Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2004

These pages are taken from the Trust’s accounts for 2004.

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 2004
  31-Dec-2004 31-Dec-2003
  £ £ £ £
FIXED ASSETS        
Freehold Land at cost 49,686   48,486  
Improvements to canal land at Darnford (depreciated) 1,009   2,018  
Investment in subsidiary company shares 2   2  
Total fixed assets   50,697   50,506
CURRENT ASSETS        
Debtors:        
Net assets available from subsidiary company 2,968   2,335  
GOWM, ERDF grant 10% retention 36,191 39,159 35,981 38,316
Bank balances:        
Restricted funds:-        
    Land Fund donations, net of expenditure 5,958   2,118  
    Restoration Fund - general, net of expenditure 2,063   243  
                                    - Chase Academy for Hatherton Canal 1,000      
                                    - Donations for L25 & 26 paddle gear 2,756      
    Brick Appeal funds, net of expenditure 1,153   1,358  
    Lichfield Conduit Lands Trust grant for property fees 1,000   1,000  
    Lichfield Canal, Tamworth Road match funding 1,005      
    Manifold Trust grant balance 284      
    ERDF grant     50,000  
Designated funds:-        
    Restoration budget unused 2,324   4,764  
Unrestricted funds:-        
    Trust funds for general use 5,457   517  
Total funds in deposit a/cs   23,000   60,000
    Bank of Scotland Trust current a/c 185   165  
    Lloyds TSB           Trust current a/c 333   520  
    Lloyds TSB           Marketing current a/c 544   146  
Total funds in current a/cs   1,062   831
Total assets before current liabilities   113,918   149,653
LIABILITIES:        
    Project payment to British Waterways       (70,000)
    Potential net recovery of VAT in 2004 pending HMCE policy decision   2,480    
TOTAL NET RESOURCES   116,398   79,653
RESERVES        
Income & Expenditure Account   116,398   147,468
NOTES:        
Outstanding grant from the Manifold Trust   £33,000   £41,000
Outstanding grant from IWA Restoration Committee   £5,000   £5,000
Potential net recovery of VAT in 2003 pending HMCE policy decision   £37,935   £30,000
"Burton" land for Cappers Bridge in course of transfer to SCC   £6,500    

INCOME & EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 December 2004
  2004(excl.VAT) 2003 (incl.VAT)
INCOME £ £ £ £
Subscriptions from members (excl. Marketing below) @@   10,277   10,242
Donations        
    Land Fund 5,041   1,648  
    Restoration Fund 6,077   243  
    Received with subscriptions 3,322   2,793  
    Other (excl. Marketing collections - below) 8,599 23,039 4,124 8,808
Income generated by Marketing and Retail Trading:        
    Trust & Public events 4,121   2,084  
    Membership subs collected at shows etc. @@ 1,529   1,453  
    Brick Appeal 570   1,380  
    Grand Prize Draw 3,625   2,005  
    Donations, Sponsorship, Advertisements, Interest 4,496   3,397  
    Profits from Retail Trading subsidiary company 2,469   4,835  
Sub-total   *** 16,810   15,154  
    less income transferred to Appeal Funds (820) 15,990 (1,446) 13,708
Tax, interest etc:        
    Gift Aid tax reclaim (excl. Suchet Appeal below) 4,826   3,744  
    Bank interest 1,682   2,208  
    Wayleave for electricity line poles at Darnford 10   9  
    Subsidiary company loan interest   6,518 20 5,981
SUB-TOTAL REGULAR INCOME   55,824   38,739
Specific Appeal and Grants        
    David Suchet Appeal (+ interest + GA tax - costs) 2,491   64,768  
    The Manifold Trust 8,000   194,000  
    Others: LCC, HSBC 1,000   35,550  
    European Regional Development Fund 210 11,701 737,603 1,031,921
TOTAL INCOME   67,525   1,070,660
         
EXPENDITURE        
Restoration costs        
    Hatherton Canal 195      
    Lichfield Canal 2,978   2,467  
    Accommodation (wrg group visits) 575      
    Tools, Plant,Machinery, Training 2,435 (6,183) 2,103 (4,570)
Operational costs        
    Professional fees and costs 11,864   6,970  
    Membership & Magazine administration 4,356   4,074  
    Direct cost of Marketing activity 3,910   4,130  
    Direct cost of Funding Appeals 575   1,431  
    General Administration 3,412   2,690  
    Insurance premium (IWA policy) 603   524  
    Membership subscriptions (IWA; LDTA; PWG) 194   150  
    Hire of hall for A.G.M. 21 (24,935) 26 (19,995)
Project costs        
    Hatherton Canal [2003 ERDF grant expenditure - excl. land] 0   191,250  
    Lichfield Canal (including M.E.L. aqueduct VAT refund) (1,775)   396,055  
    ERDF grant works [2003 SCC Cappers Bridge contract] 428 1,347 525,581 (1,112,886)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES   37,754   (66,791)
less Depreciation of canal improvements at Darnford   (1,009)   (1,009)
SURPLUS / DEFICIT FOR THE YEAR   36,745   (67,800)
Retained surplus brought forward   79,653   147,453
Retained surplus carried forward   £     116,398   £     79,653
(This page does not form part of the formal accounts, only a summary of the totals)

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