National Transport Trust Annual Report and Financlal Statements Year Ended 31 October 2023 Charity registration number.. 280943 Supporting the preservation of our Transport Heritage Our 2023 Restoration Award winners JF Comprehensive information on the Trust, its initiatives to preserve our Transport Herrtage, and details on how to Join or Donate, can be found on our web site. www.nationaltransporttrust.org.uk Page | I
National Transport Trust Patron- Her Royal Highness The Princess Royal President- Judy, Lady McAlpine Deputy 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 Dunslone Lord Glendonbrook CBE Sir Kenelm Lee Guiness Bl Tony H21es CBE The Rl. Hon. Lord Heskelh KBE, PC Sir Torquil Norman CBE Stephen Middleton Ralph Lord Monlagu The Lord O'Neill TD Phil Samson Dr Pete Walerman OBE Allan Winn John Yellowlees Page12
National Transport Trust Contents Reference and Adminislralive Details 4105 Trustees. Report 610 10 Statement of trustees. Responsibilities Independent Examinerts Report 12 Sialemenl of Financial Activities 13 Balance Sheet Notes lo the Financial Stslemenls 161025 45$HAiLSOllc0 Page 13
National Transport Trust Reference and Administrative Details Trustees Sluarl Wilkinson, Chairman John Broad {resigned July 2023) Paul Brook Leon Daniels Keith Gibbins Christopher Heaps Anne Hughes Michael Lunch Robert Owen Robert Shorlland-Ball Peter Stone TD Jerry Swrft Peter Waller Roy Watts MBE Senior Management Team Jon Jollrffe, Office Manager David Morgan MBE TD, Secretary Richard Norton, Treasurer Principal Office First Floor Old Bank House 26 Slalion Approach Hinchley Wood Surrey. KT10 OSR The National Transport TTUSI, Effective 15 July 2022, was created from The Transport Trust as a Charitable Incorporated Organisalion ICIOI using the Association model and is incorporated in England and retained ils former charity number of 280943. Page 14
National Transport Trust Reference and Administrative Details Charity Registration Number 280943 Bankers CAF Bank Ltd 25 King Hill Avenue, Wesl Malling, Kent ME1g 4JQ Lloyds TSB P.O.Box 100, Andover, BX1 1LT CCLA Investment Management Ltd COIF Charity Funds 1 Angel Ln, London EC4R 3AB Independent Examiner Francis Clark LLP Unil 18, 23 Melville Building East, Royal William Yard, Slonehouse, Plymouth, Devon PL1 3GW Page | 5
National Transport Trust Trustees, Report The trustees present the annual report together with the financial slalemenls of the charity for the year ended 31 October 2023. Objectives and activities Objects and aims. The Trust is the United Kingdom's only national charity whose sim 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 to promote and encourage awareness, preservation and the use of Britain's transport heritage in all its form. In the furtherance of these aims, the Trust sets out lo promote and facililale co-ordination of the transport preservation movement. The Trust also lobbies on behalf of transport heritage related matters. The Trust makes financial grants and loans lo those undertaking transport heritage resloralion 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 fLJlure generations have the opportunity lo study and enjoy our achievements 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 assistance and seeks lo increase public awareness of the achievements and needs of the transport heritage sector and has a unique knowledge of all aspects of transport preservation. Public benefit The Iruslees have reviewed the objects, goals, services and objectives of the charlly in the light of this requirement and can confirm that the National Transport Trust serves the public benefit. This Truslees, Annual Report continues lo evidence how the charity strives lo meet identified needs. The Iruslees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Review of the year The Trust has achieved nel income of £75,888 on unreslricled funds 12022.. nel expenditure of £17,199} and nel income of £295 on reslricled funds for the year 12022.. nel income £8311. The balance held in unreslricled funds as al 31 October 2023 was £289,283 12022.. £213,395) of which £4,220 12022.. £4,220) is represented by fixed assets and is not therefore readily available. The balance held on reslricled funds at the year-end was £12,26612022.' £11,971). One of the Trust's main projects The 'Red Wheel. Transport Heritage plaques scheme, raises both the profile of the National Transport Trust within the transport preservation world. bul also exposes the hislory of the sites themselves. The recent addition of QR codes lo some siles now provides a direct link lo the relevant part of our extensive database lo provide further in-depth information. Monitoring is showing this lo be very successful. Page16
