactured and sold by JLRL and predecessor companies and are held, maintained, restored, and exhibited as a permanent collectlon. The 15212019.. 1531 vehicles held at the year-end range in age from 123 years to l year. The collertitsn includes some uni4ue vehicles a5 well as some first and last of production series. Historically, when vehicle5 and artefact5 have been gifted to JDHT they have not been capitalised while PUTcha5es have been capitalised at their acquisition cost. Since the April 2015 board rneetinE, the Trustees agreed a revised Heritage A55et policy to value hi510rit mtstor vehicles and artefacts at the pointof acquisitSon In line with Charities SORP 2019 IFRS 1021. An exercise was therefore undertaken to re-value all Heritage Vehicles acquired by JDHT p05t Its incorporation year of 1983 with an Identifiable value until the cost to do so was not commensurate with the benefits to users of the financial statements as allowed in Charltles SORP 2019 IFRS 1021. The valuation will be reviewed for impèirment annually, and is determined by a comblnatlon of market value, acquisition c05t and industry knowletlge. 16

JAGUAR DAIMLER HEAITAGE TRUST Notes to thp financlal statements for the year ended 31 De¢ember 2020 Accounting Policle5 Icontlnuedl Non HeritaÈe Assets Tangible fixed assets excluding the historic motor vehicle5 and artefacts are stated at cost less any provision5 for depreciation and impairment. Impairments are calculated such that the carrying value of the tangible fJxÈd assets is lower of Its cost comparèd with the higher of its net realisable value and its value in use. Expenditure is capitalised for addltions and betterments or for replacements of major components of fixed assets. A150, where the expendlture materially adds to the productive capacitvi elflclency or value of the assets or adapts the assets for a different use. Assets are not capitallsed where the Individual value of the asset Is below £500. Depreciation of the cost of otheitangible assets Ss provided at the followSn@ ènnual rates on a straight.liné basis to write off the assets to thelr estSmated residual value over thEir estimated usefvl Ilves. Office Equipment 5 to 10 Years Fixtures, Fittings and Plant Equipment 5tolOYea Buildings 30 Years Fund a¢countlng Unrestricted funds afe available for use at the discretion of the Trustees in furtheran￿ of the charil8ble objectives. Restricted fund5 include donations, gifts, 8rants, and lega¢ie5 received whose use is restricted to purposes specified bv the donor. Such purposes must be within the overall aims of the charity. Expendlture Expenditure is included In the Statement of Flnanclal Activities on an accruals basis, incluslve of any VAT which cannot be recovered. Revaluatlon reserve The accounting policy for Heritage Assets has been updated in 2015. Any gain or loss on revaluation is taken to the Statement of FlnancS8l Activitie5 and shown a5 a separate reserve. FSnandal In￿rUMentS The Chèrity only had flnancial a55Ets and financial Ilablllties of a kind that quallfy a5 basic financial instruments. Baslc flnancial instruments are initially reco8ni5ed at transactlon value and subsequently measure at their settlement value. Trade and other debiors are recognised at the settlement amount due after any trade discount offered. Prepayment5 are valued at the amount prepaid net of any irade discounts due. Cash at bank and cash in hand includes cash and short temi highly liquid inves¢rnents with a short matvrity of three months or less from the date of acquisition or openin8 of the deposit or similar actounl. Creditors and provi9ions are recognised where the charity has a present obligation rèsulting from a past event ihat wlll probably result in transfer of funds to a third party and the amount due to setile the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their 5etilement amount after allowin8 for any trade discounts due. rax JDHT 15 a registered charSty as such has no liability to corporation tax on its charitable activities Under the Corporation Tax Act 2010 (chapter 2 and 3 of part ii. settion 466 onward51 or section 256 of the Taxation for Chargeable Gains Acts 1992, to the extent surpluse5 are applied to it5 Eharil3ble purp05e5. 17

