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2023-12-31-accounts

GRAND PRIX TRUST (Registered Charity No. 327454) TRUSTEES, ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GRA14D PRIX TRUST

GRAND PRIX TRUST TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS CONTENTS Page Trustees, Annual Report Independent Auditor's Report 9-12 Consolidated Stalement of Financial Activities 13 Consolidated Balance Sheet 14 Charity Balance Sheet 15 Consolidated Ststement of Cash Flows 16 Notes to the Financial Statements 17-24

Page 1 GRAND PRIX TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report and independently audited consolidated financial statements of The Grand Prix Trust ("the trust" or "the charity") for the year ended 31 December 2023. These have been prepared in accordance with the accounting policies set out on in Note 1 and comply with the charity's trust deed and applicable law. REFERENCE AND ADMINISTRATIVE DETAILS The Grand Prix Trust, registered charity number 327454. is based and administered in the United Kingdom. The registered address is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. The names of the trustees who served throughout the year and continue to serve, unless indicated, at the date of this report's approval are: Martin Brundle (Chairman) Christopher Bliss Ross Brawn James Allen Karin Fink Peter Hamlyn Sir Patrick Head Michael Jakeman Mark Smilh Jonathan Wheatley Trust Administrator . Arlene Bansal Client Co-ordinator: Sally Oliver Independent Auditor: Martlet Audit Limited Martlet House, E1 Yeoman Gate, Yeoman Way. Worthing, BN13 3QZ Accountants: Rawlinson & Hunter LLP Eighth Floor, 6 New Street Square, New Felter Lane, London EC4A 3AQ Investment Managers and Custodians: Close Brothers Asset Management Ltd Eighth Floor, 10 Exchange Square, Primrose Street, London EC2A 2BY Principal Bankers.. Bank of Scotland plc 33 Old Broad Street, London EC2N 1 HZ Coutts & Co. The Composite Office, Level 1, Thanet Grange. Westcliff on Sea, Essex SSO OEJ Solicitors: Stone King LLP Boundary House, 91 Charterhouse Street, London EC1 M 6HR

Page 2 GRAND PRIX TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT The Grand Prix Trust was established by a Deed dated 12February 1987 and is an unincorporated charitable trust bound by the proper laws of England and Wales. The original settlor was Sir Jackie Stewart OBE. The entire resources of the charity have been unrestricted throughout the year. The trustees have complete discretion for the use of the funds in pursuance of the chafity's objectives. The trustees, investment powers are unrestricted. The power of appointing new and additional trustees vests in the trustees. Any number of addilional trustees may be appointed irrespective of the number of trustees in office. Induction and training Training of the trustees is adopted on an informal basis. All twslees are kepl informed at meetings of their duties and obligations under the law in addition to their proper conduct. Trustees, Responsibilities Statement The trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP FRS 102: make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on a going concern basis unless it is inappropriate to presume that Ihe charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, where relevant the Charities Act 2022, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to Auditor Insofar as the trustees are aware: there is no relevant audit information of which the charity's auditor is unaware: and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and lo establish that the auditor is aware of that infomiation.