National Transport Trust Trustees, Report continued The Iruslees meet four limes a year, nominally in the London Area. This year online meetings via Zoom have continued for some providing greater flexibility for allendance and reducing costs. The Governing Document makes due allowan for such hybrid meetings. The Trust has throughout this year. been kPIng in touch with our Affiliate members and representing their interests through lo Government via the Heritage Alliance. We have tried lo ensure the voice of mobile heritage has been heard. 2023 saw the return of the AGM weekend and our visits program, with numbers Continuing lo rise as the year progressed. Our 2023 awards ceremony was held al Fawley Hill in September 2023. Annual Awards A major part of the Trust's work is lo support restorers an(J lo recognise their worth.. each year we make personal recognition awards and restoration awards. The reslofalion awards are linked lo a donation lo these projects lo assist them lo completion. £12,500 was donated for the 2023 Restoration awards. From November 2011 to end October 2023, the Trust has expensed £201,493 from reserves on the awards programme and of this £156,500 has been actual donations lo the many resloralion projects supported, £9,200 was donated via special awards and £5,500 donated lo young preservalionisls of the year. The 2023 awards ceremony was hosted by our President, Judy. Lady McAlpine al Fawley Hill. Our Guest of honour was our patron, Her Royal Highness The Princess Royal, who presented the Awards lo our winners. The Preservalionisl of the Year award - the Trust's highest honour- went not lo an individual bul lo a group of individuals- the Brillen-Norman Aircraft Preservation Society. The first of our Lifetime Achievement Awards went lo Barry Ford in recognition of his work on the Medusa harbour defence launch. The second wenl lo Martin Soulham and Karl Tecklenberg for their work on Leyland double-decker bus TBC163. Finally, the third award went lo Oliver Heal in recognition of a lifetime of service lo transport heritage in general and the history of Sunbeam in particular. We had two Young Preservalionisl of the Year award winners this year. The first went lo 12 year old Henry Dukes for his efforts in bringing back lo life a 1937 Auslin. The second went lo Hamish McNaught for his work on restoring a 1930 rolls Royce 20125. Resloralion awards were given lo the following, Stephen Middleton & Family, lan Cryer, Anthony Coulls. Stephen Prior, The Western Desert Recce Group, Andrew Robson and Katherine Norris, Nigel Bayes, Philip Jones, Andy Bishop, The Thames Sailing Barge Trust, The Excelsior Trust. City of Porlsmoulh Preserved Transport Depot, Dan Brook, Stephen Slaler and the Lincolnshire Vintage Vehicle Museum. More Information on award winners and their projects can be found on our web sile www.nalionallrans orllrusl.or .uk. Page | 7
National Transport Trust Trustees, Report continued Visltslevents programme The visits programme allows Trust members lo visit many locations of transport significance. In 2023 our visits included trips lo the Dunsfold Land Rover museum, Hollycoombe, Leighlon Buzzard narrow gauge railway, Morgan motors and the Ford Heritage Museum. All were well subscribed. Many thanks musl go lo our visit organisers Alan Wallwork, Brian Ward and Jon Jolliffe for their efforts in managing the return of our visits programme. Annual General Meeting and weekend of visits The AGM weekend this year was nIred in Ipswich and took in the Garrell Long Shop museum, where a new Red Wheel was unveiled. A visit to Ipswich walerfronl followed by a boat trip up the Orwell lo Felixslowe rounded off in the evening with a fascinating talk on Neville Shute. The next day started with the formal AGM and then we headed off lo the Cold War museum al Bentwalers and in the afternoon, the East Anglia Railway Museum. Finances, Funding 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 mainly funded from our reserves. Legacies, therefore, remain an important source of funding for the Trust. We lake the opportunity on a regular basis to remind members of the opportunity to support the awards and Red Wheel 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 qualrfying projects al interest rates beneficial lo 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 lo restore and conserve railway arlefacls. Training the next generation of restorers is a key part of ensuring the future viability of the Heritage Railway movement. LCLT also provides technical sUPPOrt lo 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 Preservalionisl 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 Whilstable Museum. The administrative work of the Trust makes maximum use of electronic communications and Cloud- based systems lo reduce postage and minirnise other costs, Our move lo online syslems has worked well for us. 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. 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%overnmenlal heritage sector., il plays a pivotal role in the heritage sector and beyond., and connects heritage with the big issues in 2151 century society. The Trust has a key input into the Mobile Heritage Advocacy Group via Trust Chairman Stuart Wilkinson who chairs this group. Page 18
