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2024-10-31-accounts

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National Transport Trust

Annual Report and Financial Statements Year Ended 31 October 2024 Charity registration number: 280943

Supporting the preservation of our Transport Heritage

Our 2024 Restoration Award winners

Comprehensive information on the Trust, its initiatives to preserve our Transport Heritage, and details on how to Join or Donate, can be found on our web site.

www.nationaltransporttrust.org.uk

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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 Dunstone
Lord Glendonbrook CBE
Sir Kenelm Lee Guiness Bt
Tony Hales CBE
The Rt. Hon. Lord Hesketh KBE, PC
Sir Torquil Norman CBE
Stephen Middleton
Ralph Lord Montagu
The Lord O’Neill TD
Phil Samson
Dr Pete Waterman OBE
Allan Winn
John Yellowlees

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National Transport Trust

Contents

Contents
Reference and Administrative Details 4 to 5
Trustees' Report 6 to 10
Statement of trustees' Responsibilities 11
Independent Examiner's Report 12
Statement of Financial Activities 13
Balance Sheet 15
Notes to the Financial Statements 16 to 25

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National Transport Trust

Reference and Administrative Details

Trustees

Stuart Wilkinson, Chairman Paul Brook Leon Daniels OBE Keith Gibbins Christopher Heaps Anne Hughes Michael Lunch (Resigned May 24) Robert Owen Robert Shorland-Ball Peter Stone TD Jerry Swift Peter Waller Roy Watts MBE

Senior Management Team

Jon Jolliffe, Office Manager David Morgan MBE TD, Secretary Richard Norton, Treasurer

Principal Office

First Floor Old Bank House 26 Station Approach Hinchley Wood Surrey, KT10 0SR

The National Transport Trust is a Charitable Incorporated Organisation (CIO) using the Association model and is incorporated in England as charity number of 280943.

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National Transport Trust

Reference and Administrative Details

Charity Registration Number

280943

Bankers

CAF Bank Ltd 25 King Hill Avenue, West Malling, Kent ME19 4JQ

Lloyds TSB P.O. Box 100, Andover, BX1 1LT

CCLA Investment Management Ltd COIF Charity Funds 1 Angel Lane, London EC4R 3AB

Independent Examiner

Francis Clark LLP Unit 18, 23 Melville Building East, Royal William Yard, Stonehouse, Plymouth, Devon PL1 3GW

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National Transport Trust

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 October 2024.

Objectives and activities

Objects and aims.

The Trust is the United Kingdom’s only national charity whose aim is to 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 to promote and facilitate co-ordination of the transport preservation movement. The Trust also lobbies on transport heritage related matters.

The Trust makes financial grants and loans to those undertaking transport heritage restoration projects and recognises personal effort and achievement through its annual awards.

In addition the Trust marks sites 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 to none; the Trust’s aim is to ensure that future generations have the opportunity to study and enjoy our achievements in water, road, rail and air transport, by preventing the loss of irreplaceable relics and material and identifying accommodation and maintenance facilities for those that are saved.

The Trust offers practical advice and financial assistance and seeks to 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 trustees have reviewed the objects, goals, services and objectives of the charity in the light of this requirement and can confirm that the National Transport Trust serves the public benefit. This Trustees’ Annual Report continues to evidence how the charity strives to meet identified needs.

The trustees 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 incurred a net expenditure of £15,746 on unrestricted funds (2023: net gain of £75,888) and net income of £49 on restricted funds for the year (2023: net income £295). The balance held in unrestricted funds as at 31 October 2024 was £273,537 (2023: £289,283) of which £4,220 (2023: £4,220) is represented by fixed assets and is not therefore readily available. The balance held on restricted funds at the year-end was £12,315 (2023: £12,266).

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, but also exposes the history of the sites themselves. QR codes have now been added to many sites and provides a direct link to the relevant part of our extensive database for further in-depth information.

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National Transport Trust

Trustees' Report continued

The trustees meet four times a year, nominally in the London Area. The use of web-based meetings has continued for some, providing greater flexibility for attendance and reducing costs. The Governing Document allows for such hybrid meetings.

The Trust has throughout this year, been keeping in touch with our Affiliate members and representing their interests through to Government via the Heritage Alliance. We have tried to ensure the voice of mobile heritage has been heard.

