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$HAiLSO￿llc0
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 k￿PIng 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 redU￿d 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