National Transport Trust Trustees, Report continued 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 reduction in the use of other fossil fuels. The Heritage Fuels Alliance has been successful in securing an exemption for mobile heritage bul continued vigilance is essential. Mgmbership Merllbership of the Trust has remained broadly stable - the average age of core Trust members is quite high, but recruitment activity and the ability to join online via the Trust's new website is delivering benefits. The Trust's membership recruilmenl leaflet is circulated widely. We had al end October 2023, 422 12022 4321 members of which 11412022 - 117} are lifelhonorary members, 77 12022 - 751 affiliate organisalion members from within all spheres of the transport preservation arena and 231 12022 240} individual members. Tiansport Heritage Database and Red Whgels The Trust maintains a comprehensive searchable online database of transport heritage siles on a national basis. This database is fully accessible from our National Transport Trust web sile al www.nalionallransportlrusl.org.uk. Sites which are of significant Transport Heritage importance, either nationally or internationally, are progressively being marked with a Nation21 Transport Trust Heritage plaque, via our Red Wheel scheme. The existing plaques show a web sile link which lakes members of the public to the Red Wheel Section of our web sile where further information on the site can be found. This has been replaced with a separate QR code plate, lo some siles. that now provides a direct link to the relevant part of our extensive database to provide further in depth information. The web sile link for our Red Wheels is.. hll s.'Ilwww.nalionallrans ortlru51.or wheel-siles, or the previous bul still active link of www.trans ortherita e.com This initiative started in 2009 and since then we have had 184 plaques manufactured, most of which have been inslalled and also 75 QR code plaqueslLabels to enhance the linkage lo our web sile. Over this period a lolal of £84.664 has been expended, malnly from reserves, on this project and many thanks musl go lo Peter Stone for driving this project and lo those who have assisted him. .uklred-wheelslred- Transport Dlgest and Website The Trust's quarlerly Transport Digest has conlenl 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 excellent 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. The Trust's comprehensive website ww.nalionallr8ns rttrust.or .uk, which went live at the beginning of 2017, continues to be enhanced. The sile works searnlessly 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 rnember's area for access lo the Digest Magazine as well as facilities lo update membership records and for affiliate members, we have just introduced micro web siles so they can increase their own web presence. The Communication Sub-commillee has the responsibility for guiding the Digest and Website. Pa8e | 9
National Transport Trust Trustees, Report continued Reserves Policy The Trust aims lo maintain a minimum reserve of the equivalent of bNO years, operating costs. The rationale is that a period of two years would be enough time for Iruslees lo decide how lo deal wlh a life-threalening problem and lo implement the idenlified actions. Al the 31 October 2023 £289,283 was held in unreslricled funds, of which £285.063 are considered to be free reserves, which are sufficient for our needs. Going concern The level of free reserves is wholly sufficient lo cover the foreseeable future and the trustees consider that 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 carrying value of assets held by the charity. Therefore, the accounts have been prepared on the going concern basis. Structure. Governance and Management Nature of governing document The charity was initially incorporated on 29 July 1980 and was re-regislered as a CIO on 15 July 2022, al which lime ils new governance document Iconslitulionl came into effect. Recruitment and appointment of trustees The Board aims lo have Iruslees representing all forms of transport including railway, aviation. road vehicles {car. motorcycle and commerciall, military. maritime. walemay and agricultural vehicles, keeping a balance of interest betsNeen them. A candidate will be discussed by the existing trustees. On approval he or she will be approached and asked as lo their willingness lo serve. A positive response will then lead lo nomination, with appointment being subject lo approval by members al the AGM, possibly following co-oplion if midway through the year. Major risks and management of those risks Th6 Iruslees of the National Transport Trust have considered, and have implemented policies to cover, any risks lo which the charity might be subject. A Risk Register is maintained and reviewed periodically by Iruslees. The annual report was approved by the Iruslees of the charity on 1110412024 behalf by.. and signed on ils Stuart Wilkinson Chairman and Trustee Page | 10