JAGUAR DAIMLER HERITAGE TRUST Note5 to the flnanclal statements for the year ended 31 December Z020 Acrountlng Pollcles Icontlnuedl Support Costs Support costs are costs which relate to rnore than a single activity, these costs have been apportioned by percenlage appropriately and now also include governance costs. Isee note 51 Penslon As per the lesislation mandating ihe introductior) of è workplace pension scherne. JDHT has put this in place as frg Decernber 2017.The P¢oples pension was chosen, and all 7 employees have opted into the scheme. 2. Critical accountlnglud8emeThts and estlmations In the application of the accounting policies detailed in note I the Trustees are reqUI￿d tts rnake judgements and assumptions regarding the carrying number of assèt5 and liabilities not readily apparent. The judgements are based on experience. industry knowledge and other factors considered relevant. Actual result5 may difler from these estimates. These estimate5 are reviewed on an on-going basis with revi519ns reco8111sed In thè period of revislon and f￿tUre period5 if applicable. The following judgements have been made in the proce55 of applying the accounting policies with the most significant effECt on the financial statements. Depreciation.. JDHT exercises judgement to determlne the useful life and residual value of tanglble a55els to calculate depreciation. Impairfflent.. IDHT tests whèther assets have Suffered any impairment,. these te5t5 requlre the use of judgement for fair value. u5elul lrfe and residual value. Glfts irb kind.. JDHT has used available knowledge and experience when making a judgemenl as to the best way to value 4 gift in kind when no clear method is avallable. Isee note 81 Heritage A5set5.' JDHT hold heritage assets acqulred ai falr value at the point of acquisition determined by market value. Where no value is available IDHT will use industry knowledge to make a judgement. In some ¢a5e5, such as prototypes no po55ible value can be estimated and 50 It is held on the balance sheet at £1. 3. Donatlons Analysls of Income from donatlons, legacles and grants Donations, gifts and legacies arè credited to the statement Df financial activlties on a receivable bas15 when the recognition criteria of meèsurements, entitlement and probability are deemed t¢ have been met. This includes gifts in kind which are included wkthln the SOFA for 2020 and are valued at the amount of JDHT would reasonably ÈKpett to pav. Donations, gifts. and legaties in 2020 totalled E26,50012019= £23.0001 dètailed as follows.. Restricted Gifts in kindlsee note 81 of £26,50012019'. £23,000) Miscellaneous Dtsnations £4412019 nil) 4. Charitsblè activltles Charitable activities inctsme in 2020 totalled £700,14312019'. £776,327) detaSled as folltsws.. Covenant from ILRL In 2020 was £549,48012019'. £578,5271 JDHT has since February 2015 put in placè a long-term funding Covenant with JLRL. This will cover lalihough not restrictèd tol JDHT'S operating c05t5 and provide a guaranteed lèvÈl of fundin& which will be adjusted yearly to refleet changing circumst8ntes. Exhibilipn5 and Heritage Vehicle events income in 2020 was £2.7J1412019.' £16,9961 Archive income in 2020 was £147.91912019'. £181,074) 18

JAGUAR DAIMLER HERITAGE TRUST Notes to the finantial statements for the yvar ended 31 Decembor 2020 Icontlnuedl 5. Costs of charftable artlvities Unrestrl¢ted Activitie5 undèrtaken dlrectly Restrirted Restrlctèd support Costs Support undertaken costs dlrectly. A¢tlvlty 2019 Llnrestrfcted Support Totsl costs 2019 Covenant costs 300.346 401,807 89,961 11.51i0 Events 64,673 44.979 5,750 115,402 Arch￿• 167.055 44,979 5.750 217.784 Other Total 532.074 179,919 23,0 734.993 Costs of ¢harltable artivities 2020 Unrestrlcted Actlvltlès undertaken dlrertly Restrlcted Support Costs undertaken dlrectly. Unrestrltted Support costs Restrlcted Support costs Total Actlvlty 2020 2020 Covenant Costs 254,247 87.185 13,250 354.68Z Events 34,804 43,S93 S.625 85,022 Arihlve 165,268 43,593 6.625 215486 Total 454,319 174.371 20,500 655,190 Support Costs are costs whlch relate to mgre than a single activity, these costs have been apportioned by percentage appropriately as shown below.. Remuneratlon- 2019 costs have been directly allocated. apart from Flnancè & administration- 25% Events, 2S% Archlve & 50% Covenant. 12018.. Directly allocated, apart from Finance & admini5tratlon-25% Archive, 25% Events & 50% Covenant). Human Resources. Consultsn¢yJ Stationery. Bank Charges. Webslte. MaSntenance office equlpment and CopyrlBht & GDPR- 2019 CD5ts allocation-25% Archive, 25% Events & 50% Covenant. 12018.. 25% Archive, 25% Events & 50% Covenant) Governance Costs- 2019 cosrs allocation- 25% Archive,25% Events & 50% Covenant. 12018.. 25Yo Archive, 25% Events & 50% Covenant) 19

