HERITAGE TRUST JAGUAR DAIMLER HERITAGE TRUST (Company Limited by Guarantee) Trustees, Report and Financial Statements For the year ended 31 December 2023 Company number: 1709907 Registered charity number: 286863 JAGUAR DAIMLER HERITAGE TRUST Trustee5' Report for the year ended 31 December 2023 CONTENTS Page 2 Trustees, report for the year ended 31 December 2023 Independent Auditor's Report Consolidated Statement of Financial Activities Page 9 Page 12 Page 13 Consolidated Balance Sheet Page 14 Charity Balance Sheet Consolidated Cash Flow Statement Page 15 Page 16 Notes to the financial statements JAGUAR OAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2023 Trustees, officers. and advlsors Board of Trustees Mr Paul Jonathan Barritt- Resigned 4 October 2024 Mr Ketth John Benjamin- Resigned 200ctober 2023 Mr Stuart Grenville Dyble Mrjoseph Warden Elliott Mrs Anna Gallagher Mr Martyn Paul Hollingsworth Mr Hanno Kirner- Resigned 31 December 2023 Mr Peter Graham Read Mr Barrie Arthur Thrussell Mr Richard Charles Osborne Shore Mr Kevin John Stride Mr Richard lan AEnew- Appointed 18 July 2024 Mr Rawdon John Glover- Appointed 18 July 2024 Mr Ducan Charles Wiltshire - Appointed 18 July 2024 Patrons Mrmichael Quinn Mr Peter Mitchell Company Secretary Miss Helen Cairns The Senior Management Team Mr Matthew Davis- Managing Director- Resigned 28 September 2023 Mr Keith John Benjamin- Managing Director- Appointed 30 October 2023- Resigned 29 November 2024 Mrs Maria MarEarid3 Haynes - Financial Controller Mr Neil Campbell - Vehicle Collection Manager M iss Joanne Shortland - Head Archivist Registered Office Abbey Road Whitley Coventry West Midlands CV3 4LF Bankers HSBC Bank PLC 91 High Street Brentwood Essex CM14 4RU Solicitors DLA Piper UK LLP Floor6&7 Two Chamberlain Square Birmingham B3 3AX Statutory Auditor Forvis Mazars LLP First Floor Two Charnberlain Square Birmingham B3 3AX JAGUAR DAIMLER HERITAGE TRUST Trustee￿ Report for the year ended 31 December 2023 The Trustees, who act a5 directors for the purpose5 of the Companie5 Art. present the Trustees. Report of the Jaguar Daimler Heritage Trust IIDHTI. together with the financial statements for the year ended 31 December 2023. The Trustee5' report has been prepared in accordance with the special provisions applicèble to Companies subject to the small companies. regime of the Financial Reporting Standards applicable in the UK-. Statèment of Recommended Prauice I"Charities SORP 2019.1, the Charities Act 2011 and the Companies Act 2006 in preparing the reports and the financial statements. The Trustees have prepared the financial statements in accordance with the Small Companies, Regime and take advantage of the small cornpanie5' exernption in preparlng the Trustees, report and the exemption from the requirement to prepare a strategic report. Legal and Admlnlstratlve Informatlon The full narne of the charitable company 15 Jaguar Daimler Heritage Trust I'JDHVI. In accordance with Section 6011) of the Companies Act 2006, the charitable company is exempt from the requirernent5 of the Act to It)clude -Llmlted" as part of its name. JDHTwas Incorporated on 25 March 1983 as a company limited by guarantee, under the company number 1709907 and has been granted charitable status under the Charities Ad 1960, registratlon number 286863. JDFtt is governèd by a Memorandum and ArtS¢les of Association which contain5 no Specific restrictions on the way the Charity can lawfully operate to achieve its objects, provided the 1ncome and property of IDHT is used solely for the promotion of the objects of the Charity. In 2018 the board of Trustee5 cairied out an extensivè review of the Articles of Association, this wa5 approved by a special rèsolution and filed with Companies House 11 October 2Ql8. JDHT may by ordinary resolution appoint or remove a Trustee In accordance with the regulations contained in the Mernorandum and Articles of Association. New Trustees will be inducted by the thairmart and the company secretary and issued with a Trustee pack that includes a copy of all JDHf5 poilicies, a copy of the Charity Commissiort guidance on being a Trustee and a copy of JDHfs Memorandum aftd Articles of Association. Trustees, expenses in 2023 totallèd £nil12022'. £nill. The Board of Trustees meets quarterly and is responsible for approvin8 the strateBY, all policy dècision5, the annual budget. and the finanrial Statements for JDHT. Strategy and policy decisions are implemented by the Senior Management Personnel who are listed on page 2. They are rèsponsible for the day to day operatlDnal matters of IDHT. Remuneration pf the Senior Management Personnel who are listed on page 2, is revSewed. and authorised by the board of Trustees at the beginning of each flnancial year as per the agreed process in October 2019. This process includes benchmarkin8 With simllar business and a recommended minimum incrèasè of the CPIH index calculated frorn th averége of the 12 months prior io payment. Remuneration of IDHT'S personnel is reviewed 3t Senior Management level at the be8innin8 of each financial year as per the agreed process in October 2019 and authori5ed at Trustee Level. Publlc Benefft IDHT follow5 Charity Commission guidance on public benefit and demonstrates this by displaying approximately 70 Of its Heritagevehicles in the Collections Centre on the Gaydon slte, an award winning publicly acce55ible facility completed at the end of 201S and officially ppened to the public in February 2016, In addition, 50% of JDHfs archive5 and artefacts collection is housed at the British Motor Museum, Gaydon which also features a display of Jaguar's Mororspcsrts History featuring 8 IDHT Heritage Vehicles. JDHT has since August 2013 had a gallery at the Coventry Transport Museum. Coventry featuring 17 IDHT Heritage Vehicles and supportlng artef8Cts from JDHfs collection. Through its