Charity registration number 276626 (England and Wales)
Company reglstratlon number CE030774
IPSWICH TRANSPORT MUSEUM CIO
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

IPSWICH TRANSPORT MUSEUM CIO
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
B Simpson
A H Cooper
S Z Marszal
M A Smith
E Mouser
R M Mellor
EGKing
S Cobb
D J Frost
R Hanley
P J Meredith
(Appointed 12 November
20241
Secretary
Mr S Z Marszal
Charity number
276626
Company number
CE030774
Registered office
Old Trolley Bus Depot
Cobham Road
Ipswich
IP39JD
Independent examiner
Ensors A¢¢ounlanls LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ

IPSWICH TRANSPORT MUSEUM CIO
CONTENTS
Page
Trustees report
Slalernent of trustees responsibilities
Independent examinerfs report
Statement ol financial activrties
Balance sheet
10
Notes to the financial statetmenls

IPSWICH TRANSPORT MUSEUM CIO
TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
The trustees presènt their annual report and financial stalernenls for the year ended 28 February 2025.
The financial statements comply with the Chaiitie5 Act 2011, the Companies Act 2006. the Memorandum and
Articles of Association, and Accounting and Reporting by Charities. Statement of Recommended Piactice applicable
to charities preparing their accounts in accordance with the Financial Reporting Standard for Srnallei Entities.
Objectlves and activities
Thè museutll exists to preserve the transport and engineering history of the Ipswich area. 11 does this through the
operation of the museum itself in Cobham Road. Ipswich, through its website
wwN.ipswichlransportmuseum.co.uk, through the organisation of external events such as exhibitions and iallies.
through lectures lo other organisalions 8nd through public access to ils archive, costume and photographic
eollections. There is no intention of changing this policy in the foreseeable future
The following give a summary ol the museum's collecting and disposal policy.
The policy is to collect artifacts relating to transport and engineering made or used in Ipswich and the surrounding
area. This includes for example records, photograph5. books plans and costumes.
The trustee5 accept the principle that there is a strong presumption again51 the disposal of any itèms in the
museum's collection.
Decisions to dispose of items will not normally be made with the principle aim of generating funds. 11 a
decision to dispose of an item is taken. the procedures in the model acquisilions and disposals policy issued by Arts
Council England, will be followed.
Any monies received by the trustees from the disposal of ilerns will be applied for the benefit of the collections.
This normally means the purchase ol further acquisitions. A copy of the lull acquisitions and disposals policy Can be
obtained from the museum.
Public benefit
The Iruslees have paid due regard lo guidance issued by the Charity Commission in deciding what adivilies the
Charity should undert8ke.
Activities
The Museum moved fiom a Company Limited by Guaianlee lo a Charitable Incorporated Organisation in 202212023
financial year. The current financial year therefore represents the first full yèar of CIO Iiading.
Mark Smith continued as Chair of Trustees lfiisl Appointed Novèmbef 20221. New appointments as tiustees were
Peter Meiedilh. and a non-executive li.e. non-votingl advisor, Mark Barrett on an initial 6 month trial. extended for a
further 6 months. Mark ha5 a Curatorial Advisory role.
The museum remains acciedited with the Arts Council as an accredited museum, and althouoh expected to have lo
re-apply for this slalus al some point soon. A formal invitation is awaited.
The museum maintains a published and publicly awessible Forward Plan. which expiies in 2026 and therefore due
for review. The current plan cover5 the period 2021-2025. Progress against the plan in rneaskjred and reported at
regular Intervals.
Our professional 'museum mentor, post remains vacant. (Our prèvious mentor re51gned in 20221. Mark Barrett is
covering this role In an admsory capacity at present. bul no formal appointment had been made al the ol the
financial yeai.

