Registered number- 02456172 Charity number.. 702429 Lichfield and Hatherton Canals Restoration Trnst Limited Twslees. report and r￿lancIal statements For the year ended 31 December 2021 IDAINS ACCOUNTANTS AB662&4W* 14K*12022 COMPANIES HOUSE #138 Lichfield and Hatherton Canals Restoration Trust Limited {A company limited by guarantee) Contents Page Reference and admlnlstrative details of the company. its Trustees and advlsers Chaif's Statement Finance report Trustees. report 7-10 Independent examiner's report 11-12 Consolidated ststement of financial activities 13 CoDsolldated balance sheet 14 Company balance sh8el 15 Notes lo the financial stat8m8nts 16-34 Liehfield and Hatherton Canals Restoration Trust Limited (A company limited by guarantee) Reference and administrative details of the ￿mpanY. its Trustees and advisers For the year ended 31 December 2021 Tnjstees C M Bull, Chair J N March R O Williams PHBuck C M HO￿e$ HJBryan S J Szulc L H Walker P J Han¢￿k OWLord Rev'd B Willwms S L Webster Company rggistored number 02456172 Charity rngistered number 702429 Regislered offi¢e lsL8nd House oor Road Chesham Buckinghamshire HP5 1WA Company se¢Yetary P J Hanmck (rpqigned 16 Febru8ry 20221 C Booker {appointed 16 February 20221 Presidenl E Wor*J Accountants Dains LLP 15 Colmore R￿&v Bimiingham 83 2BH Page 1 Lichfield and Hatherton Canals Restoration Trust Limited (A cornpany limited by guarantee) Chair's statemènt For the year ended 31 De¢ember 2021 The chair presents her statement for Ihe year. The report on 2020 concluded wth looking fonvard to getting 'back to nomial.. By the end of 2021 il was almost, bul not quite so. Meetings were still either ouldoors or virtual by Zoom or Teams.. our fundraising had changed. but thankfully had not suffered as much as had been expected: membership had grv•vn al an accelerated rate. Much of the explanation for maintaining income and grovAh of membership is through wdening our soch21 media reach, so proactively and wisely achieved by our marketing team lo compensate for a second year of almost nonoxistent fundraisin9 events. This saw us so successfulty invdved wth the new Lichfield Communrty Lottery, participating in The Big Give. promoting funding appeals. receNing increased donations, Includ1ng those from around the world and from the Country as a whole. All these. and new YouTube vide05, selling raffle tickets online all helped to compensate for not hawng been able, a second year. to hold the Huddlesford Herilage Gathering or oui regular spring and autumn fundraising events. But events are back on.. for the first time. the Trust akjne organised the BrtY4vnhilLs Canal Festival in September.. whalever was in control of the weather recognised the hard work of our mafketing leam in organisin9 It and overruled the rain forecast for the Sun¢Jay and gave sunny weather on both days ensuring a high footfall and great enjoyment by the Ioc31 ccinmunity as well as floating traders and the boating cc*nmunity. It also Inueased our membership and new volunteers. and gave valuable scope and publicity to offset the COVID curtai merchandising. raffle ticket selling and previousty normal fundraising actiwties. For the first few months of the year, wth COlllD raging, work par￿S were erther suspended or severely restricted. It was with great delight that on 3 Apnl ￿ reinstated our Duke of Edinburgh volunteer work paty and hence the following Saluréay, the day after The Duke of Edinburgh's passing. our young volunteers stood solemnly for a minute's silence before resuminq their invaluable and immensely varied work Iliroughout the rest of the year. Most of our regular volLtrnteer5 had retumed by summer. and indeed we had many rnore new volunteers, who had found out about us by using our twaths and n*ure IraiL8 during IIKkdown5 and tslking with existing volunteers and also through the extra publicity achieved Ihiough the widening of our social media reach. Zcom meetings were mentione(J eartier. a highlight of Ihe year was our June AGM, held by Zoom 7Mth over 70 participants, including our sta￿rt member in USA who has done several fundraisers for us. Of particular note, not just as part of Ihe AGM but also of signrficance lo the history of LHCRT, was the inclusion within that Zoom session of