Hi Dave,
Yes it runs very well, congrats on a good re-furb..
I see that there is a bad leak either from the cylinder head or the packing gland on the valve rod.
Very easy to fix, if it's the head a simple brown paper gasket is all that will be required, looking back at the early pics the head and the cylinder machined faces are very poor.
If you don't want to use the brown paper some cylinder head gasket paste from Halfords will do the trick.
On the valve rod try tightening up the packing nut , if that doesn't cure it put some more 1/16" graphite packing round the rod and screw up the nut.
George.