Registered number: 02456172 Charity number: 702429
Lichfield and Hatherton Canals Restoration Trust Limited
Trustees' report and financial statements
For the year ended 31 December 2020
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the company, its Trustees and advisers | 1 |
| Chair's statement | 2 - 3 |
| Finance report | 4 - 5 |
| Trustees' report | 6 - 9 |
| Independent examiner's report | 10 - 11 |
| Consolidated statement of financial activities | 12 |
| Consolidated balance sheet | 13 |
| Company balance sheet | 14 |
| Notes to the financial statements | 15 - 33 |
| The following pages do not form part of the statutory financial statements: | |
| Finance report | 4-5 |
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Reference and administrative details of the company, its Trustees and advisers For the year ended 31 December 2020
| Trustees | C M Bull, Chair |
|---|---|
| J N March | |
| R O Williams | |
| P H Buck | |
| C M Howles | |
| H J Bryan | |
| S J Szulc | |
| L H Walker | |
| P J Hancock | |
| D W Lord | |
| Rev'd B Williams | |
| S L Webster | |
| Company registered number 02456172 Charity registered number 702429 Registered office Island House Moor Road Chesham Buckinghamshire HP5 1WA Company secretary P J Hancock President E Wood Accountants Dains LLP 15 Colmore Row Birmingham B3 2BH |
Page 1
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Chair's statement For the year ended 31 December 2020
The chair presents her statement for the year.
The year began with restoration work curtailed by exceptionally wet weather. Then the COVID pandemic further disrupted not just restoration work but, more damagingly, our fundraising opportunities.
The start of the Events calendar each year has been for many years the catchily named “Eric and Doreen’s All Day Coffee Morning”: a wonderful Easter garden party at our founder’s home by the canal in Whittington. Normally this sets the scene for all the other events of the year; in 2020 it did the same, but sadly because it set the scene for all events being cancelled under Government health restrictions.
The accounts show that income has suffered, but they also demonstrate that it was not as damaging as we feared it would be. There are several reasons for this:
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Restoration work had to be restricted to those areas which would have posed safety risks if not undertaken, hence less expenditure on materials.
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Youth groups, student groups, corporate and WRG volunteering were all cancelled, again saving costs.
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• With lockdown our towpaths have seen an enormous increase in use. This has resulted in an unprecedented increase in new members, and also new volunteers.
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Our communications team have purposefully increased the Trust’s presence, and in new ways, on social media, our website, YouTube and the press. Within this are new ways for supporters around the world to donate money using secure specialist social media platforms.
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Sadly, we have had serious thefts during the year which were reported immediately on our social media. The public have been very generous in response alongside insurance claims.
There have also been, as usual in any year, applications for specific funds and The Trust has been successful with South Staffordshire Water’s Pebble Fund and DPD’s ECO Fund. However, the National Lottery Heritage Fund suspended our planned major grant bid whilst dealing with their demand for supporting Covid-hit charities. The Trust itself launched a successful 20-20 Vision Piling Appeal in April to contribute to the expensive steel sheets for piling, which needs to be used where there is insufficient space to restore the canal with banks and batters, donors being acknowledged with named metal tags fixed to the piles.
The singular efforts of three people, knowing how COVID would drastically reduce our usual fundraising activities, are worth noting. In Ohio a member has walked the 14 mile length of the Lichfield and Hatherton Canal in his American neighbourhood! A Grounds team volunteer hiked up, and knee-achingly down Ben Nevis. Each achieved over £800 in sponsorship. And our benchmaker extraordinaire continues to make benches to order – now not far off having made 100 – many of which provide welcome resting points along the popular Heritage Towpath Trail.
Alongside all these exceptional turns of events, the multifarious “behind the scenes” work of LHCRT has continued. Key preoccupations have been working with Lichfield District Council, Staffordshire County Council, the County Council’s infrastructure contractor, Amey and commercial developers.
2020 seemed to present LHCRT with more than the normal number of planning applications by third parties which could impact on our work. Hence, our planning and civil engineering experts particularly have spent a lot of time examining and responding to them and liaising closely with planning officers. The Trust acknowledges and is most grateful for the willing and superbly knowledgeable assistance of the Inland Waterways Association’s West Midlands Planning Officer (a voluntary role) in a number of complex cases and issues.
Transfer of land from Staffordshire County Council for the new diversionary route of the canal at Falkland Road also required exceptional time by several Trustees and officers of LHCRT.
