Our phase 1 was finally taxed at the beginning of July and went for its MOT last week, having done about 1,300 miles since the last one!
It had a top end rebuild last summer after the head gasket/head casting parted company due to corrosion of the alloy

Had to have a replacement head, so bought one re-conditioned all the key bits sorted. Has never gone better!! Absolutely flies now
Ideally it still needs a below glass line respray to sort all the minor dinks and scratches after 22 years, but cost is an issue now my dad's retired. I'd still like to stick a stainless exhaust on it - unfortunately it needed a new mid box which ended up having a mild steel replacement rather than being the justification for investing £299 in stainless
All in all it's getting preserved fairly well at the moment - the garage is bone dry and heated, so it shouldn't deteriorate. The MOT was clean of any advisories!
It helps that when we bought the car back in 2004/5 we spent over £1500 getting long overdue stuff sorted (discs/pads, heater box, cambelt and pump, tyres etc etc) so given the tiny annual mileage it's done since none of that is anywhere near worn out!
Adrian