the filming, live, of our founding President, Eri¢ Wood's receipt of a 90th birthday presentation. We knew Eric would not be abk to join us al Lock 18 $0 we had prwousty stsged a presentation of Ihe dedication of the Lock a5 "Wood Lock 18. by hawng Err and Doreen's son, Robert, Present at the unveiling of the plaque and also receiving an Imaginative painting of their narr(hwbo* in the Lcck when the canal is watered. Robert ensured that the presentstion on Ihe day of the AGM was caplured for all those present on Zoom to see. My guess is that no•one has ever seen our illustrious founder vrtualty speechlessl The painting made of Eric's boat takes us to another ongoing theme and fundraiser of the year. Longstandin9 member Stuart Sampson. who walks the canal roule every day. has done a number of-paintings during 2021 of wh* he thinks the canal wll look like ot vartr)us lOCat￿nS when rt is in water.. he has called il his 'wishful thinking" series. Not only has he done the paintings but he's also prt>Ju¢ed posters of them and placed them * their localws wth a text explanati￿ and QR c(*Jes ¥th￿h take the observer to our websf(e for further detail. They have also been used as the picture for each M￿th on our 2022 calendar, and the orvJinals kindly donated to the Trust for sale and as raffle prtzes. He has alsn de.wsed a qurL lo cncourage lo walk ihe routes. Page 2 Lichfleld and Hatherton Canals Restoration Trust Llmited IA company limited by guaranleel Chairfs statement Icontinuedl For the year ended 31 December 2021 This takes us lo our efforts lo engage more closety wth Lichr￿ld'S other agencies, such as Lichfield District Council's ILDC's} Tourism and Ecology Oepartmenls as well as maintaining the ex￿lIent relationships with both LDC and Lichfielé City Council {LCCI and Staffordshire County Council {SCC}. Support is readily given by the Inland Waterways Association, particulady by rts Lichfield Branch_ SCC has transferred ownership of some of the wde verge akyng Falkiand Road to us. such that our wort( parties have been able to c￿ate nalural bunds on the boundary from necessarity removed turf and thereby preventing unwanteé entry. Variotss organisations proMde(I funds to buy hedging and trees and lo support our nomial volunteer parties to plant them. thereby creating a biodiversty enhancing hedging and accenl trees. Funding came from South StaffordshI￿ Waterfs PEBBLE fund, a couple of ￿0$e senior staff also helped plant hedging whips". frcxn k)ng standing members Jane. and n¢)W 5adty the late Brian Taylor who had continued a fami￿ tradition of funding a lasting legacy by donating the fund5 lo buy 50 accent trees to celebrate their Golden Wedding. Lichfield's Soroplimists and its u3a group have also supported more hedging and accent tree planting by nurturing and buying and helping to pknt many more lo enhance bitraiversty. Whilst so much aclivty has concentrated ￿ the Lthfield Canal. we continue to keep a w*ching brief on any Matters that might affect ￿$toratIOn of the Hatherton Canal around Cannfxk. Development of the massive We51 Midlands Inleichange for roallrail freight straddling the Stsffs & Worcs Canal at Four Ashes is unfortunately just west of Hatherton Junction. thus exduding any improvement that have induded that part of the Hatherton Canal. Finally, the very much unseen work of Trustees and Officer5, often very stressfvl. time consuming and safjly also often, but not aw, frustrating. On the posrtive side, the work of the Trusl's lechni¢al people over several years has resutted in ex¢elknt relationships wth Persimmon H￿e$ over the St John's Grange development and indeed its excavation of the diverted canal route and ¢re*ion of hvo bridges, lo be seen as one goes along the extended bypass betsveen Birmingham and London Roads. ￿￿th which also was ex￿lIent Co-operation by SCC'S highways cc￿tractOr. Amey. LHCRT was ddNJhled to attend the official opening of the bypass in October. Also behind the scenes, liaison wtth HS2 continue5 and il is lo be hoped that ils work creating new mwrsngs for Lichfield Cruising Club al Huddlesford rnean5 th* the Herrtage Gathering can resume there soon, not just for LHCRT bul the narrO5￿j0at c￿nm￿￿￿Y n*lonal￿. CM8ull Chair Date.. 9 June 2022 Page 3 Lichfigld and Hatherton