IPSWICH TRANSPORT MUSEUM CIO
TRUSTEES REPORT {INCLUDING DIRECTORS, REPORTI (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
The museum continuès to bè entirely staffed by volunteers with no paid staff. Volunteer recruitment 'manager'
rernain5 a vacant post ¢overed by the chairman. We have successfully brought In several new volunteers during
the year. who cover a variety of roles, so the future continues to be encouraging In thi5 règaid.
The museum maintained the number of open day5 in 2024 following the pattern sel in 2023. This ieflect5 the
continued challenge in maintaining a fully staffed rota. There remains an urgent need to increase the number of
duty officeis who are prepared to cover Sundays in particular. We are extremely grateful to our loyal stewards and
duty officers.
We have made improvernents lo the mLJseum's administration of Social Media and Gaieth Perkins is assisting with
online publicily and posters.
We do not ourrenlly envisage employing paid staff as we do not considèr this sustainable in our current business
model.
The museum sitelsl
The tnuseurn site continues to operate predominantly from Ihe Priory Heath site with two other storage location5.
Work continues to develop pioposals to increase storage accommodation al Piiory Heath. There is now insufficient
space to stole all rnuseum objects under cover, without sionificanlly ieducing space around exhibits al Piiory Heath.
and our ability to collect further objects is severely limited. Some space has been gained by rationalising storage of
lew existing objects. bul the museum remains pretty much 'full'. We have enga9ed the seNices of a Building
SuNeyor who has agreed lo prepare plans for an additional store building la5 8 volunteer at no costl. Last year I
noted a deal with Greenscape Energy where Solar Panels on the museum roof would supply the mains grid in
return for below market rate tariff Electricity for the Musèum, giving improved security on volatile energy costs.
Completing this deal has not yet proved possible and we continue to engage with Greenscape to get the panels up
and iunning While there has been no direct cost to the museum. the challenge ol arranging a new electricity meter
for the museum and organising a UKPN supply to the national gild for Greenscape have so far proven
insurmountable. We are not in dispLJle with Greenscape as such. bul negotiations lo conclude the matter
satlslactorily are taking 8 signifi¢ant chunk of managerial time. We aim to have the deal concluded in the
forthcoming year.
Stakeholdèrs
The museum continues lo maintain positive links with our Landlord. Ipswich Borough Council, local politicians and
various stakeholders who 5UPPOrt and assisl the museum. We also continue to work with other museums and
voluntary organisalions via the Association lor Suffolk Museums, Ipswich Heritage Group. National Association of
Road Transpori Museums and other5. We ale fortunate ID count on the support ol loGal politicians and COLincil
officers and continue have a relatively free hand lo shape the future of the museurn In any way we desire. The ITM
Chaifman was elected to the board ol directors of the Association ol Suffolk Museums during the yeai.
Achievements and performance
The museum continLJes to collect new objects in a measured and objective way In accordance wilh our collections
management strategy. The financial year 2024125 saw the acquisition ol a 1912 Steam Fire Pump and a 1989
Volvo F12 lorry tractor unil. The loan of the Ransomes Ciusader combine harvester was teirninated. Ownership ol
the Barfoid and Perkins roller has passed lo Suffolk Avi31ion Heritage Museum, along with the loan of the Ipswich
Airport Land Rover Fire Tender lo the same organisation. The Collections continue lo be periodically reviewed, and
two significant incoming loans under review during the period covered by this report will be conclvded ln the 20251
2026 financial year.
Work in progress indudes the Ransomes Trolleybus, Cranfields Trailer Pump. Bedford WLB bus and Daimler
Hearse. We have secured significant financial donations and a further grant to finance the bas1c bodywork
rèsloiation ol the 1920s Tilling Slevens bus. This will en3ble a completed shell with stairs and upper deck to be
fitted out and completed in house. The vehicle will depart soon into the next financial year lor circa 6 months. Basic
conservation work on the Bristol LS bus has been sanctioned with a view to it being operation81 again during 2025.
Further iestoiations will be considered on a case-by-case b351s. provided they have a proper iestoration and
funding plan lo support thèm.