2024 saw good attendance at the AGM weekend and our visits. Our 2024 awards ceremony was held at Fawley Hill in September 2024.

Annual Awards

A major part of the Trust’s work is to support restorers and to recognise their worth; each year we make personal recognition awards and restoration awards. The restoration awards are usually linked to a donation to these projects to assist them to completion. £12,250 was donated for the 2024 Restoration awards.

From November 2011 to end October 2024, the Trust has expensed £215,527 from reserves on the overall awards programme and of this £168,750 has been actual donations to the many restoration projects supported, £9,200 was donated via special awards and £6,000 has been donated to Young Preservationists of the Year.

The 2024 awards ceremony was hosted by our President, Judy, Lady McAlpine at Fawley Hill. Our Guest of honour was our patron, Her Royal Highness The Princess Royal, who presented the Awards to our winners.

The Preservationist of the Year award – the Trust’s highest honour – went to Michael O’ Brien for his preservation of an 85 year old wooden boat.

The first of our Lifetime Achievement Awards went to Matthew Boddington in recognition of a lifetime of service to aircraft preservation. The second went to Richard Peskett for his work on commercial vehicle preservation. Finally, the third award went to Richard Sozanski, sadly since deceased, in recognition of his work with Rootes vehicles.

The President’s Award this year went to two individuals, 92 year old Malcom Stern for the restoration of a car owned by his father in 1937 and Jack Dibnah for the preservation of a steam locomotive.

The Young Preservationist of the Year award this year went to Rosie Hodgson-Jones for her efforts in bringing back to life a 1926 Model T ford.

Restoration awards were given to the following, Alistair McMurray, The Sea Ranger Association, The Griffin Trust, Richard Day, Toby Robinson, James Loader, Sywell aviation museum, The Friends of 1760, Richard Loudon, Chris Hutchinson, Stephen Middleton, Steve Rodd, Turn to Starboard Group.

More information on award winners and their projects can be found on our web site www.nationaltransporttrust.org.uk.

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National Transport Trust

Trustees' Report continued

Visits/events programme and the Annual General Meeting and weekend of visits

The visits programme allows Trust members to visit many locations of transport significance.

In 2024 our visits included trips to The Battle of Britain Bunker, The Helicopter Museum, Ilford train depot, Tysley and the Science Museum reserve collection. All our visits were well subscribed.

The AGM weekend this year was in the Nottingham/Derby area and took in the Newark air museum, Midland Railway Centre, Ecclesbourne Valley Railway and the Crich Tramway Museum.

Many thanks must go to our organisers – Alan Wallwork and Jon Jolliffe, for their efforts in managing our visits/AGM programme.

Finances, Funding and Support

Regular income for the Trust is from membership subscriptions and individual generous one-off donations. Most operating costs are covered by this regular income, but our Restoration Awards and Red Wheel programmes are mainly 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 to support the awards and Red Wheel programmes via legacies.

The Trust continues to seek good low-risk returns on its long-term funds. We do make loans to affiliate members for qualifying projects at interest rates beneficial to both parties.

The Trust has two affiliate loans in place at the end of the financial year. The first supports the Locomotive Conservation and Learning Trust, which trains young people in the skills needed to restore and conserve railway artefacts. 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 to locomotive owners and groups. The second loan is to the Gwili Vintage Carriage Group which has enabled them to complete the purchase of a Ransom Crane from the National Railway Museum. We also made a Loan in the year to the Ferryhill Railway to cover for VAT timing impact, so they could keep a major project going to time. This loan was repaid in full in the year.

The tangible assets of the Trust, shown in the accounts at £4,220 is the silver model of SS Great Britain awarded to the Preservationist of the Year annually. The Trust also owns the 1830 built Locomotive Invicta. This asset was purchased in 1977 for the sum of £1, to afford it future protection. The locomotive has been on show for some years at Canterbury Heritage Museum in Kent and has now been successfully moved to the Whitstable Museum.