Canals Restoration Trnst Limited IA company limited by guarantee} Finance report For the year ended 31 December 2021 BALANCE SHEET FIXED ASSETS Realisable freehofd assets are the two semi-delached, original Wyrtey & Essinglon Canal Ccxnpany Ogley Top Lock Cottages from earty 1800s, taken over in 1840 by the Bimiingham Canal NavNJalions Company a5 their highest propety register Nos.271 and 272. The Trust acquired these herrtage properties on the open market in 2006 and 2018 respectively to command the summrt level of the Lichr￿Id Canal at the eastern outskirts of Brownhills complete with infilled chamber of Lock 1 preseNed across their front gardens for future restoratic￿. Depreciation in the accounts to £453.780 leaves a hidden reseNe estimated to be about £100,000 in their market value bul wilh appropriate buiklings insurance cover. Both properties a￿ jointly subject to a legal mortgage to the Charity Bank to secure Ihe loan shown under Liabilrties. inth'alty towarés the canal tunnel under Bimiingham Road in 2007 and in¢￿ased in 2018 to supplement the Tunnel Vision Fund for extending that tLJnnel under the adjacent railway, delayed by Staffordshi￿ Cwnty Coun¢il from 2018 for ￿aSOnS beyond the Trust's control bui ts sknll an essential element in recpening the full length of the hentage LiChf￿kl Canal. Unrealisable areas of freehold land acquired by the Trust, in¢luiJing those donate(I by County and Oislrict Councils, brought the number of canal site possessions lo eighteen * a histori¢ cost of £165,686. Outside the Trust's possession, over a span of some 25 years there have been 13 areas of other land and structures built by or for LHCRT at an eslimated cost over £3.C($0.000 but vthh¢yJt realisable asset value due to their dedicated locations and usage. ned plant with sLYne Changes had a depreciated value of * £1.795 despite th8 machinery returning goc*J value due lo well organised regular maintenance. Addth'onalty, wilh thanks to Plant Director. Steve Webster. he has made substantial hKJh-value Items from his prIvately-w￿ ￿llectI1)n available for Trust work. £1,000 caprtal 1$ held in the (non¢h￿ltab1e) ¥￿￿1￿•￿1¥￿e(l subsKliary Relail Trading Company. LURRENT ASSETS The only apparent debtor 15 the subsidiary ccffipany profrt distribution of £2,(NJ2 due over nine months in 2022. However. the Trust is due £13.090 in 2022 from Sevem Trent Water as refund of a bond provision for a foul sewer diversion made necessary by the new Lichfield Southem Bypass. Also. there is an outstanding payment of £35,OCIJ from Lichlielé DiStr￿t Council for a Community Infrastructure Levy gwt t¢ reimburse work fvnded by the Trust for the LIChf￿ld Car￿1 at TamvKJrth Rc￿. Bank balances follow the Trust's ReseNes P(J￿Y as -restricted', -de5ignaled" and 'Un￿$t11¢te￿', such fvnds being held purchase of Land and Propety. Plant and Re51oralion work, and administration whereby Trust Direclors consider the need to buikl up fvnds for projected expenditure. Payments of £34,380 are ￿SeNed for planned invoices ffom the SocK31 Investrnent Busines5 Group grant awarde(I for Summerhill in 2015 pending planning decisions on Department for Transport land surrounding the M6Toll aqueduct. The ongoing David Suchel Tunnel Vision Appeal has raised a gross income of £646.065 before related costs, still well short of £1,000,000 target sel by SCC in 2016 bul seNes as a measure for match funding needed towards grants for the much higher unquanlffied cost of those prq*osed vh)rks underthe Cross£ty raikny line. LIABILITIES Reserved funds of £34,380 from the SIB grant noted above remain available for outstanding pLanned work on the Summerhill section. From monthly repayments to the Charity Bank remsed mortgage loan over 25 years frcffl 2018. secured by legal charges on Ogley Cottages No.271 and 272, the balance had reduced 10 £345,679. serving as core funding to attract subslantkal grants for the Lichfield Canal tunnel project noted above. Page 4 Lichfield and Hatherton Canals Restoration Tntst Limited IA cornpany limited by guarantee) Finance report continued For the year ended 31 December 2021 INCOME Wifh a more tletermined drive lo increase membership through s￿la1 media platfomis and engaging with inrK)valive payment melhiyjs COTning on stream. subscriplv)n5 