IPSWICH TRANSPORT MUSEUM CIO
TRUSTEES REPORT {INCLUDING DIRECTORS. REPORTI {CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
Various 'restored' vehicles have reoeived conservation. maintenance or repaii dLJring thè course of the year.
ensunng a variety could be demonstraled lo the public al special events and off sitè al various local events, rallies
nd shows. Significant work has been carried out on the Bristol Lodekka bus arid Chevrolet LQ. Thè AEC Tower
Wagon has also continued lo re￿1ve attention. along with Ihe Bedfoid OB coach, Bristol L bus and Bnslol K bus.
The children's fire engine replic3 was successfully'road tested, in December 2024.
A significant re-organisation of exhibits look place over the winter of 202412025. once again organised
predominantly by Stephen Cobb. This has crealed space for further objects which will be loaned lo us in 20251
2026. The rear yard ha5 been signilicanlly reorganised with additional containers, which have been moved a lo
new location and internally re-ordered. Jake and Owen Phillip5 worked alongside a small team who carried out this
significant task of sorting out sp2ies and coherently storing them. Ted King and Adrian Cooper organised the
rearrangement ol thè yard and disposal of rubbish and 5orap. The false wall in the Rapier Room has been removed
and all 'hidden' objects stored properly Mention also needs lo be made of our floor painte15. who transformed the
museum environment before we re-opened.
The archives team have continued to make inioads into formally accessioning photographs. plans and ephemera.
Each object is now catalogued individually rather than as a collection. This means our 'objecl count. Is now
thousands more than at our last attreditalion submissionl The Vernon CMS software used to catalogue our
accessioned objects ha5 been in use foi a two lull years and 15 working well.
The displays have been Improved with a revised layout of fhe museum, and new panels covering road haulage,
railway5 and lawnmowers.
The museum placed trolleybus 105 lo the EastAnglia Transport MuseuTn on loarTr until the end 012024. and this was
extended for a further 12 months. We May again seek lo extend this If EATM 15 agreeable.
The museum Continues to maintain two additional sites where objects are stored. These are virtually full. so there is
now little scope lo expand the collection further unless additional covered accommodation is created, preferably at
Priory Heath The alternative is to disp05e of existing objects which are no longer deemed appropriate to the
collections.
Financial review
The museum continues to perform sat15faclorily financially, albeit against a 21 /0 ieduction of visitors In 202417885
vs 8893 In the previous yearl. generating circa £43k income. We contiriue to successfully manage the resource
challenge of staffing the museum.
The balance sheet shows museum net assets have increased in the past yeai. with Inorea5ed income and
decrea6ed costs. Donations arid legacies are considerably higher in the year The Trustees therefore continue to
tread the fine line of rnatching costs and income suocessfully.
We operated a piogramme of special events, as well as group visits and school visils. which continue lo contiibLJte
our varied income streams. We are indebted to Bernard Simpson and Steve Marszal for their continued diligence in
managing museum finances, and ensuring our investments are iealising the best possible rates of interest. We a150
recorded a significant grant award of £15k frorr Garfield Weston for the T￿llIng-stevens Bus restoration.
The Ipswich lo Felixstowe Historic vehicle was a success as usual and generates significant goodwill and publicity
for the rnuseum as well as some financial gain via the trading subsidiary. The team who managed the event in 2024
are duly thanked hele for their contribution.
The museum continues lo derive significanl income from trading in the shop. managed by Eddie King and the shop,
managed by Josh Steward.
Friends of Ipswich Transport Museum continue to contribute donations and again l am pleased to record thanks to
the FOITM committee for their efforts.

IPSWICH TRANSPORT MUSEUM CIO
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
Resernes policy
The reserve policy of the charity is lo maintain fLJnds to meet one yearfs fixed costs to ac¢umulal8 Other funds to
evelop the ￿useuM premises and facilities, acquire new artefacts and impmve thè irbterpretstion of thè exhibits.
The investsnent policy bs to hold in a risk free liquid fom ￿ndS to meet one yearfs costs and to hold other
ftlnds in low risk inveslmenis designed to provide growth over the short term. At present all funds are on short tèm
dgposiL
Majorrisks
The tnjstees carry out an annual review of the companys finan￿al position and other risks that may affect the
operations of the museum. Amongst other things this reviews the charivs feserve policy.
The main risks faced by the company are a fall in visitor numbers and a fall in the number of volunteers or
supporters. To mitigate such risks, the Council of Management monitors dosely visitor. voluntser and supporter
numbéTs. The museum is wdgly promotèd.
The charity is totally de￿ndent on its volunteers and the trustÈ8$ 8re conscious of the need to tske their
views into accovnl. This is facilitsted through the Friends of Ipswich Transport Museum which eleds trustees and is
consulted ift various ways.
The museum premistrs are monilored for seujrity and fire.
VarÈous Health and Safety policies have been prepared and these are reviewed as appropriate.
ConelusioTr
The museum has traded positively and continues to attract polth'cal and public support. I'd Irke lo thank everyone
who has eontrbuled to the many and varied achièvements during the course of tha year, and look forward to thè
continued development of the organisation in 2025 and beyond. The museum is fimily established and widely
Teca)gnised as an essential 8nd embedded cultural attraction. and long may this remain the case.
Strycture, governance and man4g•mgnt
Thè Charity is Charitable Incorporated Organisalion, and a registered museum under the Museums. Libraries and
Archives Council Scheme (No RD890).
The trust885, who are also the directllfs for the purposg of cornpany law. and who sèrvgd during the year and up to
the dale of signature of Ihe financfal stslements were..
B Simpson
AH Coopg
S Z Marszal
M A Smith
E Mouser
R M Mellor
EGKing
S Cobb
A J Burke
D J Frost
R Hanley
P J Mere(litti
(Resigned 9 May 20241
IAppointed 12 November 2024}
Recrnitment and appOInt￿nI of trustees
Trustees are elected by the members. One third are nominated by the supporbng organisabon Friends of Ipswich
Transport museum by ballot at their annual general meeting.
None of the Iwstees has any beneficial interest in the company.