attendance of many prestigious external event5 thrL)ughout the UK and worldwide JDHT seeks to aitract. engage. interest. and educate the public ès widèly a5 possible. JAGUAR DAIMLER HERITAGE TRUST Trustees, Report lor the year ended 31 December 2023 Reserve Pollcy The Trustees believe that rt is appropriate forJDHT to hold unrestricted cash reserves at a level equivalent to 12 months of operational costs Isee note 51 The total in 2023 was £817.63012022.. £790,156) To ensure that the reserve levels are adequate for the future needs of JDHT, the Trustees will review the reserves policy annually upon presentation of the financial results, this will enable the Trustees to make an informed decision to mainlain the level of resèrves going forward and the yearly operating budget. In 2023 the Trusteès invèstigated investing any surplu5 cash reserves. The decision was made Sn March 2023 to invest £l,QOO,000 with C8zenDve Capital as short term unrestricted investment. This has resulted in an investment gain of £50,826 for 2023. The rèserves for the year are detailel in note 18 of the financial statements The unrestricted reserves on 31 December 2023 were £5.699.17412022'. £5,737,077) thls includes unrestricted cash in hand of £589,47812022.. £1.747.0371 and short term investment of £1,050,82612022.' £nill The restri¢ted reserves on 31 Decerthber 2023 were £4.00012022-. £nill Flnancial statemènts and Hèritage assets The Statement of Financial Activities is set out on Page 12 JDHfs assets are held to establish, maintain. and promote for the benefit of the nation, the permanent preservation of historit archives, artefacls and motor vehicles manufactured and sold by Ja8uar Land Rover Limited IJLRLI and its predecessor cempanies under the marque names of Swallow, SS, D31mler, Lanchester and Jaguar, where such vehicles, archive5 and artefacts are of actual potential historic, sclentrflc Importance and educatlve value. Historically, when Heritège motor vehicles and artefacts have been gifted to JDHT they have not been capitalised while purchases have been capitallsed attheiracquisition cost. SinceApril 2015 theTrustees havèagreed on a revised Heritage Asset policy (see accounting polities note I page 16 for further detai151 lo value historic motor vehicle5 and artefacts at the point of acquisition in line with Charities SORP 2019 IFRS 1021. An exercise was therefore undert3kèn to revalue all Heritage Vehicles acquired by IDHT p05t its incorporation year of 1983 with an identifiable valve until the cost to do so wa5 not commensurate with the benefils to Usefs of the financial Statements as allowed in Charities SORP 2019 IFRS 1021. The valuatlon 15 determined by a combination of market value, acquisition cosl and industry knowledge, this will be reviewed for impairment annuallv. The accouniing policies uged to produce flnancial 5tatement5 for IDHT are shown on pages 16 and 17. All movements In tanglble assets are shown in note 11. Going Concern Since 2 February 2015 JDHT ha5 had in place a lon8-term funding Covenant with JIRL. This is to cover IDHT'S opeiating ctsst5 (although not iestricted tol and will provide a guaranteed level of funding from JLRL. This is reviewed yearly t ensure that JDHT has adequate funds tc* achleve it5 objectives and lo make any necessary changes to feflect changing circumstances. Beside5 Putting in place a long-term funding stability this also provide5 the basis for a closer workin8 relationship with JLRL whlch will benefit both parties. The Trustees see no reason why JDHT would not be able to adequately fulfil its going concern obligations and comply with the current statutory requirements and the requirements of JDHf5 governing document. The Trustees are also Satisfièd that the controls in place to monitor the Covenant and to react accordingly are also adèquate. The Trvstees therefore are confident that the arrangetnents allow the financial statements to continue to be prepared under the going concern basi5 of accountlng. Support from related parties JLRL has pledged support to ihe objertives of IDHf and provlde the followi¢)g services 35 gifts in klnd (see note 81 Information technology, legal services, and fuel for heritage vehicles, vehlcle storage, VAT support, company secretary support. Auditor's remuneration is also borne by JLRL and is not recharged. The total Covenant from JLRL in 2023 was E571,20012022'. £580.SOJI. JDHT has in placÈ a lon8- term funding Covenant with JLRL. fhis fund 15 not restricted, but initially covers JDHfs operaling costs. This provides a guaranteed level of fundin& which will be adjusied yearly to refleth changing circumstarhces. (see note 201 Slnce November 2015 JDHT has been working alongside Brit15h Molor Industry Heritage Trust l-BMIHf'i. Charitv number 286575, having paid a £400,000 contribution toward the construction of the Collections Centre and ha5 in place a lease belween both trusts. Thi5 has allowed for the enhanced display of the majority of JDHfs Heiitage Vehicle5 both in the Museum and Collections Centre adding to the uffering available to the public. IDHTworks closely with all BMIHT'S departments to identify any synergies that will be beneflcial to both Trusts. (see note 201 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report lor the year ended 31 December 2023 Continuing Operatlons The Trusteès tort5ider that JDHTS 355ets are available and adequate to fulfil its obligations, and ihat the financial 5tatement5 comply with current statutory requirements and wSrh ihe requirements of JDHfs governing document. The introduction ol a revised Heritage A55ets Policy in 2015 ha5 only served to refine this position. Since 2 February 2015 JDHT has entered a long-term fundin8 Covenant wsth JLRL, thi5 is reviewed yearly to allow for any changes in circumstances and to ensure that JDHT has adequate funds to achieve its objettives. JDHfs