Page 3 GRAND PRIX TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) Internal Controls The trustees have overall responsibility for ensuring that the charity has appropriate systems of internal controls and for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements follow best practice and all applicable law regulation and guidance. They are also responsible for the charity safeguarding its assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The system of inlernal controls is designed to provide reasonable, but not absolute. assurance against material misstatement or loss. Control processes implemented by the trustees include: Identification and management of risk. Committees have been established to cover the important funclions of the charity. Two such committees and the trustees involved are: i) The Inveslmenl Sub-committee consisting of Christopher Bliss. Mark Smith and Sir Palrick Head. ii) The Appeals and Awards committee consisting of Martin Brundle, Sir Patrick Head and Michael Jakeman. Sally Oliver also attends. OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT The objects of the charity are to apply capital and income for such charitable purposes, charitable institutions or charitable foundations, in such countries and in such manner as the trustees in their absolute discretion think fit. The trustees consider donations at the Appeals and Awards Committee meetings and also at the biannual trustees meetings. Statement of Public Beneflt The trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Seclion 4 of the Charities Act 2011. where relevant the Charities Act 2022, to have due regard to it. They consider that the information which follows in this annual report. about the trust's aims, activities and achievements in the areas of interest that the trust supports demonstrates the benefil to its beneficiaries and through them to the public, that arise from those activities. Grant Making Policy The trustees, grant making policy has been to generally consider making donations by way of direct funding to individuals and also by way of grants to charitable organisations. The Appeals and Awards Commitlee make awards on a majority decision basis and report back to the other trustees at the biannual trustee meetings. From time to time. the Committee will approach all of the trustees on decisions regarding significant awards, at their discretion. As referred lo in section 2 of the Trustees. Report, the trustees continue to monitor the requirements of potential beneficiaries and with the expert guidance of Sally Oliver, the trustees, retained client Co-ordinator. the trust provides advi￿ and guidance to beneficiaries, as well as providing financial support.

Page 4 GRAND PRIX TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE Investments The assets of the charity consist principally of investments and cash and these are collectively recorded on the Balance Sheet and supporting notes at their market value on that date. Any increase or decrease over cost on the restatement of these values is recorded in the Statement of Financial Activities. The trust owns 1000/0 of the issued share capital of 200 ordinary shares of £1 each in Grand Prix Trading Limited, a company regislered in England and Wales, Ihe results of which are incorporated in the consolidated financial statements on pages 13, 14 and 16. The investment objective of the charity is to achieve a balance of capital growth and income consistent with a portfolio invested in a prudent manner with a maximum equity exposure of 75'k. Members of the Investment Sub-committee meet regularly lo review the perfomiance of the portfolio and report their findings at the main trustees, meeting. Investments The investment managers, Close Brothers Asset Management. work with the trustees towards an agreed investment policy. Their period end summary report is detailed as follows:. Asset Allocation and Strategy See Notes 2023 2023 Cash Multi Asset Property Commodities Alternatives Fixed Interest UK Govemment Other 8,175 77,046 71,622 111,573 223,836 257,025 189,250 0.26 2.49 2.31 3.60 7.26 8.30 6.11 938,527 30.33 Equities UK North America Europe Japan Asia Pacific Emerging Markets Global 582,246 598,104 368,383 53,010 306,571 57,639 190,873 18.81 19.32 11.90 1.71 9.90 1.86 6.17 2,156,826 69.67 Total 3,095.353 100.00

Page 5 GRAND PRIX TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE (continued) Asset allocation notes.. Non UK Government bonds held are AAA rated by S&P and Aaa by Moody's. UK Smaller and Mid Cap exposure is primarily and substantially in the form of investment in either unit or investment trusts. Post period end Since Ihe end of the financial period under review the Investment Sub-committee has made no changes to the current investment mandate. The investment policy is reviewed on a regular basis at the meetings of the Investment Sub- committee. Annual Review - provided by Close Brothers Asset Management The portfolio produced returns of 6.50/0 in the calendar year 2023 (after fees). This VRS outperforniance vs the ARC Balanced peer group that returned 5.80/0 over the same period. The portfolio continues to outperform the ARC Balanced peer group since inception and over the rolling 3yr and Syr periods. The portfolio's exposure to US equities and technology related holdings were the brighter areas over the year with Microsoft, Alphabet, Apple, Visa, AC￿ntUre and the Polar Capital Global Technology Fund being some of the stronger performers. The main detractors to performance were the rate sensitive investment trusts, particularly those investing in 'alternative' non*quity assets such as infrastructure, renewables and property. which saw discounls widen as the rising cost of capital and increase in yields on bonds pulled investors away from these vehicles. In tenns of portfolio positioning, we continue to remain well-diversified globally and favour high quality companies with secular growth drivers. While we have been underweight fixed interest for many years, the prospect of the end of the monetary tightening cycle. higher bond yields and a softer growth environment have made bonds look more attractive than they did, and we have increased our exposure at the margin. We have a small position in gold which remains as a hedge against geopolitical unrest. As at year end, the 12 month forecast yield on the portfolio was 2.6 % . In 2023. global equity markets posted positive retums with a strong rally coming in the final ￿0- months of the year, as investors bet that the major central banks have finished raising interest rates and will begin to cut them in the first half of 2024 fully embracing the possibility of a 'sofl landing, for global economies. The best performing major regional equity market was the US, driven by a handful of the mega-cap technology stocks that are seen as beneficiaries from the adoption of artificial intelligence. The UK produced positive returns but was one of the laggards among the developed market economies. As we progressed through 2023, the economic data suggested a more resilient global economy than many would have expected. especially as interest rales were raised to a level higher than consensus thoughl twelve to eighteen months ago. Towards the end of the year, there was a dramatic shift in interest rate expectations following economic data releases showing inflation was falling faster than many predicted in western economies. There is still a chance that weakness in economies comes through as delayed effects of tightening take effeGt.

