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.
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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
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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
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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
Tra￿Y 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
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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 rec0rnmen￿d, 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 pro1￿1$ 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 qUarter￿Y 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 ex￿lIent 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.
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The Transport Trust - Trading as the National Transport Trust
Trustees. Report continued
The Trust's comprehensive website lAn￿W.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 eXperIen￿d 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 be￿een 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.
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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
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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
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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
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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
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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
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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.
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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