IPSWICH TRANSPORT MUSEUM CIO
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORn (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
Organisabonal structure
The Injsteos fomi a cwrscil of Management which administers the Company. It meet5 monthly. There are no paid
staff, all fflanagers and workers b8ing unpaid volunteers. Thè day to day managemenl of the museum is carried out
by the trustees led by the chairman, vice Chai￿an and secretary.
Relatsonship wtsh relatedparties
The charity's wholly owned subsidiary Ipswich Transport Museum SeNces Limited was estsblished lo operate the
museum shop and tea roorn and to carry on other operational trading opportunities. It donates all its profits to the
charity. The directors of this eompany are appoinled by the tharity.
Olsablèd persons
Applicatsons for employment by disabled persons are a￿ayS fully eon5idered, bearing in rn1r￿ the aptitudes of the
applicant concemèd. In the evènt of membèr5 of staff becoming disabled, every effort is made to ensure that their
employment within the Charity continues and that the appropriate training is arranged. It is the policy of the Charity
that the tratning, career developmènt and promth.on of disabled p8rsons should, 8$ f8r as possiblè, be id8nttcal to
that of other employees.
Employe• Involvement
The Charity's policy is to (x)nsull and discuss ￿th ￿m￿OYees. thfough unions. staff councils and at meetings,
matters likely to affect employees, interests.
Infomiation of matters of concern to employees is given through infomiation bullelins and reports which seek to
achieve a common awarene55 on the part of all employees of the financial and èconom￿ factors affecbng the
group's perfomance.
The truste85 r
ort Was approved by the Board of Trustees.
M Asmith
Tru$te•
Date..

IPSWICH TRANSPORT MUSEUM CIO
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
The Iruslees. who are also the directors of Ipswich Transport MuseLJm CIO for the purpose of company law. are
responsible for preparing the Trustees Report and the financial statements in accordance thqth appli¢able law and
United Kingdom Accountin9 Standards (United Kingdom GenerallyAccepted Accounting Practice)
Company law requires the trustees lo 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 resourc£s, including the
income and expenditure, of the Charitable company for that year.
In preparing these financial slalemenls, the Iruslees are required lo..
select suitable accounting policies and then apply them CDnsistenlly',
observe the methods and principles in the Charities SORP.,
make iudgttmenls and eslimales that are reasonable and prudent",
slate whether applicable UK Accounting Standards have been followed, subject to any material departures
disclosed and explained in the financial statements., and
prepare the financial slatements on the going concern basis unless it is inappropriate to presume that the Charity
will wnlinue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any lime the financial position of the Charity and enable them lo ensure that the financial slalemerrts comply with
the Companies Act 2006. They are also responsible lor safeguarding the assets of the Charity and hence for taking
reasonable steps for the prevention and detection ol fraud and other irregularities.