Page 6 GRAND PRIX TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Annual Review - provided by Close Brothers Asset Management (continued) The markets may have been largely unruffled by consistently high levels of geopolltical risk of late, but the conflict in the Middle East could cause further notable moves in energy markets, especially if Iran becomes more involved. And Russia's war in Ukraine remains a continued risk. In addition elections in the US and UK may lead to govemments stimulating economies either via tax cuts or InC￿aSed spend in order to woo voters. Statistically election years are good news for markets. We expect moments of volatility lo continue to offer opportunities for the selective investor lo identify good businesses al attractive prices that have declined in tandem with the broader market. FINANCIAL REVIEW Incoming Resources and Resources Expended Incoming Resources Incoming resources totalled £348,884 (2022 - £361,302) and has decreased from 2022 due to an decrease in the amount of voluntary income re￿iVed in the year. The income for the year was received from the trust's investment portfolio, cash deposits and various donations. Costs of Raising Funds The costs of raising funds totalled £38,203 (2022 - £53,669) and includes investment management fees, tax credits on investment incorne, bank charges and the fees incurred in relation to online fundraising. Investment management fees totalled £24.030 {2022 - £23,307). Close Asset Management charge an annual client management charge based on the market value of the charity. The initial £2.000,000 incurred a charge of 0.75 % , with the remainder of the value charged at 0.5 % , plus VAT on the value of funds under management at quarterly intervals. Charitable Activities Charitable activities for 2023 totalled £194,356 (2022 £158,785) and include donations made and governance costs. The latter comprising of charity administration fees, case advisor fees, audit fees and insurance. In accordance with usual practice, the trustees met their objectives for the public benefit by making donations of £77,809 (2022 - £57.669) to individuals and charitable causes. Payments to the Charity Administrator, including relaled expenses, totalled £71,276 (2022 £57,597) whose duties include supporting the fundraising, general management and governance of the charity. Client co-ordinator fees totalled £40,342 (2022 £37,115). The case advisor acts in an advisory capacity to the trustees to idenlify prospective beneficiaries and ways to assist them. Insurance premiums were £1,329 (2022 £1,514) and relate to the renewal of the trustee indemnity insurance policy of the charity. The audil fee represents a provision of £3,600 (2022 £4.890) for the audit of these financial statements.

