Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2008

These pages are based on the Trustís 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
  £ £ £ £
FIXED ASSETS        
Freehold property (part depreciated) 330,876   326,646  
Plant and machinery (over £1,000 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 £ £ £ £
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   £     181,379   £     164,746
(This page does not form part of the formal accounts, only a summary of the totals)

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