Lichfield and Hatherton Canals Restoration Trust Ltd

Lichfield & Hatherton Canals Restoration Trust Limited
ACCOUNTS SUMMARY FOR 2003

These pages are taken from the Trust’s accounts for 2003.

Any Member requiring a full set of the accounts can obtain one free of charge on application by phone, letter or e-mail to the Finance Director (see Contact Us).

BALANCE SHEET
AS AT 31 December 2003
	31-Dec-2003		31-Dec-2002
	Ł	Ł	Ł	Ł
FIXED ASSETS after depreciation
Freehold Land at cost	48,486		12,736
Improvements to canal land at Darnford (depreciated)	2,018		3,027
Investment in subsidiary company shares	2		2
Total fixed assets		50,506		15,765
CURRENT ASSETS
Debtors:
Subsidiary company: residual net profit due	2,335		3,162
Subsidiary company: loan capital due			200
GOWM, ERDF grant 10% retention	35,981	38,316		3,362
Bank balances:
Restricted funds:-
David Suchet Appeal Fund			84,000
Paddle Gear Fund			840
Grants for Lichfield Canal Aqueduct			6,000
Land Fund donations, net of expenditure	2,118		2,970
Restoration Fund donations	243
Brick Appeal funds, net of expenditure	1,358		1,051
Lichfield Conduit Lands Trust grant for property fees	1,000		1,000
ERDF grant reserve	50,000
Designated funds:-
Land Fund, allocated from Trust funds			7,500
Fosseway land contribution to L.D.C.			5,000
Restoration budget	4,764		6,538
Unrestricted funds:-
Trust funds for general use	517		11,101
Total funds in deposit a/cs		60,000		126,000
Trust current a/cs	685		1,868
Marketing current a/c	146		458
Total funds in current a/cs		831		2,326
Total assets before current liabilities		149,653		147,453
LIABILITIES:
ERDF project payment to British Waterways		(70,000)
TOTAL NET RESOURCES		79,653		147,453
RESERVES
Income & Expenditure Account		147,468		148,268
NOTES:
Outstanding grant offer by the Manifold Trust		41,000
VAT registration estimated net recovery of tax		30,000

INCOME & EXPENDITURE ACCOUNT

For the period from 1 January 2003 to 31 December 2003

2003 2002

INCOME Ł Ł Ł Ł

Membership subscriptions (excl. Marketing below) 10,242 8,692

Donations
David Suchet Appeal (+int +GA tax -costs) 64,768 104,290
Land Fund 1,648 360
Restoration Fund 243
Received with subscriptions 2,793 3,135
Other (excl. Marketing collections - below) 4,124 73,576 2,297 110,057
Income generated by Marketingand Retail Trading:
Trust & Public events 2,084 3,010
Membership subs collected at shows etc. 1,453 1,326
Brick Appeal 1,380 2,474
Grand Prize Draw 2,005 1,796
Donations, Sponsorship, Advertisements, Interest 3,397 3,167
Profits from subsidiary trading company 4,835 3,162
15,154 14,935
less Social Events proceeds to Suchet Appeal above (1,446) 13,708 (1,368) 13,567
Grants(excl. those to Suchet Appeal above):
The Manifold Trust 194,000
Others 35,550 13,108
European Regional Development Fund 737,603 967,153 13,108
Tax, interest etc:
Gift Aid tax reclaim (excl. Suchet Appeal above) 3,744 4,394
Bank interest 2,208 103
Subsidiary company loan interest 20 41
Wayleave for electricity line poles at Darnford 9 5,981 9 4,547
TOTAL INCOME 1,070,660 149,971

