aAGLlkH HERITAGE TRUST JAGUAR DAIMLER HERITAGE TRUST (Company Limited by Guarantee) Trustees, Report and Financial Statements For the year ended 31 December 2022 Company number: 1709907 Registered charity number: 286863 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2022 CONTENTS Page 2 Trustees, report for the year ended 31 December 2022 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 2022 Trustees, offlcers, and advlsors Board of Trustees Mr Paul Jonathan Barritt- Appointed 2 February 2023 Mr Keith John Benjamin Mr Stuart Grenville Dyble Mr Joseph Warden Elliott Mrs Anna Gallagher Mr Martyn Paul Hollingsworth Mr Hanno Kirner Mr Daniel Pink- Resigned 20 October 2022 Mr PeterGraham Read Mr Barrie Arthur Thrussell Mr Michael Van der Sande- Resigned 31 October 2022 Mr Richard Charle5 Osborne Shore Mr Kevin John Stride- Appointed 2 February 2023 Patrons Mr Michael Quinn Mr Peter Mitchell Company Secretary Mis5 Helen Cairns The Senior Management Team Mr Matthew Davis- Managing Director Mrs Maf ia Margarida Haynes- Financial Controller Mr Tor)y Merry8old-Vehicle Collection Manager- Resigned 31 December 2022 Mr Neil Campbell - Vehicle Collection Manager- Appointed 5 December 2022 Registered Office Abbey Road Whitley Coventry West Midland5 CV3 4LF Bankers HSBC Bank PLC 91 High street Brentwood Essex CM14 4RU Sollcltors DLA Piper UK LLP Floor6&7 Two Chamberlain Square Birmingham B3 3AX Statutory Audltor Mazars LLP First Floor Two Chamberlain Square Birmingham B3 3AX JAGUAR DAIMLER HERITAGE TRUST Trustees. Report for the year ended 31 December 2022 The Trustees, who art as dlrector5 for the purposes of the Companie5 Act, present the Trustees, Report of the Jaguar Dalmler Heritage Trust, together with the finantial statements for the year ended 31 December 2022. The Trustees, report ha5 been prepared in accordance with the spècial prttvisions applicable to Companie5 subject to the small companies re8ime of the Financial Rèporting Standards applicable in the UX-. Statement of RÈtommended PractlcÈ I"Charitie5 SORP 2019,1. the Charitie5 Act 2011 and the Companie5 Act 2006 in preparin8 the report5 and the rinancial statements. The Trustees have prepared the financial statements in accordan￿ with the small companies. re8lme and take advantage of the Small companles, exemptSon in preparlng the Trusteeg report and the exemption from the requirement to prepare a strategic report. Le8al and Admlnlstratlve Informatlon The full name of the charitable cornpany is Jaguar Daimler Heritage Trust l-JDHT"l. lft accordan￿ with Section 60111 of the Companies Act 2006, the charitable cornpany is exempt from the requirements of the Act to Include "Limited- a5 part of Its name. JDHT wa5 Incorporated on 25 Mar¢h 1983 as a company limited by Buarantee, under the company number 1709907 and has been granted charitable status under the Charities Act 1960, reglsiration number 286863. JDHT is governed by a Memorandum and ArticlÈs of Asso¢lailon which contains no speiific restrictions on the way the Charity can lawfully operate to achleve Its objects, provided the income and property of IDHT15 used solely for the prornotion of the objects of the Charily. In 2018 the board of Trustee5 carried out an extenslve review of the Articles of Association. thls was approved by a special resolution and filed with Companies House 11 Octobèr 2018. JDHT may by ordinary resolution appoint or remove a Trustee in accordance with the re8ul8tions contained in the Memorandum and Articles of Association. New Trustees will be inducted by the chairman an(J the company secretary and issued wlth a Trustee pack that includes a copy of all IDHT'S policies, a copy of the Charity Commission Buldance on bein8 a Trustee and a copy of JDHT'S Memorandum and Articles of Association. Trustee5' expenses In 2022 totslled £nil12021'. £nill. The Board of Trustees meets quarterly and Is responslble for approving the strategy, all policy decisions, the annual budget, and the financial statements for JDHT. Strategy and policy decisions are implemente(I bythe Senior Management Personnel who are listed on page 2. They are responsible for the day to day operational matters of JDHT. Remuneration of the Senior Management Per50nnel who are listed on page 2, Is reviewed, and authorised by the board of Trustees at thè beglnnin8 of each financial year è5 per the a8reed proce55 in October 2019. Thls process includes benchmarking with slmilar business and a recommended minimum increase of the CPIH index ¢alculated from the average of the 12 months prior to payment. Remuneration of JDHfs personnel is reviewed at Senior Mana8ement level at the beglnning of each financial year as per the agreed proce55 in October 2019 and authorlsed at Trustee Le￿1. Publlc Benefit JDHT follow5 Charity Commission guidance on public benefit and dÈmonstrates this by displaying approximately 70 of Its Heritage Vehl¢les in the Collection5 Centre, Gaydon an award wSnnln8 publicly accessible facility completed at the end cf 2015 and officially opened to the public in February 2016. In addltion. 50% of IDHT'S archive5 and artefacts collection Is housed at the 8Ti115h Motor Museum, Gaydon which also features a display of Ja8uarfs Molorsports History featurlnB 8 JOHT Heritage Vehicle5. JDHT has slnce August 2013 had a gallery at the Coventry Tran5POrt Museum, Coventry featurlng 17 JDHT Heritage Vehlcles and supporting artefacts from JDHfs collection. Through its attendance of many prestigious external events throughout the UK and worbdwide JDHT seeks to attract, engage, interest, and educate ihe public as widely as possible JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2022 Reserve Pollcv The reserve5 for the year arè detailed in note 18 of the financial statements. The Trustees believe that it is appropriate for JDHT to hold unrestrl¢ted cash reserves at a level equivalent to 12 months of opÈratiohal costs total in 2022 wa5 £790.15612021.. £716,256) To ensure that the resèrve leve15 are adequate ihe future needs of JDHT, the Trustees will review the rèserves policy annually upon presentation of the financial results, this will enable the Trustees to make an informed decision to maintain the level of reserves goine forward and the yearly operating budget. In 2022 the Trustees have investigated investing any 5urplu5 cash reserves. The decision was made in March 2023 to invest with Cazenove thpltal. The unrestrlded reserves on 31 Oecember 2022 were £5,737,07712021'. £5,810,5491 this Includes unrestricted cash in hand of £1,747,03712021.' £1,852,S991 The restricted reserves on 31 December 2022 were £nil12021.. £nill Flnan¢ial statements and Heritage asseis The Statement of Financial A¢tlvlties is set out on Page 13 JDHfs asset5 are held to