Archive income for 2023 was £112,78612022.. £147,61015ee charitable activitie5 note 4. JDHT has cash reserves of £589,47812022- £1,747.0371 and £1,050,826 which IDHT have been invested with Ca2enove Capital a5 short term unrestrlcted investment and can be accessed without notice. Therefore, the Trustees see no reason why JDHT wr)uld not be able to satisfy its going concern obligations in the next twelve monthslsee note I Trustee￿ Indemnltle5 JDHT has madè indemnity provisions of £lmillion for the benefit of its Trustees during the year. this remains in force at the date of thi5 report. This year's cost was £2.85012022'. E2,3761 Independent Audltors In accordance with section 485-488 of the Companie5 Act 2006. JDHT has elected to dispense with the annual appointment of auditors. With Such election in force the Charity Auditors shall be deemed io be re-appointed for each succeeding financlal year in accordance with section 386 of the Att. Charitable alms and oblectlves The Jaguar Daimler Heritage Trust I'JPHf'i is a registered charitable Trust established for publSc benefit and its aims and mission are= To establish, malntain and promote for the benelil of the nation, the permanent preservation of historic archives. artefacts and motor vehicles manufactured and sold by Jaguar Land Rover Lrmited IJLRLI and its predecessor companies under the marquee names of Swallow, SS, Oaimler. Lanchester and Jaguar, where such vehicles. archives and artefacts are of actual potential hlstorlc, scientific importance and educative value. To exhibit to the public svch vehicle5 and artefacls as afofesaid by means of either temporary or permanent exhibitions. To demonstrate to the public the Working and operation of any such vehicles. artefarts and to provide public acce55 to the archive material. Yo be theactive ¢ustodiunsofJoguarfs history, its vehicle5 (Jndits archives. working t7longsidèJtsguorLondRoverLimited to share ond promote thot historyforposterity." This has been aided by the relocation of JDHfs office, staff and Heritage vehicles to the Collections Centrè. Gaydon. This 15 part of one of the world'5 0Ut5tanding accrediied motor museums and a major visitor attraction providlng a bioad based academit and educational faci1Sty. featuring the largest collection5 of Brltlsh Heritage Vehicle5 in the world being displayed in the British Motor Museum and Collections Centre at any one time. Annual Objertlves The annual objectives of IDHT are to.. Conserve and protect the collection5 of vehicle5, archives and artefacts for future generations,. Maintain and update the IDHT website, and increase JDHT'S mèdi3 presence,. Maintain, restore and conserve the vehicle collection with the 5UPPOrt of the laguar Land Rover Classic Team., Support JLRL with archive material and Heritage Vehicles at appropriate marketing and PR events.. Continue discussions with JLRL to improve; 31 The process of gifting production examples of newjaguars., and bl lrnprove long term funding security for JDHT,. and cl Transfer of records for historical preservatic¢n. The achlevement of these objectives is detailed in the organisation functions and achievements. Organisational Structure. Functlons and Achlevements 2023 JDHT is organised into three main functions.. JAGUAR DAIMLER HERITAGE TRUST Trustees. Report for the year ended 31 December 2023 Herltage Vehicle CollectSon Responsibilities incluée the mana8ement of JDHfs Heritage vehicle collection and its display5 for the members of the public at Coventry Transport Museum. Britlsh Moror Museum, and the Colle¢tion5 Centre, Gaydon. Responsibllities also Include the rnaintenance and restoration of all heritage vehicles, liaising with JLRL Classic regardin8 all 35pect5 of events and technical support. coord5natin8 the volunteer workfurce regardin£ any support required in the Collections Centre and at numerous events. and promoting and facilitating Jaguar Club events at the Brit15h Motor Museum. Vehlcle Collertlon Arhievements 2023 JDHT has been extrernely busy wlth events, significant exposure for JOHT has been achieved this year through attending approximately 71 events including various JLR events, Jaguar club events. magazine publlcation5. Goodwood FOS and rewival, Cliventry Motofest, Le Mans 24 Hour5 and Classic, London to Brighton. IDHT was also well represented at the NEC Cl355ic Motor Show in November, with cars in several halls on various club stand5. This approach works well both for the Trust and the Clubs, who each pay a Share of the t¥ansptsrtation costs. Archive Responsibilities include the management of collecting, cataloguin8. conservin& and making accessible a wide range or archive materials to the public, agencies and all JLRL departments. This includes1ScensSng IOHT'S film and photographic archives, undertaking historical research and providing a Vehicle Production Heritage Certificate service. Archlve Achlevements 2023 Achievement5 incluile the continued support of JDHT activities. The focus of 2023 was for the ArchivÈ to have a more visible presence in the JDHT exhibition spaces and to reach new audiences through exhibition5 such as the Duncun H(2milton ExhibFtion and digital engagement such as The Mon Who Made Jaguor virtual exhibition. The Archive also continues to provide 5UPPtsrt for various JLR global depariments by allowing access to archive material and objects. The Archive also recruited and trained ahd an Archive Assistant Apprentice who remains an assei to the IDHT. The Archive continue5 to improve in long-term collection tasks such as impfovlng the exlsting catalogues and box lists. Th focus of 2023 was the transfer of the collection management system of Adllb to Axiell Collections. This included. adding 311 listed archive and objects as well a5 managing Ihc supporting framewDrk5 Such as loans, researcheis and thesaurus. 