Page 2
Lichfield and Hatherton Canals Restoration Trust Limited IA company Ilmlted by guarantee) Chalrfs ststement Icontinuedl For the year ended 31 December 2020 Throughout 2020 extenswe arKI regular discussK)ns and negotiations have Dccurred lo ensure that other ¢onliguous develDpmenls would not jeopardise canal resloralion. Most notable in this was Pèrsimmon's Sl John's dèvelopment and Amels by pass extension through that site. Extenswe co-operative working by CDiiI engineers of LHCRT, Amey and PersiTnmon have evenlualty overcome the prohibitive Lichfield Southern Bypass pinch point" with an Innovative engineering solution for presewving heritage Lock 23 and thus saving the enormous cost of an allernalive slTuclure. Given the very strange year whh 2020 turned out to be, LHCRT ha5 we81hed the slom rather well, conducted online meetings on Zoom and Teams. and very much looks forward to getting back lo normal. (I CMBull Chair Date.. 1 June 2021 Page 3
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Finance report For the year ended 31 December 2020
BALANCE SHEET
FIXED ASSETS
Realisable freehold assets are the two Ogley Cottages No.271 and No.272 where the whole of infilled Lock 1 runs across their front gardens at the Lichfield Canal summit on the eastern outskirts of Brownhills. Whilst depreciated in the accounts to £465,150, their market value is estimated to be about £540,000. Both are jointly subject to a legal mortgage to the Charity Bank to secure the loan shown under Liabilities, initially towards the canal tunnel under Birmingham Road in 2007 and increased in 2018 to contribute to the Tunnel Vision Fund for extending that tunnel under the adjacent railway, delayed by Staffordshire County Council from 2018 for reasons beyond the Trust’s control.
Unrealisable areas of land donated by District and County Councils brought the number of canal site possessions to seventeen at a historic cost of £165,686. Outside the Trust’s possession, over 25 years there have been 12 areas of donated land and structures built by or for LHCRT at a historic cost of £2,413,963 but do not have a realisable value due to their dedicated locations.
Owned plant and machinery had a depreciated value of at £1,386 despite the machinery returning good value due to well organised regular maintenance. Additionally, with thanks to Plant Director, Steve Webster, substantial high-value items of his privately-owned plant have been made available for Trust work. £1,000 capital is held in the (non-charitable) subsidiary Retail Trading Co.
CURRENT ASSETS
The only debtor is an amount due from the subsidiary company of £974.
Bank balances follow the Trust’s Reserves Policy as “restricted”, “designated” and “unrestricted”, such funds being held for purchase of Land and Property, Plant and Restoration work, and administration whereby Trust Directors consider the need to build up funds for projected expenditure. Payments of £35,280 due for planned invoices from the Social Investment Business Group grant awarded for Summerhill in 2015 remain in reserve pending planning decisions on Department for Transport land surrounding the M6Toll aqueduct. The ongoing David Suchet Tunnel Vision Appeal has raised a gross income of £613,000 before related costs, well short of £1,000,000 target set by SCC in 2016 but still serves as a measure for match funding needed towards grants for the much higher anticipated cost of those proposed works under the Cross-City railway line.
LIABILITIES
Reserved funds of £35,280 remain available from the SIB grant for outstanding planned work on the Summerhill section. The Charity Bank mortgage loan, increased to £375,500 in 2018 repayable over 25 years secured by legal charges on Ogley Cottages No.271 and 272, had reduced to £355,695, serving as an investment to attract further funding for the Lichfield Canal tunnel project noted above.
Page 4
Lichfield and Halherton Canals Restoration Trust Llmited IA company limited by guarantee) Flnancè report For the year ended 31 December 2020 INCOME Mernbership subscriptions and donations produced £12,882 (Trust + Marketing). supplemented wlh voluntary donations of £3.752 by 320/0 of members for which we are aayS grateful. This makes the average amount of £15.23 per paying member, considered better than increasing the fees to all members and maybe falling short of this valu&. The average cost of servicing all Membe was £2.55 per head which is down lo 21.6 of basic subscriptions. Donations continued lo flow into established funds as appeals ran their course wlh donors from home and abroad responding to global promotion on YouTube from 2019. A successful new initiative in April was the sponsored 20-20 Piling Appeal which iaised nearty £22.000 with donors aCknedged by having specified narnes embossed on metal tags fixed on section5 of piling. Marketing and Retail suffered income reduction lo nearty £15,000,12019 £17.310 excluding Huddlesford evenll due lo Covid reslriclions on events. EXPENDITURE Al Halherton, £7,561 residual balan was paid to Slanlec {UK) Ltd for their comprehenswe Water Supply Study funded by a £10,000 Community Infraslruclure Levy grant from Cannock Chase Council. On the 500m section ol original canal WTth Lcrk 5 donated by Cannock Council at Wedges Mills, south of the A5 by Bridgtown, the Trust is responsib for occasional mainlenance issues and overseeing approved drainage outfall into the Wyrley Brook which was diverted into the canal by the water authority after abandonment SO years ago. The Lichfield Canal continues lo be the main focus of restoration work where Trust and some visiting volunteer teams made subslanlial progres5 despite Covid-19 compulsory health re51riclions. Structures al Fosseway Heath came closer lo completion and extended into the new diversKJn in 'Zone A. besidè Falkland Road donated by Slaffordshire County Council. Some 85melres of new channel was excavated, lined with concrete, block walls and sponsored steel piling. By Tamworth Road. a revised Cty Council 40-year Lease provided for extending Gallows Wharf al London Road lo Gallows Reach