The Transport Trust Annual Report and Financial Statements Year Ended 31 October 2021 Company registration number.. 1509733 Charity registration number.. 280943 Trading as the National Transport Trust Supporting the preservation of our Transport Heritage. Comprehensive infonTtation on the Trust, its initiatives to preseNe our Transport Heritage, and to join or donate, can be found on our web site www.nationaltransporttrust.org.uk. Page | I
The Transport Trust - Trading as the National Transport Trust Patron: HRH Anne, Princess Royal President: Judy, Lady McAlpine Dgputy President.. David Morgan MBE TD Vice Presidents: Sir Gerald Acher CBE Air Chief Marshal Sir John Allison, KCB. CBE,ADC,FRAeS Richard Muir Beddall John Cameron Denis Dunstone Lord Glendonbrook CBE Tony Hales CBE Bryan Healley TD The Rl. Hon. Lord Heskelh KBE, PC Sir Torquil Norman CBE Stephen Middleton Ralph. Lord Monlagu The Lord O'Neill TD Air Chief Marshal Sir John Rogers, KCB. CBE, FRAeS Phil Samson S Martin Summers Dr Pete Waterman OBE Allan Vvinn John Yellowlees Page | 2
The Transport Trust - Trading as the National Transport Trust Contents Reference and Administrative Details 4105 Trustees, Report 61011 Slalemenl of Trustees, Responsibilities 12 Independent Examiner's Report 13 Statement of Financial Activitie5 14 Balance Sheet Notes lo the Financial Statements 16to25 Page | 3
The Transport Trust - Trading as the National Transport Trust Reference and Administrative Details Trustees Stuart Wilkinson, Chairman John Broad Paul Brook Leon Daniels (Seconded September 2021 and Ralffied al the AGM November 20211 Keith Gibbins Christopher Heaps Anne Hughes (Seconded September 2021 and Ratrfied al the AGM November 2021) Michael Lunch Stephen Middleton (resigned June 20211 Robert Owen TraY Parkinson (resigned June 20211 Robert Pleming FRAeS (Sadly died February 20211 Robert Shorlland-Ball Peter Stone TD Jerry Swrft Peter Waller Roy Watts MBE Senlor Management Team Jon Jolliffe, Off1ce Manager David Morgan MBE TD. Secretary Fl'chard Norlon, Treasurer Principal Offlce First Floor Old Bank House 26 Slalion Approach Hinchley Wood Surrey, KTIO OSR The charity is incorporated in England. Pagel 4
The Transport Trust - Trading as the National Transport Trust Reference and Administrative Details Company Reglstratlon Number 150g733 Charity Registration Number 280943 Bankers CAF Bank Ltd 25 King Hill Avenue Wesl Malling Kent ME19 4JQ Lloyds TSB P.O.Box 100 Andover BX1 1LT CCLA Investment Management Ltd COIF Charity Funds 80 Cheapside London EC2V 6DZ Independent Examingr Francis Clark LLP North Quay House Sutton Harbour Plymouth Devon PL4 ORA Pagel 5
The Transport Trust - Trading as the National Transport Trust Trustees. Report The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 October 2021. Objectives and activities Objects and aims The Trust is the United Kingdom's only national charity whose aim is lo promote and support the conservation of Britain's air, water, rail and road transport heritage. The aim of the National Transport Trust is lo promote and encourage awareness, preservation and the use of Britain's transport heritage in all of its forms. In the furtheran of these aims, the Trust sets out lo promote and facililale co-ordination of the transport preservation movement. The Trusl also lobbies on behalf of transport heritage related mallers. The Trust makes financial grants and loans lo those undertaking transport heritage restoration projects and recognises personal effort and achievement through ils annual awards. In addition the Trust marks siles of transport significance by means of a plaque (Red Wheel) scheme which is backed by an online database. Britain's place in the history and development of transport is second lo none,. the Trust's aim is lo ensure that future generations have the opportunity lo study and enjoy our achievernenls in water, road, rail and air transport, by preventing the loss of irreplaceable relics and material and providing accommodation and maintenance facilities for those that are saved. The Trust offers practical advice and financial assistan and seeks lo increase public awareness of the achievements and needs of the transport heritage sector. The Heritage Lottery Fund and others have in the past made use of the Trust's unique knowledge of all aspects of transport preserv8tion. PubliG benefit The Iruslees have reviewed the objects, goals, and Services of the charity in the light of this requirement and can confirffl that The Transport Trust serves the public benefit. Thi5 Tru51ees' Annual Report continues lo evidence how the charity strives lo meet needs. The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission for England and Wales. Review of the year The Trust has incurred nel expenditure of £27,468 on unrestricted funds {2020.' £5,284) and nel income of £4,390 on reslricled funds for the year {2020'. nel expenditure £6,500). The balance held in unreslricled funds as al 31 October 2021 was £230,594 12020.. £258,062) of which £4,220 12020.. £4,220) is represented by fixed assets and is not therefore readily available. The balance held on reslricled funds al the year-end was £11,14012020.. £6,750). One of the Trust's main projects - The "Red Wheel" Transport Heritage plaques scheme, continues lo increase ils coverage 8nd with the release of Covid-19 reslriclions, we are catching up oll our unveilings. This project raises both the profile of the National Transport Trust within the transport preservation world, bul also exposes the history of the siles themselves. The Iruslees meet four limes a year, nominally in the London Area. This year online meetings via zoom have continued for some of these meetings. Pagel 6
The Transport Trust - Trading as the National Transport Trust Trustees. Report continued Covid-19 and its impacts continue lo have an impact and the Transport Heritage sector has been hil financially. The Trust has throughout this year, been keeping in touch wilh our Affiliate members an representing their interest through lo Government via the Heritage Alliance. We have tried lo ensure the voice of mobile heritage has been heard and we were pleased lo see the level of support given to our sector. For the Trust, Covid-19 impacls again caused the cancollalion of our AGM weekend. We were though able lo hold our 2020 and 2021 awards ceremony al Fawley Hill in October 2021. Our"Trading as" name We continue lo move toward our aim of Iransilioning lo a legal entity called National Transport Trust la CIO Association model). The first stage was lo adopt a "trading as. name of National Transport Trust. We are now progressing the second stage. the conversion of the current charity into a CIO called National Transport Trust. Annual Awards A major part of the Trust's work is lo support restorers and lo recognise their worth,. each year we make personal recognillon awards and resloralion awards. The restoration awards are linked lo a donation lo these projects lo assist them lo completion. £13.500 was donated for the 2021 Restoration awards. From 2012 10 2021 the Tru51 has expensed approximately £178,000 from reserves on the awards programme and of this approximately £135.000 has been actual donations lo the many resloralion projects supported, £9,200 was donated via special awards and £5.000 donated lo young preservalionisls of the year. The joint 2020 and 2021 awards ceremony was hosted by our President, Lady Judy, al Fawley Hill. Our patron, HRH Princess Anne, was able lo attend and lo present the Awards to many of our award winners. The Preservationist of the Year award- the Trust's highest honour- this year went to Karl Carter for his lead in the field of heritage engineering. training and skills. Two Lifetime Achievement Awards were announced, the first lo Chris Coopef, for his contribution lo the Bluebell railway since 1959. and in particular lo ils carriage cleaning. The second Award was made to Andrew Semple for his 50-year involvement in the Steam preservation movement, lalledy via NTET. Our Young Preservationist of the Year award went lo Jacob 'Jake" Bullock for his work in restoring a WW2 Jeep. More information on award winners can be found on our web site www.nalionallrans ortlrusl.or Page | 7
The Transport Trust - Trading as the National Transport Trust Trustees. Report continued Vlsltslevents programme The visits programme, comprising around a dozen visits each year, allows Trust members lo visit many locations mainly in the South and the Midlands. In late 2021 our visits rec0rnmend, and we had trips lo the Chinnor and Princess Risborough Railway as well as the Bluebell Railway. We visited the east Anglia Transport Museum and Whilewebbs rnuseum of Transport. M8ny thanks musl go to our visit organisers - Alan Wallwork, Richard Peregrine. Mike Trapp and Jon Jolliffe for their efforts in trying lo keep visits going. Annual General Meeting and weekend of vlslts The AGM venue this year was lo be cenlred in Soulhend bul again Covid-19 caused the AGM weeken lo be cancelled as we could not secure the size of booking we require. A virtual AGM was evenlually held via Zoom in early November 2021. Flnances, Fundlng and Support The Trust's underlying position remains capilal-rich bul regular income-poor. Regular income is from membership subscriptions and individual generous one-off donations. Most operating Costs are covered by this regular income, bul our Resloralion Awards and Red Wheel programmes are funded from our reserves. Legacies, therefore, remain an important source of funding for the Trust. We take the opportunity on a regular basis to remind members of the opportunity lo support the awards and Red Vvheel programmes via legacies. The Trust continues lo seek good low-risk returns on