2023 also saw the stari of the catalo8uing of the Sir William Lyons Collection. preparing diBitised photographic collections for Axiell Collections, cataloguing the Jaguar Advert15ing Department Correspondence which was a significant acquisition from Coventry knchive. Other work included the continued transcriptions of the Build Ledgers. repackaging and conservation of Iragile records including ihe Build Ledgers and contlnued cataloguing of the film collectiQllS. Flnance and Admlnlstratlon respon51bllltles Responsibilities include admlnlstration, management and reconclll8tlon Ctf man38ernent account5 and bank accounts. Management of the computerised accounting System Opera 11. audit. budgets. forecasts, insurance. and payroll analysis. Supporiing all function5 Within the organisation with HR, data piotectlon. administration, and all financial dutie5. Flnance and Administration achlevements 2023 Achievements in 2023 include the management of the Covenant with JLRL to continue the provision of funding and security for JDHT. Management of the payroll and the workplace pension for all JDHT staff ensuring monthly payments re met and are compliant with fUlTent HMRC rules and regulations. The management of all JDHT pollcSes to ensure compliance and the continuation of support to all funttitns within the organisation. Regular meeEings are in place to discuss any risks, and to Implement any necessary procedures to minimise any potential impact on IDHT. JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2023 Volunteer5 The number of Archive volunteers has doubled to assist with the increased activitie5 and planned project5 In the Archive. Contribution5 from our volunteers 15 a great asset to JDHT. We are gratefulforthe loyal support of all our volunteer5, for generously giving their time to support IDHT'S alrns and objective5. It is not prattical or possible for JDHT fo value the invaluable servl¢es provided by our volunteers. Future Developments To contlnue to meet regularly wlth JLRL Flnance to negotiate and agree the Covenant for the future. To consolidate all archive materials and artèfarts in a single location. ensuring IDHT requirements for long term archive and artefa¢tS Storage facility Is built to the required specification. To malnt8in the Adlib archive management software to ensure the detailed cataloguing of archive materials, artefact5. photographs, and film. To continue the implementaiion of a rolling plan to resture and conserve JDHT vehicles into an appropriate condition and continue the development of the plan for public display ol the retnaining collection of Daimler5 and Lanche5ter modèls. To continue the development in conjunction with BMIHfs e¢Ju¢3tioft and lifelong learning funclion, a program of educatlonal packages. To continuè to identify any synerBie5 to maintain the close relationship with BMIHT. Risk management JDHT regularly reviews thè major Strategic, busine55 and operation risks to which it is exposed at it5 quarterly board meetings, thi5 includes any impact relating to CQVID-19 and the cost of living crisis. Action is then taken to mitigate those risks and procedures implemented io minimise any potential impact on IDHT, should any ol those risks materialise. Going forward ihe risks are the funding from JLRL a5 per the deed of Covenant and the secvrity of the Heiitage Vehicle5 and archives. Some of thÈse risks are mitigated by havin8 re8ular meetin8S With JLRL to discuss thè continuous lundinB. and regular review5 W1th the insurance broker to clarify that the heritage vehicles colledion and the archives collection are sultably insured. The Operations Committee (which includes the seniof management team and three assigfted Tru5tee51 meet regularlyto discu55 the impact of COVID-19, the cost of living crisi5 on how this might impact on income and costs and all othèr risks, to implement any necessary prgcedure5 to minimise any potential impact on IDHT. Financial Revlew JDHT'5 totalfund5 attheend of 2023 arejustover£ 5.6 mllllon12022.'just over£5.7 million). Thi5 includes cash of £589,478 12022.. £1.747,0371 EI,Q50,826 Investment and £3.517,333 of Heritage Assets12022.. £3,462.7701 Charitable activities Income in 2023 totalled £700,36212022'. £741,979) details as follows.. Covenant from JLRL £571,20012022.. £580,500) Since 2 February 2015 JDHT has had in place a long-ierm funding Covenant with JLRL. This wlll cover JDHfs operating costs (although not restiictèd tol and will provlde a guaranteed level of funding from JLRL, which will bè rèviewed and adjusted yearly to reflect any chan8ing circumstances. Exhibitions and Heritage Vehicle evenls income in 2023 £16.37612022. £13,869) Archive Intome in 2023 was £112.78612Ct22.. £147.6101 Trading Company Income in 2023 was £60,261 JDHT nwns the entire issued ordinary share capital in JDHT Ventures Ltd. whlch was iF)corporated on 3 July 2023. Charltable acrlvliies unrestritted expen5e5 in 2023 totalled £817,63012022- £790,156) details as follows.. Vehicle costs 2023 totalled £327,00912022.. £424,720 Exhibition5 and Heritage Vehicle events cost5 in 2023 totalled £125.15512022'. £132,0901 Archive Costs 2023 totalled £365,46612022: £233,346 Raising Funds 2023 totalled £44.803 RgstrictÈd funds ttstal in 2023 were £4,00012022'. £nill details a5 f?IIttyW5.' Restricted income in 2023 wa5 £96.54412022: £25,700) Restricted expendbture in 2023 wa5 £92.54412022.' £25,700) JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2023 Statement of Trustees, re5pon51bllltle5 in respect of thè Trusteè< annual report and the financlal ￿ateMentS The trustees arè responsible for preparing the Tru5tees' Annual Report and the finanoal 51atements in accordance with applicable law and regulations. Company law requires trustees to prepare financial statement5 for each financial year. Undèr that law they are required to prepare the financial 51atements in accordance with UK Accounting