establlsh, maintain, and promote for the beneflt of the nation, the permanenr preseNation of h15toric archives, artefacts and motor vehicles manufactured and sold by Jaguar Land Rover Limiled IILRLI and its predecessor companles under the marque names of Swallow, ￿, Daimler, Lanthester and Jaguar, where such vehicle5, archSves and artefacts are of actual potential hlstoric, scientific importance and educatlve value. H15torically, when Heritage motor vehicles and artefgcts have been gifted to JDHTthèy h3vÈ not been capitalised while purchases have been capitallsed at their acquisition cost. Since April 2015 the Trustee5 have agreed a revised Heritage Asset policy Isee accounting policies note I page 16 for further details) to value historic motor vehicles and artefact5 at the point of acquisitSon in line with Charities SORP 2019 IFRS 1021. An exercise was therèfore undertaken to re-value ?11 Heritage Vehicles acquired by IDHT post 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 fSnanclal statements as allowed in Charitles SORP 2019 IFRS 1021. The valuation is determined by a combination of market value, acquisition cost and industry knowledge. this will be revlewed for impairment annually. The accountlng pollcles use(1 to produce financial statements for JDHT are shown on pages 16 and 17. All movements In tanglble assets are shown bn note 11. Goin8 Concein Since 2 February 2015 JDHT has had in place a long.term fundin8 Covenant with ILRL. This is to cover IDHfs operating Costs lalthough not restricted tol and will provide a guaranteed level of funding from ILRL, this 15 reviewed yearly to ensure that IDHT has adequate funds to achieve its objectives and to make any necessary chan8es to refiect changln& circumstances. 8eside5 PUttSng In place a long-term fundin8 Stability this also provldes the basis for a closer workin8 relationship wlth JLRL whSch will benefit both partie5. The Trustees see no reason why JDHT would not be able to adequately fulfil Sts golng concern obligations and comply with the curreni statutory rèqulrèmènts and the requirements of JDHfs governing document. The Trustees are also satisfieil that the controls in place to monitor the Covenani and te react ac¢¢rdingly are also adequate. The Tiustees therefore arè confident that the arrangements allow the financial statements to continue to be prepared under thè Boing ¢oncem ba515 of accountin8. Support from rèlatÈd partles JLRL hag pledged support to the objertive5 of JDHT and provide the following servi￿5 as gifts in kbnd Isee note 81 Information technology, legal seNices. and fuel for the Heritage Vehicles. Auditorf5 remuneration Is also borne by ILRL and is not recharged. The total Covenant from JLRL In 2022 was £580,50012021'. £590,520). JDHT has in place a lon8- term fundlng Covenant with JLRL. This fund is not restricted, but initially covers IDHfs operatinB cost5. This provides a guaranteed level of fundin& which will be adjusted yearly to refleet changing circumstances. (see note 201 Since November 2015 JDHT has been workin8 alongside British Motor Industry Heritage Trust I"BMIHT"I, Charity number 286575. having paid a £400,000 contribution toward the construcrlon of the Colledions Centre and has in place a lease between both trusts. This has allowed for the enhanced display Of the majorily of JDHfs Heritage Vehicles both In the Museum and Collections Centre adding to the offerin8 availableto the public. JDHTworks closely wlth all BMIHTS department5 to identify any synergie5 that will be beneficial to both Trusts. Isee note 201 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 Decernber 2022 Continulng Operatlons The Trustees ¢onsSder that IDHfs assets are available and adequate to fulfil its obll8ation5, and that the financial statements comply wwth current statutory requirèmènts and with the requirements ofJDHfs governin8 document. The introduaion of a rèvised Heritage Assets Policy in 2015 has only served to reflne this position. Since 2 February 2015JDHT ha5 entered a lonB-term funding Covenant with JLRL. thi5 is reviewed yearly to allow for any changes in circumstances and to ensure that JDHT ha5 adequate funds to achieve its objectives. JDHTS Archive Income for 2022 wa5 £147,61012021.' £170,059) see charltable attlvities note 4. JOHT has cash reserves of £1,747,03712021: £1,852,599) Therefore, the Trustees see no reason why JDHT would not be able to satlsfy Its Boing concern obli8ations in the next twelve months (see note 11 Trustee5' Indemnltles IDHT has made indemnity provisions of £lmilllon for the benefit of its Trustees durlng the year, this remains in force at the date of this report. Thi5 year's cost was £2,37612021.' £19031. Independent Audltors In accordance wlth section 485-488 of the Companle5 Act 2006, JDHT has elected to dlspense wlih the annual appointment of audltors. With such election in force the Charity Auditor$ Shall be deemed to be ie-appolnted for each succeeding financial year in accordance wlth section 386 of the Act. Charltable alms and Object￿eS The Jaguar Daimler Heritage Trust I"JDHVI is a registered charitable Trust established for public benefit and it5 aims and mission are.. To establish, malntaln and promote for the beneht of the nation, the permanent preservatlon of historic archive5. artefacts and motor vehicles manufauured and sold byjaguar Land Rover Llmited IILRLI and its predecessor companies under the mar4uee names of Swallow, SS. Dalmler, Lanchester and Jaguar, where such vehicles, archlves and artefacts are of actual polential historlc, sclentific importance and educative value. To exhibrt to the publlc such vehlcles and artefacts as aforesald by means of either temporary or pemianent exhibitlons. To demonstrate to the public the working and operation of any such vehicles. artèfacts and to provide public access to the archive material. o be the octivecustodions ofjoguorfs history, it5 vehicle5 Gndits archives, working olongsideJoguorLandRoverLimited to shore undpromote thot historyforposterity." Thls has been alded by the relocation of JDHfs office, staff and Herita8e vehlcles to the Collections Centre. Gaydon. Thi5 is part gf one of the world's outstanding accredlted motor museums and a rnajor visitor attraction providing a broad based academic and educational facllSty, featuring the13r8est collèctlons of British Heritage Vehicles In the world being displayed in the 8rltish Motor Museum and Collections Centre at any one tlme. Annual Oblectlves The annual objectives ofJDHT are to- Conserve and protect the Cullections of vehicles, archives and artefacts for future generations,. Maintain and update the IDHT website, and increase IDHfs media presence,. Maintain, restore and conserve the vehicle collection with the support