Page 7 GRAND PRIX TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW (continued) Reserves Policy The 21 year accumulation policy expired on 12 February 2008 and therefore any undistributed income is no longer accumulated, with any balance remaining carried forward within the Income Fund, to be distributed at a future date. Until 12 February 2008. it had been the trustees, policy to build the capital fund to achieve financial stability and to ensure that adequate income would be available for distribution On￿ the accumulation period had expired. Total charity reserves at 31 December 2023 were £3,258,25 (2022 £3.017,236) with income reserves of £560,525 (2022 - £444,220) The trustees are acutely aware of their responsibilities to utilise the resources available to them to further the charity's objectives. A significant number of mechanics, who can potentially benefit from the charity's assistance are approaching their more senior years and as such. the Irustees expect to see a steady increase in demand for support in the coming years, which they are confident will utilise the annual incoming resources and any accumulated income. It is due to this anticipated future demand that the trustees continue to raise funds for the charity. with a view to maintain the capital base to somewhere in the region of £3 million. The trustees communicate on a regular basis and meet fomially twice a year to review their investment and distribution policy. Risk Management A risk assessment has been undertaken which consists of: an annual review of the risks the charity may face; the establishment of systems and procedures to mitigate those risks; and the implementation of procedures designed to minimise any potential impact on the charily should those risks materialise. This continuing process will identify risk areas to which the trust is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these financial statements. The Irustees have signed fit and proper declarations in line with HMRC guidelines.

Page 8 GRAND PRIX TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 PLANS FOR THE FUTURE In 2016. the trust decided to revise ils scope, which included all F1 team employees, trackside or faclory based, plus contract staff employed on F1 activities. It was also extended, at the trustees. discretion, to other bodies with personnel that were directly employed in F1, such as photographers or catering staff. This has worked well and has extended the reach and effectiveness of the trust. This work continues with regard to working with F1 teams, suppliers and employers along with other motorsport events and organisations where we can make aware, meet and interact with polenlial beneficiaries. and other people who may know of an eligible person who needs help. The trust has increased its social media presence and also focussed on the important social side, with a view to dramatically increase our registered members. The trust has undertaken Regional Member's meetings which have brought great success and continue to grow. These meetings will continue with the intention of expanding to other areas to reach a broader audience. The trust goes from strength to strength in terms of awareness and effectiveness. The charity received the final of five annual instalments of £100,000 shortly after year end following a five year pledge agreement from an individual donor. In 2022 he Trustees agreed a £100,000 annual bursary scheme to help underprivileged students attend and benefit from motorsport college courses before joining the industry. Initially this will be with Silverstone UTC, the National College for Motorsport and Bedford College. who will administer the scheme with the aim of giving bespoke help to as many qualified and motivated students as possible. Furthennore the Trustees, using their knowledge and contacts, will assist the colleges in updating their curricula for modern motorsport practices and technology. The first tranche of bursaries of £29,250 was paid on 14 March 2024. Since that date a further £4,475 has been paid together with a commitment of £51,866 for the 2024125 academic year. Approved by the trustees on and signed on their behalf by: Truste• Dato

Page 9 REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF GRAND PRIX TRUST Opinion We have audited the financial statements of The Grand Prix Trust ("the trust" or'the charity") for the year ended 31 December 2023 which comprise the Statement of Financial Activity, Balance Sheet. Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally AC￿pted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, 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 Ihe requiremenls of the Charities Act 2011. Basis for opinion We conducted our audit in aGcordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is SLrfficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Truslees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authofised for issue. However. as we cannot predicl all future events or condilions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other infomiation comprises the infonnation included in the Trustees, Annual Report and Financial Statements, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon.

Page 10 REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF GRAND PRIX TRUST In connection with our audit of the financial statements, our responsibility is to read the other infomalion and. in doing so, consider whelher the other infonnalion is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomied, we conclude Ihat there is a material misststement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the infonnation given in the financial statements is inconsistent in any malerial respect with the trustees, report" or sufficient accounting records have not been kept: or the financial statements are not in agreement with the accounting records. or we have not received all the information and explanations we require for our audil. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 2, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing. as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees eilher intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs reporl that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS (UK). we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess Ihe risks of material misstatement of the audited financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidenTr that is sufficient and appropriate to provide a basis for our opinion.