JAGUAR DAIMLER HERITAGE TRUST Notes to the flnancial statements for the year ended 31 December 2020 Icontlnuedl 5. Costs of charitsble actlvltles Icontlnuedl Support ¢osi breakdown bv *rtl¥lty 2019 Totsl Covenant Archive Events 2019 Unrestr5cled Remuneration flnance & Admin 56,289 28,144 28.144 112.577 Con5ultancylManaglng Dlrector 14.958 7,479 7.479 29.916 uman Resources 2.390 1,195 1,195 Statlonery 469 235 235 939 Bank Charges 2,252 1,125 1.125 4,502 M8int•nonce-office equipment 6.339 3,169 3,169 11677 Website 1,756 877 877 3.510 Copyri8ht & GDPR 5.508 2.75S 2,755 11,018 Total unre5trlcted 89,961 44,979 44,979 179,919 Restrlcted Governance 8.￿0 4.IK>0 4.000 16MI Glfts in Kind 3.500 1.750 1.750 Tutsl Restrtcted 11,5 5,750 5.750 23,000 Total support COSts 101,461 50.729 50,729 202.919 Support cost breakdown by act5vity 2020 Tolal Covenant Archive Events 2020 Unrestrlrted RÈmuner3tlon Flnance/Admin/MD 74,169 37,084 37,084 148,337 Consultak Human Resources statlonery 366 183 L83 732 Bank Charges 2.180 1,090 1,090 4,360 maintenar￿e- office equ¢prnent Website 6,530 3.266 3.266 13.062 192 192 768 Copyright & GOPR 3,55S 1,778 1,778 7,112 Total unre$trlded 87,185 43,593 43.593 174J71 ftestri¢ted GovernarKe 9,750 4.875 4,A75 19,500 Gifts in Kind 3.50D 1,750 1,7SO 7.DrM) Total Re5tiirted 13,250 6,625 6,625 Totsl support cost5 100,435 50.218 50,218 ZW,871 20

JAGUAR DAIMLER HERITAGE TRUST Notès to the financlal statèments for the year ended 31 December 2020 Iconilnuedl 6. Employment Informatlon 2020 2019 Salaries 29UOI 260,675 Employer Natlonal Insurance Employer Pension 24.033 21,582 6.472 5,717 Total 322,906 287,974 The number of Èmployees whose emoluments exceeded £60.OOC¢ in 2020 was 212019.. 21 As per the le8151ation mandating the introduction of a workplace pension scheme, IDHT has put this in place as frpm December 2017.The Peoples pensltrn was chosen, and all 7 employeès have opted Into the scheme. The number of employees, employed in pursUIt of JDHfs objertlves wa5 812019.. 81, broken down as follows.. 2020 2019 Numbèr Number Senior Managemènt Archive Finance & administration The comblned remuneration of the senior management team was.. 2020 2019 Senior Management Salaries Senior Management National Insurance 172,986 132,648 17,418 13.146 Senlor Management Penslon 3.697 2,750 Total 194,101 148,544 The Senior Managemeni Team listed on page 2 in 2020 was 312019.. 31 7. Trusteeg Remuneration No Trustee5 received remuneration durlng the current or prior year. Trustees, total expenses for 2020was £nil12019.' £nlll. Trustees, indemnlty cost for 2020 were £1,86012019.' £1,824) 21

JAGUAR DAIMLER HER￿AGE TRUST Notes to the financlal rtatemants for the year ended 31 December 2020 {Contlhuedl 8. GSfts In kind Gifts in kind are 8ood5 or services received by IDHT free of charBe and used in thè pursuit of Its objective5. 2020 2019 Communi¢ation5/lT 3,500 3,500 Fuel 3,500 3,500 7,000 Governance- Audit Fee 19,500 16,000 Total 26,500 23,000 JLRL provldes toJDHT the following services- information technology, communication services and fuel forthe Heritage Vehicles. Auditorfs remuneration is borne byJLRL and is not rech8r8ed. Gifts in kind are shown as restricted funds and are included In the donations and gifts line in the SOFA (see note 31. The expenditure for the revenue items has been split between support cosis £7,OW12019'. £7,000). Audit fee is shown as Governance in c05t of charitable activities calculation Isee note 51 £19,50012019'. £16,￿01. 9. Other Income 2020 2019 Restricted Unrestricted Unrestritted Sale Heritage Assets Other items 40,000 40.000 2,500 2,500 Total 42,500 42,500 Unrestricted other items arè sale5 of surplus item5 and Surplus archive material. 10. Net Incomlng resources This is Stated after charging.. 2019 2019 Depreciation of tan8ible assets 67.346 67,347 Fees payable to the company's auditors for the audit of the company's financial statements 19,500 16,000 JDHT incurred no non-audit fees for the current year is £nil12019.' £nill 22

