Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2005

These pages are based on the Trustís accounts for 2005.

Any Member requiring a full set of the final accounts can obtain one free of charge on application to the Finance Director (see Contact Us).

BALANCE SHEET
AS AT 31 December 2005
  31-Dec-2005 31-Dec-2004
  £ £ £ £
FIXED ASSETS        
Freehold property at cost 49,686   49,686  
Improvements to canal land at Darnford (depreciated) 0   1,009  
Plant and machinery (over £1,000 per item, depreciated) 10,644   0  
Investment in subsidiary company shares 2   2  
Total fixed assets   60,332   50,697
CURRENT ASSETS        
Debtors:        
Net assets held by Retail Trading subsidiary company 2,485   2,968  
GOWM, ERDF grant 10% retention (see footnote re 2001) 36,191   36,191  
Net Group VAT recoverable 575 39,251 2,480 41,639
Bank balances:        
Restricted funds:-        
    Lichfield Canal, Tamworth Road match funding (separate a/c) 1,494   1,005  
    Brick Appeal funds, net of expenditure 370   1,153  
    ERDF match funding suspense 12,637   0  
    Lichfield Conduit Lands Trust grant (Attwood land fees) 1,000   1,000  
    Manifold Trust grant balance 284   284  
    Land Fund donations, net of expenditure 10,857   5,958  
    Restoration Fund - general, net of expenditure 3,721   2,063  
                                    - Chase Academy for Hatherton Canal 1,000   1,000  
                                    - Page legacy for L25 & 26 paddle gear 2,756   2,756  
                                    - Ainge legacy for Tamworth Road works 5,000   0  
Designated funds:-        
    Restoration budget balance 4,191   2,324  
Unrestricted funds:-        
    Trust funds for general purposes 47,690   5,457  
Total funds in deposit a/cs   91,000   23,000
    Bank of Scotland Trust current a/c 88   185  
    Lloyds TSB           Trust current a/c 1,635   333  
    Lloyds TSB           Marketing current a/c 358   544  
    Funds in course of collection 30   0  
Total funds in current a/cs and in hand   2,111   1,062
Total assets before current liabilities   192,694   116,398
LIABILITIES:        
    none   0   0
TOTAL NET RESOURCES   192,694   116,398
RESERVES        
Income & Expenditure Account   192,694   116,398
NOTES:        
ERDF claim re 2001 added to 10% retention (also GOWM debtor above)   £7,596    
Outstanding grant from the Manifold Trust   £33,000   £33,000
Outstanding grant from IWA Restoration Committee for Attwood land   £5,000   £5,000
Net recovery of VAT for 2003   settled   £37,935


INCOME & EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 December 2005
  2005 2004
INCOME £ £ £ £
Subscriptions from members (excl. Marketing below) @@   9,798   10,277
Donations        
    Land Fund (including Gift Aid tax) 4,898   5,041  
    Restoration Fund (including Gift Aid tax) 6,658   6,077  
    Received with subscriptions 3,606   3,322  
    Other (excl. Marketing collections - below) 6,766 21,928 8,599 23,039
Income generated by Marketing and Retail Trading:        
    Trust & Public events 1,785   4,121  
    Membership subs collected at shows etc. @@ 1,644   1,529  
    Brick Appeal 160   570  
    Grand Prize Draw net of expenditure 4,010   3,625  
    Donations, Sponsorship, Advertisements 4,061   4,496  
    Profits from Retail Trading subsidiary company 2,485   2,469  
Sub-total   *** 14,145   16,810  
    less income transferred to Appeal Funds 0 14,145 (820) 15,990
Tax, interest etc:        
    Gift Aid tax reclaim (other than specific funds) 3,963   4,826  
    Bank interest 1,541   1,682  
    Wayleave for electricity line poles at Darnford 10 5,514 10 6,518
SUB-TOTAL REGULAR INCOME   51,385   55,824
Specific Appeal and Grants        
    David Suchet Appeal (including Gift Aid tax) 767   2,491  
    The Manifold Trust 0   8,000  
    Others (incl IWA ResCom £5,000) 5,960   1,000  
    European Regional Development Fund [ERDF] 0 6,727 210 11,701
TOTAL INCOME   58,112   67,525
         
EXPENDITURE        
Restoration costs        
    Hatherton Canal 0   195  
    Lichfield Canal 7,314   2,978  
    Accommodation (wrg group visits) 2,136   575  
    Tools, Plant,Machinery, Training 1,359 (10,809) 2,435 (6,183)
Operational costs        
    Professional fees and costs 10,474   11,864  
    Membership & Magazine administration 4,342   4,356  
    Direct cost of Marketing activity 2,859   3,910  
    Direct cost of Funding Appeals 0   575  
    General Administration 3,000   3,412  
    Insurance premium (IWA policy) 620   603  
    Membership subscriptions (IWA; LDTA; PWG) 136   194  
    Hire of hall for A.G.M. 35 (21,466) 21 (24,935)
Project costs        
    Hatherton Canal 0   0  
    Lichfield Canal 0   (1,775)  
    ERDF grant works 1,000 (1,000) 428 1,347
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES   24,837   37,754
less Depreciation of canal improvements at Darnford and plant   (2,365)   (1,009)
SURPLUS FOR THE YEAR   22,472   36,745
Refund of VAT from 2003 and 2004   53,824    
Retained surplus brought forward   116,398   79,653
Retained surplus carried forward   £     192,694   £     116,398
(This page does not form part of the formal accounts, only a summary of the totals)

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