National Transport Trust Statement of trustees, Responsibilities The Charity's Iruslees are responsible for preparing a Trustees, Annual Report and financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable lo Charities in England requires the Iruslees lo prepare financial slalemenls for each financial year, which give a true and fair view of the slate of the affairs of the Charity and of the incoming resources and application of resources, of the Charity for that period. In preparing these financial slalements, the trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP,. make judgements that are reasonable and prudent., slate whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial slalemenls", and prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the Charity will continue ils operations. The Iruslees are responsible for keeping proper accounting records. which disclose with reasonable accuracy al any lime the financial position of the Charity and lo enable them lo ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulation. and the provisions of the Conslilulion. The Iruslees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with the. legislation in the United Kin*om governing the preparation and dissemination of financial slalemenls, Approved by he Ir slees of the charity on 1110412024 and signed on ils behalf by.. Stuart Wilkinson Chairman and Trustee Page | 11
National Transport Trust Independent Examiner's Report to the trustees of National Transport Trust I report on the accounts of Ihe charity for the year ended 31 October 2023 which are sel out on pages 131025. Respective responsibilities of trustees and gxaminer As the charity's Iruslees of National Transport Trust ICIOI formerly known as The Transport Trust, YOU are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe Acl'l. I report in respect of my examin81ion of the National Transport Trust ICIOI formedy known as The Transport Trust's accounts carried out under section 145 of the Charities Act 2011 and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 14515)Ibl of the Act. Basis of independent examlner's report My exarninalion was carried out in accordance with the general Directions given by the Charity Commission. An exarllinalion 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 accounts and seeking explanations from you as Iruslees concerning any such mallers. 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 'true and fair view, and the report is limited lo those matters sel out in the slalemenl below. Independent examinerfs statement I have completed my examination. I confirm that no material mallers have come lo my allenlion in connection with my examination, giving me cause lo believe that in any material respect.. 111 accounting records were not kept in respect of National Transport Trust (CIO) formerly known as Transport Trust as required by section 130 of the Act,. or (21 the accounts do not accord wlh those records., or (31 the accounts do not comply with the accounting requirements concerning the form and content of accounts sel out in the Charities {Accounts and Reports} Regulalions 2008 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. I have no concerns and have come across no other mallers in connection with the examination to which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. DC£LLi Duncan Leslie Independent examiner FCA Francis Clark LLP Unil 18, 23 Melville Building E8sI, Royal William Yard, Slonehouse, Plymouth, Devon PL1 3GW Dale.. 1110412024 Page | 12
National Transport Trust - Statement of Financial Activities Year Ended 31 October 2023 {Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2023 2023 Note Income and Endowments from.. Donations, Grants and Legacies Charitable activities Trade Subscriptions Inveslmonl incom8 107,108 6,448 15,789 1,889 108,997 6,448 15,789 7,898 Total Income 137,243 1.889 139,132 Expenditure on.. Charitable activities 61,355 161,3551 1,S94 11.5941 62,949 162.949) Total Expenditure Nel income 75,888 75,888 295 295 76,183 76,183 Nel movement in funds Reconciliation of funds Total funds brought forward 213,395 11.971 225,366 Total funds carried fotward 289,283 12.266 301,549 Page | 13
