Lichfield and Hatherton Canals Restoration Trust Ltd

Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2008

These pages are based on the Trust’s accounts for 2008 which have been formally examined by Dains Accountants, Lichfield and were adopted by the Annual General Meeting held on 5th June 2009.

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) or
download a printable Adobe Acrobat copy here Accounts 2008 - PDF (7.13MB)
(If you do not have a copy of the Adobe Acrobat Reader then please visit the Adobe Web Site where it is available as a free download)

BALANCE SHEET
AS AT 31 December 2008
	31-Dec-2008		31-Dec-2007
	Ł	Ł	Ł	Ł
FIXED ASSETS
Freehold property (part depreciated)	330,876		326,646
Plant and machinery (over Ł1,000 per item, depreciated)	3,159		4,644
Investment in subsidiary company shares	1,000	335,035	1,000	332,290
CURRENT ASSETS
Debtors:
Net assets available from subsidiary company	3,067		2,780
Net Group VAT recoverable	125	3,192	1,808	4,588
Bank balances:
Restricted funds:-
Lichfield Canal, Tamworth Road separate match funding	1,612		1,572
Brick Appeal funds, net of expenditure	300		120
Land Fund donations, net of expenditure	18,272		15,637
Restoration Fund - general, net of expenditure	1,684		282
- 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	0		5,000
Suchet Appeal Fund, net of expenditure B'ham Rd culvert	0		0
Feasibility Study donations	2,550
Ogley Cottage rent deposit	575
500 Club prize reserve	161		172
Designated funds:-
Land Fund reserve from cashflow	10,000
500 Club Capital Fund	1,188		1,314
Restoration budget balance	2,167		693
Feasibility Study allocation	44,400
Unrestricted funds:-
Trust funds for general purposes	3,335		51,454
Total funds in deposit a/cs		90,000		80,000
Bank of Scotland Trust current a/c	204		254
Lloyds TSB Trust current a/c	1,488		1,035
Lloyds TSB Marketing current a/c	312		369
Funds in hand or in course of collection	0		0
Total funds in current a/cs and in hand		2,004		1,658
Total assets before current liabilities		430,231		418,536
LIABILITIES:
Loan reduction falling due within one year
The Charity Bank Ltd; Mortgage loan on Ogley Cottage	5,286		4,938
Loan outstanding after one year
The Charity Bank Ltd; Mortgage loan on Ogley Cottage	243,566	(248,852)	248,852	(253,790)
TOTAL NET RESOURCES		181,379		164,746
RESERVES
Income & Expenditure Account		181,379		164,746

INCOME & EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 December 2008

2008 2007

INCOME Ł Ł Ł Ł

Subscriptions from members (excl. Marketing below) [M] 9,761 9,595

Donations
Received with subscriptions 4,335 4,025
Land Fund (including Gift Aid tax) 2,635 2,163
Restoration Fund (including Gift Aid tax) 1,402 631
Other (excl. Marketing collections - below) 7,175 15,547 8,684 15,503
Income generated by Marketing and Retail Trading:
Trust & Public events 1,953 5,069
Membership subs collected at shows etc. [M] 1,511 1,073
Brick Appeal 180 180
500 Club (net of prizes paid out) 1,176 1,487
Grand Prize Draw 3,824 4,356
Donations, Sponsorship, Advertisements, Interest 4,440 3,224
Net profit from Retail Trading subsidiary company [P] 3,067 16,151 2,780 18,168
Tax, interest, rent etc:
Ogley Cottage rent 6,898 7,195
Gift Aid tax reclaim (other than specific funds) 4,841 3,340
Credit interest 1,911 5,511
Wayleave for electricity line poles at Darnford 10 13,660 10 16,056
SUB-TOTAL REGULAR INCOME 55,118 59,322
Specific Appeal, Grants and Loans
David Suchet Appeal (including Gift Aid tax) 8,020 17,317
SCC Aggregates Levy grant 36,269
Others (Pringle, IWA, LCC, Tarrant, Whitfield) 10,100 500
European Regional Development Fund (claims) 54,389 18,957 36,774
TOTAL INCOME 109,507 96,096