ils long-lerm funds. We do make loans lo affiliate members for qualifying pro11$ al interest rates beneficial to both parties. The Trust has two affiliate loans in place al the end of the financial year. The first supports the Locomotive Conservation and Learning Trust, which trains young persons in the skills needed to restore and conserve r2ilway artefacls. Training the next generation of restorers is a key p8rt in ensuring the future viability of the Heritage Railway movement. LCLT also provides technical support to locomotive owners and groups. The second loan is lo the Gwili Vintage Carriage Group which has enabled them lo complete the purchase of a Ransom Crane from the National Railway museum. The tangible assets of the Trust, shown in the accounts al £4,220 is the silver model of SS Great Britain awarded lo the Preservationist of the Year annually. The Trust also owns the 1830 built Locomotive Invicla. This asset was purchased in 1977 for the sum of £1, to afford il future protection. The locomotive has been on show for some years al Canterbury Heritage Museum in Kent and has now been successfully moved lo the Whilslable Museum. The adminislralive work of the Trust makes maximum use of electronic communications and cloud- based systems lo reduce postage and other costs lo a minimum. Our move lo online systems has worked well for us during the lockdowns. The Trust's activities are undertaken entirely by volunteers without whom the Trust would not be able lo carry out its work. Trustees wish lo express their gratitude lo this small loyal group. Pagel 8
The Transport Trust - Trading as the National Transport Trust Trustees. Report continued Heritage Alliance The Trust is a member of The Heritage Alliance, the biggest alliance of heritage interests in the UK. The Alliance acts as an aulhorilalive, respected, and influential advocate for the non-governmenl heritage se¢lor,' il plays a pivotal role in the heritage sector and beyond., and connects heritage with the big issues in 21st century society. The Trust has a key input into the Mobile Heritage Advocacy Group via Trust Chairman Stuart Wilkinson who chairs this group. The Trust is also a member of the Heritage Fuels Alliance which was formed lo lobby on behalf of the mobile heritage sector in the context of the UK Government's plans lo ban the burning of coal in non- industrial applications and was successful in securing an exemption for mobile heritage. Membershlp Membership of the Trust has reduced slightly during the year- the average age of core Trust members is quite high, but recruitment activity and the ability lo join online via the Trust's new website should deliver benefits in the longer term. The Trust's membership recruitment leaflet is circulated widely. We had 8t end October 2021, 41912020 4371 members of which 12112020.. 128} are lifelhonorary members, 76 {2020'. 791 affiliate organisalion members from within all spheres of the transport preservation arena and 22312020.. 2301 individual members. Transport Herltage Database and Red Wheels The Trusl maintains a comprehensive searchable online database of transport heritage siles on a national basis. This database is fully accessible from our Transport Trust web sile at www.nalionallransporllrusl.org.uk. Siles which are of profound Transport Heritage importance, either nationally or inlernalionally, are progressively being marked with a Transport Trust Heritage plaque (Red Wheel). The Plaques show a web sile link which lakes members of the public lo the Red Wheel section of our web sile where further information on the sile Can be found. The web site link being.. htt s."Ilww nalionallrans orllrusl.or previous bul still active link of www.trans ortherita e.com This initiative started in 2009 and since then we have had 151 plaques m8nufaclured, most of which have been installed. Over this period a lolal of approximately £61,000 has been expended by the Trust on this project and many thanks musl go lo Peter Stone for driving this project and lo those who have assisted him. In 2020121 18 new plaques were delivered lo siles and we have been catching up on our inslallalions and unveilings, following the delays caused by the impacts of Covid-19. We have also in the year installed 5 QR code plaques al current Red Wheels sites, with 4 more in progress. We are then going lo monitor the usage of the QR codes and if the feedback is posilNe we will roll out rnore. .uklred-wheelslred-wheel-sites, or the Transport Digest and Website The Trust's qUarterY Transport Digest has content and quality of a very high standard for a special- interest magazine. We constantly seek ways lo increase the distribution of the magazine, not only lo meet our educational objectives, bul also because the magazine acts as an exlIent ambassador for the Trust. Members of the Trust can access, and download, all past copies of these digests via our web sile and also ils predecessor publications. A search function also exists lo aid research. Page | 9