IPSWICH TRANSPORT MUSEUM CIO
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF IPSWICH TRANSPORT MUSEUM CIO
I report to the trustees on my examination ol the financial statements of Ipswch Transport Museum CIO Ithe
Charity) for the year ended 28 February 2025.
Responsibilities and basis of report
A5 the trustees of the Charity land also ils directors for the purposes of company lawl, you are responsible for the
preparation ol the financial statements in accordance with the requirements of the CompaniesAct 2006
Having satisfied myself that the financial slalernenls of the Charity are not required lo be audit￿1 under Part 16 of
the Companies Act 2006 and are eligible for independent examination, I report in ￿SpeCt of my examination of the
Charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my
examination I have followeL* the Directions given by the Charity Commission under section 14515llbl of the Charities
Act2011.
Independent examinerfs statement
I have completed my examination. I confirm that no rnatlers have come lo my attention in connection with the
examination giving me cause to believe that in any material respect".
accounting records weie not kept in respect of the Charity as required by section 386 of the Companies Act
2006.
the financial slalements do not accord with those records.. or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act
2006 other than any requirement that the financial statements give a true and fair view, which is nc* a matter
considered as part of an indepenclenl examination.. or
the financial slalemenls have not been prepared In accordance with the methods and principles of the
Slalemenl of Recommended Practice for ac¢oLJnling and reporting by charities applicable to Charities
preparing their financial statements in accordance with the Financial Reporting Siandard applicable in the UK
and Republic ol Ireland IFRS 1021.
I have no concerns and have come across nts other matters In connectlDn with the examination to which attention
should be drawn In this report in order to enable a proper understsnding of the financial slalemenls to be reached.
Mrs H Rumsey, FCA
Ensors Accounlanls LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Dated".
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IPSWICH TRANSPORT MUSEUM CIO
BALANCE SHEET
ASAT 28 FEBRUARY2025
2025
2024
Notes
Fixed assets
Tangible assets
Inveslments
11
12
124.719
391
152.245
391
125.110
152.636
Currènt assèts
Debtors
Cash at bank and in hand
13
11.201
526.840
5,943
467.650
538.041
473.593
Creditors: amounts falllng du• wtthin
one year
14
{24,4271
118,472}
Net current assets
513,614
455,121
Totsl assets less current liabilities
638,724
607,757
The funds of th• Chafity
Restricted incomè funds
Unrestricted funds- general
Unrestricted funds- Heading #8¢997
15
17
16
116.374
328,674
193,676
62,406
351,675
193,676
638.724
607,757
The company is entiued tts the exemption from Ihe audit requiremènt contsined in section 477 of the Ci)mpanies Act
2006. for the ye8r ended 28 February 2025.
The directors acknow18dge theif ￿SpOnsIbl1$￿'eS for complying with thè requirements of the Companies Act 2006
with respect to 8¢counling records and the preparation of finan¢i81 slatemenls.
The members have not required the company to obtain an audit of its finan¢ial statements for the year in question in
accordan¢e with sedion 476.
These financial statements have been prepared in accordance with the provisions applbcable to companies subject
to the small u)mpanies regime.
The financial statements were approved by the trustees on .........
B Slmpson
Trnstee
MASmith
Tntstèe
Company ￿gIstratIon number CE030774 {England and Wales)
10-

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY2025
A¢countlng policles
Charity information
On the 20 Septembor 2022 the company converted from a Company Limited by Guarantge to a Charrtable
incorpordled Or9anisation.
Ipswich Transport Museum CIO is incorporated in England and Wales. The registered Offi￿ is Old TToSleybus
Depot, Cobham Road, Ipswich, IP3 9JD.
1.1 Accountlng conventSon
The financtal stslements have been prepared in aco)rdancE with Aecotsnting and Reporting by Ch8nties.'
Ststement of Recommended Pfactice applicable to charities preparing their accounts in accordance wlh the
Financial Reporting Standard for Smaller Enlrties Pu￿lsh*d on 16107114, the Financial Repo￿￿9 Standard for
Smaller Entities (effective January 20151 and the Companies Act 2006. Assets and liabilities ave inrtially
recognised at historical cost or tsansactson value unlvss othe￿iSe stated in the ielevant acc4)unting pdicy
The financial stst8ments arè prepared in steding, whith is the functional currency of the Charity. Mon$tsry
amounts in these financial statements are fovnded to the nearest £.
The finanaal statements hav$ been prepared under the historical cost convention, Imo(ttfieil to indud8 the
rèvaluation ol freehold properties and to include investment propeTbes and certain financial instruments at fair
valuel. The principal accountsng pdiaas adopted are set out below.
12 Going concérn
These accounts have been pr•p8red on a going con(Ym basis subject lo the impact Ihat the ongoing COVID
19 pandemic mighl continue to have on the Charity. The Govemment havè recenuy confirmed the date wth
which social distancing restrictions will b8 lifted in the UK giving genuine hope that a retum to norm81
operation for the charity can soon ¢ommence. At th& b.me of approving the finanryal 5tstements, the trustees
have a reasonable expectatson that the Charity has adequate resources to continue in operaliorlal existence
frjr the forèseeable future. Thus the trustees continue to adopt thè going concem basis of accounts.ng in
preparing the financial statemenls.
1.3 Chariiable funds
Unrestricted fvnds are available for use at the discrebon of the tNslees in fvrtherance of their charitablo
objethves.
Restri¢tsd funds are subjecl to specific conditions by donors or grantors as to how they may be used. The
purposes and uses of the restricted funds a￿ set out in the notes to thè financial ststemenls.
1.4 In¢omlng r•sources
Income is recognised when the Charity is legalty entiued to it after any perf0m￿nCe conditions have been
met. th& amounts can be measured relFably, and it is probable that income will be r$cèN8d.
Cash donations are rècognised on receipt. Other donations arè recognised once IhÈ Charity has been notified
of the donation, unless perfom)an¢e condits'ons require deferral of the amount. Incorne tsx rgcoverable in
relab.on to donalt"orTrs received under Gift Aj'd or deeds of covenant is recognised al the lime of the donats"on.
Legacies are recognised on rÈ¢eipt or otherwse if the Charity has beèn notified of an impending distribution.
the amount ss known, and re￿Ipl is expected. If the amount is not known, the legacy is treated as a
(x)nts'ngent asset.
Grants are Tecogni$811 wher* the charity is entiued to receipt.
11