of the Jaguar Land Rover Classic Team: Support JLRL with archive material and Heritage Vehlcle5 at appropriate marketin8 and PR events; Continue discussio￿ Wlth JLRL to improve,. al The process ofglftinB produrtion eyample5 of new Jaguars; and bl Improve lon8 term fundin8 security for JDHT- and cl Transfer of records for historical preservatlon. The achievement of these objectivès is detsiled in the organisation functions and achievements. Organi5ational Structure, Functions and Achievements 2022 JDHT is organised into three main function5: JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for ihe year ended 31 Decernber 2022 Herlta8e Vehlcle Collectlon Responsibilities include the mana8ement of IDHfs Heritage vehicle collectlon and its displays for the members of the public at Coventry Transport Museum, British Motor Museum, and the Collections Centre, Gaydon. Respon5ibilitie5 also in¢lude the maintenance and restoration of all heritage vehicles, liaising with JLRL Classic rÈgarding all aspects of events and tethnical support, coordinating the volunteer workforce re8arding any support required in the Collections Centre and at numerous events, and promoting and facilitating Jasuar Club events ai the Brit15h Motor Museum. V•hlcle Collertlon A¢hSevements 2022 Due to the easing of Covid restrictitsn5 2022 was an exceptionally busy year for events, as organisers strove lo make up for lost time. Hi8hli8ht5 obviously include the Queen's Platinum Jubilee Pageant in June. wlth three Trust cais attending the parade in central London with UK TV viewin8 figures of 11.2 milllon. Club events were a150 supported includingJEC Tfacksport events, JDC National Day and ihe DLOC rally at £lvin8ton Alrfield amongst other5. IDHT orBanised events included Ihe Swallow Sidecars centenary celebration In Blackpool and the Jaguars at Gaydon event, both held in Sèptember. The Trust were a150 well represented at the NEC Classic Motor Show in November, with cars in several halls on various club stands. Thls approach works well both for the Trust and the Club5, who each pay a share of the transportation costs. Ar¢hlve Rèsponsibilitie5 include the rnanagement of collectingi cataloguin& cot)servln& and rnaking accessible a wide range of archive materSals to the public, agencies and all ILRL departments. Thls includes licencingJDHfs film and photographic archives, undertaking hlstorlcal iesearch and providin8 a Vehicle Production Herita8e Certificate service. Ar¢hlve Achlevements 2022 Achievement5 in 2022 include the continued support of JDHT adivities lincluding exhlbitlons and social rnedia content), The Archive a150 contlnues to provide support forvariousJLR global departments by allowin8 access to archlve material and artefacts lincludin8 Legal, Classic. PR, Records Management and assi5tlng wlth various product development activltlesl. Thè Archive continues to progress in long.term colledlon improvèment. These include, improvSng the exlstlng catalogues and box list in preparation for all collertion5 being listed on the collection management systern (Adlibl, preparing Adlib forJDHT requirements. preparing digit15ed photographic collections ft)r Adlib, continued transcriptions of thè Build Ledgers, repackaging and conservation of fragile records including the 8uild Ledg&rs. Service Manuals, and ongoing di8ltisation projects of photographlc collections. Major cataloguing projects include the Service Manuals, Press Packs and Sales Brochure5. Catalo8uin8 also continued with the film collectlon, glass plate ne8ative5 and Competltion department Files. Flnance and AdmSnlstratEon re5ponslbllStl•s Re5pon5ibilitie5 include administration. mana8ement and reconcillatlon of mèna8ement accounts and bank accounts. Management of the computerised actountin8 Svstem Opera11, audit, budgets, forecasts, insurance, and payroll analysis. Supporting all functions withSn the organisation with HR, data protectiors, administration. and all flnanclal dutles. Flnance and Admlnlstratlon achSevements 2022 Achievements in 2022 include the mana8ement of the Covenant wlth JLRL to contlnue the provislon of fundlng and securlty forJDHT. Management of the payroll and the workplace pension for all JDHTstaff ensurlng monthly payrnents are met and are compliant wwth current HMRC rules and regulations. The management of all JDHT policies to ensure compllance and the continuation of 5UPPOrt to all functions within the organisation. Regular mÈètinEs are In placeto discuss anyrisks, andto implementany necessary proceduresto minimise any potential impact on JOHT. JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2022 Volunt••rs Due to the easing of Covid restrictions 2022 was an exceptionally busy year for events, a5 organisers Strove to make up for lost tirne. Contributions from the volunteers 15 a great asset to JDHT. We are grateful for the loyal support of all cur volunteers, for generously giving their time to support JDHfs aims and objertive5. It is nol practical or possible for JDHT to value the invaluable 5ervlces provided by ourvolunteer5. Future Developments To contlnue to meet regularly with JLRL Flnan¢e to ne8Otiate and agree the Covenant for the future. To consolldate all ar¢hive materials and artefacts in a single location, ensuringJDHT requlrements for lon8 term archlve and artefacts Storage facility is built to the required Specification. To maintain the Adlib archive management software to ensure the detailed cataloguing of archive rnaterials, ariefacts. photographs, and fllrn. To continue the implementation of a rolling plan to resiore and conserve JDHT vehicles into an appropriate condition and contlnue the development of the plan for public display of the remainlng collection of Daimlers and Lanchester models. To continue the development in conjunction wlth BMIHfs educatlon and Ilfelong learnlng function, a programme of educational packages. To continue to identify any syner8ie5 to maintain the close relationship with BMIHT. Rlsk management JDHT regularly reviews the rnajor strdtegic. business and operation risks to which it is exposed at it5 quarterly board meetings, Ihis Includes any impact relating to COVID-19 and the cost of living Crisis. Actlon is then taken to mitigate those risks and procedures implemented to mlnimise any poiential impact on JDHT, Should any of those risk5 materialise. Goin8 forward the risks are the funding fromJLRL a5 perthe deed Covenant and the se¢urityof the Heritage Vehicles and archives. Some of these risks are mitigated by havinB regular meetings with JLRL to discuss the contlnuous funding, and regular reviews with the insurance broker t(tr clarify ihat the heritage vehlcles ¢ollectlon and the archives collection are suitably insured. The Operatlons Committee (which Includes the senior management team and three assigned Trusteesl met regularly during to discuss the impact of COVID-19, the cost of living crisis on how this mi8ht Impact on income and cogts and 311 other risks, to implement any ne￿5$#ry procedure.sto minimise any potential impact onJDHT. Finan¢ial Review JDHT'S total funds at the end of 2022 are just over £5.7 milllon12021.. just over £5.8 rnillionl. Thi5 includes £1,747,037 cash reseNes12021.' £1.852.5991 and E3,462,770 Heritage A5sets12021'. £3436,7881 Charltable 8Ctivities Income in 2022 totalled E741.97912021.. £776,007 detalls as follows.. Covenant from JLRL £580,50012021'. £590,520151nce 2 February 2015 JDHT has had in place a long-term fundlng Covenant with JLRL This wlll cover JDHTS operatin8 Costs lalthough not restricted tol and wtll provide a Buaranteed level of funding from JLRL, which wlll be revlewed and adjusted yearly to reflect any chanBinB circumstances. Exhibition5 and Heritage Vehicle evenis income in 2022 £13,86912021.' £15,428) Archive Income in 2022 was £147,61012021.. £170,059) Charitoble actlvities expenses in 2022 totalled £790,15612021'. £716,256) details as follows.. Covenant costs 2022 totalled £424,72012021'. £380,434). sIn￿ the sale of JDHT'S trading company, the opwatSn8 Cost are covered by the Covenant received from JLRL Exhibitions and Heritage Vehicle events costs in 2022 totalled £132,09012021'. £123,009) Archive Costs 2022 totalled £233,34612021.. £212.2131 Restrided funds total in 2022 were £Ail12021: £nill details as follows.. Restri¢tÈd income in 2022 was £25,70012021-. £24,0001 Restricted expenditure in 2022 was £25.70012021.' £24,￿0> JAfjUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 Decernber 2022 Statement of Trustses, responsibllitles In respect of the Trustee< annual report and the )Inanclal statements The trustees are responslble for preparing the Trustees, Annual Report and the financial statements in accordance with appllcable law and regulations. Company law requrres tru5tee5 to prepare financial statements for each financlal year. Under ihat law they are required to prepare the financial statemènts in accordance with UK A¢rourbtiri8 Standards and applicable law (UK GenerallyAccepted Accountin8 Pratticel. including FRS 102 7TJe Finonciol Reporting Standardopplicoble in the UK ond Republicof Irelond. Under company law the trustees must not approve the financial statements unless they are satisfied that they glve a true and falr vlew of the state of affalrs of the charitable Company and of the income and expenditure for that perlod. In preparing these financial statements, the trustees are require(I to.. select suitsble 3ccountin8 policie5 and then apply them consistently,. make judgements and estimates that are reasonable and prudent.. State whether applicable UK Accountin8 Standards and the Statement of Reccrtfimended Practice havè beèn followed, subject to any material departuTe5 disclosed and explained in the financial statements: asse5S the charitable compan￿5 ability to continue as a goin8 concern, disclosin& a5 applicable, matters related to golng concern- and Use the 80ing concem basls of accounting unless Ihey elther Intend to Ilquldate the charitable company or to cease oper8tSons or have no realistic alternatlve but to do so. The trustees are responsible for keepinE adequate accountlllg records that are sufficient to show and explain the charilable company's transactions and disc105e with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responslble for 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, and have general re5ponslbility for taking such Steps as arp reasonably open to them to safeguard the assets of the charitable company and to prevent and detect fraud and other Irre8ularilie5. The trustees afe responsible for the maintenance and Integrity ol the corporate and flnancial information included on the ¢hariiable company's website. LeBlslation in the UK governlng the preparatlon and dissemination of financlal Statements may differ from leglslatlon In otherlurisdKtions. DISCI(￿Ure of information to audltors In so far as the trustees are aware.. there 55 no relevant audit ihformation of whlch the charltable companvs auditor 15 unaware,. and the irustéès have taken all the steps that they ought to have taken in older to make themselves aware of any relevant audit informatlon and to establish that the charltable company'5 auditor is aware of thot informarlon. Audltors Mazar5 were reappointed In accordance with sertion 485 of the Companies Art 2006. Small Company Provlslons The Trustees, report has been prepared in accordance with the provlsions appllcable to small Comparyies under the Companles Act 2006. On behalf ol the Board Barrle Thrussell Trustee Ja8uor Dalmler Herlta8e Trust Date." 11 July 2023 JAGUAR DAIMLER HERITAGE TRUST Truste￿ Report for the year ended 31 December 2022 Independent audltorfs report to the members of Ja8uar Dalmler Herltaie Trust Oplnlon We have audited the financial statements of Jaguar Daimler Heritage Trust 1.the charitable company'l for the year ended 31st December 2022 which comprlse the siatement of Financial Activities, the Balancè Sheet, the Statement of Cash Flow5 and notes to the financial statements, including a summary of significant accounting policies. The financial reportin8 framework that has been applied in their preparation is applicable law and United Kingdom Ac¢ounling Standard5, including FRS 102 "The Flnanclal Reporting Standard appllcable in the UK and Republic of Ireland" Iunlted Kingdom Generally Accepted Accounting Praclicel. In our oplnlon, the financial statements-, give a true and fair view of the state of the charit￿$ affairs as at 31st December 2022 and of its income and expenditure for the year then ended: have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Prartice. and have been prepared in accordance with the requirements of the Companies Act 2006. Ba515 for vplnlon We conducted our 3udit in accordan￿ wlth International Standards on Audi1Sn8 IUKI IISAS IUKII and applicable law. Our responsibllifies under those standards are further de5crlbed In the Auditorf5 re5ponsibilitie5 for the audit of the financial statements section of our report. We are independent of iheBroup and the parent charity in accordancewith the ethical requirements that are re5evant to our audil of the financial statements in the UK, Induding the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities In accordancewith these requirements. We believe thatthe audit evidence we have obtained is 5ufficienl and appropriate to provide a basis for our opinion. Conduslons relatlng to 8oln8 Concem In auditing the financial statements, we have concluded that the tru5tees' use of