The administrative work of the Trust makes maximum use of electronic communications and Cloudbased systems to reduce postage and minimise other costs. Our move to online systems has worked well for us. The Trust’s activities are undertaken entirely by volunteers without whom the Trust would not be able to carry out its work. Trustees wish to express their gratitude to 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 authoritative, respected, and influential advocate for the non-governmental heritage sector; it 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 to lobby on behalf of the mobile heritage sector in the context of the UK Government’s plans to ban the burning of coal in nonindustrial applications and reduction in the use of other fossil fuels. The Heritage Fuels Alliance has been successful in securing an exemption for mobile heritage, but continued vigilance is essential.

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National Transport Trust

Trustees' Report continued

Membership

Membership 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 website is delivering benefits. The Trust’s membership recruitment leaflet is circulated widely.

We had at end October 2024, 417 (2023 - 422) members of which 109 (2023 - 114) are life/honorary members, 79 (2023 - 77) affiliate organisation members from within all spheres of the transport preservation arena and 229 (2023 - 231) individual members.

Transport Heritage Database and Red Wheels

The Trust maintains a comprehensive searchable online database of transport heritage sites on a national basis. This database is fully accessible from our National Transport Trust web site at www.nationaltransporttrust.org.uk. Sites which are of significant Transport Heritage importance, either nationally or internationally, are progressively being marked with a National Transport Trust Heritage plaque, via our Red Wheel scheme.

The existing plaques show a web site link which takes members of the public to the Red Wheel section of our web site where further information on the site can be found. This has been replaced with a separate QR code plate, to some sites, that now provides a direct link to the relevant part of our extensive database to provide further in-depth information.

The web site link for our Red Wheels is: https://www.nationaltransporttrust.org.uk/red-wheels/redwheel-sites, or the previous but still active link of www.transportheritage.com

This initiative started in 2009 and since then we have had 193 plaques manufactured, most of which have been installed. 110 individual QR code plaques/labels have ben added to older sites, to enhance the linkage to our web site. New Plaques include the QR code. Over this period a total of £94,773 has been expended, mainly from reserves, on this project and many thanks must go to Peter Stone and Jerry Swift for driving this project and to those who have assisted them.

Transport Digest and Website

The Trust’s quarterly Transport Digest has content and design of a very high standard for a specialinterest magazine. We constantly seek ways to increase the distribution of the magazine, not only to meet our educational objectives, but 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 site and also its predecessor publications. A web site search function also exists to aid research.

The Trust’s comprehensive website www.nationaltransporttrust.org.uk, which went live at the beginning of 2017, continues to be enhanced and this year sees the includion of spend on updating its base code. The updates site will be rolled out in early 2025. The site 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 site has a specific member’s area for access to the Digest Magazine as well as facilities to update membership records and for affiliate members, we have just introduced micro web sites so they can increase their own web presence.

The Communication Sub-Committee has the responsibility for guiding the Digest and Website.

Reserves Policy

The Trust aims to maintain a minimum reserve of the equivalent of two years’ operating costs. The rationale is that a period of two years would be enough time for trustees to decide how to deal with a life-threatening problem and to implement the identified actions. At the 31 October 2024 £273,537 was held in unrestricted funds, of which £269,317 are considered to be free reserves, which are sufficient for our needs.

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National Transport Trust

Trustees' Report continued

Going concern

The level of free reserves is wholly sufficient to cover the foreseeable future, and the trustees consider that there are no material uncertainties about the charity's ability to 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 the going concern basis.

Structure, Governance and Management

Nature of governing document

The charity was initially incorporated on 29 July 1980 and was re-registered as a CIO on 15 July 2022, at which time its new governance document (constitution) came into effect.

Recruitment and appointment of trustees

The Board aims to have trustees 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 between them.

A candidate will be discussed by the existing trustees. On approval he or she will be approached and asked as to their willingness to serve. A positive response will then lead to nomination, with appointment being subject to approval by members at the AGM, possibly following co-option if midway through the year.

Major risks and management of those risks

The trustees of the National Transport Trust have considered, and have implemented policies to cover, any risks to which the charity might be subject. A Risk Register is maintained and reviewed periodically by trustees.

27 January 2025

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... Stuart Wilkinson Chairman and Trustee

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National Transport Trust

Statement of trustees' Responsibilities

The Charity’s trustees are responsible for preparing a Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and regulations.