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
Accounting policFèS
Icontlnuedl
1.5 Resources expended
Expenditure is rècognised once there is a legal or ¢onstructive obligation lo Iiansfer economic benefit to a
third party, it Is probable that a transfer of economic benefits will be required in settlement, and the amount of
the obligation can be measured reliably.
Expenditure is classified by aclivily. The costs of each activity are made up of Ihe tot81 ol dired costs and
shared costs, including support costs irivolved in undertaking each activity. Direct costs altribulable to a single
activity ale allocated directly lo that activity. Shared costs which conliibute to more than one activity and
5UPPQrt costs which are not atlribulable lo a singlè activily are apportioned between those activities on a basi5
con51Stent with the use of resources. Gentral staff costs are allocated on the basis of time spent, and
depreciation chaiges are allocated on the portion of the asset's use.
Expendilvre is iecognised once there is a legal OT constructive obligation lo make 3 payment to 8 third party, it
15 probable that settlement will be required and the amount ol the oblioalion can be measured reliably.
1.6 Tangible fixed assèts
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depie¢iation and any impairment losse5.
Depreciation is recognised so 85 to write off the cost or valuation of assèts less their residual values over their
vsefLJI lives on the following bases..
Land and buildings
Leasehold Property
Straight line ba51s over 20 years
Straight line basis over the lease term of 25 years from June
2001
20.10 on reducing balance
20tyA on reducing balance
Plant and ma¢hinery
Fixture5. fillings & equipment
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset. and Is recognised in the stalernént ol financial activitie5.
1.7 Fixed asset Investments
Fixed asset investments are initially measured al transaction price exduding transaction eosls, and are
Subsequently measured al fair value at each reporting dale. Ghanges in fair value are recognised in net
incomellexpendilurel for the year. Transaction costs are expensed as incuired.
A subsidiary is an enlily controlled by the Charity. Control is the power to govern the financial and operating
policie5 of the entity so as lo oblain benÈf1ts from its activities.
1.8 Impalrment of fixed asset5
At each reporting end dale, the Charity reviews the cairying amounts of its tangible assets to determine
whether there 15 any indiGation that those assets have suffered an impairment 1055. If any such indication
exists, the recoverable amount of the asset is estimated In older to determine the extent ol the impaiment
loss lif any).
12-

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
A¢¢ounting policies
Icontinuèdl
Recoverable atnounl is the higher of fair value less costs lo sell and value in use. In assessing value in use,
the estimated lulure cash flows ale discounted lo their present value using a pre-tax discount rate that reflects
current market assessments of the lirne value of money and the risks specific lo the asset for which the
estimates of future cash flows have not been adjusted.
If the rÈcoveiable amount of an asset is estimated lo be less than its Carrying amount, the carrying amount of
the asset Is reduced to Ils recoverable amount. An impairment loss Is recognised immediately in incomel
lexpendilurel for the yeai, UT)less the relevant asset is carried al a revalued atnount, in which case the
impaiiment loss is treated as a revaluation decrease.
Recogr)ised impairrnenl losses are reversed if, and only if, the reason5 for the impairment loss havè ceased
to apply. IM)ere an Impairment loss subsequenlly reveisès, the carrying amount of the asset is increased to
the revised estimate of ils recovérable amount, but so that the Increased carrying amount does not exceed
the carrying amoLJnt that would have been determined had no irnpairmenl loss been recognised for the asset
in prior years. A reversal ol an Impairment loss is recognised immediately, unless the relevant asset is carried
in at a revalued amount. in which case the réversal of the impairment loss is treated as a revaluation
increase.
1.9 Cash and cash equivalents
Cash and oa5h equivalents include cash in hand. deposits held al call with banks, other short-term liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
1.10 Financial instruments
The Chaiity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Other Financial Instruments Issues, ol FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balancè sheet when the Charity becomes party to the
contractual provisions of the instrument.
F￿nanCIal assets and liabilities are offset. with the net amounts presented in the financial staternents. when
there is a legally enforTrable right to set off the rècognised arnounls and there is an intention to settle on a
net basis or to realise the asset and settle the liability Simultaneously.
Basie financial assets
Basic financial assets, which Include debttsrs and cash and bank balances, are initially measured at
transaction price includillg tr8nsaclion costs and are subsequently carried at amortised cost using the
effective Interest method unless the arrangement conslitules a financing Iiansaction. where the transaction is
measured al the present value ol the future receipts discounted al a market rale ol interest. Financial assets
cla55ified as receivable within one year are not amortised.
Basic financlal liabilities
Basio financial liabilitiès, including creditors and bank loans are Initially recognised at transaction price unless
the arrangement con51ilules a linaneing Iransaclion, where the debt instrument is me85ured al the present
value of the future payments discounted at a market rate of Inleiest. Financi31 liabilities classified as payable
within one year are not amortised.
Debt instrkjmenls are subsequently carried at amortised cost. using the effective inlerest rale method.
Trade creditors are obligations lo pay lor goods or services thal have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Tr8dè creditors are recc)gnised initially at
transaction price and subsequently measured al amortised cost Ljsing the effedive inlèièsl method.
13