The Transport Trust - Trading as the National Transport Trust Trustees. Report continued The Trust's comprehensive website lAnW.n8t1ona[iranS orllrust.or .uk, which went live at the beginning of 2017, continues lo be enhanced. The sile works seamlessly with Smartphones, Tablets and Pcs. The website includes the Red Wheel and Transport Heritage databases and also supports our membership records. The web sile has a specific member's area, where past copies of Digest Magazine can be searched and downloaded, as well as membership records updated and for affiliate members. we have just introduced micro web siles so they can increase their own web presence. The Communication Sub-committee has the responsibility for guiding the Digest and Website. Reserves Pollcy The Trust aims lo maintain a minimum reserve of the equivalent of years, operating costs. The rationale is that a period of two years would be enough lime for Iruslees lo decide how lo deal with a life-threalening problem and lo irnplemenl the identified actions. Al the 31 October 2021 £230,594 was held in unreslricled funds (Free reserves) which are sufficient for our needs. Golng concem The normal activities of the Trust have been éisrupted by the impacts of Covid-19. Some of our spending from 2020 was pushed into 2021 bul thankfully Covid had only a small impact on our individual membership. We have further enhanced our representation of the moving heritage sector, lo ensure it is supported financially during the lockdown period until recovery is possible. Our affiliate members continue to support our work even though many have eXperIend financial shortfalls. The level of free reserves are wholly sufficient lo cover the foreseeable future and the trustees consider thal there are no material uncerlainlies about the charity's ability to continue as a going concern nor any significant areas of uncertainly that affect the ¢arrying value of assets held by the charity. Therefore the accounts have been prepared on the going concern basis. Structuro, Governance and Management Nature of governing document The charity is lirlliled by guarantee, having no share capital. 11 is a registered charity. The charity was incorporated on 29 July 1980 and is bound by ils Memorandum and Articles of Association. Recruitment and appointment of trustees The Board aims lo have Iruslees representing all forms of transport including railway, aviation, road vehicles {car, motorcycle and commercial}, military, maritime, waterway and agricultural vehicles, keeping a balance of interest beeen them. A Candidate will be discussed by the existing Iruslees. On approval he or she will be approached and asked as lo their willingness lo serve. A positive response will then lead lo nomination, 5econdmenl and appointing al the AGM, possibly following co-option if midway through the year. Leon Daniels and Anne Hughes have joined us through this process during the year and their appointments were ratified al our Zoom November 2021 AGM. Major risks and management of those risks The trustees of The Tmnsport Trust are fully aware of, and implement w)licies lo cover, any risks appropriate lo the charity. Page | 10
The Transport Trust - Trading as the National Transport Trust Trustees. Report continued The annual report was approvod by the Iruslees of the charity on by.. 1610212022 and signed on its behalf Stuart Wilkinson Chairman and Trustee Page | 11
The Transport Trust - Trading as the National Transport Trust Statement of Trustees. Responsibilities The Iruslees {who are also the directors of The Transport Trust for the purposes of company lawl are responsible for preparing the Iruslees, report and the financial slalemenls in accordance with the United Kingdom Accounting Stand2rds (United Kingdom Generally Accepted Accounting Practice} and applicable law and regulations. Company law requires the Iruslees lo prepare financial slalemenls for each financial year. Under company law the Iruslees musl not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of ils incoming resources and application of resources. including ils income and expenditure, for that period. In preparing these financial slalemenls, the Iruslees are required lo.. select suitable accounting policies and apply them consislenlly,. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls., and prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy al any lime the financial position of the charitable cornpany and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Iruslees are aware= there is no relevant accounts information of which the charitable company is unaware,. and the Iruslees have taken all steps that they ought lo have taken lo make themselves aware of any relevant accounts information and lo establish that the accountant is aware of that information. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial slalemenls may differ from legislation in other jurisdictions. Approved by the Iruslees of the charity on 1610212022 and signed on ils behalf by.. Stuart Wilkinson Chairman and Trustee Page | 12