and donations increased to net income of £13,400, supplemented with voluntary donations of £4,103 by 26% of members for which we are always grateful. This makes the average amount of £14.32 per paying member. considered better than increasing the fees lo 811 members and ma￿e falling short of this value. The average cost of servicing the growing number of 2.288 members reduced to £2.19 per head at 19.Ph of basic subscriptK)ns through conta.ning expenditure incurred in distributing members, lileralure. Donations conlinued to Ik)w into established fvnds as appeals ran Iheir course wlh donors frcmn home and abroad still responding to global promotion on YouTube 5in¢e 2019. The SLKcessful 21V20 Piling Appeal initiative continued to attract sponsors to raise the gross inccNne over two years to £30,C4JO towards the cost of materials, popular with donors for hamng specified names engraved on melal tags fixed onto se¢lions of piling. Gradual easing of Covid restrith'ons and gwter use of onlÉne 3dMty enabled Marketing and Retail Trade to recover well by contributing £20,707,12020 £14.977). EXPENDITURE The Halherton Can81 ha5 not been a high priority for work on the ground. but a watching brief 15 kept on any potential intrusion that rn￿h1 affect restoration prospects. The main focus Gonlinued lo be on the LKhfield Canal wth more intenswe restoration work where Trust volunteer teams made substsntial progress as Cowd-19 compulsory health restrictions diminished. By Tamworth Road, the si(e was cleared of the surplus infill material and made more presentable in public view. Persimmon Homes, in devdwing their new St John'5 Grange housing estate, Ci>operated with the County Highway bypass contract￿$ Amey and our Trust in providing at their expense a bas￿ canal channel alongside the Lichfield Southem Bypass connecting road access bridges. This included a lae agreement to preserve heritage Lock 23 for uniquely rnodrf￿d restor*K)n. taken ttyJether potentwlly saving the Trust up to £1.000,000 worth of woth. A further gain comes from Staffordshire ￿nty Council agreeing to f￿e transfer of further sections at Zones B and C on Falkland Road, thus underpinning prospective approval cl another Lichfield District Council CIL grant appI￿ation for £260,000 spread over 2022-2025. Ogley No.271 has satisfactory tenants managed by a Letting Agent. However. tenants al 272 departed summarily after June but after a short vacancy, a Iccal family needed temporary accommodation for fvjo months be￿en house moves. When the property became vacant again. kJng4elayed rernedial works were put in hand lo upgrade the electrical system and undertake major structural changes, aimed at improving the inherent low level of Its energy rating expected for tenanled property, ready for reletting in 2022. As ever in the charity seclor. Labour, Management and admtnislration costs were underpinned by unstinting personal input from Direclors. Officers and Volunteers. Extensive negoliatK)ns look pla¢e both 'behind the scenes" and 'on the ground" lo defend the Tnjsl's positi.on against bureaucralic developments in dealing with a variety of demanding planning is5ue5 and detemining construction methodoloJies acceptable under increasing importance of Health & Safety regulations. Page 5 Lichfield and Hatherton Canals Restoration Trust Limited IA company limited by guarantee) Finance report continued For the year ended 31 December 2021 CONCLUSION Dedicated appI￿allon by highway and housing contractofs With wular Trust V￿￿nteerS, aided by enthusiastic younger geneolion of visrting vdunleer teams gaining personal skills. resulted in dramatic visible achievements in Lichfield producing vrtal changes for pu￿[¢ benefrt. evaluated by structured volunteer time records, converted by ba51¢ rates to £707,533 for the year. Approved by order of the members of the board of Trustees on 9 June 2022 and sv3ned on 115 behalf by." illiams Finance Director Page 6 Lichfield and Hatherton Canals Restoration Trust Limited {A company lirnited by guarantee) Trustees. report For the year ended 31 De¢ember 2021 The Trustees present their annual rek￿ together wrth the financial statements of the L￿hr1eld and Hatherton Canals Restoration Trust Limrted for the year 1 January 2021 to 31 December 