standards and applicable law IUK Generally Accepted Accounting Practi¢el, including FR5 102 The Finunciol Reporting Standard opplicoble in the UK and Republic tsllreland. Under company law the iru5tees rnust not approve the financial statement5 unless they are 5at15fied that they give a true and fair view of the state of affalrs of the charitable company and of the income and expenditure for that period. In preparing these financial staiements, the trustees are required to.. select suStable accounting policies and then apply them consistèntlv,. make jud8Èment5 and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been folltswed, subject to any material departure5 disclosed and explained In the financial statements.. a55e5S the charliable company's ability to continue as a going concern, disclosing, as applicable, matter5 related to going concern., afid use the going concern basis of accounting unless they either intend to liquidate the charitable company or tts cease operation5 or have no realistic alternative but to do so. The trustee5 are responsible for keeping 8dequate accounting records that are sufficient to show and explain thè charitable company's transactions and disc105e with reasonable accuracy at any time the financial position of the charitable colmpany and enable thèm io ensure that the financial 5taternent5 comply with the Companies Act 2006. They are responsible fDr such internal control as they determine is ne￿$S3rY to enable the preparation of financial statement5 that are free from material misstatement, whethgr due to fraud or error, and have general responsibility for taking Such 5tep5 a5 are reasonably open to them to safeguard the a55ets of the charitable company and to pievent and dèrett fraud and other irregularities. The trustees are responsible for the maintenancè and integrity of the corporate and frnan¢l81 information is included on Ihè charitable companvs web55le. Legis18tlon in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Dlsclosure of informatlon to audltors In 50 far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware,. and the trustees have taken all thè steps that they oughtto have taken in order to make themselve5 aware of any relevant audit information and to establish that the charitable ¢empany's auditor is aware of that Information. Auditors Forvis Mazars LtP were reappointed in accordance with Section 485 of thÈ Companièg Act 2006. Small Company Provision5 The Tru5tee5' report has been prepared in accordan￿ wlth the provisions applicable to small companies undei the C¢>mpanies Act 2006. On behalf of the Board Barrle Thrussell Trustee Jaguar Dalmler Herltage Trust Date: 17 December 2024 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2023 Independent audltor's report to th¢ members of laBuar Dalmler Heritage Trust Oplnlon We have audited the financial statements of Jaguar Daimler Heritage Trust Group 1.the charitable Group and ¢ompany"I foi the year ended 315t December 2023 whrth comprise the Consolldated Statement of Financial Activitie5, the Group and company Balance Sheets. the Con501idated Statement of Cash Flow5 and notes to the financial statèment5, including a summary of significant accounting policie5. The financial reportin8 framework that ha5 been applied in their preparation is applicable law and United Kingdorn Accounting Standards. including FRS 102 "The Financi41 Reportlll8 standard applicable in the UK and Republic of Ireland. (United KinBdotn Generally Accepted Accountlng Practice). In our opinion, the financial Statements: h. give a true and fair view of the state of the Group and charitV5 affairs as at 315t December 2023 and of its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opSnlon We conducted our audir in acc¢rdance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our re5ponsiblllties underih05e standards arefurihèr described in the Auditor'5 responsibilities for the audit of the financial statements sectlon of our report. We are independent of the group and the parent charity in accordance wlth ihe ethical requirernents that are relevant to our audit of the financial statements in the UK. including the FRC'5 Ethical Standard and we have fulfilled our other ethical re5ponsibillties in accordance with these requiremènts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for L)ur opinion. Con¢luslons relatin8 to golng concern In auditing the financial statements, we have concluded that the trustees, use of the Boing concerll basis of accounting in the preparailon ¢f the financial statements is appropriate. 8ased on the work we have performed, we have not Identlfied any material uncertaintles relating tc) events or conditions that. individually or collectively, may cast significant doubt on the charlt¢s abllity to continue as a going concern lor 3 period of at least twelve months from when the finanoal statements are authorised for issue. Our responsibilities and the respgnslbllltles of the trustees with respect to going concern are described in thè relevant Sections of this report. other informatlon The other information cornprise5 the information induded in the Annual Report, other than the financial statements and Qui audito)r's report thereon. The trustees are responsible for the olher information. Our opinion on the financial staiements does not cover the other Information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statement5, our re5ponsSbllity Is io read the other information and. in doing so, consider whether the other infctrmatlon is materially inconsistent with the financi31 statements or our knowlèdgé obtained in the course of the audit, or otherwise appears to be materially misgtated. If we identify such material inconsistencies or apparent material misgt3tèrnents, we are required to determine whether there is a material misstaiement in the financial statement5 or a material mi5Statement of the other information. If, based on the work we have performed. we conclude that there is a material misstalement of this other Information, we are requlred to report that fact. We have noihin8 to report on in this regard. JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2023 Oplni¢)nson other matters prescribed bythe CumpaniesArt 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report which include5 the Dire￿Or$, Report prepared for the purposes of company law. for the financial year foi whid) the financial statements are prepared is ¢L>nsi5tent with the financial stètements,. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by excèptlon In light of the knowledge and undeistanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees. Report. We have nothing to report In respect of the followlng matters in relation to which the Cotnpanie5 Act 2006 requires us to report to you if, in our opinion.. adequate and proper accountlng records have not been kept. or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are ncit In agreement with the accounting records and returns,. or certain disclosures of tru5tees' remuneration specified by law are not made,. or we have not received all ihe information and explanatlQ115 we require for our audlt. thè trustees were not entitled to prepare the financial staternents in accordance with the small companies, regime and take advantage of the small companies. exempiion in preparin8 the Trustees, Report and from the requirement to prepare a Strategic Report. Responsiblllt5es of Trustees As explained more fully in the tru5tee5' responslbilitie5 statement set out on page 9, the trustee5 Iwho are also the directors of the charitable companyforthe purposes of company lawl are responsible forthe prèparation olthè financial statements and for being satisfied that they give a true and fair view, and for such intern31 control as the trustees determlne is necessary to enable the preparation of financial Statements that are free from material mi55taiement. whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for assessing the charity's ability to continuè as a going concern, di5c105in8, a5 applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either Intend to liquidate the charity or to cease operations, or have nts realistic alternative but to do so. Audltor's responslbllltles for the audlt of the finan¢lal statements Our objectives are to obtaln reasonable assuran￿ about whether the financi31 statements as a whole are free from material missiatement. whether due to fraud or error. and to issue an audiiorfs report that includes our opinion. Reasonable assuiantè is a high level of assurance bul is F)ot a guarantee that an audit conducted in accordance with 15As IUKI will alway5 detect a material misstaternent when it exists. Mi55tatement5 can arise from fraud or Èrror and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decislons of users taken on ihe basis of the financial statement5. Irregularltle5, including fraud. are in5tance5 of non-compliance with laws and regulations. We deslgn procedures In line with our responsibililies, outlined above, to detect material rris5tatements in respect of irregu13ritiÈs, including fraud. Based on our understanding of the charity and its activltles, we identified th3t the principal risks of non.compliance with laws and regulations related to employment re8ulation and fraud, and we considered the extent to which non- compliance might have a material èffect on the financial statements. We also considered those laws and regulations that have a direct irnpact on the preparation of the financial statements, such as the Companies Act 2006. io JAGUAR DAIMLER HERITAGETRUST Trustees, Report for the year ended 31 December 2023 We evaluated the trusteÈs' and management's incentives and opportunities for fraudulent manipulation ofthe financlal statements (including the risk of override of controls) and determined that the piincipal risks were related to posting manual journal entries to manlpulate financial performance. inappropriatèly shifting the timing and ba515 of revenue recognition. management bias through judgements and assumptions in Significant accounting èstimates, in particular in relation to fund accounting, and significant one-off or unusual transaction5. Our audit procedures were designed to respond to those identified ¥isks, Including non-compliance wlth laws and regulations lirre8u5arltlesl and fraud that are material to the financial statements. Our audlt procedures included but were not limited to.. Di5CU5Sln8 Wlth the tru5tee5 and management their policies and procedures regarding cornpliance with laws and regulations,. Comrnunicating identified laws and regulations throughout our engagement team and remainin8 alert to any Inditations of non-compliance throughout our audlt.. and Considering the risk of acts by the charity which were contrary to applicable Saws and regulations, including fraud. Our udit procedure5 In relation to fravd Included but were not limited to.. Makin8 enquiries of the trustees and management on whether they had knowledge of any actual, suspe£rerl ()r alleged fraud., Galnin£ an understanding of the internal controls Èstablished to mitigate rSsks related to fraud; Discussing amongst the engagement team the risks of fraud., and Addressing the risks of fraud through management override of controls by performing journal entry tesling. There are inherent lirnitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularitie5 including fraud rests with management. As with any audit, there rern8ined a risk of non- detection of irregularities, as these may involve collusion. forgery, intentional omi5sion5, misrepresentations or the overrlde of internèl controls. A further description of our responsibilities for theaudlt of the financial sièternent$15 located on the Financial Reporting Councrl's website al www.frc.or8.uklauditorsresponsibllities. This description forms part of our audittrrfs report, Use o* the audit rÈp(*l This report is made solely to the charitls 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 charlty's member5 those matters we are required to state to them in an auditor's report and for no other purp05e. To the fullest extent permitted by law, we do not actept or assume responsibility to anyone other than the charity and the charity's members as a body fgr gur audit work. for this report, or for the opinion5 we have fc)rmed. DavldHoJ5elD￿ L7,1024 1340GMTI David Hoose (Senior StatutoryAudiiorl for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor Flrst Floor, Two Chamberlain Square Birmin8ham B3 3AX Date.. Dec 17. 