towards Cricket Lane with provision for a footbridge over the canal to maintain the Publ connection with Longbridge Road. Both Ogley Cottages incurred maintenance costs. retaining salislactory tenants managed by two Separate Ial Letting Agents. Labour, Management and adminislralion costs were underpinned by unslinling personal input from Directors, Officers and VDlunleers. Extensive negotiations with determined support look place both behind the scenes and 'on the ground" lo defend the Trust's position against bureaucratic developments with a variety of demanding planning issues and determining constructw)n works. CONCLUSION Dedicated application by Trust and visiting volunteer team5 through dtfricull limes still resumed in achievements producing vital change5 for public benefit, evidenced by structured volunleei lime records, ¢onverted by value to £655,144 for the year. Approved by order of the members of the board of Trustees on 1 June 2021 and signed on ils behalf by.. R. O. WILUAMS Finance Director Page 5
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Trustees' report For the year ended 31 December 2020
The Trustees present their annual report together with the financial statements of the Lichfield and Hatherton Canals Restoration Trust Limited for the year 1 January 2020 to 31 December 2020. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the group and the company qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The principal objective and activity of the Company is the promotion of the restoration of the Hatherton Branch of the Staffordshire and Worcestershire Canal and the Wyrley and Essington Canal from the Ogley Junction to Huddlesford Junction including the provision of new routes where restoration is impractical.
The Trustees have the day to day running of the charity, assisted by the officers focusing on specific subjects.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Public Benefit
The Trustees of the charity are aware of the Charity Commission's guidance on public benefit and this now forms part of the Induction Pack for new Trustees.
The Public Benefit provided by the Charity include:
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conserving the environment
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preserving a beautiful landscape
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developing an amenity available to all
The beneficiaries are all members of the public and local community. Further details can be found in the Chairman's statement and the Operating and financial review.
Achievements and performance
a. Review of Transactions and Financial Position
Details of the transactions, which disclose a surplus for the year of £59,461 (2019 - surplus of £39,159) and financial position are fully set out in the Statement of Financial Activities, Balance Sheet and associated notes.
Monies have been invested during the year, in accordance with the powers available to the Trustees. The Company's assets are available and adequate to fulfil its obligations.
Page 6
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2020
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The Trustees have considered the impact of the Covid-19 pandemic on its operations in 2021. An opportunity to pursue a major grant application to the National Lottery Heritage Fund had to be deferred due to their policy to divert extensive emergency funding to support vulnerable charities. However, by maintaining strict health restrictions, Trust volunteer teams used existing resources and new funding initiatives to continue valuable restoration work on the Lichfield Canal.
b. Reserves policy
The Trustees have examined the charity's requirements for reserves in light of the main risks to the organisation.
It is the Trustee's policy to maintain sufficient reserves to finance the day to day running of the charity for a period of approximately 12 months. The unrestricted reserves of the group at 31 December 2020 amounted to £269,323 (2019 - £257,930) and will be sufficient to support the charity in the immediate future. However, after consideration of fixed assets and the bank loan, the charity is carrying deficit free reserves of £7,204.
The Trustees have reviewed the major internal and external risks to which the charity is exposed and systems have been established to mitigate those risks. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.
Structure, governance and management
a. Constitution
Lichfield and Hatherton Canals Restoration Trust Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 1 December 1989.
It is registered as a charity with the Charity Commission, number 702429, and constituted under a Memorandum of Association. Anyone over the age of 18 can be a member of the company and there are almost 1,900 members, each of whom agree to contribute, whilst being a member or for a period of twelve months following ceasing to be a member, an amount not exceeding £1 in the event of the charity winding up.
b. Methods of appointment or election of Trustees
The management of the group and the company is the responsibility of the Trustees who are elected and coopted under the terms of the Memorandum of Association.
Page 7
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Trustees' report (continued) For the year ended 31 December 2020
Structure, governance and management (continued)
c. Risk management
The Trustees have assessed the major risks to which the group and the company are exposed, in particular those related to the operations and finances of the group and the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Members' liability
The members of the company guarantee to contribute an amount not exceeding £1 to the assets of the company in the event of winding up.
Directors and Trustees
The Directors of the charitable company (the charity) are its Trustees for the purpose of the charity law and throughout this report are collectively referred to as the Trustees.
The Trustees serving during the year can be seen on the reference and administrative page of these financial statements.