The law applicable to Charities in England requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state 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 statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulation, and the provisions of the Constitution. The trustees 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 Kingdom governing the preparation and dissemination of financial statements.

27 January 2025

Approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... Stuart Wilkinson Chairman and Trustee

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National Transport Trust

Independent Examiner's Report to the trustees of National Transport Trust

I report on the accounts of the charity for the year ended 31 October 2024 which are set out on pages 13 to 25.

Respective responsibilities of trustees and examiner

As the charity’s trustees of National Transport Trust (CIO), you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the National Transport Trust (CIO) 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 145(5)(b) of the Act.

Basis of independent examiner’s report

My examination was carried out in accordance 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. It also includes consideration of any unusual items or disclosures in the accounts 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 to whether the accounts present a ‘true and fair view’, and the report is limited to those matters set out in the statement below.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with my examination, giving me cause to believe that in any material respect:

the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 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 matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... Louise Bridgett Independent examiner FCA

Francis Clark LLP

Unit 18, 23 Melville Building East, Royal William Yard, Stonehouse, Plymouth, Devon 27 January 2025 PL1 3GW Date:.............................

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National Transport Trust - Statement of Financial Activities

Year Ended 31 October 2024

(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

2024
Note
Unrestricted
funds
£
Restricted
funds
£
Total
2024
£		 2024
Note
Unrestricted
funds
£
Restricted
funds
£
Total
2024
£
Income and Endowments from:
Donations, Grants and Legacies
2		 5,194
5,548
10,742
Charitable activities
3		 8,743
-
8,743
Trade Subscriptions
4		 16,962
-
16,962
Investment income
5		 14,626
-
14,626
Total Income
45,525
5,548
51,073
Expenditure on:
Charitable activities
6		 (61,271)
(5,499)
(66,770)
Total Expenditure (61,271)
(5,499)
(66,770)
Net(expenditure)/ income
(15,746)
49
(15,697)
Net movement in funds (15,746)
49
(15,697)
Reconciliation of funds
Total funds brought forward 289,283
12,266
301,549
Total funds carried forward
17
273,537
12,315
285,852

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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)

2023
Note
Unrestricted
funds
£
Restricted
funds
£
Total
2023
£		 2023
Note
Unrestricted
funds
£
Restricted
funds
£
Total
2023
£
Income and Endowments from:
Donations and legacies
2		 107,108
1,889
108,997
Charitable activities
3		 6,448
-
6,448
Trade Subscriptions
4		 15,789
-
15,789
Investment income
5		 7,898
-
7,898
Total Income 137,243
1,889
139,132
Expenditure on:

Charitable activities
6		 (61,355)
(1,594)
(62,949)
Total Expenditure (61,355)
(1,594)
(62,949)
Net income 75,888
295
76,183
Net movement in funds 75,888
295
76,183
Reconciliation of funds
Total funds brought forward 213,395
11,971
225,366
Total funds carried forward
17		 289,283
12,266
301,549

All of the charity’s activities derive from continuing operations during the above two periods.

The funds breakdown for 2024 and 2023 is shown in note 17.

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National Transport Trust

Balance Sheet – 31st October 2024

Balance Sheet – 31st October 2024
2024 2023
Note £ £
Fixed assets
Heritage assets
12		 4,220 4,220
Current assets
Debtors
13		 10,015 13,495
Cash at bank and in hand 279,947 292,925
289,962 306,420
Creditors: Amounts falling due within oneyear
14		 (6,902) (7,257)
Net current assets 283,060 299,163
Total assets less current liabilities 287,280 303,383
Creditors: Amounts falling due after more than oneyear
15		 (1,428) (1,834)
Net assets 285,852 301,549
Funds of the charity:
Restricted funds 12,315 12,266
Unrestricted funds 273,537 289,283
Total funds
17		 285,852 301,549

The financial statements on pages 13 to 25 were approved by the trustees and authorised for issue on 27 January 2025 .................... and signed on their behalf by:

----- Start of picture text -----
.........................................
----- End of picture text -----

......................................... Stuart Wilkinson Chairman and Trustee Charity Registration Number: 280943

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National Transport Trust

Notes to the Financial Statements

Year Ended 31 October 2024

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), and the Charities Act 2011.

