## **Trustees’ Annual Report for the period May 2020 to August 2021**
This report covers the period from the start of the last AGM (20[th] May 2020) until the date the report was submitted for approval by the Board of Trustees (19[th] August 2021). This includes a period (20[th] May 2020 to 3[rd] November 2020) prior to our registration as a charity and prior to our incorporation.
However, the financial information in the report, and the accounts accompanying this report relate, for accountancy reasons, only to the period 3[rd] November 2020 (incorporation) to 8[th] August 2021 (end of financial year).
Details of Trustees has been updated to the date of signature of the report (5[th] October 2021)
## **Charity name: TRANSPORT AND HEALTH SCIENCE GROUP**
## **Charity registration number: 1192138**
## **Objectives and Activities**
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The purposes of the charity as set out its governing document are:
-
a) The advancement of education for the public benefit by
Summary of
adding to collective knowledge and understanding of the subject
the
of transport and health.
purposes of b) The promotion of good health and the preservation and
the charity protection of health for the public benefit by educating and
as set out in informing the public in general, scientists, social scientists,
its engineers, public health professionals, transport professionals and
governing decision-makers in relation to the wide range of impacts transport
document and health have on each other and in doing so seeking transport
solutions which positively impact on health or minimise harm to
health’
Summary of As with most organisations, activities were reduced due to Covid-
the main 19. For example, key Officers, who are honorary appointments and
activities in work for THSG in their spare time, were heavily involved in local
relation to public health responses to the pandemic. So were our workstream
those leads, some of whom indicated that they would have to suspend
purposes for their role until 2022 and others of whom were less active than
the public they normally would have been. This has diminished the
benefit, in achievements that we are able to report.
particular,
CONFERENCES AND SEMINARS
the
activities,
2020 Seminar
projects or
services
identified in The seminar held concurrently with the 2020 AGM included
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- **the** sessions on **accounts.** climate change, gender and transport, migration during the pandemic and the impact on refugee women,
- the impact of coronavirus on transport a new costing tool for community severance the Middle Out perspective the impact on transport policy of current debates internationally about conservative philosophy.
_International Conference on Transport and Health_
The 6[th] International Conference on Transport and Health was held between 9[th] June and 30[th] June 2021 on Zoom. THSG participated in the organisation in partnership with our sister organisation IPATH.
83 abstracts were submitted of which 80 were regarded as appropriate for presentation. There was an increase in interest in the Pecha Kucha format of presentation.113 people registered for the conference, with a mean age of 41.6 and with 56% being female. There was a roughly even spread of applicants between the UK, North America, Asia and Australia, with a smaller number of registrants from other parts of the world. An important problem in organising an international conference by remote methods is that it is always 3.00am somewhere in the world. To address this, all sessions were recorded and it was possible for those registered for the conference but unable to attend at the specific time to view them later. Times were spread across the full range of the 24 hours so as to be fair to all participants. An important innovation in this year’s conference were the two Global South sessions, organised by THSG’s Latin American section MoviSaL. These were trilingual in English, Spanish and Portuguese. There were important presentations on the issue of covid and public transport. An important study in New York showed that when masks were worn the use of public transport was not a significant risk factor for acquiring the infection. This suggests that much of the damage to public transport caused by the pandemic was unnecessary. There were also studies from various parts of the world showing the impact of lockdown. The economics of public transport was also covered by a number of presentations, with research from Latin America showing the positive contribution of public transport to economic growth, employment and physical activity, research from China showing its positive impact on equality, and research from Saskatchewan and Minnesota documenting its powerful positive cost/benefit. Placemaking was a theme both of keynote sessions and of presentations. Transport must not only move from a concern with movement of vehicles to a concern with movement of people and goods, it must also further to a concern with creating places in which movement is facilitated at minimum energy cost. There were a number of presentations from various parts of the world showing successful traffic calming schemes. Many of these, such
as one using rocks in the road as a traffic calming obstacle, and others in New Zealand and Canada using public art, challenged the conventional vision of traffic engineering as embodied in many official street design guidelines and street sign regulations. There were a number of presentations which showed how 3D models could be used in planning and in consultations. Autonomous vehicles were a theme both of a keynote speaker and of presentations. There are concerns with the safety of level 3 vehicles (those which require driver oversight but do not demand regular driver intervention) due to drivers becoming lulled into a non-alert state. There are also concerns with the detection of pedestrians and cyclists with all levels of autonomy. Research from Belgium and from China shows high levels of public awareness of these problems, and a balanced understanding of the issues. This balance unfortunately is not duplicated in the industry or amongst policy makers around the world.