The Transport Trust - Trading as the National Transport Trust Independent Examiner's Report to the trustees of The Transport Trust I report on the accounts of the company for the year ended 31 October 2021 which are set out on pages 14 10 25. Respective responsibilities of trustees and examiner The Iruslees Iwho are also the directors of the company for the purposes of company lawl are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'lhe 2006 Acl'l. Having satisfied myseK that the accounts of the company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acl'l. In carrying out my examin8lion I have followed the Directions given by the Charity Commission under Section 145151 of the 2011 Act. Basis of independent examiner's report My examination was carried out in accord8nce with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a Comparison of the accounts presented with those records.11 also includes consideration of any unusual items or disclosures in the accourTrls and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as lo whether the accounts present a'lrue and fair view, and the report is limited to those mallers sel out in the slalemenl below. Independent examlnerfs statement In connection with my examination, no matter has come lo my attention.. 111 which gives me reasonable cause to believe that in any material respect the requirements= the accounting records were not kept in Tespecl of the Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records., or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter Considered as part of an independent examination,. or 121 The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. DaeiL Duncan Leslie FCA North Quay House Sullon Harbour Plymouth Devon PL4 ORA Dale.. 0110312022 Page | 13
The Transport Trust - Statement of Financial Activities Year Ended 31 October 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2021 2021 Note Income and Endowments from.. Donations. Grants and Legacies Charitable activities Trade Subscriptions Investment income 5,264 638 15,628 518 12,707 17,971 638 15,628 518 Total Income 22,048 34,755 Expenditurg on: Charitable activities 49,516 149,5161 8,317 18,3171 57,833 157,8331 Total Expenditure Nel lexpendilurel l income 27.468 127,4681 4,390 4,390 23,078 123,0781 Nel movement in funds Reconciliation of funds Total funds brought forward 258,062 6,750 264,812 Total funds carried forward 18 230,594 11.140 241,734 Unrestricted funds Restricted funds Total 2020 2020 Note Income and Endowments from.. Donations and legacies Charitable activities Trade Subscriptions Investment income 16,278 62 16,092 1,085 33,517 1,331 17,609 62 16,092 1,085 34,848 1,331 Total Income Expenditure on: Charitable activities 138,8011 138,8011 15,2841 17,8311 17,8311 146,6321 146,6321 111,7841 Total Expenditure Nel lexpendilurel 16,5001 16,5001 Nel movement in funds 15,2841 111,7841 Reconciliation of funds Total funds brought forward 263,346 13,250 276,596 Total funds carried forward 18 258,062 264,812 Page | 14
The Transport Trust - Trading as the National Transport Trust Balance Sheet- 31st October 2021 2021 2020 Note Fixed assets Heritage assets 13 4.220 4,220 Current assets Debtors Cash at bank and in hand 14 17,962 228,181 246,143 4,170 264,139 268,309 Creditors: Amounts falling due within one year 15 7.004 6,294 Net current assets 239,139 262,015 Total assets less current liabllltles 243,359 266,235 Creditors: Amounts falling due after more than one year 16 1,625 1,423 Net assgts 241,734 264,812 Funds of the charity: Reslricled funds 11.140 6,750 Unreslricled funds 230,594 258,062 Total funds 18 241,734 264,812 For the financial year ending 31 October 2021 the charity was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors, responsibilities.. The members have not required the charity lo obtain an audit of its accounts for the year in question in accordance with section 476., and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small Cornp8nies regime. The financial statements on pages 1410 24 were approved by the Trustees and aulhorised for issue on 1610212022 and signed on their behalf by.. Stuart Wilkinson Chairman and Trustee Company Registration Number.. 1509733 Page | 15