2024 li JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2023 Consolidated Statement of flnancial activities includlng Income and expenditure account forthe year ended 31 December 2023 Notes Restricte(I Unrestricted 2023 2022 funds funds Total Total Incomefrom Grants 13,987 13,987 1,013 Donations & gifts 82,557 82,617 25,70D 96,544 60 96,604 26,713 Charltable actlvltles Covenant from JLRL 571,200 571.2 580.500 Exhlblilons & Events 16.376 16,376 13.869 Archive income 112,786 112.786 147.610 700.362 700J62 741,979 Other tradlng actlvltles Trading company income 23 60,261 60.261 Investments Bank interest 13,021 13,021 3,692 Total Incom• 96.544 773,704 870,248 772,384 Expendlture Ralslng funds 23 144.8031 144A031 Charltable acllvttles Vehicle costs 133.0231 1327,0091 1360,0321 1437,5701 Exhibitions & Events 116,5111 143,0101 1125,1551 136S,4661 1141,6661 1138,5151 Archivè costs 1408,4761 1239,7711 1815,8561 Total expenditure on charitable activities 192,5441 1817,6301 1910,1741 Total Expendlture 192.5441 1862,4331 1954.9771 1815,8561 Net in¢¢me/lexpendlturel Unre8llsed Galn on Investments 4,000 188,7291 184,7291 143,4721 24 50,826 50026 othor Recognised loss 12 130,0001 173,4721 Nel movement In lunds 4.000 137,9)31 133,9031 Total funds brought forward 5,737,D77 5.737.077 5,810,549 Total funds carried forward 5,699,174 5,703.174 5,737,077 The notes on page% 16 to 27 forrn part of these financial statements. All income and expenditure are derived from activities within the United Kingdom and there are no other comprehensive income or expense5 in the year, othei than those reflected in the Siatement of Financial Activities ISOFAI. All income is dèrived from continuing operatlOhS. For a 2022 SOFA comparative See note 25 12 JAGUAR DAIMLER HERITAGE TRusr Trustees, Report for the year ended 31 December 2023 Consolldated Balance Sheet as at 31 December 2023 2023 2022 Notes Fixed assets Tanglble assets Intangible assets li 362,753 394,313 Ila 81,825 Heritage assets 3.517,333 3,462,770 3,961,911 3,857,083 Current assets Debtors 13 156,453 204.138 Stock 10.573 Investment 1,050.826 Cash at bank and in hand 22 589.478 1,747,037 1,951,175 1,807,330 Current Ilabllltles Creditors 14 166.0671 171,1811 Net current assets 1.741,263 1.879,994 Total assets less current Ilabllltles 5,703,174 5.737.077 Net assets 5,703,174 5.737.077 Funds Restricted 15 4,000 Unrestricted 16 3,014.587 3,072.4 Revaluation Reserve 17 2,664,587 2.664.587 Total funds 5,703,174 5,737.077 The accounts have been prepared in accordance with the provisions applicable to companies, subject to the small companies, rÈgimÈ. The finantial statement5 alon8 Wlth accornpanying note5 of IDHT, registered company number 1709907 and registered chaTlty number 286863, gn pa8e5 16 to 27, were approved and authori5ed for issue by the Board of Trustees and si8ned on their bèhalf bv.. Barrie Thrussell Trustee Ja%uarDz5mler HèrltageTrust Date: 17 Oecember 2024 13 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2023 Charlty Balance Sheet as at 31 December 2023 2023 2022 Notes Flxed assets Tangible assets li 362.753 394B13 Intangible assets Ila 81￿25 Heritagè assets 12 3￿17.333 3,462,770 3.961,911 3,857,083 Current assets Debtors 13 203,747 204,138 Cash at bank and in hand 533,166 1.747,037 24 Investment 1,050,826 1,787.739 1,951.175 Current Ilabllltles Creditors 14 162.0231 171,1811 Net current assets 1.725,716 1,879,994 Total assets less current Ilabllltles 5,687,627 5,737,077 Net agsets 5,687,627 5.737.077 Funds Restricted 15 4,000 Unrestricted 16 3,019.040 3,072.490 Revaluatlon Reserve 17 2,664,587 2,664,587 Total funds 5,687,627 5,737,077 The accounts have been prepared in accordance with the provi5iOn5 applic&ble to cornpallie5' subject to the small cornpanies, regime. The gainlllossl for the financial year dealt within the financial statements ol the parent Charity was1£49,361I loss12022: loss1£43,4721 as per note 233 The financlal statements along with accompanying note5 of JDHT, registered company number 1709907 and reglstered charity number 286863, on page5 16 to 27, were approved and authorised for issue by the Board of Trustees and signed on their behalf by.. Barrie Thrussell Trustee Jaguar Daimler Heritage Yrust Date: 17 Detembèr 2024 14 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2023 Consolidated C?5h Flow Statement as at 3L December 20Z3 Statement of Cash Flows Notes 2023 2022 Cash flow5 from operatlng actlvltlos Net cash provided by tsperating activities 21 23 144,4401 Cash flows from Investing actlvltles Interest 13,021 3,692 Purchase of property, plant & equipment (170,6031 164.814) Purchase Of investment5 Net cash e¥pended on Snvesting artivltles 11,157,582) 161,1221 Change In cash and cash equlvalent5 In the reportlng perlod 22 11,157,559> 1105.5621 Cash and cash equlvalents at the beglnnlng ol the reportlng period 1,747,037 1.852.599 Cash and cash equivalents at the end of the reportlng period 589A78 1,747,037 15 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2023 Noies to the Ilnèncial statements forthe year ended 31 Oecember 2023 