the going concern basis of accounting In the preparatlon of the financial statements is appropriate. Based onthework we have performed, we have not Identified any material uncertaintles relatlngto events or conditions that, Individually or collettively. may cast signiflcant doubt on the charitws abllity to tontinuè as a 80ing concern for 8 perlod of at least twelve months from when the finandal statements are authori5ed for issue. Our responsibilities and the responsibilities of the Irustees With respea io goln8 Concern are de5tribed in the relevant Sections of this report. othor Informatlon The other informatlon comprlses the information included in the Annual Report, other than the financial statements and our audllorfs report thereon. The tru5tee5 are responsible for the other Informatlon. Our opinlon on the financial statements does not cover the othèr Information and, except to the extent otherwSse expllcitly stated in our report. we do not express any form of assurance conclusion thereon. In connertiun with our audit of the financial statements, our responsibility Is to read the other information and, in doing so, consider whether the other information is materially inconsistent wlth the financial statemenis or our knowledge obtained in the Course of the audit, or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent material mi55tatements, we are requSred to determine whether there is a material misstatement in the financial statements or a material misstatement of the ¢ther information. If, based on the work we have performed, we conclude that there is a material misstatement of this other Infomiatlon, we are required to report that fact. We have nothing to report in this regard. JAGUAR DAIMLER HERITAGE TRUST Trustees. Report for the year ended 31 December 2022 Opwilons on other matters prescrlbed by the Companle5 Act 2006 In our oplnion, based on the work undertaken in the course of the audit.. the information given in thè Trustees, Report which Sncludes the Directors, Report prepared for the purposès of Cornpany law, for the flnancial year for whlch the financial statements are prepared 15 consistent wlth the flnanclal statements,. and the Trustees, Report has been prepared In accordance wlth appllcable le8al requirements. Matters on whlth we are rnqulred to report by exceptlon In light of the knowledge and understanding of the tharity and Its envlronment obtsined in the course of the audit. we have not identlfied material misstatements in the Trustees. Report. We have nothing to report in respect of the followng matters in relation to which the Companies Act 2CK16 requires u5 to report to you if, in our oplnion.. odequate and proper accountln8 records have not been kept, or return5 adequate for our audlt have not been received from branches not visited by us; or the financial statements are not in agreement with the accountln8 records and returns,. or certain di5cIosuTes of trustees, remuneration specified by law are not made. or we have not re￿iVed all the infoimation and eKplanatlons we require for our audit. the trustees were not entitled to prepare the financial statements in accordance with thè small companie5 regime and take advantage of the small companies, exernption in prepari￿ the Trustees, Report and from the requirement to prepare a Strategic Report. Aesponslbllttles of Trusiees As explalned more fully in the trustees, responslbillties statement Set out on page 9. the trusteès Iwhts are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for beinB satisfied that they glve a true an(1 fair view, and for such Internal control as the trustees determine is necessary to enable the preparatlon of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financlal statements, the trustees are responsible for assesslng the charitls ability to Continue as a golng Can￿rn, disclosin& as applicable, matters related to going concern and using the goin8 concern basi5 of accounting unless the tr￿Stee5 either intend to liquidate the charity or to cease operations, or have no realistic allernative but to do go. Audhorfs responslbllltles for thg audh of the finandal statements Our objective5 are to obtaln reasonable assurance about whether the financlal statemen15 as a whole are free from materSal mlsstatement, whether due to fraud or error, and to 155ue an audltorfs report that includes our oplnlon. Reasonable 355urance Is a high level of assurance but is not a Buarantee that an audit conducted in accordance wilh ISAS IUKI will always detect a maierial misstalement when it exlsts. MSsstatements can arlse from fraud or error and are considered material if, individually or in the aggregate, theycould reasonably be expected to influencetheecc¢nomic de¢i5ions of Ltser5 taken on the basis of the financial statements. Irregularities, includlng fraud, are Instances of non-compllance wlth laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatemen15 in respect of irregularitie5, including fraud. Based on our understandlng of the charlty and Its actlvitles, we identified that the principal risks of non-compllance wlth laws and regulatSon5 related to employment regulation and fraud. and we considered the extent to whkh non- compliance ffl￿ht have a material effect on the financial 51atements. We also considered those laws and regulations that have a dlrect Impact on the preparatlon of the nnandal statements, such as the Companie5 Act 2006. io David Hoose (Jul 17, 2023 12:44 GMT+1) Jul 17, 2023 JAGUAR DAIMLER HERITAGÉ TRUST Trustees, Report for the year ended 31 December 2022 Statement of flnancSal actlvltles Indudlng ITh￿me and expendlture account for the year ended 31 December 2022 Notes Restricted Unresirirted 2022 2021 fijnds funds Total Total Incomefrom Donations 1,013 I,Ol3 281 Donatlon5 & 8ifts 25,700 25.700 24,000 25,700 1.013 26.713 24,281 Charltable artivltles Covenant from JLRL 580,500 580,500 590,520 Exhibltlon5 & Event5 13.869 13,869 15,428 Archive income 147.610 147,610 170,059 741,979 741,979 776,C(17 Investments Bank Interest 3.692 3,692 103 Other 185 Total Income 25,700 746,684 772,384 800,576 Expendlture Charltable a￿{W￿leS Cclvenant costs 112,8501 1424,7201 {437,5701 1392,4341 Exhibitions & Events 16,4251 16,4251 1132.0901 1233,346 (138,5151 1239.7711 1129,IKJ91 1218,8131 Arthive costs Totsl Expenditure 125,700) 1790,1561 1815,8561 1740,2561 Net IncomelleMpendSturel other RecognlsÈd loss 143,4721 130.CW)01 1430721 1300001 173A721 60,320 12 Net movement In fvnd5 173N721 60,320 Total fund5 brought forward 5,810,549 5.810.549 5,750,229 Totsl fvnds carrled forward 5,737,077 S.737.077 5,810,549 The notes on page5 16 to 27 form part Of these financial statement5. All Income and expendlture are derlved from activlties within the Ilnwted