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: 

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

- enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and 

- reading minutes of meetings of those charged with governance, reviewing internal management reports, reviewing correspondence with HMRC and with the Charity Commission. 

## **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).