As always, the conference included many high-quality abstracts relating to cycling and to the ways that cycling can be promoted effectively and that cycle schemes can be effectively delivered. There were a number of presentations relating to disability and this will be an important theme in the future.
It was interesting to see presentations from the United States on the decommissioning of urban high speed roads and the positive benefits that this created for local communities and local economies by opening up new green spaces and removing community severance.
## JOURNAL
We continue to sponsor the Journal of Transport and Health. The Journal of Transport & Health (JTH) is devoted to publishing research that advances our knowledge on the many interactions between transport and health and the policies that affect these. In general, we will prioritise papers that evaluate or inform the development of interventions and policies to improve population health, or that make a genuinely original contribution, rather than being basic descriptive studies. The journal aims to cover transport and health issues in all countries; in general, studies should have a context, or lessons, that can be transferred to other locations. Interactions between transport and health include, for instance: * the impacts on public health and inequalities of: * active modes of transport; * noise and air pollution generated by transport; * road travel injuries (see below); * community severance; * road danger and its reduction (see below): * actual safety and security hazards associated with transport; * perceptions of danger and factors affecting these; * factors affecting transport choices: * urban form; * location and accessibility of health and other facilities; * age, gender, health and disability; * socio-economic inequalities;
* rurality;
* leisure travel;
* synergies between sustainability and health impacts of transport;
* economic and health impact assessments
* methodological advances, including considerations of complex systems; and
* policies and interventions that promote or discourage healthy and sustainable transport modes, transport systems and communities (see below).
We wish the Journal of Transport & Health to publish articles at the cutting-edge that are significant for policy and practice. The readership is international and multi-disciplinary; articles need to be understood by intelligent readers from a broad range of specialties and places. We are particularly keen to encourage submissions that are cross-disciplinary or inter-disciplinary. The journal has three particular aims:
1. to promote dialogue and collaboration between the two research communities it serves;
2. to improve the methods and the quality and appropriate use of data to better understand the relationships between transport and health; and
3. to encourage transfer of research into practice.
A detailed report on progress of the Journal has been submitted to the AGM and is available on request. Submissions have steadily increased from 195 in 2016 to 481 in 2019 and 497 in 2020 and this seems to be continuing as there had been 359 already by July 2021. Articles accepted for publication in 2020 and in 2021 to the end of July were from the following: - North America 54 Europe (excluding UK and Turkey) 42 Australia 24 East Asia (including Turkey, the Arab world, Israel and Iran) 17 China (including Hong Kong and Taiwan) 13 UK 13 South Asia 12 South East Asia 11 New Zealand 10 Latin America 9 Caribbean 2 Africa 2 We would like to encourage more high-quality submissions from Africa, Asia and South America. Often these papers are rejected as being out of scope, more than other regions, but also rejected after review more than any other country. Journal of Transport and Health’s cite score in 2020 is: 5.1 2713 citations/531 documents (2017-2020) It is ranked 9[th] out of 78 social science safety journals. It is ranked 29th out of 113 transport journals. It is ranked 77th of 526 public health journals.
## ACTIVE TRAVEL
In the United Kingdom we have reconvened the Partnership for Active Travel, Transport and Health. Organisations which have joined the partnership include ourselves and also the Faculty of Public Health (FPH), British Medical Association (BMA), Royal Society of Public Health (RSPH), British Cycling, Cycling UK, Ramblers’ Association, Living Streets, SUSTRANS, Chartered Institute of Logistics and Transport (CILT), Chartered Institute of Highways and Transport (CIHT) Chartered Institute of Water and Environmental Management (CIWEM), Open Spaces Society, Urban Transport Group, Town and Country Planning Association (TCPA), and Medical Women’s Federation (MWF). The partnership will work to achieve collaboration and exchange of information and in particular to ensure that public health knowledge is available to organisations working in this field.
In the United Kingdom we have submitted evidence to an APPG enquiry into the Cycling and Walking Investment Strategy. We have particularly drawn the APPG’s attention to important recent findings presented at the ICTH, including research into the effectiveness of different methods of traffic calming.
We responded to Government consultations on pavement parking.
## CLIMATE CHANGE
We have established a workstream on climate change. Our climate change leads have identified a programme of work to disseminate information on transport and climate change. The first step in this is the production of a podcast, and work on this has started. We have sent a detailed submission to the Government’s Zero Carbon Transport Board. The Transport Special Interest Group of the Faculty of Public Health, which we administer, has made an input on transport matters into the Faculty’s plans for climate change and the Group has been given a seat on the Faculty’s Climate Change Committee.
