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, Classɢ, 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 cc*mputèrised 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 ¢C*ntinuation 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)** 

- we have not identified material misstatements in the other information; 

- in our opinion the information given in the Trustees' Annual Report, which constitutes the directors' report for the financial year, is consistent with the financial statements; and 

- in our opinion that report has been prepared in accordance with the Companies Act 2006. 

## **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: 

- the charitable company has not kept adequate accounting records or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

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