Page11 REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES OF GRAND PRIX TRUST The risk of nol detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations. or the override of intemal control. Obtain an understanding of internal control relevant to Ihe audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related lo events or conditions that may cast significant doubt on Ihe charity's ability to continue as a going concern. If we conclude thal a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the audited financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the audiled financial statements. including the disclosures. and whether the audited financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audil, Extent to which the audit was considered capable of detecting Irregularities, Including fraud. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect or irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We considered the nature of the charity's industry and its control environment and reviewed the charity's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and others within the entity aboul their own identification and assessment of the risks of irregularities. We obtained an understanding of the legal and regulatory frameworks that the charity operates in, and identified the key laws and regulations that.. had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the Companies Act. Charities Act. Charities (Accounts and Reports) Regulalions 2008, Heallh and Safety Act, employment law, pensions legislalion, tax legislation. Bribery Act and Slavery Act: and do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty. These included the Charity Commission for England and Wales (Charity Commission) regulations, fundraising regulations and Anti-money Laundering Regulations (including Proceeds of Crime Act 2002 and Terrorism Ad 2000) We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address them are described below..

Page 12

REPORT OF THE INDEPENDENT AUDITOR

TO THE TRUSTEES OF

GRAND PRIX TRUST

Recognition of grant income: this involves judgement around whether grants have performance conditions attached to them which have to be met before income can be recognised, as well as judgement over whether or not those conditions have been satisfied. On a sample basis, we have assessed the judgements and estimates made by management in the recognition of this income.

Appropriate allocation of restricted income: there is a risk that restricted income may not have been identified and allocated as such. We reviewed the allocation of income to restricted or unrestricted funds on initial recognition to ensure restrictions were appropriately identified and applied, and we reviewed fund transfers from restricted to unrestricted funds to assess the rationale for those movements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

Use of this report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

22 October 2024

John Pudduck FCCA Senior Statutory Auditor Martlet Audit Limited Martlet House E1 Yeoman Gate Yeoman Way Worthing West Sussex BN13 3QZ

Page13 GRAND PRIX TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds Capital Income Fund Fund Total 2023 Totsl 2022 Page Income from: Donations (note 2) Investments (note 3) 19 19 270,143 78,741 270,143 78,741 288.490 72,812 Total income 348,884 348,884 361,302 Expenditure on: Charitable activities (note 5) Raising funds {note 6) 20 20 203,652 28,907 203,652 28,907 180,202 32,252 Total expenditure 232.559 232,559 212.454 Net income before net Gainsl{losses) 116.325 116,325 148,848 Net gainsl(losses) on investments (note 7) Net unrealised (loss)Igain on investment cash (note 11) 21 125,461 125,461 (281,384} 23 (771) (771) 1,564 Net movement in funds 124,690 116,325 241,015 (130,972) Reconciliation of funds: Total funds brought forward at 1 January 2023 2,573,036 444,200 3,017,236 3,148,208 Total funds carried forward at 31 December 2023 £ 2,697,725 £ 560,525 £ 3,258,250 £3,017,236 There are no recognised gains or losses other than those included in the Statement of Financial Activities. All income and expenditure relate to continuing activities. The notes on pages 17 to 24 form part of these financial statements

Page 14 GRAND PRIX TRUST CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2023 Page 2023 2022 Fixed Assets Investments and cash at market value under management (note 7) 21 3,081,668 2,858,793 Current Assets Prepayment Debtors (note 8) L08n to Robin Day Cash at bank (note 9) 1,516 4,953 3,200 194,747 1,545 4,067 22 22 172,172 204,416 177,784 Creditors - amounts falling due within one year (note 10) 22 (27,833) (19,341) Net current assets 176,583 158,443 Total assets less current liabilities £ 3,258,251 £ 3.017.236 Represented by: Unrestricted funds Capital fund 2,697,726 2,573,036 Income fund 560,525 444,200 Total Charity funds £ 3,258.251 £ 3,017,236 Approved by the Trustees on and signed on thei alfb Trustee The notes on pages 17 to 24 form part of these financial statements

