Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2009

These pages are based on the Trustís accounts for 2009 which have been formally examined by Dains Accountants, Lichfield and were adopted by the Annual General Meeting on 18th June 2010.

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)

BALANCE SHEET
AS AT 31 December 2009
  31-Dec-2009 31-Dec-2008
  £ £ £ £
FIXED ASSETS        
Freehold property (part depreciated) 325,106   330,876  
Plant and machinery (over £1,000 per item, depreciated) 12,441   3,159  
Investment in subsidiary company shares 1,000 338,547 1,000 335,035
CURRENT ASSETS        
Debtors:        
Net assets available from subsidiary company 2,563   3,067  
Net Group VAT recoverable 2,439   125  
Receipts due 6,400 11,402 - 3,192
Bank balances:        
Restricted funds:-        
    Lichfield Canal, Tamworth Road separate match funding 1,613   1,612  
    Brick Appeal funds, net of expenditure 715   300  
    Land Fund donations, net of expenditure 20,617   18,272  
    Restoration Fund - general, net of expenditure 4,941   1,684  
                              - Chase Academy for Hatherton Canal -   1,000  
                              - Page legacy for L25 & 26 paddle gear 2,756   2,756  
    David Suchet 2009 £30 Appeal Fund (2008 net of expenditure) 18,555   -  
    Feasibility Study donations (net of expenditure) -   2,550  
    Ogley Cottage rent deposit 575   575  
    500 Club prize reserve 158   161  
Designated funds:-        
    Land Fund reserve from cashflow 10,000   10,000  
    500 Club Capital Fund 1,320   1,188  
    Restoration budget balance 138   2,167  
    Feasibility Study allocation (net of expenditure) -   44,400  
Unrestricted funds:-        
    Trust funds for general purposes 6,612   3,335  
Total funds in deposit a/cs   68,000   90,000
    Bank of Scotland Trust current a/c 104   204  
    Lloyds TSB           Trust current a/c 893   1,488  
    Lloyds TSB           Marketing current a/c 638   312  
    Funds in hand or in course of collection -   -  
Total funds in current a/cs and in hand   1,635   2,004
Total assets before current liabilities   419,584   430,231
LIABILITIES:        
Loan reduction falling due within one year        
    The Charity Bank Ltd; Mortgage loan on Ogley Cottage 5,612   5,286  
Loan outstanding after one year        
    The Charity Bank Ltd; Mortgage loan on Ogley Cottage 237,935 (243,565) 243,566 (248,852)
TOTAL NET RESOURCES   176,019   181,379
RESERVES        
Income & Expenditure Account   176,019   181,379


INCOME & EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 December 2009
  2009 2008
INCOME £ £ £ £
Subscriptions from members (excl. Marketing below)               [M]   11,450   9,760
Donations                                                                                      [M] net Trust + Mktng £7,294 net Trust + Mktng £6,984
    Received with subscriptions 4,016   4,335  
    Land Fund (including Gift Aid tax) 2,345   2,635  
    Restoration Fund (including Gift Aid tax) 4,257   1,402  
    Other (excl. Marketing collections - below) 11,941 22,559 7,175 15,547
Income generated by Marketing and Retail Trading:        
    Trust & Public events 6,882   1,953  
    Membership subs collected at shows etc.                               [M] 608   1,511  
    Brick Appeal 415   180  
    500 Club (net of prizes paid out) 1,317   1,176  
    Grand Prize Draw 3,103   3,824  
    Donations, Sponsorship, Advertisements, Interest 3,942   4,440  
    Net profit from Retail Trading subsidiary company                 [P] 2,562 18,829 3,067 16,151
Tax, interest, rent etc:                                                                 [P] net profit £13,388 net profit £12,261
    Ogley Cottage rent                                                                     [O] 7,375   6,898  
    Gift Aid tax reclaim (other than specific funds) 6,366   4,841  
    Credit interest 46   1,911  
    Wayleave for electricity line poles at Darnford 11 13,798 10 13,660
SUB-TOTAL REGULAR INCOME   66,636   55,118
Specific Appeal, Grants and Loans        
    Suchet 2006 Appeal, closed June 2009 (including Gift Aid tax) 1,136   8,020  
    Suchet 2009 £30 Appeal, from July 2009 (including Gift Aid tax) 18,555   -  
    IWA ResCom 5,000   9,000  
    Others (2008 SALG, others) 1,350   37,369  
    Excavator Fund 8,110 34,151 - 54,389
TOTAL INCOME   100,787   109,507
         
EXPENDITURE        
Restoration costs        
    Lichfield Canal; Tamworth Road, Locks 24 to 26 6,655   3,032  
    Hatherton Canal 203   255  
    Accommodation and welfare 1,249   472  
    Tools, Plant, Machinery, Training 922 (9,029) 1,074 (4,833)
Administrative costs        
    Professional fees and costs 2,075   2,686  
    Ogley Cottage fees and costs                                                    [O] 860   2,862  
    Membership & Magazine administration                                  [M] 4,764   4,287  
    Direct cost of Marketing activity (excl. 500 Club prizes)          [P] 5,441   3,890  
    Direct cost of Funding Appeals 1,959   0  
    General Administration 5,539   2,950  
    Insurance premium (IWA policy) 1,222   2,804  
    IWA Membership subscription 47 (21,907) 45 (19,524)
Project costs        
    Hatherton Canal - Supplementary Study 4,986   -  
    Lichfield Canal - Feasibility Study (BLCP & Attwood wall) 46,950 (51,936) 44,162 (44,162)
Finance charge        
    Interest paid on loan   (14,787)   (15,135)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES out (97,659) 3,128 (83,654) 25,853
less Depreciation of property and plant   (8,488)   (9,220)
DEFICIT FOR THE YEAR (previous year surplus)   (5,360)   16,633
Retained surplus brought forward   181,379   164,746
Retained surplus carried forward   £     176,019   £     181,379
(This page does not form part of the formal accounts, only a summary of the totals)

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