Kingdom and there are no other comprehensive income or expenses in the year, other than those reflected in the Statement of Financial Artlvlties ISOFAI. All Income is ¢lerlved from continulng operations. For a 2021 SOFA comparative see note 23 12 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2022 Balance Sh•et as at 31 De¢ember 2022 2022 2021 Notes Flxed assets Tangible a55ets Herltage assets li 394.313 458,683 12 3N62,770 3,436,788 J,857,083 3.895,471 Currert a55ets Debtors 13 204,138 126,398 Cash at bank and In hand 22 1,747.037 1,852,599 1,951.17S 1,978,997 Current Ilabllltles Creditctrs 14 (71,Uil 163,9191 Net current assets 1.879,994 1,915,078 Total assets less eurrent Ilabllltles 5,737,077 5,810,549 Net assets 5,737,077 5,810,549 Funds Restricted 15 UnTe5tricted 16 3,072,490 3.115.962 Revaluation Reserve 17 2,664,587 2,694,587 Total funds 18 5,737,077 5,810,549 The accounts have been prepared In accordance wlth the provisions applicablè io companiès, subject to the small companies. regime. The financial statÈments along Wlth accompanying noles of JDHT, registered company number 1709907 and registered charity number 286863. on pages 16 to 27, were approved and authorised for issue by the Board of Trusteès and signed gn their behalf bv.. KJ¢J Martyn HollinBYWOrth Trust Jaguar Dalmler Herftage Trust Date., 11 July 2023 13 JAGUAR DAIMLER HERrrAGE TRUST Trustees. Report for the year ended 31 December 2022 Cash Flow Statement as at 31 De￿mber20I2 Statement of Cash Flow5 Note5 2022 2021 Cash flows from op'eratln8 adlvltles Net cash provided by operating actlvitles 21 144,440) 276,236 Cash fl¢)w5 from Investlng artlvltles Interest 3,692 103 Purchase of property. plant & equipmènt {64A141 121,0151 Sale of heritage assets Net cash expended on InvestSng actlvltles 161,1221 120.9121 Change In cash and cash equivalents In t reportlng perlod 22 1105.5621 255,324 Cash and Cash equlvalents at the beglnnlng of the reporting period 1,8S2,599 1,597,275 Cash and cash equivalents at the end of the reportln8 perSod 1,747,037 1,852,599 14 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 Decernber 2022 Notes to the finan¢lal statErnent5 for the year ended 31 December 2022 l. Aecountlng Pollcles Basls of accountlng The financial statements are prepaTed under the historical cost convention, In accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities ISORP 20191" applicable to charitie5 preparing their accounts in accordan￿ with the Financial Reportlng Standard applicable in ihe UK and Republic of Ireland IFRS 1021 and the Companie5 Act 2006. Golng Conc•rn JOHT'S actlvltles, together with the factors likely to affect11s future development, performance and positlon, are set out Sn the Trustee's Annual Report which also describe5 the financial position, its cash flow5, and liquidity position. The financial stalements have been prepared on a goin8 concern basis which the Trustees conslder to be appropriate for the followin8 reasons. JDHT have prepared cash flow forecasts for a period of 24 month5 from the date of approval of thèsè fln8n¢ial Statements. After reviewing these forecasts, the Trustees are of the uplnlon that, taking account of severe but plausible downsldes, Including any impact of COVID.19 JDHT w511 h3ve sufficient funds to meet its liabilitles as they fall due over the period of 12 month5 from the date of approval of the financial statements (the golng concèrn assessment period). IDHT 501d its trading company JDHT Limited to JLRL on 2 February 2015 and has sinte put in place a long-term fundlng Covenant with ILRL This will cover JDHfs operating costs and will provSde a guaranteed level of funding from JLRL, this 15 reviewed yearly to ensure thatJDHT ha5 adequate funds to achieve its objectlves and to make any necessary changes to reflect chan8ing circumstances. Be51des puttin8 in place a long-term fvndlng stablllty this also provides the basis for c105er working relatlonshlp with ILRL whlch will benefit both partle5. In 2020 JDHT secured the slgrning of Covenant for 2021,2022 and 2023. Although the agreement allows for ILRL to terminate the agreement with 12 months. notice, the trustees are confident that at the date of approval of these flnanclal statements there is no intentlon for JLRL t¢ terminate the agreement early. In addition, JDHT ha5 sufficient cash to fund its operating costs for a period of at least 12 months in an exireme worst case scenario where covenant funding was not recelved. Therefore, the Trustees see no reason why JDHT would not be able to adequately fvlfil it5 going concern obligations and complywith the current statutory requirements and the requirements of JDHfs governing document. Consequently, the Trustees are confident that JDHT will have sufficient funds to Continue to meel it5 liabilitie5 as they fall due for at least 12 months from the date of approval tsf the financlal statements and therefore have prepared the financial Statements on a goin8 concern basls. Herlta8e Assets JDHfs motor vehlcles were manufactured and sold by ILRL and predecessor companies and are held, malntalned, estored. and exhlblted as a pèrmanent collection. The 15412021.. 1521 vehlcles held at the year-end range in age frum 125 year5 to l year. The collection includes some unique veh1cles as well as some first and last of production series. Historically, when vehlcles and artefacts have been gifted to JDHT they have not been capitallsed whlle purchases have been capitali5ed at iheir aCqUiSiiion cost. Since the AprS12015 board meetln& the Trustees agreed a revlsed Herltage Asset policy to value historic motor vehicle5 and artefact5 atthe point of acqulsltlon In Ilnewlth Charities SORP 2019 IFRS 1021. An exerrisewastherefore undertaken to re-value all Heritage Vehicles acquired bylDHT post its incorporation year of 1983 wlth an Identiflable value until the cost to do so wa5 not commensurate with the benefits to users of the financial staternents as allowed in Charitie5 SORP 2019 IFRS 1021. The valuation will be reviewed for impairment annually, and 15 determSned by a combination of market value, acqui51ti0n cost and industry knowledge. 