Page 15 GRAND PRIX TRUST CHARITY BALANCE SHEET AT 31 DECEMBER 2023 Page 2023 2022 Fixed Assets Investments and cash at market value under management (note 7) 21 3.081,868 2,858.993 Current Assets Prepayment Debtors (note 8) Loan to Robin Day Cash at bank (note 9) 1.516 4,953 3,200 193,896 1,545 4,067 22 22 171,321 203,565 176,933 Creditors - amounts falling due within one year (note 10) 22 (27,833) (19,341) Net current assets 175,732 157,592 Total net assets £ 3,257,600 £ 3,016,585 Represented by: Unrestricted funds Capital fund 2,697,055 2,572,365 Income fund 560.545 444.220 Total Charity funds £ 3.257,600 £ 3.016,585 Approved by the Trustees on and signed on their behalf by: Trustee Date The notes on pages 17 to 24 form part of these financial statements

Page16 GRAND PRIX TRUST CONSOLIDATED STATEMENT OF CASH FLOWS AT 31 DECEMBER 2023 Page 2023 2022 Net Cash flows from operating activities Net incoming resources before gains Less investment income and deposit interest (Gain) on investment assets (Increase) in debtors and prepayments Increasel(decrease) in creditors Lossl(gain) on revaluation of investment cash 13 241,015 (78,741) (125,461) (4,057) 8,492 771 (130,972) (72,812) 281,384 {1,144) 435 (1,564) 23 Net cash expended from operating activities 42,019 75,327 Cash flows from investing activities Investment income Deposit interest Payments to acquire investments Receipts from sales of investments 19 75,877 2,864 (261,950) 110,923 71,980 832 {163,385) 90,172 21 21 Net cash generated from investing activities (72,286) (401) Net increase l (decrease) in cash and cash equivalents for the year (30,267) 74,926 Reconciliation of net cash flow to movement in net funds Net cash resources at 1 January 2023 (Loss)Igain on revaluation of investment cash 220,275 {771) 143,785 1,564 23 Cash and cash equivalents at 31 December 2023 £ 189.237 £ 220,275 Cash and cash equivalents consist of: Cash held with Coutts & Co Cash held with Close Brothers Cash held with Bank of Scotland 22 20122 22 63,745 8,175 117,317 33,130 62,558 124,587 £ 189,237 £ 220,275 The notes on pages 17 to 24 form part of Ihese financial statements

Page17 GRAND PRIX TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and preceding period. Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) ("Ch2rities SORP FRS 102") issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, where relevant the Charities Act 2022 and UK Generally Accepted Accounting Practice. The trust constitutes a public benefit entity as defined by Charities SORP FRS 102. The financial statements are presented in sterling which is the functional currency of the charity. Fixed Asset I nvestments Investments are included at closing mid-market value (excluding any accrued interest) at the Balance Sheet date. Realised gains and losses on investments are recognised on disposal of investments and any unrealised gain or loss on revaluation is taken to the Statement of Financial Activities. The determination of any gains and losses is calculated by reference to the value of such assets at the beginning of the accounting period. Investments in subsidiary undertakings are stated at cost. Incoming resources All incoming resources are included in the Slatement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. Voluntary donations include donations under Gift Aid with the associated tax credits included when receivable. Interest from deposit accounts is included when received. Investment income is derived from dividends and interest receivable from investments and is accounted for in the period in which the trust is entitled to receipt. Resources expended All expenditure is included on an accruals basis. which is where there is a legal or constructive obligation committing the trust to the expenditure. Direct charitable expenditure comprises grants and donations made during the year together with the recognition of certain commitments made by the Trustees. Governance costs are included within charitable expenditure. These costs relate to the general running of the trust as opposed to the management functions inherent to generating funds. Such costs can include external audit, legal advice and costs associated with conslitutional and statutory requirements. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value. Consolidation The consolidated financial statements comprise those of the trust and its wholly owned subsidiary, Grand Prix Trading Limited.