The Trust has made indemnity provisions for the benefit of the Directors which remain in force at the date of this report.
Organisation
The board of Trustees comprises not less than 5 and not more than 15 members unless otherwise determined by a General Meeting. The board ministers the charity, it meets at least 12 times per year and maintains a regular flow of information.
Risk assessment
The major risks to which the Charity is exposed have been identified and reviewed by the Trustees, and systems established to mitigate those risks. The Trustees have a risk management strategy which comprises:
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An annual review of the risks the charity may face;
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The establishment of systems and procedures to mitigate those risks identified by the plan; and
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The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise
Page 8
Lichfield and Hatherton Canals Restoratlon Trust Limited IA cornpany limitsd by guarnntee) Trustees. rèport Icontinuedl Forthe year ended 31 DecEmber 2020 statement of Tru5tees' responslbilities The Trustees (who are also the direclois of the company for the purpose5 of company lawl are responsible foi preparing the Trustees. report and the linancial stslements in accordance with applicable law and Unf(ed Kingdom Accounting Standards (United Kingdom Generalty Acptell Accounting Practice}. Corllpany law requires the Trustees lo prepare financial statements for each financial year. Under company law, the Trustee5 musl not approve the financial statemen15 unless they ar2 satisfied that they give 8 true and fair view of the stale of affairs of the group and the company and of their incoming resources and application of Te50urees, including their income and expenditure, for that perK)d. In preparing these financial slalemenls, the Trustees are required to.. select suitable accounlirvJ t>olicies and then appty them consistenltr, observe the methods and principles of the Charities SORP IFRS 1021", make judgements and accounting estimates that are reasonable and prudent", state whether applicable UK Accounting Stsndards IFRS 1021 have been followed, subjed to any material departures disclosed and explained in the financial stalemenls.. prepare the financiol statements on the going concem basis unless it 15 inappropriate lo presume that the group will continue in business_ The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the group and the companls transactions and disclose with reasonable accuracy al any time the financial position of the group and the company and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for Safarding the assets of the group and the company and hence for taking ieasonable steps for the prevention and deleclK)n ol fraud and other iTregularrties. Approved by order of the members of the board of Trustees on 1 June 2021 and signèd on their behaK by.. .L(I CMBull Chair Page 9
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Independent examiner's report For the year ended 31 December 2020
Independent examiner's report to the Trustees of Lichfield and Hatherton Canals Restoration Trust Limited ('the group')
I report to the charity Trustees on my examination of the consolidated accounts of the group comprising the Lichfield and Hatherton Canals Restoration Trust Limited ('the parent company') and its subsidiary undertakings for the year ended 31 December 2020.
Responsibilities and basis of report
As the Trustees of the parent company (and its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts of the group in accordance with the requirements of the Companies Act 2006 ('the 2006 Act') and you have chosen to prepare consolidated accounts for the group. You are satisfied that the accounts of both parent company and the group are not required by either company or charity law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the consolidated accounts are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the group's accounts carried out under section 152 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 152(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no option as to whether the consolidated accounts present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.
Page 10
Lichfield and Hatherton Canals Restoration Trust Limlted IA company limited by guarantee) Independent examiner's report Icontinuedl For the yèar ended 31 December 2020 Independent examiner's statement I have completed my examination. I confirni that no matters have come lo my attention in connection with the examination giving me cause lo believe-. accounting records were not kept in respect of the parent company and its subsidiaries as required by section 386 of the 2006 Acl-, or the accounts do not accord wrth those records.. or the accounts do not compty with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lTue and fairf view which is nol a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance wlh the methods and principles of the Statement of Recommended Practice for accounting and reporting by charrties lapplicable lo charities preparing their a¢coLJnts in accordance with the Financial Reporting Standard aPp1Kab in the UK and Republic of Ireland IFRS 102)1. I have no concems and have come across no other matters in connection with the examination to which allenlion should be drawn in this report in order to enable a proper Undelanding of the accounts lo be reached. This report is made solely lo the companls Tnjslees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate lo the CDmpany's Trustees those matters l am required lo stale lo them in an Independent examinerfs report and for no other purpose. To the fullest extent peimrtted by law. I do not accept or assume responsibilty lo anyone other than the parent company and the companys TTUStee5 as a body, for my work or for this report. Signed.. Dated.. 1 June 2021 Mark Gumey FCCA Dains LLP Birmingham Page11
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Consolidated Statement of financial activities (incorporating income and expenditure account) For the year ended 31 December 2020
| Note Income from: Donations and legacies 4 Other trading activities 6 Investments 5 Total income Expenditure on: Raising funds 7,8 Charitable activities 9 Total expenditure Net income Transfers between funds 19 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 44,428 2,721 19,203 66,352 5,110 51,354 56,464 9,888 1,505 11,393 257,930 11,393 269,323 |
Restricted funds 2020 £ 124,667 - - 124,667 - 75,094 75,094 49,573 (1,505) 48,068 565,189 48,068 613,257 |
Total funds 2020 £ 169,095 2,721 19,203 191,019 5,110 126,448 131,558 59,461 - 59,461 823,119 59,461 882,580 |
Total funds 2019 £ 156,526 3,026 17,849 |
|---|---|---|---|---|
| 177,401 | ||||
| 11,608 126,634 |
||||
| 138,242 | ||||
| 39,159 - |
||||
| 39,159 | ||||
| 783,960 39,159 |
||||
| 823,119 |
The notes on pages 15 to 33 form part of these financial statements.