l. Accountlng Pollcles Basis of accountin8 The financial statements are prepared under the historical cost convention. in accordance with the Statement of Recommended Practice -Accounting and Reporting by Charities ISORP 20191" applicable to charities preparing their accounts in accordancewith the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and Ihe Companles Aa 2006. Basls of consolldatlon The consolidated financial statements include those of the Trust and the wholly owned non-charitable subsidiary on a line-by-line basis. Intra*roup sales and profits are eliminated fully on consolidation. The statement of finan¢i81 activities has not been presented as perrnitted by section 408 of the Companies Act 2006. Stocks Stocks represent the balance of 8ood5, which are 501d in the normal course of operations and are stated at the lower of cost and the net rèalisable value. Going Ctsncern JDHT'S activities, together with the factors likely to affect Its future development, performance and position, are set out in the Trustee'5 Annual Report which also describes the financial p05ilion. its cash flow5. and liquidiiy position. The financlal statements have been prepared on a going concern basi5 which ihe Trustee5 Co￿lder to be appropriate for the following reasons. JDHT have prèparèd cash flow forecasts for a period of 24 months from the date of approval of these financial statements. After reviewing these forecasts, the Trustees are of the opinion that, taking account of severe but plausible downsides, including any impact of COVID-19 IDHT will have sufficient fund5 to meet it5 liabilitles as they fall due over the period of 12 months from the date of approval of the financial statements Ithe going concern assessment period). JDHT sold its trading company JDHT Limited to JLRL on 2 February 2015 and has since put in pla￿ a long-term funding Covenant with JLRL. This will coverJDHfs operating costs and will provide a guaranteed level of funding from JLRL, this is reviewed yearly to ensurè that JDHT has adequate fund5 to achieve it5 objectives and to make any necessary changes to reflect chan8in8 circumstances. Besides putting in place a long.term funding stability this also providès the basis for a closer workSn8 relationship wlth ILRL which will benefjt both parties. In November 2023 JDHT secured the signing of Covenant for 2024,2025 and 2026. Althctugh the agreement allows for JLRL to terminate the agreement with 12 months. nrltice, the trustees are conlldènt ih3t at the date of approval of these financial statements there is no intention forJLRL to terminatethe agreement early. In addition, JDHT has sufficient cash to fund its operating costs for 3 pèriod of at least 12 months in an extreme worst case scenario where covenant fundin8 was not received. TherÈforè, the TrustÈes see no rea50n why JDHT would not be able to adequately fulfil its going concern obligations and coTrmply with the current statutory requirements and the requirements of JDHT'5 governing document. Consequently, the Trustees are confident that JDHT will have sufficient funds to continue to meet its Ilabillties as they fall due for at least 12 months from the date of approval of the financial slatements and therefore have prepared the financial 51atements on a going concern basis. Herltage Assets JDHT'S motor vehicles were manufartured and 501d by ILRL and predecessor companie5 and are held, maintained, restored. and exhibited as a permanent collection. The 15512022.. 1541 vehicles held at the yeor-end range Fn age from 125 year5 to I year. The collection includes some unique vehicles as well as some first and last of production series. Historically, when vehicles and artefacts have been gifted to JDHTthey have not been capi131ised while purchases have beèn capitalised at their acouisitlon cost. Since the April 2015 board meeting, the Trustees agreed a revised HerStage Asset policy tg value historic motDr vehicles and artefacts at the point of acquisition in line with Charitie5 SORP 2019 IFRS 1021. An exercise wa5 therefore undertaken to re-value all Heritage Vehicles acquired by JDHT post its incorporation year of 1983 with an identifiable value until the cost to do so was not commensurate with the benefits to t15ers of the financial statements as allowed in Charities SORP 2019 (FR5 1021. 16 JAGUAR DAIMLER HERITAGE TRUST Trustees, Report for the year ended 31 December 2023 Note5 to the f5nanclal statemènts for the year ended 31 December 2023 Accounting Policleslcontlnuèdl The valuation will be reviewed for ￿mpa1￿ment annually. and is determined by a combination of market value. acquisition cost and industry knowledge. Non Herltage Assets Tangible fixed assets excluding the historic motor vehicles and artefacts are stated at cost less any provisions for depreciation and impairmeni. Impairments are calculated such that the carrying value of the tangible fixed assets is lower of its cost compared with the hi8her of its net reallsable value and its value in use. Expendllure Is capitalised for additions and betterments or for replacements of major components of fixed assets. Also, where the expenditure materially adds to the productive capacity, efficlency or value of the assets or adapts the assets for a different use. Asset5 are not capitalised where the indlvidual value of the asset Is below £500. DepreEiation of the cost of other tangible assets 15 provided at the following annual rates on a 5traight-line basis to write off the assets to their estimated residual value over their estimated useful lives. Office Equipment 3 to 5 Years Fixture5, Fittings and Plant Equipment S to Ioyears Buildings 24 Years Non tangible assets are digital and are not depreciated as they are stored and preserved with an archive preservation company. In 2023 the Sir William Lyons digital exhibition was created and 3 vifiual reading room. Fund acc