Page 18 GRAND PRIX TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) Status of funds All funds are held on an unrestricted basis. The trustees have complete discretion for the use of the funds in pursuance of the trust's objectives Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure. Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Cash held by investment managers for investing is treated as part of the inveslment portFolio. In the Statement of Cash Flows. cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the entity's cash management. Provisions Provisions are recognised when the charity has an obligation at the Balance Sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated. Taxation The charity is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Going concern The financial statements have been prepared on a going concem basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the level of income and expenditure is sufficient with an income level of reserves for the charity to be able to continue as a going concern. Judgements and key sources of estimated uncertainty In preparing these financial statements, the trustees have to make judgements on how to apply the charity's accounting policies and make estimates about the future. The critical judgement that has been made at arriving at the amounts recognised in the financial statements and the key area of estimation uncertainty that has a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the next financial year, is discussed below: Listed investment valuations. The charity holds listed investments whose valuations are largely expected to be in line with the relevant stock prices listed on the London Stock Exchange.

Page 19 GRAND PRIX TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page 2023 2022 INCOME FROM DONATIONS AND LEGACIES Donations received 270.143 288.490 13 £ 270,143 £ 288,490 INCOME FROM INVESTMENTS Income from UK quoted securities Income from foreign quoted securities Adjustment for accrued income Accrued income received 49,276 26.620 15 (34) 42,014 29,885 81 16 75,877 71,980 Deposit interest from accounts with Coutts & Co Close Brothers Bank of Scotland 2,692 130 42 421 228 183 Total Investment Income 13 £ 78,741 £ 72.812 NET PROFIT FROM TRADING ACTIVITY OF SUBSIDIARY The charity has a wholly owned trading subsidiary. Grand Prix Trading Limited. which is incorporated in England and Wales. The company organises fundraising events solely for the purpose of raising funds for The Grand Prix Trust. on￿ a working balance is available, the company donates its taxable profits to The Grand Prix Trust. The company was dormant for the year and also the prior year. Unaudited financial statements are filed with the Registrar of Companies each year. 2023 2022 Net assets 851 851

Page 20 GRAND PRIX TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page 2023 2022 CHARITABLE ACTIVITIES Charitable donations made to individuals 77,809 57,669 Support costs Administrator fees Client co-ordinator fees Fundraising expenses 71.276 40,342 9,296 57,597 37,115 21.417 120.914 116,129 Governance costs Audit fee Insurance premium 3.600 1,329 4,890 1,514 4,929 6,404 Total Charitable Activities 13 £ 203,652 £ 180,202 Administration fees represent amounts paid to Arlene Bansal, whose duties include supporting the fundraising, general management and govemance of the charity. The increase in the administration costs mostly relate to increased expenses claimed by Arlene in the course of fundraising for the Gharity. Client co-ordinator fees represent amounts paid to Sally Oliver who acted in an advisory Gapacity to the trustees with regards to identifying prospective beneficiaries and ways to assist these beneficiaries. EXPENDITURE ON RAISING FUNDS Investment management fees Tax credits on investment income - overseas withholding tax Miscellaneous Online fundraising fees 24,030 4,078 520 279 23,307 3.744 775 4,426 13 28,g07 32,252