National Transport Trust - Statement of Financial Activities Year Ended 31 October 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrlcted funds Restricted funds Total 2022 2022 Note Income and Endowments from: Donations and legacies Charitable activities Trade Subscriptions Investment income 8,034 5,830 15,973 1,649 5,069 13,103 5,830 15,973 1,649 Total Income 31,486 5,069 36.555 Expenditure on: Charitable activities (48,6851 {48,6851 14,2381 14,2381 152,9231 152,923) Total Expenditure Nel {expendilureyincome 117,1991 831 116,3681 Net movement in funds 117,199) 831 116,3681 Rgconciliatlon of funds Total funds brought forward 230,594 11,140 241,734 Total funds carried foNard 18 213,395 11,971 225,366 l of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 and 2022 is shown in note 18. Page | 14
National Transport Trust Balance Sheet - 31 st October 2023 2023 2022 Note Fixed assets Heritage assets 13 4,220 4,220 Current assgts Debtors Cash al bank and in hand 13,495 292,925 306,420 15,868 213,346 229,214 Creditors: Amounts falling due withln one year Net current assets 15 7,257 5,906 299,163 223,308 Total assets less current Ilabilities 303,383 227,528 Creditors.. Amounts falling due after more than ong year 16 Net assets 1,834 12,1621 301 549 225,366 Funds of the charity.. Reslricled funds 12,266 11,971 Unrestricted ftjnds 289.283 213,395 Total funds 18 301,549 225.366 The financial slalemenls on pages 13 10 25 were approved by the Iruslees and aulhorised for issue on 1110412024 and signed on their behalf by.. Stuart Wilkinson Chairman and Trustee Charity Registration Number.. 280943 Page | 15
National Transport Trust Notes to the Financial Statements Year Ended 31 October 2023 1 Charity status Up lo 15th July 2022 the charity was a cornpany limited by guarantee and consequently did not have share capital. Each of the members was liable lo conlribule an amount not exceeding £1 towards the assets of the charily in the event of liquidation. After that dale the charity become a CIO and the liability of members remains the sarne. 2 Accounting policies Summary of significant accounting policigs and key accounting estimates The principal accounting policies applied in the preparation of these financial slalemenls are set out below. These policies have been consislenlly applied lo all the years presented, unless olheNvise slated. Statement of Compliance The financial slalemenls have been prepared in accordan with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Sl8ndard applicable in the UK and Republic of Ireland {FRS 1021 leffective 1 January 2019) - (Charities SORP IFRS 10211, and the Charities Act 2011. Basis of preparation The Nation81 Transport Trust ICIOI formerly known as Transp)rt Trust meels the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy notes. Going concern The level of free reserves is wholly sufficient lo cover the foreseeable future and the trustees consider that there are no material uncertainties about the chsrity's ability lo continue as a going concern nor any significant areas of uncertainly that affect the carrying value of assets held by the charity. Therefore, the accounts have been prepared on a going concern basis. Income and endowment9 All income is recognised once the charity has enlillemenl lo the income, the income will be Teceived. and the amount of the income receivable can be measured reliably. Pa8e | 16
National Transport Trust Notes to the Financial Statements - Year Ended 31 October 2023 Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and seluemenl date. In the event that a donation is subject lo conditions that require a level of performance by the charity before the charity Is entitled 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 fLJlfilled in the reporting period. Legacy grfls are recognised on a se-by-Cage 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 traded 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 lille lo the asset having been transferred lo the charity. Deferred income 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 specrfies 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 Ail expenditure is recognised once there is a legal or constructive obligation lo that expenditure, il is probable selllemenl is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure headings that aggregate similar costs lo that category. Charltable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its aclivilies 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. Govemance costs These include the costs allribulable lo the charity's compliance with conslilulional and slatulory requirements, including independent examination, strategic management and Iruslees, meetings and reimbursed expenses. Taxation The charity is considered lo pass the lesls sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a CIO for UK corporation tax purposes. Accordingly, the charity is potentially exempl from laxalion in respect of income or c8pilal 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 Act 1992, to the exlenl that such income or gains are applied exclusively lo charitable purposes. Tangible fixed assets Fixed assets are included al cost. The Trust's policy is not lo capilalise items under £500. Heritage assets Pa8e | 17