## LOW TRAFFIC NEIGHBOURHOODS
We have commenced the preparation of a guidance document summarising the evidence on the question of low traffic neighbourhoods.
## COMMUNITY SEVERANCE
THSG was a participant in a project led by UCL and funded by DfT examining community severance which culminated in the development of an assessment methodology. We have been pleased to see steps are being taken to disseminate this methodology.
## PROFESSIONAL TRAINING
We have obtained approval for the placement of public health specialist trainees, full time or part time, with THSG. In order to obtain this approval, we prepared a detailed work plan and detailed educational strategy, demonstrating the educational outcomes that would be achieved by reference to the competencies to be acquired.
## LATIN AMERICA
In May 2021, Henry Hernandez and Lake Sagaris were invited to join the Transport & Health Science Group board, as representatives from Latin America. Since then they have participated in regular board meetings. This, mostly focused on contributing to the statutes that will enable Movisal to function suitably within THSG, and, more recently, starting to pull people together, generate some basic reference documents, and help to generate a presence for transport and health as a constituency, within Latin America, and for Latin America and the Global South, transport and health research and other relevant initiatives. In this sense, we have made some significant progress toward deeper collaborations, specifically, preparation of a report on Transport, Equity and Health, in Spanish, available on the website cambiarnos.cl, http://www.cambiarnos.cl/transporte-salud-yequidad/ , and other researchers’ sites, including THSG . Based on this report we are completing what we hope will become a guest editorial in a Spanish-language journal, to be submitted in early September.
During June, we were able to participate in the coordination of a special two-day session during the International Conference on Transport and Health, which allowed us to highlight our work, introduce Movisal to a broader audience and underline the importance of global dialogue that brings together very diverse perspectives to consider issues of transport, equity and health. The session was entitled: Changing perspectives following global disruption, WHAT IF WE TURNED THE WORLD UPSIDE DOWN? . It included two keynotes, two Hot Topic Workshops from the Global South, with partners in India, Africa, Latin America, Europe and North America.
More information at: www.tphlink.com/global-south-2day.html
The MoviSaL website is also now available in Portuguese. Thanks to Hannah Arcuschin Machado for the translation.
## TRANSPORT SAFETY
We explored some issues relating to bus safety arising from the financial pressures created by the pandemic.
We also responded to two consultations on revising the Highway Code, particularly about safe passing of people riding cycles or horses.
A number of issues relating to the safety of autonomous vehicles were raised in papers at the 2021 6[th] International Conference of Transport & Health and we have arranged to consider them further at our 2021 Seminar with a view to identifying action that should be taken.
The Transport Injuries Prevention Network is one of the areas of activity adversely affected by covid.
**Statement** Standing Order 110A of our financial standing orders states **confirming** All trustees must acquaint themselves with their duties towards **whether the** the management of funds for the public benefit by reading the **trustees** Charity Commission Guide for Charitable Trustees and the document “Certificate in Charity Law and Governance: - **have had** Stewardship of Funds and Assets” produced by the Chartered **regard to** Governance Institute **the** All trustees have confirmed compliance with this requirement. **guidance issued by the Charity Commission on public benefit**
## **Additional information**
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Policy on Grant making is not a substantial part of the charity’s activities at
grant present.
making
Social investment is not a substantial part of the charity’s
Policy on
activities at present.
social
investment
including
program
related
investment
The charity has no paid staff and is entirely run by volunteers.
Volunteers manage and administer the charity (as officers,
trustees, and members of our regional councils and local and
Contribution
national groups), edit and peer-review the Journal of Transport and
made by Health , contribute as speakers, organisers and facilitators to our
volunteers
conferences, provide intellectual input to the process of knowledge
management, write material for us and maintain our website. We
are deeply grateful to them for the contribution they have made.
All but two of the current Trustees were involved in the charity
registration process and the discussions with the Charities
Commission coupled with discussion of the associated documents
(such as educational strategy, knowledge management strategy,
guidelines on political activity, bye laws, financial standing orders,
privacy policy and bribery policy) constituted an important training
process. The trustees were supplied with and required to read
Training of
Charity Commission Guide for Charitable Trustees and the
trustees
document “Certificate in Charity Law and Governance: -
Stewardship of Funds and Assets” produced by the Chartered
Governance Institute.
