Registered Charity No. 702429

ACCOUNTS SUMMARY FOR 2011

These pages are based on the Trustís accounts for 2011 which have been formally examined by Dains Accountants, Lichfield and were adopted by the Annual General Meeting held on 15th June 2012.

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 2011
  31-Dec-2011 31-Dec-2010
  £ £ £ £
FIXED ASSETS        
Freehold property (part depreciated) 313,566   319,336  
Plant and machinery (over £1,000 per item, depreciated) 5,459   8,950  
Investment in subsidiary company shares 1,000 320,025 1,000 329,286
CURRENT ASSETS        
Debtors:        
Net assets available from subsidiary company 2,485   1,946  
Net Group VAT recoverable 3,150   548  
Receipts due - 5,635 - 2,494
Bank balances:        
Restricted funds:-        
    Lichfield Canal, Tamworth Road separate match funding 1,630   1,629  
    Brick Appeal funds, net of expenditure 170   815  
    Land Fund donations, net of expenditure                           *** 34,690   22,690  
    Restoration Fund - general, net of expenditure 1,780   2,295  
                              - Page legacy for L25 & 26 paddle gear 2,756   2,756  
    David Suchet Thirty Pounds Appeal Fund                         *** 33,091   28,132  
    Pound 26 Water project, net of expenditure -   5,000  
    500 Club prize fund carried forward 254 74,341 245 63,562
Designated funds:-        
    Land Fund reserve from cashflow -   10,000  
    500 Club Capital Fund 1,290   1,248  
    Restoration & plant balance 105 1,395 338 11,586
Unrestricted funds:-        
    Trust funds for general purposes   234   9,852
Total funds on deposit 76,000   85,000  
    Bank of Scotland Trust current a/c bank closed   129  
    Unity Trust Bank   Trust current a/c 907   100  
    Lloyds TSB           Trust current a/c 207   257  
    Funds in hand or in course of collection - 1,114 - 486
Total Trust operating funds 77,114   85,486  
    Lloyds TSB & Unity Trust Bank     Marketing current a/c   456   576
Total assets before liabilities   403,230   417,842
LIABILITIES:        
Loan reduction falling due within one year        
    The Charity Bank Ltd; Mortgage loan on Ogley Cottage (6,286)   (5,958)  
Loan outstanding after one year        
    The Charity Bank Ltd; Mortgage loan on Ogley Cottage (225,709) (231,995) (231,995) (237,953)
TOTAL NET RESOURCES   171,235   179,889
RESERVES        
Income & Expenditure Account   171,235   179,889
NOTES:    
Contingent liability: Purchase canal land by Cappers Lane *** 40,000    
Ogley Cottage rent deposit lodged with Deposit Protection Service 575   575


INCOME & EXPENDITURE ACCOUNT
for the period from 1 January to 31 December 2011
  2011 2010
INCOME £ £ £ £
Subscriptions from members (excl. Marketing below)               [M]   9,566   9,193
Donations                                                                                      [M] net Trust + Mktng £6,240 net Trust + Mktng £6,311
    Received with subscriptions 4,549   4,297  
    Land Fund (including Gift Aid tax) 2,000   2,073  
    Restoration Fund (including Gift Aid tax) 5,986   1,353  
    Other (excl. Marketing collections - below) 9,109 21,644 8,101 15,824
Income generated by Marketing and Retail Trading:        
    Trust & Public events 6,859   3,201  
    Membership subs collected at shows etc.                               [M] 655   653  
    Brick Appeal 1,170   100  
    500 Club Capital Fund (net of prizes paid out) 1,299   1,335  
    Grand Prize Draw 4,979   3,533  
    Donations, Sponsorship, Advertisements, Interest 4,706   2,782  
    Net profit from Retail Trading subsidiary company                 [P] 2,485 22,153 1,946 13,550
Tax, interest, rent etc:                                                                 [P] net profit £16,865 net profit £9,884
    Ogley Cottage rent                                                                     [O] 6,900   4,025  
    Gift Aid tax reclaim (other than specific funds) 5,296   5,724  
    Credit interest 168   74  
    Wayleave for electricity line poles at Darnford 11 12,375 11 9,834
SUB-TOTAL REGULAR INCOME   65,738   48,401
Specific Appeal, Grants and Loans        
    David Suchet Thirty Pounds Appeal (including Gift Aid tax) 4,959   9,577  
    Lichfield DC S.106; SCC SALGS; (2010) Lichfield Conduit Lands Trust 65,000   5,000  
    Others - 69,959 - 14,577
TOTAL INCOME   135,697   62,978
         
EXPENDITURE        
Restoration costs (internal)        
    Lichfield Canal; Darnford and Fosseway -   -  
    Lichfield Canal; Tamworth Road, Borrowcop Locks Canal Park 12,078   7,930  
    Hatherton Canal 614   -  
    Accommodation and welfare 553   1,353  
    Tools, Plant, Machinery, Training 2,488 (15,733) 517 (9,800)
Administrative costs        
    Professional fees and costs 3,186   5,954  
    Ogley Cottage costs (incl. insurance)                                        [O] 800 (C-I ratio 11.6%) 2,843 (70.6%)
    Membership & Magazine administration                                  [M] 3,981 (C-I ratio 39.0%) 3,535 (35.9%)
    Direct cost of Marketing activity (excl. 500 Club prizes)          [P] 5,288 (C-I ratio 23.9%) 3,666 (27.1%)
    Direct cost of Funding Appeals -   1  
    General Administration 3,028   3,830  
    Insurance premium (IWA policy) 1,793   1,082  
    IWA Membership subscription 49 (18,125) 47 (20,958)
Project costs (external)        
    Hatherton Canal -   -  
    Lichfield Canal, Tamworth Road Pound 26 watering 87,118 (87,118) 4,629 (4,629)
Finance charge        
    Interest paid on bank loan   (14,114)   (14,460)
NET MOVEMENT OF FUNDS ON TRUST ACTIVITIES out (135,090) 607 (49,847) 13,131
less Depreciation of property and plant   (9,261)   (9,261)
DEFICIT FOR THE YEAR (previous year surplus)   (8,654)   3,870)
Retained surplus brought forward   179,889   176,019
Retained surplus carried forward   £     171,235   £     179,889
(This page does not form part of the formal accounts, only a summary of the totals)

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