For financial slalement purposes, no value is atlribuled lo relics and collections donated lo the charity. Where these have been purchased by the charity they are initially recorded al cost. Page | 18
National Transport Trust Notes to the Financial Statements Year Ended 31 October 2023 Depreclation and amortisalion Depreciation is provided on tangible fixed assets $0 as lo write off the cost or valuation, less any eslimaled residual value, over their expected useful economic lrfe as follows.. Asset class Furniture and olTice equipment Library shelving Exhibition stand Trophies, relics and collections Dgpreclatlon method and rate 250/D reducing balance 100/0 reducing balance 250/0 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. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted lo that area or purpose. 3 Income from donations, legacles and grants Unrestricted General fund Restricted funds Total 2023 Totsl 2022 Donations and legacies,. Donations from individuals Legacies 5,395 101,713 107,108 1,889 7.284 101,713 108 997 11.103 2,000 1,889 13,103 4 Income from charitable activitles Unrestrictod General fund Total 2023 Total 2022 Event income 6,448 6,448 5,830 5 Income from Trade Subscriptions Unrestricted General fund Total 2023 Total 2022 Membership subscriptions 15,789 15,789 15,973 Page | 19
National Transport Trust Notes to the Financial Statements Year Ended 31 October 2023 6 Investment income Unrestrict9d General fund Total 2023 Total 2022 Interest 7.898 1,649 7 Expgnditure on charltable actlvlties Unrestricted General fund Restrlcted funds Total 2023 Total 2022 Grants and awards Cost of Digest Web sile project Red Wheel Heritage Scheme EvenVRaffle costs Support costs (Note 81 Governance costs (Note 8} 13,812 13,812 11,425 3,646 13,785 5,581 12,430 2,270 62,949 9,896 11,000 3,498 9,499 5,774 11,323 1,933 52,923 11.425 3.646 13,785 5,581 12,430 2,270 31,706 31,243 £31,70612022 - £48,685) of the above expenditure was allribulable to unreslriGled funds and £31,243 12022 - £4,238) lo reslricled funds. During the year, the charity awarded £12,50012022- £9,000) for resloralion awards. Page | 20
National Transport Trust Notes to the Financial Statements Year Ended 31 October 2023 8 Analysis of governance and support costs Support costs allocated to charitable activities Other support costs Total 2023 Total 2022 Basis of allocatlon Management expenses Rent payable Slalionery, postage and telephone Insuran Computer and website costs Advertising 1,365 6,526 1,365 6,526 1,735 6,512 1,835 486 1,835 1,433 464 990 1,228 12,430 990 1.228 12.430 483 696 11,323 Governance costs UnrgStTicled General fund Total 2023 Total 2022 Examination of the financial slalemenls Other governance costs 2,270 2,270 1,920 13 1,933 2.270 9 Ngt income I lexpendlturel Nel incomellexpendilure) for the year includes.. 2023 2022 Independent examiner's fee 2,270 1,920 10 Trustees. remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. Travel expenses of £1,133 (2022.. £1.0271 were reimbursed to 2 Iruslees12022.' 31 during the year supporting Grants, Awards, Red Wheel 2nd support aclivilies. Of this lolal £622 was donated back lo the Trust by the claimants. The use of Zoom for Iruslee meetings has redUd travel costs. Page | 21
National Transport Trust Notes to the Financial Statements Year Ended 31 October 2023 11 Taxation The Trust is a registered charity and is therefore exempt from laxalion. 12 Tangible fixed assets Furniture and office equipment Library Shelves Exhibition stand Total Cost Al 1 November 2022 Disposals 4,882 4,882 2,757 200 200 7,839 7.839 Ai 31 October 2023 Depreciation At 1 November 2022 Eliminated on disposal 4,882 4,882 2.757 2,757 200 200 7,839 7,839 Al 31 October 2023 Not book value Al 31 October 2022 Al 31 October 2023 13 Herltage assets Trophies, relics and collectlons Total Cost Al 1 November 2022 4,220 4,220 Al 31 October 2023 4,220 Depreciation Al 1 Novernber 2022 Al 31 October 2023 Net book valu Al 31 October 2022 4,220 4,220 Al 31 October 2023 4,220 4.220 Page | 22