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## **Achievements and Performance**
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Our main achievements over the year have been
Together with our North America based sister organisation
IPATH we organised a highly effective international conference.
This has contributed to the advancement of knowledge
Summary of especially in relation to the links between transport and
the main placemaking, to the safety and environmental impact of
autonomous vehicles, to the health and social benefits of public
achievement
transport and to the effectiveness and benefits of low traffic
s of the
neighbourhoods and traffic calming. The dissemination of this
charity,
information should support important areas of professional
identifying practice around the world.
the We secured approval of a formal placement for trainee
difference specialists by the Faculty of Public Health of the Royal Colleges
the charity’s of Physicians of the United Kingdom. When this placement is
work has put into effect, following the decline in the current pressures of
made to the the pandemic, it will contribute to the training of consultants in
circumstanc public health.
es of its We have produced material about transport and health in
beneficiaries Spanish and in Portuguese considerably assisting in the
dissemination of knowledge in the field to practitioners in Latin
and any
America, Spain and Portugal.
wider
The Journal of Public Health has received an increased number
benefits to of submissions and improved its cite score. This assists in the
society as a
dissemination of knowledge and the improvement of
whole.
professional practice.
We have re-established a partnership between walking, cycling
and environmental organisations and organisations from the
field of medicine and public health. This will benefit the
activities for the public benefit of all the member organisations.
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## **Additional information**
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Achievemen Because of the pressures upon the public health system resulting
ts against from the pandemic the 2020 AGM felt unable to set objectives.
objectives
set
Performance The fundraising objectives in the May 2018 business case were
of dependent on registration as a charity and work on implementing
fundraising them was not able to commence until early in 2021.
activities It is therefore too early to report on fundraising progress as, apart
from one application made by MoviSaL, only preparatory work has
against
so far been done.
objectives
set
The funds held are currently limited and investment has been
Investment limited to holding funds on deposit. The trustees are aware that
performance this will need to change if the fundraising objectives set in the
against business case are successful.
objectives
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## **Financial Review**
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For 21 years the organisation has functioned as a
predominantly volunteer-based organisation with very
limited funding mainly derived from membership
subscriptions. Registration as a charity was pursued in
order to implement a business case to change that but
the change will take time and our situation has not yet
changed.
All of the assets of the former Transport & Health Study
Group were transferred to the charity on completion of
Review of the its registration, most of them as an absolute transfer
charity’s financial but £250 as a loan since the former organisation
position at the end remains as a residual entity for a few non-charitable
of the period purposes.
The charity in its general funds has assets of £3,644.87
of which £250 is a loan from the residual Transport &
Health Study Group. There was a surplus of £145.07
over the year. There are also funds held for it by IPATH,
the up to date amount of which will not be calculable
until the accounts for ICTH have been completed. There
will have been a surplus on this account also. In
addition to cash the charity’s other assets are
intellectual property.
Statement On 18 [th] February 2021 the Board resolved “It was
explaining the agreed that we would need a reserves policy in the
policy for holding future but this was not necessary at the moment. There
was some discussion as to the level of funding which
reserves stating
would require a reserves policy and it was recognised
why they are held
that the issue would not be the level of funding but
Amount of reserves
rather the presence of recurring commitments.”
held
No reserves are currently held
Reasons for holding
zero reserves
Details of fund There are no material deficits
materially in deficit
Although our business case envisages the raising of
Explanation of any
funds which would allow us to become a staffed
uncertainties about
organisation, that is not currently the case. At the
the charity
moment our continuation as a going concern is
continuing as a
dependent on the continued availability of volunteers.
going concern We see no immediate threat to that.
Additional information (optional)
You may choose to include further statements where relevant about:
Our current principal source of funds is member
The charity’s
subscriptions although our business case envisages us
principal sources of
seeking grants and that was the purpose of our recent
funds (including any
reorganisation, incorporation and registration as a
fundraising)
charity.
Investment policy Not currently applicable.
and objectives
including any social
investment policy
adopted
A description of the 1. The principal risk facing the charity as an
principal risks organisation dependent more on volunteers than on
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funding relate to the availability of volunteers. The adverse impact of the coronavirus pandemic has demonstrated the importance of that risk, but has also given us the added confidence that comes from knowing that we were still able to maintain significant activity even during this difficult time. 2. The principal risk the charity could face in relation to the Journal would be a difficulty in our relationship with Elsevier but we have no current reason to **facing the charity** expect any such problem. 3. Our relationship with IPATH is central to the success of the International Conference on Transport and Health but we see no current problems. 4. The success of the business case for our expansion depends on successful pursuit of grant applications. Factors which could adversely affect the prospects of this include austerity and the range of competing demands for health and environment funding.