Page 12
Lichfield and Hatherton Canals Restoratlon Trust Limited IA company limlted by guarantee) Con501idated balance shBet As at 31 December 2020 2020 2019 Note FÈxed assets Tangible assets Current assets 13 632.222 645,330 Stocks Debtors Cash al bank and in hand 15 1,576 1.613 5,986 573,456 16 640,607 642,183 581,055 Creditors.. amounts falling due within one year 17 146,0751 147,0501 Net current a55ets 596.108 534,005 Total assets less Current liabilities 1,228,330 1,179,335 Creditors.. amounts falling due after more than one year 18 1345,7501 1356,2161 Total net assets 882,580 823,119 Charity funds Reslricled funds Unrestrided funds 19 613.257 269.323 565,189 257,930 19 Totsl funds 882,580 823,119 The Company was enliued to exemption from audr( under section 477 of the Companies Act 2DO6. The members have not Tequired the company to obtain an audrt for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their iesponsibilities for comptying wrth the requirements of the Act with respect to accounting records and preparation of financial statements. The financial slalemenls have been prepared in accordance wtth the provisions applicable to entities subject lo the small companies re9ime. The financial slalements were approved and authorised for issue by the Trustees on 01 June 2021 and signed on their behalf by.. bl CMBull Chair The notes on pages 15 10 33 fomi part of these financial statements. Page 13
Lichfield and Hatherton Canals Restoration Trust Limited IA company limited by guarantee) Company balance sheet As at 31 December 2020 2020 2019 Note Fixed assets Tangible assets Investments 13 632,222 1,000 645,330 1,000 14 633.222 648,330 Current assets Debtors Cash al bank and in hand 16 974 640,209 7,273 572,782 641,183 S80,055 Creditors.. amounts falling due wrthin one year 17 146,0751 {47,050} Net current assets 595,108 533,005 Total assets less current liabilities 1.228.330 1,179,335 Creditors." amounts falling due aftei more than one year 18 {34S.7501 1356,216) Total net assets 882.580 823,119 Charity funds Restricted funds Unreslricled funds 19 613,257 269,323 565,189 257,930 19 Total funds 882,580 823,119 The company %Ya5 entitled to exemption from audit under section 477 of the Ccxnpanies Act 2006. The rnembers have not required the company ID obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilitEs foi cOMp.ng with the requirements of the Act wf(h respect ID accounting records and preparation of financial statements. The financial statements have been prepared in accOrdae wf(h the provisions applicable lo entities subject lo the small companies regime. The financial slalements were approved and authorised for issue by the TTuslees on 01 June 2021 and signed on their behatf by-. CMBull Chair The notes on pages 15 10 33 fomi part of these financial statements. Page 14
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
1. General information
Lichfield and Hatherton Canals Restoration Trust is a private company limited by guarantee, registered in England and Wales and registered as a Charity with the Charity Commission for England and Wales. Its company and charity registered numbers and registered office address are shown on page 1 of these financial statements. The principal activity of the company in the year under review was that of the promotion of the restoration of the Hatherton Branch of the Staffordshire and Worcestershire Canal and the Wyrley and Essington Canal from Ogley Junction to Huddlesford Junction including the provision of new routes where restoration is impractical.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Lichfield and Hatherton Canals Restoration Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.
The income and expenditure account for the year dealt with in the accounts of the charitable company was an overall net income of £59,461 (2019 - net income of £39,159).
2.2 Company status
The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
2.3 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
The Trustees have considered the impact of the Covid-19 pandemic on its operations in 2021. An opportunity to pursue a major grant application to the National Lottery Heritage Fund had to be deferred due to their policy to divert extensive emergency funding to support vulnerable charities. However, by maintaining strict health restrictions, Trust volunteer teams used existing resources and new funding initiatives to continue valuable restoration work on the Lichfield Canal.
Page 15
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
2. Accounting policies (continued)
2.4 Income
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the company, can be reliably measured.
Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the company's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Page 16
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
2. Accounting policies (continued)
2.5 Expenditure (continued)
Expenditure on raising funds includes all expenditure incurred by the group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.6 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.7 Taxation
The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.8 Tangible fixed assets and depreciation
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
| Freehold buildings | - 50 years straight line |
|---|---|
| Plant and machinery | - 4 years straight line |
| Fixtures and fittings | - 10 years straight line |
2.9 Investments
Investments in subsidiaries are valued at cost less provision for impairment.
Page 17
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
2. Accounting policies (continued)
2.10 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.11 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.12 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.13 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.
2.14 Financial instruments
The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 18
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
2. Accounting policies (continued)
2.15 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Critical accounting estimates and areas of judgement
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgement:
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.
Page 19
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
4. Income from donations and legacies
| Unrestricted funds 2020 £ Donations 44,428 Unrestricted funds 2019 £ Donations 66,490 5. Investment income Rent receivable Interest receivable Rent receivable Interest receivable |
Restricted funds 2020 £ 124,667 Restricted funds 2019 £ 90,036 Unrestricted funds 2020 £ 17,745 1,458 19,203 Unrestricted funds 2019 £ 15,349 2,500 17,849 |
Total funds 2020 £ 169,095 |
|---|---|---|
| Total funds 2019 £ 156,526 |
||
| Total funds 2020 £ 17,745 1,458 |
||
| 19,203 | ||
| Total funds 2019 £ 15,349 2,500 |
||
| 17,849 |
Page 20
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
6. Income from other trading activities
Income from non charitable trading activities
| Unrestricted funds 2020 £ Trading subsidiary income 2,721 Unrestricted funds 2019 £ Trading subsidiary income 3,026 |
Total funds 2020 £ 2,721 |
|---|---|
| Total funds 2019 £ 3,026 |
7. Expenditure on raising funds
Trading expenses
| Unrestricted funds 2020 £ Trading subsidiary expenditure 1,747 Unrestricted funds 2019 £ Trading subsidiary expenditure 1,739 |
Total funds 2020 £ 1,747 |
|---|---|
| Total funds 2019 £ 1,739 |
Page 21
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
8. Investment management costs
| Unrestricted funds 2020 £ Ogley cottage fees and costs 3,363 Unrestricted funds 2019 £ Ogley cottage fees and costs 9,869 |
Total funds 2020 £ 3,363 |
|---|---|
| Total funds 2019 £ 9,869 |
Page 22
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
9. Analysis of expenditure on charitable activities
Summary by fund type
| Lichfield canal costs Canal restoration expenses Interest payable Insurance Depreciation Administration costs Marketing costs Membership & magazine costs Governance Lichfield canal costs Canal restoration expenses Interest payable Insurance Depreciation Administration costs Marketing costs Membership & magazine costs Governance |
Unrestricted funds 2020 £ - - 14,600 3,313 14,108 1,435 2,148 5,133 10,617 51,354 Unrestricted funds 2019 £ 6,054 7,377 16,630 4,138 16,024 2,596 7,044 5,285 4,729 69,877 |
Restricted funds 2020 £ 45,797 27,561 - - - - - - 1,736 75,094 Restricted funds 2019 £ 15,000 41,757 - - - - - - - 56,757 |
Total funds 2020 £ 45,797 27,561 14,600 3,313 14,108 1,435 2,148 5,133 12,353 |
|---|---|---|---|
| 126,448 | |||
| Total funds 2019 £ 21,054 49,134 16,630 4,138 16,024 2,596 7,044 5,285 4,729 |
|||
| 126,634 |
Page 23
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
10. Analysis of expenditure by activities
| Lichfield canal costs Canal restoration expenses Interest payable Insurance Depreciation Administration costs Marketing costs Membership & magazine costs Governance |
Activities undertaken directly 2020 £ 45,797 27,561 - - - - - - - 73,358 |
Support costs 2020 £ - - 14,600 3,313 14,108 1,435 2,148 5,133 12,353 53,090 |
Total funds 2020 £ 45,797 27,561 14,600 3,313 14,108 1,435 2,148 5,133 12,353 |
|---|---|---|---|
| 126,448 |
| Lichfield canal costs Canal restoration expenses Interest payable Insurance Depreciation Administration costs Marketing costs Membership & magazine costs Governance |
Activities undertaken directly 2019 £ 21,054 49,134 - - - - - - - 70,188 |
Support costs 2019 £ - - 16,630 4,138 16,024 2,596 7,044 5,285 4,729 56,446 |
Total funds 2019 £ 21,054 49,134 16,630 4,138 16,024 2,596 7,044 5,285 4,729 |
|---|---|---|---|
| 126,634 |
Page 24
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
11. Independent examiner's remuneration
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Fees payable to the company's independent examiner for the examination | ||
| of the annual accounts | 850 | 825 |
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2019 - £NIL).
During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL).