The Transport Trust - Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2021 1 Charity status The charity is a company limited by guarantee and consequently does not have share Capital. Each of the members is liable lo Contribute an amount not exceeding £1 towards the assels of the charity in the event of liquidation. 2 Accounting policies Summary of significant accountlng policies and key accountlng estSmates The principal accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consislenlly applied lo all the years presented, unless otherwise slated. Statement of compliance The financial slalemenls have been prepared in accordance with Aecounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, and the Companies Act 2006. Basis of preparation The Transport Trust meets the definition of a public benefit enlily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy notes. Golng concgrn The normal activities of the Trust have been disrupted by the impacts of Covid-19. with some of our 2020 spending being pushed into 2021 bul thankfully only a smal5 impact on our individual membership. We have further enhanced our representation of the moving heritage sector, lo ensure it is supported financially during the lockdown period until recovery is possible. Our afliliale members continue lo support our work even though many have experienced financial shortfalls. The level of free reserves are wholly sufficient to cover the foreseeable future and the Iruslees consider that there are no material uncerlainlies about the charity's ability lo continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Therefore the accounts have been prepared on a going concern basis. Income and endowments All income is recognised once the charity has enlillemenl lo the income, the income will be received, and the amount of the income receivable can be measured reliably. Page | 16
The Transport Trust - Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2021 Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and selllemenl dale. In the event that a donation is subject lo conditions that require a level of performance by the charity before the charity is enlilled lo the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfilmenl of those conditions is wholly within the control of the charity and il is probable that these conditions will be fulfilled in the reporting period. Legacy gits are recognised on a case-by-case basis following the grant of probate when the adminislralorlexeculor for the eslale has communicated in writing both the amount and selllemenl dale. In the event that the gift is in the form of an asset other than cash or a financial asset Iraded on a recognised stock exchange, recognition is subject lo the value of the gift being reliably measurable with a degree of reasonable accuracy and the tille to the asset havin9 been transferred lo the charity. Deferred inGome Deferred income represents amounts received for future periods and is released lo incoming resources in the period for which, il has been received. Such income is only deferred when.. The donor specifies that the grant or donation musl only be used in future accounting periods., or - The donor has imposed conditions which musl be mel before the charity has unconditional enlillemenl. Expenditure All expenditure is recognised once there is a legal or constructive obligation lo that expenditure, il is probable selllement is required and the amount can be measured reliably. All costs are allocated lo the applicable expenditure heading that aggregate similar costs lo that category. Charitablg activities Charitable expenditur6 comprises those costs incurred by the charity in the delivery of ils activities and services for ils beneficiaries. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Governance costs These include the costs attributable lo the charity's compliance with conslilulional and slalutory requirements, including audit, strategic management and Trustees, meetings and reimbursed expenses. T?xation The charity is considered lo pass th8 lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purpos&s. Accordingly, the charity is potentially exempt from laxalion in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains AGI 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. Tanglble fixed assets Fixed assets are included al cost. The Trust's policy 1$ not lo capilalise items under £250. Page | 17
The Transport Trust - Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2021 Heritage assets For financial slalemenl purposes, no value is allributed lo relics and collections donated lo the charity. Where these have been purchased by the charity they are initially recorded al cost. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as lo write off the cost or valuation. less any eslimaled residual value, over their expected useful economic life as follows.. Asset class Furniture and office equipment Library shelving Exhibition sland Trophies, relics and ¢ollections Depreciation method and rate 25 10 reducing balance 10 /0 reducing balance 25 /0 reducing balance Fund structure Unreslricled income funds are general funds that are available for use al the trustees, discretion in furtherance of the objectives of the charity. Reslricled income funds are those donated for use in a particular area or for specific purposes, the use of which is reslricled lo that area or purpose. 3 Income from donations, logacies and grants Unrestricted General fund Restricted funds Total 2021 Total 2020 Donations and legacies., Donations from individuals Grants Legacies 5,264 12,707 17,971 6,609 10,000 1,000 17,609 5,264 12,707 17,971 4 Income from charltable activities Unrestricted General fund Total 2021 Total 2020 Event income 638 638 62 S Income from Trado Subscriptions Unrestricted General fund Total 2021 Total 2020 Membership SLJbscriplions 15.628 16,092 Page | 18