EXPENDITURE
Restoration costs
Lichfield Canal; Tamworth Road, Locks 24 to 26 3,032 2,938
Hatherton Canal 254 92
Accommodation (visiting volunteer groups) 472 1,755
Tools, Plant,Machinery, Training 1,074 (4,833) 1,522 (6,307)
Administrative costs
Professional fees and costs 2,686 882
Ogley Cottage fees and costs 2,862 2,544
Membership & Magazine administration [M] 4,287 4,468
Direct cost of Marketing activity (excl. 500 Club prizes) 3,890 4,647
Direct cost of Funding Appeals 0 0
General Administration 2,950 2,472
Insurance premium (IWA policy) 2,804 872
IWA Membership subscription 45 (19,524) 43 (15,928)
Project costs
Lichfield Canal - Borrowcop Locks Canal Park 31,929 5,015
Lichfield Canal - Pound 26 Attwood Wall 12,233 4,225
Lichfield Canal - Birmingham Road culvert; ERDF works - (44,162) 74,127 (83,367)
Finance charge
Interest paid on loan (15,135) (15,496)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES 25,853 (25,002)
less Depreciation of property and plant (9,220) (8,770)
SURPLUS FOR THE YEAR (2007 DEFICIT) 16,633 (33,772)
Retained surplus brought forward 164,746 198,518
Retained surplus carried forward Ł 181,379 Ł 164,746
(This page does not form part of the formal accounts, only a summary of the totals)

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INCOME & EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 December 2008
	2008		2007
INCOME	Ł	Ł	Ł	Ł
Subscriptions from members (excl. Marketing below) [M]		9,761		9,595
Donations
Received with subscriptions	4,335		4,025
Land Fund (including Gift Aid tax)	2,635		2,163
Restoration Fund (including Gift Aid tax)	1,402		631
Other (excl. Marketing collections - below)	7,175	15,547	8,684	15,503
Income generated by Marketing and Retail Trading:
Trust & Public events	1,953		5,069
Membership subs collected at shows etc. [M]	1,511		1,073
Brick Appeal	180		180
500 Club (net of prizes paid out)	1,176		1,487
Grand Prize Draw	3,824		4,356
Donations, Sponsorship, Advertisements, Interest	4,440		3,224
Net profit from Retail Trading subsidiary company [P]	3,067	16,151	2,780	18,168
Tax, interest, rent etc:
Ogley Cottage rent	6,898		7,195
Gift Aid tax reclaim (other than specific funds)	4,841		3,340
Credit interest	1,911		5,511
Wayleave for electricity line poles at Darnford	10	13,660	10	16,056
SUB-TOTAL REGULAR INCOME		55,118		59,322
Specific Appeal, Grants and Loans
David Suchet Appeal (including Gift Aid tax)	8,020		17,317
SCC Aggregates Levy grant	36,269
Others (Pringle, IWA, LCC, Tarrant, Whitfield)	10,100		500
European Regional Development Fund (claims)		54,389	18,957	36,774
TOTAL INCOME		109,507		96,096

EXPENDITURE
Restoration costs
Lichfield Canal; Tamworth Road, Locks 24 to 26	3,032		2,938
Hatherton Canal	254		92
Accommodation (visiting volunteer groups)	472		1,755
Tools, Plant,Machinery, Training	1,074	(4,833)	1,522	(6,307)
Administrative costs
Professional fees and costs	2,686		882
Ogley Cottage fees and costs	2,862		2,544
Membership & Magazine administration [M]	4,287		4,468
Direct cost of Marketing activity (excl. 500 Club prizes)	3,890		4,647
Direct cost of Funding Appeals	0		0
General Administration	2,950		2,472
Insurance premium (IWA policy)	2,804		872
IWA Membership subscription	45	(19,524)	43	(15,928)
Project costs
Lichfield Canal - Borrowcop Locks Canal Park	31,929		5,015
Lichfield Canal - Pound 26 Attwood Wall	12,233		4,225
Lichfield Canal - Birmingham Road culvert; ERDF works	-	(44,162)	74,127	(83,367)
Finance charge
Interest paid on loan		(15,135)		(15,496)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES		25,853		(25,002)
less Depreciation of property and plant		(9,220)		(8,770)
SURPLUS FOR THE YEAR (2007 DEFICIT)		16,633		(33,772)
Retained surplus brought forward		164,746		198,518
Retained surplus carried forward		Ł 181,379		Ł 164,746
(This page does not form part of the formal accounts, only a summary of the totals)