## **Structure, Governance and Management**
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The charity currently has only a single trust. The THSG
portion of subscriptions by IPATH members is not
Description of immediately paid to THSG but is managed on our behalf by
charity’s IPATH so as to facilitate the financial arrangements for ICTH
trusts: as a joint activity. Some expenditure connected with ICTH is
made from these funds and the surplus being paid over to
THSG funds in due course.
The charity uses, with only minor modifications, the
recommended governing document for a CIO with members.
Type of
There has been no change in this document since
governing
registration.
document
The governing document is augmented by bye-laws,
regulations of regional councils and standing orders.
How is the Until 3 [rd] November 2020 it was an unincorporated
charity association and was not registered as a charity.
constituted? Since 3 [rd] November 2020 it has been constituted as a CIO.
Trustee Trustees are
selection elected by the AGM – four have currently been so
methods elected, of whom one resigned towards the end of the
year. A fifth post, which would normally be entitled to
including
Trustee status, that of Webmaster, was filled by the AGM
details of any
but the individual elected chose not to become a Trustee.
constitutional
appointed by Board to fill vacancies – one was so
provisions e.g.
appointed (to fill the vacancy for Secretary).
election to
appointed by Board to fill the office of Deputy Treasurer –
post or name
this recently-created post has not yet been filled.
of any person
elected or appointed by one of our Regional Councils
or body (currently two each for UK, Europe, Latin America (also
entitled to known as MoviSaL) and 1 for New Zealand) -five have so
appoint one or far currently been elected and 2 are vacant (one in
more trustees Europe and one in New Zealand)
appointed by an organisation which acts as our agent in
managing a Regional Council (IPATH appoints two to
represent North America), the Health Topic Hub of the
New Zealand Transport Knowledge Hub may appoint one
of two New Zealand representatives but has not so far
done so
the Editor of the Journal of Transport & Health , appointed
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by a competitive process jointly by ourselves and our publisher, Elsevier, is also a Trustee.
## **Additional information (optional)**
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You may choose to include further statements where relevant about:
Policies and A Board meeting has been scheduled for October to
procedures adopted discuss training of new trustees and further training
for the induction of existing trustees. We have decided to join the
National Council for Voluntary Organisations which
and training of
provides useful services in this field.
trustees
The charity has a Board of Trustees and a number of
Regional Councils, as discussed already. There are
Executive Committees in some of the Regional
Councils. There are also working groups pursuing
particular workstreams.
We have an arrangement with the International
Professional Association for Transport and Health, an
international scientific society similar to ourselves
which is incorporated as a not for profit organisation
in Michigan. All IPATH members become members of
THSG (and it collects their membership fee for us)
The charity’s
and it acts as our agent in North America whilst we
organisational
act as its agent in the UK. We have representatives
structure and any
on its Board.
wider network with
We have an arrangement with the Health Topic Hub
which the charity
of the New Zealand Transport Knowledge Hub
works
whereby it administers our New Zealand Council.
We have an arrangement with the Faculty of Public
Health of the Royal Colleges of Physician of the
United Kingdom whereby we administer its Transport
Special Interest Group (TSIG). TSIG drafted Faculty
comments on the cycling and walking investment
strategy and has contributed to the Faculty’s
development of a climate change strategy. TSIG has
been given a seat on the FPH Climate Change
Committee.
Relationship with Apart from research collaboration there have been no
any related parties transactions with related parties.
There have been difficulties in our banking
arrangements because of the failure of our bank to
advise us that we should open a new bank account
upon our change of status and its consequent failure
to change the name of our account. This has affected
Significant events the development of our new membership
administration system Thus, although the THSG
website was updated and a system for collecting
membership fees through an online platform was
initiated, the full online membership application form
and payment system are not yet functioning.
