Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2006

These pages are based on the Trustís accounts for 2006 which were presented to the Annual General Meeting.

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).

DRAFT BALANCE SHEET
AS AT 31 December 2006
  31-Dec-2006 31-Dec-2005
  £ £ £ £
FIXED ASSETS        
Freehold property at cost 338,186   49,686  
Plant and machinery (over £1,000 per item, depreciated) 7,644   10,644  
Investment in subsidiary company shares 1,000 346,830 2 60,332
CURRENT ASSETS        
Debtors:        
Net assets available from subsidiary company 2,140   2,485  
GOWM, ERDF grant 10% retention (see footnote) 58,951   36,191  
Net Group VAT recoverable 715 61,806 575 39,251
Bank balances:        
Restricted funds:-        
    Lichfield Canal, Tamworth Road match funding 1,526   1,494  
    Brick Appeal funds, net of expenditure 130   370  
    ERDF match funding suspense 0   12,637  
    Lichfield Conduit Lands Trust grant (Attwood land fees) 0   1,000  
    Manifold Trust grant balance (rounding off payments) 0   284  
    Land Fund donations, net of expenditure 13,474   10,857  
    Restoration Fund - general, net of expenditure 1,021   3,721  
                              - 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   5,000  
    Suchet Appeal Fund (unused balance) 7,721      
Designated funds:-        
    Restoration budget balance 1,069   4,191  
Unrestricted funds:-        
    Trust funds for general purposes 26,417   47,690  
Total funds in deposit a/cs   60,114   91,000
    Bank of Scotland Trust current a/c 143   88  
    Lloyds TSB           Trust current a/c 5,518   1,635  
    Lloyds TSB           Marketing current a/c 627   358  
    Funds in hand or in course of collection 0   30  
Total funds in current a/cs and in hand   6,288   2,111
Total assets before current liabilities   475,038   192,694
LIABILITIES:        
    The Charity Bank Ltd; Mortgage loan on Ogley Cottage (255,000)      
    Private loan (15,000) (270,000)    
TOTAL NET RESOURCES   205,038   192,694
RESERVES        
Income & Expenditure Account   205,038   192,694
NOTES:        
ERDF previous years outlay claims retained (see GOWM debtor above)   £10,352   £7,596
Outstanding grant from the Manifold Trust   received   £33,000
Outstanding grant from IWA Restoration Committee for Attwood land   received   £5,000


DRAFT INCOME & EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 December 2006
  2006 2005
INCOME £ £ £ £
Subscriptions from members (excl. Marketing below)   ##   11,186   9,798
Donations        
    Land Fund (including Gift Aid tax) 2,618   4,898  
    Restoration Fund (including Gift Aid tax) 300   6,658  
    Received with subscriptions 4,226   3,606  
    Other (excl. Marketing collections - below) 19,055 26,199 6,766 21,928
Income generated by Marketing and Retail Trading:        
    Trust & Public events 2,101   1,785  
    Membership subs collected at shows etc.               ## 1,503   1,644  
    Brick Appeal 250   160  
    Grand Prize Draw 4,311   4,010  
    Donations, Sponsorship, Advertisements 3,287   4,061  
    Profits from Retail Trading subsidiary company     *** 2,140 13,592 2,485 14,145
Tax, interest etc:        
    Ogley Cottage rent                                                 $$ 4,760      
    Gift Aid tax reclaim (other than specific funds) 4,226   3,963  
    Bank interest 1,995   1,541  
    Wayleave for electricity line poles at Darnford 10 10,991 10 5,514
SUB-TOTAL REGULAR INCOME   61,968   51,385
Exceptional income from Appeals, Grants etc.        
    David Suchet Appeal (including Gift Aid tax) 47,909   767  
    Others (IWA ResCom; IWA Lichfield Br; LDC; LCC) 6,900   5,960  
    The Manifold Trust (Ogley purchase & Birmingham Rd 334,500   0  
    Credit value of ERDF contract funds held by S.C.C. 43,873   0  
    European Regional Development Fund (claim) 22,760 455,942 0 6,727
TOTAL INCOME   517,910   58,112
         
EXPENDITURE        
Restoration costs        
    Hatherton Canal 27   0  
    Lichfield Canal 7,289   7,314  
    Accommodation (wrg group visits) 1,151   2,136  
    Tools, Plant,Machinery, Training 464 (8,931) 1,359 (10,809)
Operational costs        
    Professional fees and costs 6,425   10,474  
    Ogley Cottage fees and costs                                   $$ 2,344      
    Membership & Magazine administration                   ## 4,730   4,342  
    Direct cost of Marketing activity                             *** 3,182   2,859  
    Direct cost of Funding Appeals 1,663   0  
    General Administration 3,052   3,000  
    Insurance premium (IWA policy) 1,027   620  
    Membership subscriptions 39   136  
    Hire of hall for A.G.M. 35 (22,497) 35 (21,466)
Project costs        
    Lichfield Canal 420,000   0  
    ERDF works 47,072 (467,072) 1,000 (1,000)
Finance charge        
    Loan interest   (4,066)    
TOTAL EXPENDITURE   (502,566)   (33,275)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES   15,344   24,837
less Depreciation of plant   (3,000)   (2,365)
SURPLUS FOR THE YEAR   12,344   22,472
Refund of VAT from 2003 and 2004       53,824
Retained surplus brought forward   192,694   116,398
Retained surplus carried forward   £     205,038   £     192,694
(This page does not form part of the formal accounts, only a summary of the totals)

The above draft figures as published in "Cut Both Ways" issue 50 were audited by Dains Accountants and confirmed, except for audit fee and property depreciation. The accounts were approved by the Directors on 24th October 2007. For changes relating to audit fee and property depreciation see Accounts 2007

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