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
Accounting policies
(Continued)
Dèrècognltion of financial liabilities
Financial liabilities are derecognised when the Charity's conlradual obligats'ons expire or are discharged or
cancelled.
Crkti¢al a¢counting •Stlmates and judgements
In the application of the Charity's accounting policies. Ihe tiustees are required lo make judgements.
eslimales and assumptions about the carrying amount ol asse15 and Iiabililies that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered lo be relevant. Actual iesults may differ from these estimates.
The eslirnales And underlying assumptions are rewewed on an ongoing basis. Revisions lo accounting
estimates are recognisèd in the period in which the estitHate is revised where the ievision affects only that
period, or in the period of the revision and future periods where the revision affects both current and fuluie
periods.
Incom• from donations and legacies
Unrestricted Restricted
funds
funds
2025
2025
Total Unrestri¢ted Rèstricted
funds
funds
2024
2024
Total
2025
2024
Donations and gifts
25,720
34,029
59,749
21.926
20.345
42,271
14-

o r4J
c 0>

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
Income from investments
unrestricted Unrestricted
funds
funds
2025
2024
Interest receivable
15,993
13.393
Expènditure on charitable activities
Charitable
acts"vities
2025
Charitable
activities
2024
Direct costs
Depreciation and impaiment
Prernises expènses
Exhibit costs
Operating Museum Vehicle5
Publicity
28,111
34,261
9,258
11,771
427
29,639
34,318
18,918
7.418
890
83.828
91,183
Share of support and governance costs (see note 71
Support
Governance
17,894
1,225
16.661
1.055
102,947
108,899
Analysis by fund
Unreslricled funds
Restricted funds
92,386
10,561
87,846
21,053
102,947
108,899
16-

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
Support ¢osts allocatèd to activities
2025
2024
Depreciation
Telephone
Postage, stationery and printing
Computer expenses
Subscriptions
General insurance
Miscellaneous
Governance costs
1.115
839
1,566
906
307
5,400
7.761
1.225
972
560
1.431
1,768
267
4,629
7,034
1,055
19,119
17.716
Analysed bets¥tèn'.
Charitable activities
19,119
17.716
Net movement in funds
2025
2024
The net movement in funds is statert after chargingllcreditin91..
Fees payable for the independent examination of the Charity's financial
statements
Depreciation of owned tangible fixed as5els
1.225
29,226
1,055
30,611
Trustees
None ol the Iruslees lor any persons connected with them) received any remuneration during the year.
10 Employees
The average monthly number of employees during the yÈai was.
2025
Number
2024
Number
Total
Theiè were no employees whose annual rémuneralion was more than £60,000.
17-

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
11 Tangible fsxed assets
Land and
buSldinys
Leasehold
Property
Plant and
machlnery
Fixtures,
rittings &
oqulpmont
Total
Cost
Al 1 Maich 2024
328,123
209.439
20,114
8.375
566.051
At 28 February 2025
328,123
209,439
20.114
8,375
566,051
Depreciation and impairment
At 1 March 2024
Depreciation charged in the year
196,812
16,401
192.912
11,605
14,775
1,066
7,607
154
412.106
29.226
Al 28 February 2025
213,213
204,517
15.841
7,761
441,332
Carrying amount
Al 28 February 2025
114,910
4,922
4.273
614
124.719
At 29 February 2024
131.311
16,527
3,639
768
152,245
12 Fixed asset investments
Other
investments
Cost or valuation
At 1 March 2023 & 28 February 2024
391
Carrying amount
Al 28 February 2025
391
At 29 February 2024
391
18-