JAGUAR DAIMLER HERITAGE TRU Notes to the flnanclal statements for the year endpd 31 December 2020 Icontlnuedl 11. Tanglble Assets Office Equlpment Fixtures & Flttlngs Plant & Equipment Bulldings Total Cost At l January 2020 15,065 541,096 24,882 400,000 981,043 Additions Disposals At 31 December 2020 15,065 541,096 24,882 400,000 981,043 Accumulated Deweclatlon At l January 2020 114,9281 1288,9831 124.8821 170,3001 {a99,0931 Disposals Charge for the year IID91 150,4371 116,8fK)I 167,3461 At 31 December 2020 115,037 1339,420 124,8821 187,1001 1466,4391 Net book value at- 31 December 2020 28 201,676 312,900 514,604 31 December 2018 137 252,113 329,700 581,950 12. HeritsKe Assets Heritage assets are historic archives, èrtefacls and motor vehicles manufactured and 501d byjaguar Car5 Limited I"ICL"I. (renamed Jaguar Land Rover Limited I"JLRL-11 and JCL predeossor companies under the marque of names of Swallow, SS, Jaguar, Daimler and Lanchester. These are held byJDHTto fulfil its Charitable objectives to collect, conserve. research and display for the bènefit of the nation suth assets. Heritage assets are organised in two distinrt groups.. the motor vehicles and ihe arthive material including artefacts. The vehicle collection includes some unique vehicles as well as some first and last off the production line. The majority of the vehlcle collection ¢an be viewed in the CollectSons Centre, on the British Motor Musèum site, Gaydon. The archive materlal and artefa¢ts ctsllection include documents, paintings. photographic image5, moving film, technical data, magazines. manuals and display engines. Thé archive collection can be viewed by prior appointment. Thè archive and artefacts collectlon which conslsts of millions of documents would be impossiblè to value and the cost io do so ¥vould not be commensurate with the benefit to the user5 of the accounts and 50 15 not recorded. The Vehicle Collection Manager and the Archivist are JDHfs principal officer5 for making decision5 on acquisitions for the relevant collections. For acquisltions, outside of their budgetary control JDHfs Board of Trustees will be required to make a ¢tsntrollin8 decision. They are also rèsponsible for5etting the preservation and management of the collections guided by the UK Museum Collecrions Management Gulde and the Association of Independent Museums. Decision on disposals wlll be advised to the Board of Trustees, any disposals over £26,0￿ must be approved by the Board of Trustees. 23

JAGUAR DAIMLER HERrrAGE TRUST Note5 to the financlal statements for the year ended 31 December 2020 (Continued) 12. Herlts8e assets Icontlnuedl The revaluation in 2015, as describèd in accounting policy note I gn page 15, is due to IDHT carrying out a revaluation of all Heritage Vehicles acquired Since 1983, JDHfs date of incorporation. A11 acquisition5 of vehicles and artefacts will be valued at purchase value at the dale of acqui51tlon, 8ifted herita8e vehicles will be valued at market value at the date of acqussitlon. Herltage Assets Vehlcles Artefa¢ts Total Ai beginnin8 of year 3,438N35 5.461 3A43.896 Revaluation in the year 3.438,435 5061 3.443.896 Dlsposals 112.0001 112,TrJOI Acqulsltlons Value at end of year 31 December Z020 3,426035 SN61 3,431,896 Vehlcles: Gifted in 2020 was £nil12019.. £nill OisPQ5al in 2020 was £12,00012019'. £nill Acquisitions 2020 was £nll12019'. £57,(￿ll) Artefacts- Gifted in 2020 was £nil12019'. £nill Disposal in 2020 was £nil12019'. Enill Acquisitions in 2020 was £nil12019'. £1121 13. Debtors 2020 2019 Amounts fallSn¥ due wlthin one year Trade debtors 2.Z86 1,791 Amount owed by related partles VAT recoverable 152.802 484,094 7.713 21,979 Prepayments and accrued income 130,306 63,931 293,107 571,795 14. Creditors 2020 2019 Amounts falllng duè wlthin one year Trade creditors 7.756 16,315 Am¢)unt due to related partie5 Accruals and deferred incDme 18.217 39,336 60,680 46,765 86,853 102.416 24