EXPENDITURE
Restoration costs
Lichfield Canal; Darnford and Fosseway 84 286
Tamworth Rd. Locks 25 & 26 2,383 6,551
Accommodation (wrg group visits) 898
Tools, Plant and Machinery 2,103 (4,570) 444 (8,179)
Operational costs
Professional fees and costs 6,970 2,536
Membership & Magazine administration 4,074 2,991
Direct cost of Marketing activity 4,130 3,564
Direct cost of Suchet Appeal (2001 reimbursement in 2002) 27 (840)
Funding promotion 1404
General Administration 2,690 2,829
Insurance premium (IWA policy) 524 388
Membership subscriptions (IWA; LDTA; PWG) 150 111
Hire of hall for A.G.M. 26 (19,995) 20 (11,599)
Project costs
Hatherton Canal; ERDF grant expenditure (excl. land) 191,250 130,000
Lichfield Canal; M6 Toll Aqueduct 396,055
Lichfield Canal; Cappers Bridge land and SCC contract 525,581 (1,112,886) (130,000)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES (66,791) 193
less Depreciation of canal improvements at Darnford (1,009) (1,009)
SURPLUS / DEFICIT FOR THE YEAR (67,800) (816)
Retained surplus brought forward 147,453 148,269
Retained surplus carried forward Ł 79,653 Ł 147,453
(This page does not form part of the formal accounts, only a summary of the totals)

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INCOME & EXPENDITURE ACCOUNT
For the period from 1 January 2003 to 31 December 2003
	2003		2002
INCOME	Ł	Ł	Ł	Ł
Membership subscriptions (excl. Marketing below)		10,242		8,692
Donations
David Suchet Appeal (+int +GA tax -costs)	64,768		104,290
Land Fund	1,648		360
Restoration Fund	243
Received with subscriptions	2,793		3,135
Other (excl. Marketing collections - below)	4,124	73,576	2,297	110,057
Income generated by Marketingand Retail Trading:
Trust & Public events	2,084		3,010
Membership subs collected at shows etc.	1,453		1,326
Brick Appeal	1,380		2,474
Grand Prize Draw	2,005		1,796
Donations, Sponsorship, Advertisements, Interest	3,397		3,167
Profits from subsidiary trading company	4,835		3,162
	15,154		14,935
less Social Events proceeds to Suchet Appeal above	(1,446)	13,708	(1,368)	13,567
Grants(excl. those to Suchet Appeal above):
The Manifold Trust	194,000
Others	35,550		13,108
European Regional Development Fund	737,603	967,153		13,108
Tax, interest etc:
Gift Aid tax reclaim (excl. Suchet Appeal above)	3,744		4,394
Bank interest	2,208		103
Subsidiary company loan interest	20		41
Wayleave for electricity line poles at Darnford	9	5,981	9	4,547
TOTAL INCOME		1,070,660		149,971

EXPENDITURE
Restoration costs
Lichfield Canal; Darnford and Fosseway	84		286
Tamworth Rd. Locks 25 & 26	2,383		6,551
Accommodation (wrg group visits)			898
Tools, Plant and Machinery	2,103	(4,570)	444	(8,179)
Operational costs
Professional fees and costs	6,970		2,536
Membership & Magazine administration	4,074		2,991
Direct cost of Marketing activity	4,130		3,564
Direct cost of Suchet Appeal (2001 reimbursement in 2002)	27		(840)
Funding promotion	1404
General Administration	2,690		2,829
Insurance premium (IWA policy)	524		388
Membership subscriptions (IWA; LDTA; PWG)	150		111
Hire of hall for A.G.M.	26	(19,995)	20	(11,599)
Project costs
Hatherton Canal; ERDF grant expenditure (excl. land)	191,250		130,000
Lichfield Canal; M6 Toll Aqueduct	396,055
Lichfield Canal; Cappers Bridge land and SCC contract	525,581	(1,112,886)		(130,000)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES		(66,791)		193
less Depreciation of canal improvements at Darnford	(1,009)		(1,009)
SURPLUS / DEFICIT FOR THE YEAR		(67,800)		(816)
Retained surplus brought forward		147,453		148,269
Retained surplus carried forward		Ł 79,653		Ł 147,453
(This page does not form part of the formal accounts, only a summary of the totals)