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## **Reference and Administrative details**
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Charity name TRANSPORT AND HEALTH SCIENCE GROUP
Other name the THSG MoviSaL
charity uses
Registered charity 1192138
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number
Charity’s principal Land O’ Cakes,
address 48, Middle Hillgate,
Stockport,
SK1 3DL
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## **Names of the charity trustees who manage the charity**
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Name of person
Dates acted if
(or body) entitled
Trustee name Office (if any) not for whole
to appoint trustee
year
(if any)
Stephen Co-chair (Policy) AGM
1
Watkins
Jenny Mindell Co-chair AGM
2
(Science)
Andree Secretary Resigned AGM
3
Woodcock 06/07/21
Beverley Hoyle Secretary Appointed Board filled vacancy
4
19/08/21
Tom Fitzgerald Treasurer and AGM
5 Company
Secretary
Martin Vice Chair UK Council of THSG
6
Rathfelder (Policy, UK)
Adrian Davis Vice Chair UK Council of THSG
7
(Science, UK)
Karyn Warsow Vice Chair Acted for the IPATH
(Science, North whole year but
America) changed role
8
from Policy to
Science on
4.10.21
Randy Vice Chair European Council of
9
Rzwenicki (Policy, Europe) THSG
Henry Vice Chair Appointed MoviSaL
Fernandez (Science, Latin 21/4/21 but there
10
Vega America) was a delay in
registration
Lake Sagaris Vice Chair Appointed MoviSaL
11 (Policy, Latin 21/4/21
America)
Charles Editor, Journal of Elsevier, subject to
12 Musselwhite Transport & THSG approval
Health
Steve Jaffe Vice Chair Appointed IPATH
13 (Policy, North 4/10/21
America)
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## **Corporate trustees – names of the directors at the date the report was approved**
The above list of trustees is the list of directors.
## **Name of trustees holding title to property belonging to the charity**
The charity is an incorporated organisation and holds title to its own property.
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Funds held as custodian trustees on behalf of others
Description of the None
assets held in this
capacity
Name and objects of Not applicable
the charity on
whose behalf the
assets are held and
how this falls within
the custodian
charity’s objects
Details of If we were to come into possession of such funds
(for example for FPH or IPATH) we would establish
arrangements for
them as a separate financial management unit and
safe custody and
there is provision for this in our financial standing
segregation of such
orders, including provision for the appointment of
assets from the
specific trustees to be accountable for them and
charity’s own assets the drawing up of separate accounts.
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## **Additional information (optional)**
## **Names and addresses of advisers (Optional information)**
Type of Name Address adviser
## **Name of chief executive or names of senior staff members (Optional information)** We have no paid staff / employees
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
## **Declarations**
The trustees declare that they have approved the trustees’ report above.
|Signed on behalf|of the charity’s trustees||
|---|---|---|
|Signature(s)||Signature confrmed by e|
|Full name(s)|Dr Stephen Watkins|mail 1/10/21 0718
Tom Fitzgerald|
|Position (eg|Co-chair (Policy)|Treasurer and Company|
|Secretary, Chair, etc)||Secretary|
|Date|5.10.21||
**TRANSPORT AND HEALTH SCIENCE GROUP ACCOUNTS NOVEMBER 2020 TO AUGUST 8[TH] 2021 FOR PRESENTATION AT AGM 12.10.21**
## Income and Expenditure Account
_SEE NOTE 1_
INCOME Subscriptions: £110:00 Subscriptions via IPATH £189.30 _see note 4_ Gifts: £106:94 Interest: £0:08
## **Total income 406.32**
EXPENDITURE Website & Membership System £71.95 ICTH £146.98 _see note 4_
**Total expenditure £218.93**
## **SURPLUS £187.39**
## Balance Sheet
_SEE NOTE 5_ . November 2020 9[th] August 2021 Change ASSETS Cash £ 3499.80 £ 3644.87 £ 145.07 Intellectual Property £ 100 £ 100 nil _see note 2_ Funds held by IPATH _£293.02 __________£335.34______£42.32 see note 4_ £3,892.82 £4,080.21 £ 187.39 LIABILITIES Debt to T&H Study Group £250 £250 nil _see note 3_
**NET VALUE £3,349.80 £3,494.87 £187.39**
## Notes
1. This income and expenditure account starts at the date of incorporation and ends at the end of the financial year and therefore is for less than a
full year and does not include the main period in which many members pay their subscriptions
2. Intellectual property is valued at a notional figure.
3. The Transport & Health Study Group remains as a residual organisation for certain non-charitable purposes. When it transferred all its assets to the new organisation, it designated £250 of the transfer as a loan in case it was required by the residual organisation.
4. Funds held in US dollars converted to pounds sterling at the rate $1 = £0.73
5. We have treated the money we received from the former unincorporated organisation as money in hand in November 2020, although as we are a new organisation it is technically income. Had it been treated as such our net value in November 2020 would have been zero and our income and surplus would have been correspondingly increased. However, we feel that, although technically correct, it would have been artificial to present the accounts in that way.