13. Tangible fixed assets
Group and Company
| Cost or valuation At 1 January 2020 Additions At 31 December 2020 Depreciation At 1 January 2020 Charge for the year At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Freehold land and buildings £ 734,186 - 734,186 91,980 11,370 103,350 630,836 642,206 |
Plant and machinery £ 61,971 1,000 62,971 58,847 2,738 61,585 1,386 3,124 |
Fixtures and fittings £ 10,090 - 10,090 10,090 - 10,090 - - |
Total £ 806,247 1,000 |
|---|---|---|---|---|
| 807,247 | ||||
| 160,917 14,108 |
||||
| 175,025 | ||||
| 632,222 645,330 |
Page 25
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
14. Fixed asset investments
| Company Cost At 1 January 2020 At 31 December 2020 Net book value At 31 December 2020 At 31 December 2019 |
Shares in group undertakings £ 1,000 |
|---|---|
| 1,000 | |
| 1,000 | |
| 1,000 |
The parent company holds the whole of the equity share capital of the Lichfield & Hatherton Canals Retail Trading Ltd, a company incorporated in England and Wales. Its principal activity is to carry out the trading activities of the charity.
15. Stocks
| Group | Group | |
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Finished goods and goods for resale | 1,576 | 1,613 |
16. Debtors
| Amounts owed by group undertakings Prepayments and accrued income |
Group 2020 £ - - - |
Group 2019 £ - 5,986 5,986 |
Company 2020 £ 974 - 974 |
Company 2019 £ 1,287 5,986 |
|---|---|---|---|---|
| 7,273 |
The amounts due from the subsidiary undertaking represents the gift aid payment together with normal commercial recharges.
Page 26
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
17. Creditors: Amounts falling due within one year
| Bank loan Other creditors Accruals and deferred income |
Group 2020 £ 9,945 850 35,280 46,075 |
Group 2019 £ 8,760 825 37,465 47,050 |
Company 2020 £ 9,945 850 35,280 46,075 |
Company 2019 £ 8,760 825 37,465 |
|
|---|---|---|---|---|---|
| 47,050 |
18. Creditors: Amounts falling due after more than one year
| Group | Group | Company | Company | |
|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |
| £ | £ | £ | £ | |
| Bank loan | 345,750 | 356,216 | 345,750 | 356,216 |
The bank loan is secured by way of legal charges over the freehold property dated 19 September 2006 and 21 September 2018.
Page 27
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
19. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Club 500 Capital Fund Land and Property Fund Restoration and Site budget Tunnel Vision Fund Restoration & Plant Fund Severn Trent Water Fund Canal professional costs General funds General Funds Total Unrestricted funds Restricted funds Land and Property Fund Restoration and Plant Fund Tunnel Vision Fund Brick Appeal Funds Deposit SIB "Summerhill" Grant Canal professional costs Special purpose income Piling Appeal Fund Total of funds |
Balance at 1 January 2020 £ 1,578 725 36 2,014 1,000 - - 5,353 252,577 257,930 1,013 4,444 512,614 420 537 37,465 8,696 - - 565,189 823,119 |
Income £ 3,288 - 5,382 - - 5,000 - 13,670 52,682 66,352 1,023 37,307 49,586 100 - - - 14,674 21,977 124,667 191,019 |
Expenditure £ (1,590) - (5,221) - - - (7,561) (14,372) (42,092) (56,464) - (37,117) - - (200) (2,185) - (14,674) (20,918) (75,094) (131,558) |
Transfers in/(out) £ (1,632) 597 - 5,986 - - 8,696 13,647 (12,142) 1,505 7,191 - - - - - (8,696) - - (1,505) - |
Balance at 31 December 2020 £ 1,644 1,322 197 8,000 1,000 5,000 1,135 |
|---|---|---|---|---|---|
| 18,298 | |||||
| 251,025 | |||||
| 269,323 | |||||
| 9,227 4,634 562,200 520 337 35,280 - - 1,059 |
|||||
| 613,257 | |||||
| 882,580 |
Page 28
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
19. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Club 500 Capital Fund Land and Property Fund Restoration and Site budget Tunnel Vision Fund Restoration & Plant Fund General funds General Funds Total Unrestricted funds Restricted funds Land and Property Fund Restoration and Plant Fund Tunnel Vision Fund Brick Appeal Funds Deposit SIB "Summerhill" Grant Canal professional costs Total of funds |
Balance at 1 January 2019 £ 1,705 1,322 93 - 1,000 4,120 253,031 257,151 1,817 3,831 481,061 - 1,729 38,371 - 526,809 783,960 |
Income £ 1,662 - 3,390 - - 5,052 82,313 87,365 1,013 18,050 54,553 420 - - 16,000 90,036 177,401 |
Expenditure £ (1,789) (597) (3,447) - - (5,833) (75,652) (81,485) (1,817) (17,437) (28,101) - (1,192) (906) (7,304) (56,757) (138,242) |
Transfers in/(out) £ - - - 2,014 - 2,014 (7,115) (5,101) - - 5,101 - - - - 5,101 - |
Balance at 31 December 2019 £ 1,578 725 36 2,014 1,000 |
|---|---|---|---|---|---|
| 5,353 | |||||
| 252,577 | |||||
| 257,930 | |||||
| 1,013 4,444 512,614 420 537 37,465 8,696 |
|||||
| 565,189 | |||||
| 823,119 |
Page 29
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
19. Statement of funds (continued)
Summary of Designated Funds
Club 500
50% of subscriptions to the Trust’s “500 Club” are distributed to its members through a quarterly draw, the remaining 50% being retained for capital expenditure on restoration work.