JAGUAR DAIMLER HER￿AGE TRUST Notes to thp financlal statements for the year ended 31 December 2020 Icontlnuedl IS. Restrlcted Funds 2020 2019 Balance at l January Incoming resouro5 Resources eKpènded 26,500 23,000 126,5001 123,0001 Balance at 31 December See notes 8 and 9 for details. 16. Gene￿1 Funds 2020 2019 Balance at I January 2,903.706 2,831.263 Incoming re50urce5 746,054 784.436 Resources expended Other Ilosesllgains {628.6901 1711,9931 34,572 Balance at 31 Decem￿r 3,OS5.642 2,903,706 17. Revaluatlon Reserve 2020 2019 8alance at l January 1706,587 2.706,587 Revaluation in year Transfer on disposal of assets 112.(M)01 Balance at 31 December 2.694.$87 2,706,587 18. Total Funds Unrestricted Restrlcted Unrestricted Restricted 2020 2019 Fixed assets 514,604 514,604 581,950 581,950 Heritage asset5 737.309 737.309 737,309 737.309 Revaluation 2,694.587 2.694.587 2,706,587 2,706,587 Current as5et5 1,890,382 IJ90.382 1,686,863 1,686,863 186,6531 186,6531 1102.4161 {102,4161 Net a55ets 5,750,229 5.750,229 5,610,293 5.610.293 The Trustees believe that It is appropriate for JDHT to hold reserves at a level equivalent to 12 months of expenditure. The level of resetves 15 reviewed frequently by the Trustees upon the presentation of the financial results. 25

JAGUAR DAIMLER HERITAGE TRUST Notes to thè financlal Statements for the year ended 31 December 2020 Ictmtlnuedl 19. Ultlmate controlllng party JDHT is a company limSted by guarantee. The members of the company are Jaguèr Land Rover Limrted. The RAC Foundation for Motoring Limited and Coveniry Transport Museum, each ofwhom holds one vote. 20. Related party d15closures JLRL support JDHT to enable it to fulfll Its objects. This can be seen by gift5 in kindlsee note 81. IDHT has had in place since 2 February 2015 a funding CoverTrarTrt with JLRL which is invoiced monthly, total in 2020 was £549.48012019'. £578.2571. Other items involced to ILRL are costs incurred for various events SUPPOrted by JDHT and images and heritage certificates requested throughout 2020 were £53012019.. £3,525). Related Party debtors as at De￿rn￿er 2020 were £152,80212019'. £484,094> this Includes accrued income of Enil12019'. £nill see note 13. JDHT Share the workshop and office spacè in the Collections Centre with BMIHT. yearly invol￿5 are received from BMIHT for rates, rent, utilities and vehicle storage total in 2020 was £11,41612019.. £33,9441. Monthly invoices are a150 received for postage outwards through the BMIHT franklng machine, total in 2020 was £6,09112019: £8,806). JDHT works clcisely wlth the rnembers of the company Isee note 191. Coventry Transport Museum invoice IDHT for the Service charge Of ihe IOHT Gallery. this covers the cost of cleanln8, heat, lighting and power. Total invoiced in 2020 was E5,59512019.' £5.595I. Transaction between IDHT and the RAC in 2020 were £nil12019: Énill 21. Re¢onclllatlon of net movement In funds to net cash flow from operatln8 artivltles 2020 2019 Net Income 139,936 72,443 Adjustments for: Depreciaiion of tangible fixed a55ets 67,346 67.347 Net interest receivable 13,367) 18.1091 G4in on sale of heritage assèis 128,0001 Decrease in debtors 278,688 1357.0931 Decrease in creditors 115,7631 367 Net rash inflowlloutflowl from operatlng actlvltles 438,840 1225.0451 22. Analysls of cash 2020 2019 Cash at bank and in hand, at I january 1,115,068 1.390.548 Change in cash as per cash flow 482,207 1275.4801 Total cash In hand, at 31 December 1.597,275 1,115,068 26

JAGUAR DAIMLER HERITAGE Tlusr Note5 to the Ilnan¢lJ statements for the year ended 31 December 2020 Icontlnvedl 23. Comparatfve Statement of Flnantial Actlvltles 2019 Notes Restrlcted Unrestrlcted 2019 funds funds Tvtal Incomefrom Donatlons Donations & gifts 23,C4)0 23,000 23,000 23.000 Charltable artfvltles Covenant from JLRL 578,257 57&257 Exhibition5 & Events 16,996 16,996 Archive income 181,074 181.074 776.327 776,327 Investments Bank interest 8,109 8.109 Other Total Income 23,000 784,436 807A36 Expènditure Charltable actlvitks Covenant costs 111,5WI 15,7501 15,7501 1390.3071 1109.6521 1212.0341 1401.807} 1115,4020 {217,7841 Exhibltlons & Events Archive costs Other Total EKpendltuie 123,OQOI 1711,9931 1734.9931 Net Sncomellexpendliurel other Rècognlsed Ilosse5llgalns 72.443 72A43 Net movement In funds 72043 72,443 Total funds brought forward 5.537,850 5,537,850 Total fynd5 carrled forward 5,610,293 5.610.293 27