Basis of preparation

The National Transport Trust (CIO) formerly known as Transport Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The level of free reserves is wholly sufficient to cover the foreseeable future, and the trustees consider that there are no material uncertainties about the charity's ability to 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 entitlement to the income, the income will be received, and the amount of the income receivable can be measured reliably.

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National Transport Trust

Notes to the Financial Statements - Year Ended 31 October 2024

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case-by-case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. 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 to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Deferred income

Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required, and the amount can be measured reliably. All costs are allocated to the applicable expenditure headings that aggregate similar costs to that category.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and trustees’ meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a CIO for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation 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 Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Fixed assets are included at cost. The Trust's policy is not to capitalise items under £500.

Heritage assets

For financial statement purposes, no value is attributed to relics and collections donated to the charity. Where these have been purchased by the charity they are initially recorded at cost.

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National Transport Trust

Notes to the Financial Statements

Year Ended 31 October 2024

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Furniture and office equipment 25% reducing balance
Library shelving 10% reducing balance
Exhibition stand 25% reducing balance
Trophies, relics and collections Nil

Fund structure

Unrestricted income funds are general funds that are available for use at 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 to that area or purpose.

2 Income from donations, legacies and grants

2
Income from donations, legacies and grants		 2
Income from donations, legacies and grants
Unrestricted
General fund
Restricted
Total
Total
funds
2024
2023
£
£
£
£
Donations and legacies;
Donations from individuals
5,194		 5,548
10,742
7,284
Legacies
-		 -
-
101,713
5,194 5,548
10,742
108,997
3
Income from charitable activities
Unrestricted
Total
Total
General fund
2024
2023
£
£
£
Event income 8,743
8,743
6,448
4
Income from Trade Subscriptions
Unrestricted
Total
Total
General fund
2024
2023
£
£
£
Membership subscriptions 16,962
16,962
15,789

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National Transport Trust

Notes to the Financial Statements

Year Ended 31 October 2024

5 Investment income

5
Investment income
Unrestricted Total Total
General fund 2024 2023
£ £ £
Interest 14,626 14,626 7,898

6 Expenditure on charitable activities

Unrestricted
Restricted
Total
Total
General fund
funds
2024
2023
£
£
£
£
Grants and awards 14,004
30
14,034
13,812
Cost of Digest 11,495
-
11,495
11,425
Web site project 9,927
-
9,927
3,646
Red Wheel Heritage Scheme 4,640
5,469
10,109
13,785
Event costs 5,874
-
5,874
5,581
Support costs (Note 8) 12,931
-
12,931
12,430
Governance costs(Note 8) 2,400
-
2,400
2,270
61,271
5,499
66,770
62,949

£61,271 (2023 - £61,355) of the above expenditure was attributable to unrestricted funds and £5,499 (2023 - £1,594) to restricted funds.

During the year, the charity awarded £12,250 (2023 - £12,500) for restoration awards.

7 Analysis of governance and support costs

Support costs allocated to charitable activities.

Basis of allocation
Other support
costs
£
Total
2024
£
Total
2023
£		 Basis of allocation
Other support
costs
£
Total
2024
£
Total
2023
£
Management

expenses
100%		 1,399
1,399
1,365
Rent payable
100%		 6,000
6,000
6,526
Stationery, postage

and telephone
100%		 1,241
1,241
1,835
Insurance
100%		 157
157
486
Computer and

website costs
100%		 2,799
2,799
990
Marketing
100%		 1,335
1,335
1,228
12,931
12,931
12,430

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National Transport Trust

Notes to the Financial Statements

Year Ended 31 October 2024

Governance costs

Unrestricted General
Total
Total
fund
2024
2023
£
£
£
Examination of the
financial statements 2,400
2,400
2,270

8 Net (expenditure) / income

Net (expenditure) / income for the year includes:

Net (expenditure) / income for the year includes:
2024
2023
£
£
Independent examiner's fee 2,400
2,270

9 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 £2,269 (2023: £1,133) were reimbursed to 4 trustees (2023: 2) during the year supporting Grants, Awards, Red Wheel and support activities. Of this total £653 was donated back to the Trust by the claimants. The use of the internet for trustee meetings continues to reduce travel costs.

