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Lichfield & Hatherton Canals Restoration Trust Limited
ACCOUNTS SUMMARY FOR 2003

These pages are taken from the Trustís 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
  £ £ £ £
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 £ £ £ £
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   £     79,653   £     147,453
(This page does not form part of the formal accounts, only a summary of the totals)

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