The Transport Trust - Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2021 6 Investment income Unrestricted General fund Total 2021 Total 2020 Interest 518 518 1,085 7 Expenditure on charitable actlvltles Unrestricted General fund Restricted funds Total 2021 Total 2020 Grants and awards Cost of Digest Web sile project Red Wheel Heritage Scheme EvenVRaffle costs Spend on no 3 project Support costs (Nole 81 Governance costs (Note 81 13,584 10,910 3,528 7,873 623 510 14,094 10,910 3,528 9,680 623 6,000 11,146 1,852 57,833 17,767 10,800 {8781 4,232 285 1,807 6,000 11,146 1,852 49,516 12,643 1,783 46.632 8,317 £49,51612020 £38,801) of the above expenditure was allribulable lo unrestricted funds and £8,317 12020 £7,831) lo reslricled funds. During the year, the charity awarded £13,500 for restoration awards12020.. £16.0001. Page | 19
The Transport Trust - Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2021 8 Analysis of governance and support costs Support costs allocated to charitable a¢tivitig$ Other support costs Total 2021 Total 2020 Basis of allocatlon Management expenses Renl payable Slalionery, postage and telephone Insurance Computer and website costs Advertising 1,399 6,609 1,399 6,609 2,366 6,139 100. 1,119 464 1,119 1,425 434 100° 673 882 11,146 673 882 11.146 858 1,421 12,643 Govemance costs Unrestricted General fund Total 2021 Total 2020 Examination of the financial statements Other governance costs 1,799 53 1,852 1.799 53 1,770 13 1,783 9 Net {expendlturel Nel expenditure for the year includes.. 2021 2020 Independent examiner's fee 1,799 10 Trustees, remuneration and expenses No Iruslees, nor any persons connected with them. have received any remuneration from the charity during the year. Travel expenses of £1,71112020- £2,035) were reimbursed to 3 Iruslees12020.. 41 during the year. The use of Zoom for trustee meetings has reduced travel costs. Page | 20
The Transport Trust - Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2021 11 Taxatlon The Trust is a registered charity and is therefore exempt from laxalion. 12 Tanglble fixed assets Furniture and office equlpmenl Library shelves Exhibition stand Total Cost Al 1 November 2020 4,882 2,757 200 7,839 Al 31 O¢lober 2021 4,882 2,757 200 Depreciation At 1 Noverllber 2020 4,882 2,757 200 At 31 October 2021 4,882 2.757 200 7,839 Net book valug Al 31 October 2020 Al 31 October 2021 13 Heritage assets Trophies, relics and collectlons Total Cost Al 1 November 2020 4,220 4,220 Al 31 October 2021 4,220 4,220 Depreciation Al 1 November 2020 Al 31 October 2021 Net book value At 31 October 2020 4,220 4,220 At 31 October 2021 4,220 4,220 Page | 21
The Transport Trust - Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2021 The Trust has two asse15 in which it has an interest. The first 15 the steam locomotive Invicla, built in 1830 by Robert Stephenson and purchased by the Trust in 1977 for the sum of £1, to enable ils rescue from display on an exposed outdoor pedestal in Kent. The locomotive was then Teslored 10 1838 condition, funded by donations, and the locomotive was then loaned lo Canterbury City Council and pul on display al the Canterbury Heritage Museum. During 2019 it was successfully moved to a new location, the Whitslable Museum. The value of the locomotive is sel al zero in the Trust's accounts as il is an historic museum artefacl. For insurance purposes the Trust has agreed a value of £120,000 with the council bul consider, because the locomotive is a unique heritage object. il has no resale value. The second asset is a 1923 Garrett 10-lon steam road roller works number 34265 and named Consuelo Allen. This steam roller was sold lo the Long Shop Museum, Leislon, for £1 in 2008. The agreement stales that in the event of the Museum ceasing lo exist for any reason that il shall revert lo the Trust on the payment of £1. This asset again has no value assigned in the Trust's accounts. 14 Debtors 2021 2020 Prepayments Subscriptions Accrued income Other debtors 608 100 62 3,500 17,800 17,962 In March 2013 a loan of £3,500 was made to the Locomotive Conservation and Learning Trust. This loan is repayable over a period of 5 years al an interest rate of 3¥0 plus base rale per annum. This loan was extended in March 2018 for a further 5 years. In February 2021 a loan of £16,500 was made lo the Gwili Vintage Carriage Group for a 5 year period on a reducing balance basis, The loan was lo allow the Group to complete their purchase of a Cowans Sheléon Crane from the National Railway Museum. The loan is being repaid over a period of five years at an interest rale of 3.50/0 via a monthly hire agreement with the Gwili Railway. Debtors includes £14,50012020.. £3.5001 receivable afler more than one year. 2021 2020 Other debtors 14,500 3,500 Page | 22