National Transport Trust Notes to the Financial Statements Year Ended 31 October 2023 The Heritage assets of the Trust, shown in the accounts al £4,220, is a silver model of SS Great Britain awarded lo the Preservalionisl of the Year annually. The Trust also has two assets in which il has an interest. The first is 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 restored lo 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 il was successfully moved lo a new location, the Whilslable 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 Garrell 10-lon steam road roller works number 34265 and named Consuelo Allen. This steam Toller was sold to the Long Shop Museum, Leislon, for £1 in 2008. The agreement slates th81 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 2023 2022 Prepayments Subscriptions Accrued income Other debtors 1.504 631 160 11,200 1.000 280 88 14,500 15,868 In March 2013 a loan of £3,500 was made lo the Locomotive Conservation and Learning Trust. This 108n is repayable over a period of 5 years al an interest rale of 3'/o plus base rale per annum. This loan was extended in March 2018 for a further 5 years to March 2023 and a further renewal is being discussed. A new Loan Agreement has now been agreed with the Locomotive Conservation and Learning Trust for £3,500 to run for 5 years from March 2023, to enable them lo complete their project. 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 lo complete their purchase of a Cowans Sheldon Crane from the National Railway Museum. The loan Is being repaid via a monthly hire agreement with the Gwili Railway. Debtors in¢ludes £7,90012022'. £11,200) receivable after more than one year. 2023 2022 Other debtors 7,900 11,200 Page | 23
National Transport Trust Notes to the Financial Statements Year Ended 31 October 2023 15 Creditors- amounts falling dug within one year 2023 2022 Funds due lo RHRP Accruals Subscriplionslfees paid in advance 53 3,209 53 3,113 2.740 5,906 7.257 16 Creditors.. amounts falling dug after one year 2023 2022 Subscriplionslfees paid in advance 1,834 2,162 2023 Deferred income al 1 November 2022 Amounts released from previous periods 2,162 328 Deferred income al 31 October 2023 1,834 17 Obligations under1gaso$ and hire purchase contracts Oporating lease commitments Total future minimum lease payments under non-cancellable operating leases are as follows.. 2023 2022 Land and bulldlngs Within one year 1.500 1,500 Page | 24
The Transport Trust - Trading as the National Transport Trust Notes to the Financial Statements Year Ended 31 October 2023 18 Funds Balance at 1 November 2022 Incoming resources Resources Balance at 31 expended October 2023 Unrestrlcted funds General 213,395 137,243 61,355 289,283 Restricted funds Friends of Number 3 Other donations Total restricted funds 11,971 295 1,594 1,889 12,266 1,594 11.971 12,266 Total funds 225,366 139,132 62,949 301,549 Restrlcted Funds The Tru51 is assisting a group called the Friends of Number 3 in ils effort to restore this locomotive. Al 31 October 2023 a balance of £12,266 was held 12022.. £11,971), these donated funds can only be used for this purpose. An initial spend on this projecl of £6,000 occurred in November 2020. In 2023 donations of £1,594 were received toward the charity's Red Wheels. These amounts were fully expensed during the year. Balance at 1 November 2021 Incoming resources Resources Balance at 31 expended October 2022 Unrestricted funds General 230.s94 31.486 148,6851 213,395 Restricted funds Friends of Number 3 Other donations 11,140 831 4,238 11,971 14,2381 14,2381 Total restricted funds 11.140 11,971 Total funds 241,734 36,555 152,9231 225,366 Page | 25
National Transport Trust Notes to the Financial Statements Year Ended 31 October 2023 19 Analysis of net assets bgtwgen funds Unrestrictgd General Funds 2023 Restricted Funds 2023 Total Funds 2023 Heritage assets Current assets Current liabilities Creditors over 1 year 4,220 294,154 {7,2571 1,834 4,220 306,420 17,2571 11,8341 12,266 Total nel assets 289 283 12,266 301,549 Unrestricted General Funds 2022 Restricted Funds 2022 Total Funds 2022 Heritage assets Current assets Current liabilities Creditors over 1 year 4,220 217,243 15,9061 12,1621 213.395 4,220 229,214 15,9061 12,162) 225.366 11,971 Total nel assets 11,971 20 Relatgd party transactlons There were no related party transactions in the year. The charity is under the effective control of ils trustees. Page | 26
National Transport Trust - Management information schedule Income and expenditure account for Ihe year ended 31 October 2023 2023 2022 Recurring income Subscriptions Donations - unreslricled Donations - restricted no 3 Donations- reslricled other Income Tax recovered Visits and meetings 15.789 2,266 295 1,594 3.129 6,448 29,521 15,973 3,041 831 4,238 2,993 5,830 32,906 Non-recurring income Legacies - unreslricled 101,713 131,234 2,000 34,906 Expenditure Grants, awards, POTY Grants and awarcls r8slricled funds Management expenses Property costs Slalionery, postage, telephone Governance Cost of Digest Web site project Insurance Information Technology Advertising and Marketing Red Wheel Red Wheel restricted funds Visits, meetings 13,812 9,891 1,365 6,527 1.835 2,270 11,425 3,646 486 990 1,228 12,191 1,594 5,580 1,735 6,512 1.433 1,933 11,000 3,498 464 483 696 5,266 4,233 5,774 162,9491 68.285 7.068 830 76,183 {52,9231 118,017} 937 712 116,3681 Operatlng Surplus Bank Interest receivable Loan Interest receivable Surplus for the year Comprislng- Reslricled funds 295 831 Unreslricled funds 75,888 117,1991 Page | 27