Page 21 GRAND PRIX TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESTMENTS (AT MARKET VALUE) Page 2023 2022 Held with Close Asset Management Ltd Quoted investments within the United Kingdom Quoted investments outside the United Kingdom 1,805,979 1,281,199 1,600,010 1,210,680 3,087,178 2,810,690 Cash held as part of the investment portfolio (5,510) 48,103 14 3,081,668 2,858,793 Subsidiary undertaking (at cost) - see below 200 200 15 £ 3,081,868 £ 2,858,993 Nel unrealised gainl{loss) on UK investments Net unrealised gainl(loss) on overseas investments 24.941 84,828 (175,545) {101,602) 109,769 (277,147) Net realised gainl(loss) on UK investments Net realised gainl(loss) on overseas investments 3,731 11.960 {330} (3,907} 15.691 (4,237) Total net gainl(loss) on Fixed Asset Investments 13 £ 125,460 £ (281,384) The charity owns the whole of the issued share capital, 200 ordinary shares of £1 each, of Grand Prix Trading Limited, registered company number 02122266 in England and Wales. The company is dormant with net assets of £851. There were no material investments representing more than 50/0 of the value of the total investment portfolio in the year. Quoted investments: 2023 2022 Market value at 1 January 2023 2,810.690 3.018,861 Additions at cost Disposal proceeds at carrying value Net realised investment gainl(loss) on sales Net unrealised investment gainl(loss) on revaluation 261,951 (110.923) 15,691 109,769 163,385 (90,172) (4,237) (277,147) Market value at 31 December 2023 £ 3,087,178 £ 2.810.690 Historical cost at 31 December 2023 £ 2,194,412 £ 2,003.586

Page 22 GRAND PRIX TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Group Charity Page 2023 2022 2023 2022 DEBTORS HM Revenue & Customs Accrued income 2,739 2,214 1,867 2,200 2.739 2,214 1,867 2,200 14115 £ 4,953 £ 4.067 £ 4,953 £ 4,067 CASH AT BANK Bank of Scotland PIC Sterling deposit account Sterling current account 5,651 111,666 5,609 118,977 4.800 111,666 4,758 118,977 16 117,317 124,586 116,466 123,735 Coutts & Co 16 63,745 33,130 63,745 33.130 Close Brothers US dollar capital alc ($17,421) 16 13.685 14,456 13.685 14.456 14115 £ 194,747 £ 172,172 £ 193,896 £ 171,321 10. CREDITORS - amounts falling due within one year Investment management fees Future commitments Audit fee Trust administrator Client Co-ordinator Sundry expenses 6,190 5,184 8,400 4,406 3,455 1g8 5,857 885 4,800 3.857 3,762 180 6,190 5,184 8.400 4,406 3,455 198 5,857 885 4,800 3,857 3,762 180 14115 £ 27.833 £ 19,341 £ 27,833 £ 19,341

Page 23 GRAND PRIX TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page 2023 2022 11. FINANCIAL INSTRUMENTS The carry amounts of the charity's financial instruments are as follows: Financial assets Measured at fair value through SOFA: -Fixed asset quoted investments (note 7) -cash under management (note 7) -cash at bank and in hand (note 9) 21 21 22 3.087,178 {5.510) 193,896 2,810.690 48,103 171,321 Measured at amortised cost: -Accrued income (note 8) -other debtors (note 8) -Prepayments 22 22 2,214 2.739 1,516 2,200 1,867 1,545 Financial liabilities Measured at amortised cost: -Accruals (note 10) 22 27.833 19.341 The income, expenses, net gains and net losses attributable to the charity's financial instruments are summarised as follows". Income and expense Measured at fair value through SOFA: Net gainsl{losses) (al fair value) 21 £ 109,771 £ (277,147) 12. FOREIGN EXCHANGE GAIN Revaluation of Close Brothers US dollar account 13 (771) 1,564

Page 24 GRAND PRIX TRUST NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. TRANSACTIONS WITH TRUSTEES AND CONNECTED PERSONS No trustee received any remuneration or refund of expenses during the year ended 31 December 2023. No transactions occurred between the trust and the trustees during the year ended 31 December 2023. The following Trustees, also were directors of Grand Prix Trading Limited during the year ended 31 December 2023: Christopher Jan Andrew Bliss; Michael Jakeman. 14. ULTIMATE CONTROLLING PARTY The ultimate controlling party are the trustees of the Grand Prix Trust. 15. DONATED SERVICES Rawlinson & Hunter have donated their technical and advisory seNices in preparing the financial statements and other charity administration. The value of these services has been estimated at £25.000 plus VAT for the year ended 31 December 2023 {2022 - £25,000 plus VAT).