The Transport Trust - Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2021 15 Creditors.. amounts falling due within ong year 2021 2020 Funds due lo RHRP Accruals Subscriplionslfees paid In advance 53 3,237 3,714 7,004 65 3,144 3,085 6,294 16 Credltors: amounts falling dug after ong yoar 2021 2020 Subscriplionslfees paid in advance 1,625 1,423 2021 Deferred income al 1 November 2020 Resources deferred in the period Amounts released from previous periods 1,423 202 Deferred income al 31 October 2021 17 Obligatlons under leases and hire purchase contracts Operating lease commitments Total future minimum lease payments under non-cancellable operating leases are as follows.. 2021 2020 Land and buildings Within one year 1.500 1,SOO Page | 23
The Transport Trust - Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2021 18 Funds Balance at 1 November 2020 Incoming resources Resources Balance at 31 expended October 2021 Unrgstricted funds General 258,062 22,046 49,514 230,S94 Restricted funds Forest of Dean Fund Friends of Number 3 Other donations 500 6,250 15001 16,0001 1.817 10,890 1,817 11,140 Total restrictgd funds 6,750 12,707 8.317 11,140 Total funds 264,812 34,753 57,833 241,734 Restricted Funds The Forest of Dean Fund held a balance of £nil as al 31 October 2021 12020.. £5001. This fund has been used lo fund awards lo Railway projects within ils awards programme. The Trust is assisting a group called the Friends of Number 3 in ils effort lo restore this locomotive. Al 31 October 2021 a balance of £11,140 was held12020.. £6,250), these donated funds can only be used for this purpose. An initial spend on this project of £6,000 occurred in November 2020. In 2021 donations of £1,807 were received toward the charity's Red Wheel initiative and £10 towards resloralion awards. These fund balances were fully expensed during the year. Balanco at 1 November 2019 Incoming resources Resources Balance at 31 expended October 2020 Prior Yoar Unrestricted funds General 263,346 33,517 138,8011 258,062 Restrlcted funds Forest of Dean Fund Friends of Number 3 Awards donation 2,000 6,250 5,000 13,250 11,5001 500 6,250 1,331 1,331 16,3311 17,8311 Total restricted funds 6.750 Total funds 276,596 34,848 146,6321 264,812 Page | 24
The Transport Trust- Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2021 19 Analysls of net assgts between funds Unrestricted General Funds 2021 Restricted Funds 2021 Total Funds 2021 Heritage assets Current assets Current liabilities Creditors over 1 year 4,220 235,003 17,0041 1,625 4,220 246,143 17,0041 1,625 11,140 Total net assets 230,594 11.140 241 734 Unrestricted General Funds 2020 Restricted Funds 2020 Total Funds 2020 Heritage assets Current assets Current liabilities Creditors over 1 year 4,220 261,559 16,294} 11,423} 4,220 268,309 16,2941 11,423) 6,750 Total net assets 258,062 6,750 264,812 20 Related party transactlons There were no rel8led party transactions in the year which require disclosure in the accounts. The Gharily is under the effective control of its Trustees. Page | 25
Management infomiation schedule The Transport Trust - Trading as the National Transport Trust Income and expenditure account for the year ended 31 October 2021 2021 2020 Recurring income Subscriptions Donations - unreslricled Donations - reslricled no 3 Donations- reslricled other Income Tax recovered Visits and meetings Raffle and sundries 15,628 2,093 10,890 1,817 3,171 638 16,092 2.189 1.331 3.089 62 34,237 22,764 Non-recurring incomè Legacies Gmnls 1,000 10,000 33,764 34,237 Expenditure Grants. awards, POTY Grants and awards restricted funds Management expenses Property costs S12tionery, postage, telephone Governance Cost of Digest Web sile project Web sile restricted funds Insurance Information Technology Advertising and Marketing Red Wheel Red Wheel reslricled funds Visits, meetings Spend on No 3 reslricled Raffle costs 13,584 510 1,399 6,609 1.119 1,852 10,910 3,528 11,199 6,568 2,367 6,139 1,425 1,783 10,800 11,3781 500 434 858 1,421 3.469 763 258 464 673 882 7,873 1.807 559 6.000 27 (57,8331 123,5961 28 490 146,6331 112,8691 948 137 Operating IDefi¢itl Bank Intere51 receivable Loan Interest receivable (Deficitl for the year Comprising.. Reslricled funds {23.078) 111,7841 4,390 (27,4681 16,500} 15,2841 Unreslricled funds Page | 26