15 JAGUAR DAIMLER HERITAGE TRUST Tru5tees' Report for the year ended 31 December 2022 Ilotes to the flnandal statements for the year ended 31 De￿mber 2022 Accounting Pomcles Icontlnuedl Non Herltage Assets Tangible fixed assets excluding the historic motor vehides and artefacts are stated at cost less any provislons for depreclatlon and impairment. Impairment5 are calculated such that the carrying value of the tangible fixed assets is lower of its cost compared with the higher of its net reallsable value ahd its value in use. Expendlture Is capitalised for additlon5 and bettermenfs or for replacèments of major components Df fixed as5et5. Also, where the expendlture materially adds to the productive capacity, efflclen¢y or value of the assets or adapts the assets for a dllferent use. Assèt% are not capltallsed where the individual value gf the asset 15 below £500. Depre¢iati¢)n of the cost of other tanBible asse15 15 provided at the following annual rates on a stralght-line basi5 to write off ihe a55ets to their estimated residual valuÈ over their e51imated useful lives. Office Equipment 3 to S Years Flxtures, Fittings and Plant Equipment 5 te 10 Year5 Bulldings 24 Years Fund accountlng Unrestricted fund5 are available for use at the discretion of the Trustees in furtherance of the charitable objectives. Restricted fund5 include ¢Jonations, Blfts, grants, and legacies received whose use is restrlcted to puipose5 specified bv the donor. Such purposes must be within the overall aims of the charitv. Expendlture Expenditure is included In the Statement of Flnandal Activities on an accruals basls, Inclusive 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 Financial Activities and shown as a Separate reserve. Income Income is included in the Statement of Flnanclal ActlvitlÈs on an accrual ba%ig. Flnanclal Instrum•ntS The Charity only had financlal assets and flnanclal Ilabllltles of a klnd thèt qualify as basic financial Instruments. Baslc financial instruments are initially recognised at transaction value and subsequently measltre at their settlement value. Trade and other debtors are recognised at the settlement amount due ofter any trade discounl offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and cash in hand include5 Cash and short term highly liquid investments with a short maturlty of threè months or less from the date of acqulsltlon or opening of the deposlt or slmilar account. Creditgrs and provisions are recognised where the charity has a present obllgation resulting from a past event ihat will probably result in transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally retognised at their settlement amount after allowing for any trade discounts due. Tax JDHT is a registered charity as such has no liability to corporation tax on its charitable activities under the Corporation Tax Act 2010 (chaptèr 2 and 3 of part11, sectlon 466 onwards) or sectlon 256 of the Taxatlon for Chargeablè Gains Acts 1992, to the exlent Surpluses are applied to its ¢haritable purposes. 16 JAGUAR DAIMLER HERITAGE TRUST Trustees. Report for the year ended 31 December 2022 Notes to the financlol staternents for the year ended 31 De¢ember 2022 Accountlng Polldes {Continuedl Support Costs Support tosts are costs which relate to more than a single activity, these costs have been apportioned by percentage appropriately and now a150 include governance costs. Isee note 51 Penslon As per the le8i51atlon mandating the Introductlon of a workplace penslon scheme. JDHT has put this in place as from December 2017.The Peoples Pen51on was chosen. and all employees have opted Into the scheme. 2. Crltlcal accounting lud8ements and estlmatlons In the application of the accounting policies detailed in note I the Tru5tee5 are required to make judgements and assumptions regardinB the carrying number of assets and liabilities not readily apparent. The judBements are basèd on experience, Sndustry knowled8e and other factors considered relevant. Actual results may dlffer from these estimates. These estimates are revlewed on an on-going basls wlth revisions recogni5ed in the period of revision and future periods if appllcable. The following judgements have been made in the proce55 of applylng the accounting policie5 With the n)05t signlftcant effed on the financial statements. Depreciation- JDHT exercises judgement to determlne the useful life and residual value of tanglble assets to talculate depreciatS0n. Impairment.. JDHTtests whether a55ets have suffered any impairment; Ihese test5 require the use of Judgement for fair value, useful Ilfe, and residual value. Gifts in kind.. JDHT has used available knowledge and experience when makln8 a judgement as to the best way tD value gift In klnd when no clear method is available. Isee note 81 Heritage Assets.. JDHT hold heritage assets acquired at fair value at the point of acquisition determlnÈd by market value. Where no value is avallable JDHT will use industry knowledge to make a judgement. In some cases, such as prototypes no possible value can be estimated and so it is held on the balance sheet at £1. 3. Donations Analysls of Income from donatlons, leBacles and grants Donatlons, glfts, and legacies are credited to the Statement of flnancial activities on a receivable basi5 whprb the recognition crileria of measurements, entitlement and probability are deemed to have been met. Thls Includes gifts in klnd which are included within the SOFA ané are valued at the amount that JDHT would reasonably expect to pay. Donations, glfts, and legacles in 2022 totalled E26.71312021.' £24,281) detailed a5 follows: Restricted Gifts in kind (see note 81 of £25,70012021.' £24,000) Mlscellaneous Donatlons £l,Q1312021-. £2811 4. Charltablè actlvltles Charltable aCt￿￿leS Income 2022 totalled £741,97912021.. £776,007) detalled as follows.. Covenant from JLRL in 2022 was £580,50012021: £590.5201 JDHT has slnce February 2015 put In place a lon8-term funding Covenant wlth JLRL. Th15 wlll cover lalthough not restrlcted tol JDHfs operating costs and provide a guaranteed level of fundln& which w511 be adjusted yearly to reflect thanging circumstances. Exhlbltlons and Herltage Vehlcle events Intome in 2022 was £13.86912021'. £IS,4281 Archive income in 2022 was £147.61012021: £170,059) 17 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2022 Notes to the financlal statements for the year ended 31 DKember 2022 {Contlnuedl 5. Cosls of Charltable artlvltles Costs of tharltable a(tlvTtles 2022 Unrestrlcled Actlvltles undertaken dlre¢tly Restrlrted Svpport Costs undertaken dlrectlv. Unrestrlctad Support Total Re5trfcted Support costs Actl¥lty 2022 2022 Covenant Cost$ 313,484 111,236 12.850 437,570 Events 76.471 55,619 6,425 138,515 Archlve 177,727 55,619 6,425 239,771 Total 567,682 222,474 25,700 815,856 Costs of charltable actlvltles 2021 Unrestrlcted ActlvFtles undertaken dlrectly Unrestrlcted Support CQSts Restrlcted Support Costs undertaken dlrectty. Re5trScted Support ¢osts Total Actlvlty 2021 2021 Covenant Cos15 287.033 93,401 12.000 392,434 Events 76,309 46,700 6.0fy) 129,009 Ar¢hlve 166,113 46,700 6,OCpO 218,813 Total 529.455 186,801 24.000 740,256 Support CDsts are c05t5 which relate to more than a single activity. these costs have been 8PPOrtioned by percentage apprttpriatÈly as shown below= Remuner#tlon- 2022 cost5 have been directly allocated, apart from Flnance & adminlstraticn- 25% Events, 25% Archive & 50% Covenant. 