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
12 Fixed asset InvÈ5tments
(Continued)
202S
2024
Othei Investments comprise..
Notes
Investments in subsidianes
20
391
391
13 Dèbtors
2025
2024
Amounts fa114ng due within ont year..
Other debtors
Prepayments and accrued incomè
702
10.499
1,095
4,848
11.201
5,943
14 Creditors.. amounts falling due within onè year
2025
2024
Accruals and deferred income
24.427
18,472
15 Restricted funds
The restricted funds of the ch8rity comprise the unexpended balances of donations and gran15 held on tiust
SLtbjecl lo specific conditions by donors as lo how they may be used.
At 1 March
2024
Incoming
resources
Resource5
expended
Transfèrs
At28
Ftbruary 2025
Building fund
Archives
Restoration projects funds
14.410
639
47,357
14.9121
1691
{5,580}
9,498
1.498
105.378
928
48,101
15,500
62.406
49,029
110,5611
15,500
116.374
Previous year:
At 1 March
2023
Incoming
resourcès
Resources
expendèd
Transfers
At29
February 2024
Building fund
Archives
Restoration projects funds
19.322
562
36,582
14,9121
11471
115.9941
14,410
639
47,357
224
20.121
fj.648
56,466
20,345
121.0531
6,648
62,406
19-

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
15 Restricted funds
(Continued)
The Building Fund represents the grant from the Heritage Lottery Fund toward5 the Leasehold Improvements
and is being written off over the period ol the lease.
The other Resloralion Funds represent donations and grants towards the restoration of these assets less
expenditure lo dale.
16 Unrestricted funds-
These are unreslricled funds which are material to the Ch8rrty s actiwlies.
At 1 March
At28
2024Fèbruary 2025
Special projects
Museum Development fund
43,676
150.000
43,676
150,000
193.676
193,676
Previous year:
At 1 March
At29
2023 February 2024
Special projects
Museum Oeveloprnenl fund
43,676
150,000
43,676
150,000
193,676
193,676
17 Unrestricted funds
The unrestricted fund5 of the charity comprise the unexpended balances of don8lion5 and grants which are
not subject to specific conditions by donors and grantors as lo how they may be used, These include
designated funds which have been set aside oul ol unrestricted funds by the trustees for specific purposes.
At 1 Mar¢h
2024
Incoming
resources
Resour¢es
expended
Transfers
At28
Fèbruary 2025
General fund5
351.675
84,885
192.3861
115,5001
328.674
Previous year..
At l March
2023
Incoming
resourcès
ReSou￿e5
expended
Transfers
At29
February 2024
Gèneral funds
382,103
84.066
187,8461
16,6481
351.675
-20-

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED>
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
18 Analysis of nèt assets be￿een funds
Unrestrictèd
funds
Matsrial
funds
Heading
#a¢997
2025
Restrfcted
funds
Totsl
2025
2025
2025
At 28 Fèbruary 2025:
Tangible assets
Investtnents
Current assetsllliabililiesl
124.719
391
203,564
124,719
391
513,614
193,676
116.374
328,674
193.676
116,374
638.724
Unrestricted
funds
Material
funds
Heading
#a¢997
2024
Restricted
funds
Total
2024
2024
2024
At 29 February 2024-
Tangible assets
Investments
Current asselsllliabililiesl
152,245
391
199,039
152.245
391
455.121
193,676
62,406
351,675
193,676
62.406
607.757
19 Related paty transactions
There were no disclosable related party transactions during the year12024- nonel.
20 SubsidiariÈ$
Details of the Chaiity5 subsidiaries al 28 February 2025 aré as follows..
Name of undertaking
Registered
office
Nature of business
Class of
shares held
°/u Held
Direct Indirect
Ipswich Transport Museum England & Wales Tèa shop and Gift shop
Services Ltd
Ordinary
100.00
21

IPSWICH TRANSPORT MUSEUM CIO
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUAR Y 2025
20 Subsidiaries
Icontinuèdl
The aggregate capital and reserves and the result for Ihe year of subsidiaries excluded from consolidation
was as follows..
Name of undertaking
ProfitllLos51 Capital and
Resèrvès
Ipswich Transport Museum
Services Ltd
397
22-