Lichfield and Hatherton Canals Restoration Trust Ltd

Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2007

These pages are based on the Trust’s accounts for 2007 which are subject to formal audit and presentation to tha 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 2007
	31-Dec-2007		31-Dec-2006
	Ł	Ł	Ł	Ł
FIXED ASSETS
Freehold property at cost (see Note below re 2006)	326,646		332,416
Plant and machinery (over Ł1,000 per item, depreciated)	4,644		7,644
Investment in subsidiary company shares	1,000	332,290	1,000	341,060
CURRENT ASSETS
Debtors:
Net assets available from subsidiary company	2,780		2,140
Net Group VAT recoverable	1,808		715
GOWM, ERDF grant 10% retention (see footnote)	-	4,588	58,951	61,806
Bank balances:
Restricted funds:-
Lichfield Canal, Tamworth Road match funding	1,572		1,526
Brick Appeal funds, net of expenditure	120		130
Land Fund donations, net of expenditure	15,637		13,474
Restoration Fund - general, net of expenditure	282		1,021
- 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, net of expenditure B'ham Rd culvert	0		7,721
500 Club prize reserve	172
Designated funds:-
500 Club Capital Fund (50% retention)	1,314
Restoration budget balance	693		1,069
Unrestricted funds:-
Trust funds for general purposes	51,454		26,417
Total funds in deposit a/cs		80,000		60,114
Bank of Scotland Trust current a/c	254		143
Lloyds TSB Trust current a/c	1,035		5,518
Lloyds TSB Marketing current a/c	369		627
Funds in hand or in course of collection	0		0
Total funds in current a/cs and in hand		1,658		6,288
Total assets before current liabilities		418,536		469,268
LIABILITIES:
Amount falling due within one year
The Charity Bank Ltd; Mortgage loan on Ogley Cottage	4,938		1,174
Private loan	-		15,000
Dains 2006 audit fee incurred in 2007 (see Note below)	-		750
Amount falling due after one year
The Charity Bank Ltd; Mortgage loan on Ogley Cottage	248,852	(253,790)	253,826	(270,750)
TOTAL NET RESOURCES		164,746		198,518
RESERVES
Income & Expenditure Account		164,746		198,518
NOTES:
ERDF claims relating to previous years, received 26-Nov-2007		Ł16,962		Ł10,352

The accounts audited by Dains for year ended 31st December 2006, which confirmed, except for audit fee and property depreciation,
the draft figures published in "Cut Both Ways" issue 50 for the 2007 AGM, were approved by the Directors on 24th October 2007.

DRAFT INCOME & EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 December 2007

2007 2006

INCOME Ł Ł Ł Ł

Subscriptions from members (excl. Marketing below) ## 9,595 11,186

Donations
Received with subscriptions 4,025 4,226
Land Fund (including Gift Aid tax) 2,163 2,618
Restoration Fund (including Gift Aid tax) 631 300
Other (excl. Marketing collections - below) 8,684 15,503 19,055 26,199
Income generated by Marketing and Retail Trading:
Trust & Public events 315 2,101
Membership subs collected at shows etc. ## 1,073 1,503
Brick Appeal 180 250
500 Club (net of prizes paid out) 1,486 -
Grand Prize Draw 4,356 4,311
Donations, Sponsorship, Advertisements 7,978 3,287
Profits from Retail Trading subsidiary company *** 2,780 18,168 2,140 13,592
Tax, interest, rent etc:
Ogley Cottage rent $$ 7,195 4,760
Gift Aid tax reclaim (other than specific funds) 3,340 4,226
Bank interest 5,511 1,995
Wayleave for electricity line poles at Darnford 10 16,056 10 10,991
SUB-TOTAL REGULAR INCOME 59,322 61,968
Specific Appeal, Grants and Loans
David Suchet Appeal (including Gift Aid tax) 17,317 47,909
Lichfield City Council (and others in 2006) 500 6,900
European Regional Development Fund (claims) 18,957 22,760
Credit value of ERDF contract funds held by S.C.C. - 43,873
The Manifold Trust (Ogley purchase & Birmingham Rd culvert) - 36,774 334,500 455,942
TOTAL INCOME 96,096 517,910