12021: Directly allocated, apart from Finance & administration-25% Archlve. 25% Events & 50% Covenant). Human Resour¢es, Consultanty. Statlonery. Bank Char8e5. Webslte. MaSrrtenance office equlpment and Copyrf8ht & GDPR- 2022 costs allocation-25% Archive, 25% Events & 50% Covenant. 12021.. 25% Archive, 25% Events & 50% Covenant Governan￿ C(¥sts- 2022 costs allOcat￿￿- 25% Archive,25% Events & 50% Covenant. 12021.. 25% Archive, 25% Events & 50% Covenant) 18 JAGUAR DAIMLER HERITAGE TRUST Tru5tees' Report for the year ended 31 December Z022 Notes to t￿ flnanclal statements foe the year ended 31 December 2022 Icontlnuedl 5. Casts of Dispos31 in 2Q22 wa5 £nil (2021.. £nlll 13. Debtors 2022 2021 Amounts falllng due wlthin one year Trade debtors 9,466 12,631 Amount owed by related partie5 VAT recoverabbe 4,290 5.568 53.131 25,478 Prepayments 137,251 82,721 204,138 126,398 14. Credltors 2022 2021 Aftlount5 falllng due wlthln one year Trade creditors 18,251 16,053 Amount due to related parties 51,063 25.300 Accruals and deferred Income 1,867 22.$66 71,181 63,919 Deferred income received due to events deposits paid in 2022 was £nil12021.. £3,OLKJI 23 JAGUAR DAIMLER HERITAGETRUST Trustees. Report for the year ended 31 December 2022 Notes io the flnanclal statements for the year ended 31 Oecember 2022 Icontlnuedl IS. Re5trlrted Funds 2022 2021. Balance at l Januarv Incoming ￿soUrceS 25,700 125,7001 24,000 Resources expended 124.fy)01 Balance at 31 December See notes 8 for detail5. 16. General Fund5 2022 2021 Balance at l January 3,115,962 3.055,642 Incoming resources 746.684 776,576 Resources expended 1790,1561 1716,2561 Other gains Balance at 31 December 3.072,490 3,115,962 17. Revaluatlon Reserve 2022 2021 Balance at l January Revaluation in year Transfer on disposal of assets 2,694,587 2.694.587 130.IXIOI Balance at 31 December 2,664,587 2.694,587 IB. Total Funds Unrestrlcted Re5trlcted Unrèstrlcted Restricted 2022 2021 Fixed assets 394.313 394,313 458,684 458,684 Heritage a55ets Revaluation 798,183 798,183 742,201 742.201 2,664,587 2,664,587 2,694,587 2,694,587 Current assets 1,951,175 1,951,175 1,978,997 1.978,997 Current Ilabllltles {71,1811 171,1811 163,9191 163,9191 Net assets 5,737,077 5.737.077 5,810,549 5,810,549 The Trustees believe that il is appropriate for IDHT to hold ￿SerVeS at a level equivalent to 12 months of operational expenditure. The level of re5etves is reviewed frequently by the Trustees upon the presentation of ihe financlal results. 24 JAGUAR DAIMLER HERITAGE TRUST Trustees. Report for the year ended 31 Decernber 2022 Notes to th• flnandal statements for the year ended 31 December 2022 Icontlnuedl 19. Uftlmate controlltng party JDHT is a company limited by guarantee. The members of the company are Jaguar Land Rover Limited IILRLI. The RAC Foundation for Motorln8 Llmlted IRACI and Coventry Tran5POrt Museum Icfm) each of whom holds one vote. Trustees a￿ appointed a5 follows.. 6 by JLRL these are employees of JLRL,. I by CTM,. I by RAC and 4 by Jaguar, which nomlnatlons are acceptable to the CTM and the RAC none of whom shall be employees of JLRL. Provided that If It is agreed by the Trustees andlor the members that the number of Olrectors appoirrted should be more than twelve then the right to nomlnate any additional directors Shall be apportioned between the members w a5 to maintaln the ratio between the number of Directors 20. Related party d15dosures and commltments JLRL support IDHT to enable It to fulfil its objects. This can be seen by gifts in kind (see note 81. JDHT ha5 had in place Sin￿ 2 February 2015 3 funding Covenant with JLRL which 15 invoiced monthly. total in 2022 was £580,50012021'. £590,520). other items invoiced to JLRL are costs Incurred for various events supported by JDHT and images and heritage certificates requested throughout 2022 were £29512021.. £3951. Related Party debtors as at December 2022 were £nll12021.. £5,568) thls includes accrued Income of £nil12021.' £nill see note 13. IDHT ha5 in place a lease with BMIHT and is commilted untll 2039. JDHT share the workshop and offlce space In the Collection5 Centre with BMIHT, yearly invoices are recelved from BMIHT for rates, rent, utlliiies total in 2022 was £37,16412021.' E20,3081 and for vehicle storagè total in 2022 was £16,00012021.. £16,000). Monthly invol￿S are also re￿iVed for postage outwards through the BMIHT franking machine. total in 2022 was £9,88612021- £10,$471. BMIHT Debtors amount in 2022 was £4,727 and Creditors amount in 2022 was £51,063. JDHT works closely with the rnember5 of the company Isee note 191. Coventry Transport Museum invoice IDHT for the servlce char8e ¢f theJDHTGalleryi thls covers the cost of cleaning* heat, lightln& and power. Total invoiced in 2022 wa5 £3,57012021.' £3,570). Transartlon between IDHT and the RAC in 2022 were £nil12021'. £nill JDHT works closely with the Sir William Lyons Charitable Trust ISWLCTI, Mkhael Quinn who Is Sir William Lyons's grandson is a150 a patron of JDHT. In 2022 SWLCT have committed to giving IDHT a grant towards payin8 the salary of the JDHT archive apprentice, the amount in 2022 was £3,649. 21. Re¢on¢lllation of net movement In funds to net Cash flow Irom operatlng activitles 2022 2021 Net income 143.4731 60,320 Adjustment5 for., Depreciation of tangible fiyed assets 73,202 72.046 Net interegt receivable 11031 Gain on sale of herltage assets Increase In debtors (77,7391 166,707 Increase in creditors 7.262 122,7341 Net cash Infiowllouffiowl from tsperatin8 artlvltle5 144.4401 276,236 25 JAGUAR DAIMLER HER￿AGE TRUST Trustees, Report for the year ended 31 December 2022 Note5 to the flnan¢lal $tstement5 for the year ended 310ecember 2022 Iconilnuedl 22. Analysls of cash 2022 2021 Cash at bank and In hand, at l January 1,851599 1.597,275 Change In cash as per cash flow 1105,5621 255,324 Total cash In hand, at 31 O•c•mber 1,747.037 1,852,599 23. ComparatS¥e Statemènt of Flnan¢lal Activitle5 2021 Notes Restrlcted Unrestrlcted 2021 funds fvnds Total Incomefrom Donatlons 281 281 Donatlons & gifts 24,1￿1 24,000 281 24,281 Charitable actlvltles Covenant from JLRL 590,520 590,520 Exhibitlons & Events 15.428 L5.428 Archlve Income 170,059 170.059 776.1)07 776.007 Investments Bank inteiest 103 103 Other 185 185 Totsl Income 24.000 776,576 8W,576 ExpendStur¢ Charltable artlvftles Covenant costs 112,0Th)1 I6,0￿) 16,0001 124.0001 1380,4341 1123,0091 1212,8131 1716,2561 1392,4341 1129,0091 1218.8131 1740,2561 Exhibltion5 & Events Archive costs Totsl Expendlture Net Incomellexpendlturel Net movement In tunds 60.320 60.320 60,320 60,320 Total funds brought forward 5.750.229 5.750.229 Total funds carrled fonyard 5,810.549 5.810.549 26