10 Taxation

The Trust is a registered charity and is therefore exempt from taxation.

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National Transport Trust

Notes to the Financial Statements

Year Ended 31 October 2024

11 Tangible fixed assets

Furniture and
office
equipment
Library
shelves		 Exhibition
stand
£
Total
£
200
7,839
(200)
(7,839)
-
-
200
7,839
(200)
(7,839)
-
-
-
-
-
-
Trophies,
relics and
collections
£
Total
£
4,220
4,220
4,220
4,220
-
-
-
-
4,220
4,220
4,220
4,220
£
£
Cost
On 1 November 2023
4,882
2,757
Disposals
(4,882)
(2,757)
At 31 October 2024
-
-
Depreciation
At 1 November 2023
4,882
2,757
Eliminated on disposal
(4,882)
(2,757)
At 31 October 2024
-
-
Net book value
At 31 October 2023
-
-
At 31 October 2024
-
-
12
Heritage assets
Cost
At 1 November 2023
At 31 October 2024
Depreciation
At 1 November 2023
At 31 October 2024
Net book value
At 31 October 2023
At 31 October 2024

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National Transport Trust

Notes to the Financial Statements

Year Ended 31 October 2024

The Heritage assets of the Trust, shown in the accounts at £4,220, is a silver model of SS Great Britain awarded to the Preservationist of the Year annually.

The Trust also has two assets in which it has an interest.

The first is the steam locomotive Invicta, built in 1830 by Robert Stephenson and purchased by the Trust in 1977 for the sum of £1, to enable its rescue from display on an exposed outdoor pedestal in Kent. The locomotive was then restored to 1838 condition, funded by donations, and the locomotive was then loaned to Canterbury City Council and put on display at the Canterbury Heritage Museum. During 2019 it was successfully moved to a new location, the Whitstable Museum. The value of the locomotive is set at zero in the Trust's accounts as it is an historic museum artefact. For insurance purposes the Trust has agreed a value of £120,000 with the council but consider, because the locomotive is a unique heritage object, it has no resale value.

The second asset is a 1923 Garrett 10-ton steam road roller works number 34265 and named Consuelo Allen. This steam roller was sold to the Long Shop Museum, Leiston, for £1 in 2008. The agreement states that in the event of the Museum ceasing to exist for any reason that it shall revert to the Trust on the payment of £1. This asset again has no value assigned in the Trust’s accounts.

13 Debtors

13
Debtors
2024
2023
£
£
Prepayments 1,652
1,504
Subscriptions 297
631
Accrued income 166
160
Other debtors 7,900
11,200
10,015
13,495

In March 2013 a loan of £3,500 was made to the Locomotive Conservation and Learning Trust. This loan was repayable over a period of 5 years at an interest rate of 3% plus base rate per annum. The loan was extended in March 2018 for a further 5 years to March 2023. A new Loan Agreement has now been agreed with the Locomotive Conservation and Learning Trust to run for a further 5 years from March 2023, to enable them to complete their project.

In February 2021 a loan of £16,500 was made to the Gwili Vintage Carriage Group for a 5-year period on a reducing balance basis. The loan was to allow the Group to 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 includes £4,600 (2023: £7,900) receivable after more than one year.

2024
2023
£
£
Other debtors 4,600
7,900

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National Transport Trust

Notes to the Financial Statements

Year Ended 31 October 2024

Year Ended 31 October 2024
14
Creditors: amounts falling due within one year
2024 2023
£
£
Funds due to RHRP 53 53
Accruals 2,896 3,209
Subscriptions/feespaid in advance 3,953 3,995
6,902 7,257
15
Creditors: amounts falling due after one year
2024 2023
£
£
Subscriptions/feespaid in advance 1,428 1,834
2024
£
Deferred income at 1 November 2023 1,834
Amounts released frompreviousperiods (406)
Deferred income at 31 October 2024 1,428

16 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024
2023
£
£
Land and buildings
Within one year 1,500
1,500

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The Transport Trust – Trading as the National Transport Trust