EXPENDITURE
Restoration costs
Lichfield Canal 2,938 7,289
Hatherton Canal 92 27
Accommodation (visiting volunteer groups) 1,755 1,151
Tools, Plant,Machinery, Training 1,522 (6,307) 464 (8,931)
Operational costs
Professional fees and costs (see Note re 2006) 882 7,175
Ogley Cottage fees and costs (inc. insurance) $$ 2,544 2,344
Membership & Magazine administration ## 4,468 4,730
Direct cost of Marketing activity (excl. 500 Club prizes) *** 4,647 3,182
Direct cost of Funding Appeals 0 1,663
General Administration 2,443 3,052
Insurance premium (IWA policy) excl. Ogley Cottage 872 1,027
Membership subscriptions 43 39
Hire of hall for A.G.M. 29 (15,928) 35 (23,247)
Project costs
ERDF grant works 4,127 47,072
Lichfield Canal - Birmingham Road culvert 70,000 420,000
Lichfield Canal - Borrowcop Locks Canal Park 9,240 (83,367) - (467,072)
Finance charge
Interest paid on loans (15,496) (4,066)
TOTAL EXPENDITURE (121,098) (503,316)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES (25,002) 14,594
less Depreciation of property and plant (see note re 2006) (8,770) (8,770)
DEFICIT FOR THE YEAR (2006 SURPLUS) (33,772) 5,824
Retained surplus brought forward 198,518 192,694
Retained surplus carried forward Ł 164,746 Ł 198,518
(This page does not form part of the formal accounts, only a summary of the totals)

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DRAFT INCOME & EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 December 2007
	2007		2006
INCOME	Ł	Ł	Ł	Ł
Subscriptions from members (excl. Marketing below) ##		9,595		11,186
Donations
Received with subscriptions	4,025		4,226
Land Fund (including Gift Aid tax)	2,163		2,618
Restoration Fund (including Gift Aid tax)	631		300
Other (excl. Marketing collections - below)	8,684	15,503	19,055	26,199
Income generated by Marketing and Retail Trading:
Trust & Public events	315		2,101
Membership subs collected at shows etc. ##	1,073		1,503
Brick Appeal	180		250
500 Club (net of prizes paid out)	1,486		-
Grand Prize Draw	4,356		4,311
Donations, Sponsorship, Advertisements	7,978		3,287
Profits from Retail Trading subsidiary company ***	2,780	18,168	2,140	13,592
Tax, interest, rent etc:
Ogley Cottage rent $$	7,195		4,760
Gift Aid tax reclaim (other than specific funds)	3,340		4,226
Bank interest	5,511		1,995
Wayleave for electricity line poles at Darnford	10	16,056	10	10,991
SUB-TOTAL REGULAR INCOME		59,322		61,968
Specific Appeal, Grants and Loans
David Suchet Appeal (including Gift Aid tax)	17,317		47,909
Lichfield City Council (and others in 2006)	500		6,900
European Regional Development Fund (claims)	18,957		22,760
Credit value of ERDF contract funds held by S.C.C.	-		43,873
The Manifold Trust (Ogley purchase & Birmingham Rd culvert)	-	36,774	334,500	455,942
TOTAL INCOME		96,096		517,910

EXPENDITURE
Restoration costs
Lichfield Canal	2,938		7,289
Hatherton Canal	92		27
Accommodation (visiting volunteer groups)	1,755		1,151
Tools, Plant,Machinery, Training	1,522	(6,307)	464	(8,931)
Operational costs
Professional fees and costs (see Note re 2006)	882		7,175
Ogley Cottage fees and costs (inc. insurance) $$	2,544		2,344
Membership & Magazine administration ##	4,468		4,730
Direct cost of Marketing activity (excl. 500 Club prizes) ***	4,647		3,182
Direct cost of Funding Appeals	0		1,663
General Administration	2,443		3,052
Insurance premium (IWA policy) excl. Ogley Cottage	872		1,027
Membership subscriptions	43		39
Hire of hall for A.G.M.	29	(15,928)	35	(23,247)
Project costs
ERDF grant works	4,127		47,072
Lichfield Canal - Birmingham Road culvert	70,000		420,000
Lichfield Canal - Borrowcop Locks Canal Park	9,240	(83,367)	-	(467,072)
Finance charge
Interest paid on loans		(15,496)		(4,066)
TOTAL EXPENDITURE		(121,098)		(503,316)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES		(25,002)		14,594
less Depreciation of property and plant (see note re 2006)		(8,770)		(8,770)
DEFICIT FOR THE YEAR (2006 SURPLUS)		(33,772)		5,824
Retained surplus brought forward		198,518		192,694
Retained surplus carried forward		Ł 164,746		Ł 198,518
(This page does not form part of the formal accounts, only a summary of the totals)