Land and Property Fund
See details under restricted funds.
Restoration and Site budget
See details under restricted funds .
Tunnel Vision Fund
See details under restricted funds.
Restoration & plant fund
The fund holds money donated for general restoration works and use of operating plant for those works. It is not expected to accumulate any large reserves except temporarily after receipt of any large gifts or legacies or in preparation for financing a specific project.
Severn Trent Water Fund
Funding received towards fish replacement at Tamworth Road.
Summary of Restricted Funds
Land and Property Fund
This fund is money held for the purchase, lease or licence of land or property for the canal and associated expenses. It is intended to build up a long term resource to meet future opportunities as they arise.
Restoration and Site budget
The fund holds money allocated for general restoration works and use of operating plant for those works.
Tunnel Vision Fund
A new objective started in 2014 as the “David Suchet Tunnel Vision Appeal” towards the cost of installing canal tunnels under major rail and road crossings which is expected to be strongly promoted with a high target through 2017 to 2020.
Brick Appeal
This fund is money donated for the purchase of bricks for restoration work. Expenditure relates closely to income and it is not anticipated that any large reserves will be accumulated in this fund.
Funds deposit
Page 30
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
19. Statement of funds (continued)
Accumulated fund to provide a deposit in support of any particular grant application.
SIB "Summerhill" Grant
Social Investment Business Group grant of £336,000 accepted 29th December 2014 for Lichfield Canal Summerhill’ project against payments and invoices for planned development. The transfer out of this fund relates to costs which had been incurred on the project before the creation of the fund.
Canal professional costs
Cannock Chase Council’s cabinet awarded £10,000 to the charity to allow it to commission a water supply study of the supply to the restored Hatherton canal.
Piling Appeal Fund
A new public appeal in 2020 enabling donors to have a personal tag attached to the steel piling at the highly visible section beside Falkland Road and Tamworth Road to acknowledge their contribution.
20. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 January 2020 £ 5,353 252,577 565,189 823,119 |
Income £ 13,670 52,682 124,667 191,019 |
Expenditure £ (14,372) (42,092) (75,094) (131,558) |
Transfers in/out £ 13,647 (12,142) (1,505) - |
Balance at 31 December 2020 £ 18,298 251,025 613,257 |
|---|---|---|---|---|---|
| 882,580 |
Summary of funds - prior year
| Designated funds General funds Restricted funds |
Balance at 1 January 2019 £ 4,120 253,031 526,809 783,960 |
Income £ 5,052 82,313 90,036 177,401 |
Expenditure £ (5,833) (75,652) (56,757) (138,242) |
Transfers in/out £ 2,014 (7,115) 5,101 - |
Balance at 31 December 2019 £ 5,353 252,577 565,189 |
|---|---|---|---|---|---|
| 823,119 |
Page 31
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
21. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2020 £ 632,222 (6,354) (10,795) (345,750) 269,323 |
Restricted funds 2020 £ - 648,537 (35,280) - 613,257 |
Total funds 2020 £ 632,222 642,183 (46,075) (345,750) |
|---|---|---|---|
| 882,580 |
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2019 £ 645,330 (21,599) (9,585) (356,216) 257,930 |
Restricted funds 2019 £ - 602,654 (37,465) - 565,189 |
Total funds 2019 £ 645,330 581,055 (47,050) (356,216) |
|---|---|---|---|
| 823,119 |
Page 32
Lichfield and Hatherton Canals Restoration Trust Limited
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2020
22. Principal subsidiaries
The following was a subsidiary undertaking of the company:
| Name | Company | Company | Class of | Holding |
|---|---|---|---|---|
| number | shares | |||
| Lichfield & Hatherton Canals Retail Trading Ltd | 03686837 | Ordinary | 100% | |
| The financial results of the subsidiary for the year were: | ||||
| Name | Income | Expenditure | Net assets | |
| 2020 | 2020 | 31 | ||
| £ | £ | December | ||
| 2020 | ||||
| £ | ||||
| Lichfield & Hatherton Canals Retail Trading Ltd | 2,721 | 1,747 | 1,000 |
Page 33