Lichfield and Hatherton Canals Restoration Trust Ltd

Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2010

These pages are based on the Trust’s 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

Ł Ł Ł Ł

FIXED ASSETS
Freehold property (part depreciated) 319,336 325,106
Plant and machinery (over Ł1,000 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 Ł30 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 Ł Ł Ł Ł

Subscriptions from members (excl. Marketing below) [M] 9,193 11,450

Donations [M] net Trust + Mktng Ł6,311 net Trust + Mktng Ł7,294
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 Ł9,884 net profit Ł13,388
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 Ł30 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 Ł 179,889 Ł 176,019
(This page does not form part of the formal accounts, only a summary of the totals)

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BALANCE SHEET
AS AT 31 December 2010
	31-Dec-2010		31-Dec-2009
	Ł	Ł	Ł	Ł
FIXED ASSETS
Freehold property (part depreciated)	319,336		325,106
Plant and machinery (over Ł1,000 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 Ł30 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	Ł	Ł	Ł	Ł
Subscriptions from members (excl. Marketing below) [M]		9,193		11,450
Donations [M]	net Trust + Mktng Ł6,311		net Trust + Mktng Ł7,294
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	Ł9,884	net profit	Ł13,388
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 Ł30 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		Ł 179,889		Ł 176,019
(This page does not form part of the formal accounts, only a summary of the totals)