Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2007

These pages are based on the Trustís accounts for 2007 which are subject to formal audit and presentation 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 2007
  31-Dec-2007 31-Dec-2006
  £ £ £ £
FIXED ASSETS        
Freehold property at cost (see Note below re 2006) 326,646   332,416  
Plant and machinery (over £1,000 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   £16,962   £10,352

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 £ £ £ £
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   £     164,746   £     198,518
(This page does not form part of the formal accounts, only a summary of the totals)

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