Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2010

These pages are based on the Trustís accounts for 2010 which have been formally examined by Dains Accountants, Lichfield and were adopted by the Annual General Meeting held on 17th June 2011.

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 2010
  31-Dec-2010 31-Dec-2009
  £ £ £ £
FIXED ASSETS        
Freehold property (part depreciated) 319,336   325,106  
Plant and machinery (over £1,000 per item, depreciated) 8,950   12,441  
Investment in subsidiary company shares 1,000 329,286 1,000 338,547
CURRENT ASSETS        
Debtors:        
Net assets available from subsidiary company 1,946   2,563  
Net Group VAT recoverable 548   2,439  
Receipts due - 2,494 6,400 11,402
Bank balances:        
Restricted funds:-        
    Lichfield Canal, Tamworth Road separate match funding 1,629   1,613  
    Brick Appeal funds, net of expenditure 815   715  
    Land Fund donations, net of expenditure 22,690   20,617  
    Restoration Fund - general, net of expenditure 2,295   4,941  
                              - Page legacy for L25 & 26 paddle gear 2,756   2,756  
    David Suchet 2009 £30 Appeal Fund 28,132   18,555  
    Pound 26 Water Park grants 5,000   -  
    Ogley Cottage rent deposit (see note below) -   575  
    500 Club prize reserve 245   158  
Designated funds:-        
    Land Fund reserve from cashflow 10,000   10,000  
    500 Club Capital Fund 1,248   1,320  
    Restoration budget balance 338   138  
Unrestricted funds:-        
    Trust funds for general purposes 9,852   6,612  
Total funds in deposit a/cs   85,000   68,000
    Bank of Scotland Trust current a/c 129   104  
    Lloyds TSB           Trust current a/c 256   893  
    Unity Trust Bank   Trust current a/c 100   -  
    Lloyds TSB           Marketing current a/c 577   638  
    Funds in hand or in course of collection -   -  
Total funds in current a/cs and in hand   1,062   1,635
Total assets before current liabilities   417,842   419,584
LIABILITIES:        
Loan reduction falling due within one year        
    The Charity Bank Ltd; Mortgage loan on Ogley Cottage (5,958)   (5,612)  
Loan outstanding after one year        
    The Charity Bank Ltd; Mortgage loan on Ogley Cottage (231,995) (237,953) (237,953) (243,565)
TOTAL NET RESOURCES   179,889   176,019
RESERVES        
Income & Expenditure Account   179,889   176,019
NOTE:    
Ogley Cottage rent deposit lodged with Deposit Protection Service 575    


INCOME & EXPENDITURE ACCOUNT
for the period from 1 January to 31 December 2010
  2010 2009
INCOME £ £ £ £
Subscriptions from members (excl. Marketing below)               [M]   9,193   11,450
Donations                                                                                      [M] net Trust + Mktng £6,311 net Trust + Mktng £7,294
    Received with subscriptions 4,297   4,016  
    Land Fund (including Gift Aid tax) 2,073   2,345  
    Restoration Fund (including Gift Aid tax) 1,353   4,257  
    Other (excl. Marketing collections - below) 8,101 15,824 11,941 22,559
Income generated by Marketing and Retail Trading:        
    Trust & Public events 3,201   6,882  
    Membership subs collected at shows etc.                               [M] 653   608  
    Brick Appeal 100   415  
    500 Club Capital Fund (net of prizes paid out) 1,335   1,317  
    Grand Prize Draw 3,533   3,103  
    Donations, Sponsorship, Advertisements, Interest 2,782   3,942  
    Net profit from Retail Trading subsidiary company                 [P] 1,946 13,550 2,562 18,829
Tax, interest, rent etc:                                                                 [P] net profit £9,884 net profit £13,388
    Ogley Cottage rent                                                                     [O] 4,025   7,375  
    Gift Aid tax reclaim (other than specific funds) 5,724   6,366  
    Credit interest 74   46  
    Wayleave for electricity line poles at Darnford 11 9,834 11 13,798
SUB-TOTAL REGULAR INCOME   48,401   66,636
Specific Appeal, Grants and Loans        
    Suchet 2009 £30 Appeal, from July 2009 (including Gift Aid tax) 9,577   19,691  
    Lichfield Conduit Lands Trust 5,000   -  
    Others (2009 IWA, LDC, LCC) -   6,350  
    spare (2009 Excavator Fund) - 14,577 8,110 34,151
TOTAL INCOME   62,978   100,787
         
EXPENDITURE        
Restoration costs        
    Lichfield Canal; Darnford and Fosseway -   -  
    Lichfield Canal; Tamworth Road, Borrowcop Locks CP 7,930   6,655  
    Hatherton Canal -   203  
    Accommodation and welfare 1,353   1,249  
    Tools, Plant, Machinery, Training 517 (9,800) 922 (9,029)
Administrative costs        
    Professional fees and costs 5,954   2,075  
    Ogley Cottage costs (net of insurance claim)                                                    [O] 2,843   860  
    Membership & Magazine administration                                  [M] 3,535   4,764  
    Direct cost of Marketing activity (excl. 500 Club prizes)          [P] 3,666   5,441  
    Direct cost of Funding Appeals -   1,959  
    General Administration 3,830   5,539  
    Insurance premium (IWA policy) 1,082   1,222  
    IWA Membership subscription 47 (20,957) 45 (21,907)
Project costs        
    Hatherton Canal - (2009 Supplementary Feasibility Study) -   4,986  
    Lichfield Canal, Tamworth Road - (2009 Feasibility Study) 4,629 (4,629) 46,950 (51,936)
Finance charge        
    Interest paid on loan   (14,461)   (14,787)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES out (49,847) 13,131 (97,659) 3,128
less Depreciation of property and plant   (9,261)   (8,488)
SURPLUS FOR THE YEAR   3,870)   (5,360)
Retained surplus brought forward   176,019   181,379
Retained surplus carried forward   £     179,889   £     176,019
(This page does not form part of the formal accounts, only a summary of the totals)

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