Notes to the Financial Statements

Year Ended 31 October 2024

17
Funds
Balance at 1
Incoming
Resources
Balance at 31
November 2023
resources
expended
October 2024
£
£

£
£
Unrestricted funds
General
289,283
45,525
(61,271)
273,537
Restricted funds
Friends of Number 3 12,266
49
-
12,315
Other donations -
5,499
(5,499)
-
Total restricted funds 12,266
5,548
(5,499)
12,315
Total funds
301,549
51,073
(66,770)
285,852

Restricted Funds

The Trust is assisting a group called the Friends of Number 3 in its effort to restore this locomotive. At 31 October 2024 a balance of £12,315 was held (2023: £12,266), these donated funds can only be used for this purpose. An initial spend on this project of £6,000 occurred in November 2020.

In 2024 donations of £5,499 were received toward the charity’s Red Wheels. These amounts were fully expensed during the year.

Balance at 1
Incoming
Resources
Balance at 31
November 2022
resources
expended
October 2023
£
£

£
£
Unrestricted funds
General 213,395
137,243
(61,355)
289,283
Restricted funds
Friends of Number 3 11,971
295
-
12,266
Other donations -
1,594
(1,594)
-
Total restricted funds 11,971
1,889
(1,594)
12,266
Total funds 225,366
139,132
(62,949)
301,549

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National Transport Trust

Notes to the Financial Statements

Year Ended 31 October 2024

18 Analysis of net assets between funds

18
Analysis of net assets between funds
Unrestricted
General Restricted
Funds Funds Total Funds
2024 2024 2024
£ £
£
Heritage assets 4,220 - 4,220
Current assets 279,646 12,315 291,961
Current liabilities (8,902) - (8,902)
Creditors over 1year (1,428) - (1,428)
Total net assets 273,536 12,315 285,851
Unrestricted
General Restricted
Funds Funds Total Funds
2023 2023 2023
£ £
£
Heritage assets 4,220 - 4,220
Current assets 294,154 12,266 306,420
Current liabilities (7,257) - (7,257)
Creditors over 1year (1,834) - (1,834)
Total net assets 289,283 12,266 301,549
19 Related party transactions

There were no related party transactions in the year.

The charity is under the effective control of its trustees.

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National Transport Trust - Management information schedule

Income and expenditure account for the year ended 31 October 2024

Recurring income
Subscriptions
Donations - unrestricted
Donations – restricted no 3
Donations – restricted other
Income Tax recovered
Visits and meetings
Non-recurring income
Legacies - unrestricted
Expenditure
Grants, awards, POTY
Grants and awards restricted funds
Management expenses
Property costs
Stationery, postage, telephone
Governance
Cost of Digest
Web site
Insurance
Information Technology
Advertising and Marketing
Red Wheel
Red Wheel restricted funds
Visits, meetings
Operating (Loss) / surplus
Bank Interest receivable
Loan Interest receivable
(Loss) / surplus for the year
Comprising:
Restricted funds
Unrestricted funds		 2024
2023
£
£
£
£
16,962
15,789
2,149
2,266
49
295
5,499
1,594
3,045
3,129
8,743
6,448
36,447
29,521
-
101,713
36,447
131,234
14,004
13,812
30
-
1,399
1,365
6,000
6,527
1,241
1,835
2,400
2,270
11,495
11,425
9,927
3,646
157
486
2,799
990
1,335
1,228
4,640
12,191
5,469
1,594
5,874
5,580
(66,770)
(62,949)
(30,323)
68,285
12,816
7,068
1,810
830
(15,697)
76,183
49
295
(15,746)
75,888		 2024
2023
£
£
£
£
16,962
15,789
2,149
2,266
49
295
5,499
1,594
3,045
3,129
8,743
6,448
36,447
29,521
-
101,713
36,447
131,234
14,004
13,812
30
-
1,399
1,365
6,000
6,527
1,241
1,835
2,400
2,270
11,495
11,425
9,927
3,646
157
486
2,799
990
1,335
1,228
4,640
12,191
5,469
1,594
5,874
5,580
(66,770)
(62,949)
(30,323)
68,285
12,816
7,068
1,810
830
(15,697)
76,183
49
295
(15,746)
75,888
29,521
101,713
131,234
(62,949)
68,285
7,068
830
76,183
295
75,888

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