2021. The Annual report serves the pu￿OSe$ of both a Trustees, rewrt and a directors. report under company law. The Tnjstees confimi that the Annual report and financial statements of the chartsble company comply with the currenl statkjtory requirements, the requirements of the charrtable companrfs goveming documetrt and the provIs￿n$ of the Statement of Recommended PTacts"ce ISORP) applicable to charities preparing their accounts in accordance th the Financial RepNting Standard appl￿ble in the UK 8nd RepublK of Ireland {FRS102) {effeclive 1 January 2019). Since the group and the company qualfy as small under seclion 383 of the Companies Act 20(NS, the Group strategic report required of medium and Lirge 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 8CtMty of the Company is the promotion of the restoration of the Hatherton Branch of the Stsffordshire and Worce5teTshire Canal and Ihe Wwley and Essington Canal from the Ogley Junclion to Huddlesford Junclron including the provision of new routes ¥¥here restor*ion is impractical. The Trustees have the day to day running of the chartty. assisted by the officers focusing on speafic subjects. In setting objectives and planning for acliv((ies. the Trustees have given due consideralY)n lo general guidance published by the Charity Commission rdating lo publ￿ benefrt. including the guidance 'Public benefrt." running a charity IPB2)'. b. Public 8enelit The Trustees of the charty are aware of the Charity Ccrfnmission's guidance on public benefit and this now fomis part of the InductKJn Pxk for new Tmslees. The Public Benefit proviyed by the Chartty i￿￿de.. conserving the environment - preserving a beautiful landscape developing an amenity availab￿ to all The beneficiaries are all Membe￿ of the public and ccfflmunrty. Further details can be found in the Chaimian's ststement and the Operating and finanual revrew. Achievements and perfomian¢e a. Review of Transactlons and Financial Posillon Details of the tranS￿l10nS. which disclose a deficit fnr Ihp_ year of £6.381 1?020 - JLtrpluy of £J9.4811 drid linancial position ale fully sel out in the Statement of Financial ACtiV￿"e5. Balance Sheet and 8$s￿l8ted notes. Monies have been invested during the year. in accordan￿ wrth the p(Mers available lo the Tfustees. The Company's assets are available and a¢Jequate to fvlfil ils oblvJalions. Page 7 Lichfield and Hatherton Canals Restoration Trust Limited IA company limited by guarantee} Trustees. report l¢ontinuedl For the year ended 31 December 2021 Financial review a. Golng concern After making appropri*e enquiries, Ihe Trustees have a reasonable expectatton Ihat the company has adequate resources to continue in operational existence for the foreseeable future. For Ihis reason, they continue to adopt the going ¢on¢em basis in preparing the financial statements. b. ReseNes pollcy The Trustees have examined the charitys requirements for ￿serveS in light of the main risks to the organisation_ It is the Trustee's poI￿Y to maintain suffiuent reserves to ffinance the day to day running of the charity for a period of approximatety 12 months_ The unrestricted reseNes of the group at 31 December 2021 amounted to £288,77712020 - £269.3231 and vjill be sufficient to support the charity in the immediate future. However, after consideration of fixed assets and the bank kjan, the Chanty L% carrying free reseNes of £13,715. The Trustees have revieweil the Ma1￿ intemal and extemal risks to which the Charity is exposed and systems have been estsblished to mitigate those risks. These proceLlures are periodi¢alty reviewed to ensure that they still meet the needs of the charity. Structure. governance and management a. Constitution Lichfield and Hatherton Canals Restoration Trust Limrted is wistered as a chaiit*)le ¢￿panY limita by guarantee and was set up by a Memorandum of Associalion on 1 December 1989. It is registered as a charity with the Chanty Commission. number 702429, and conslituled under Memorandum of Association. Anyone over the age of 18 can be a member of the company and there are 2,288 members, each of whom agree to conlribLrte. whilst being 3 member or for a period of twelve months followng ceasing to be a member, an aM￿Jnt not exceeding £1 in Ihe event of the charty windin9 UP. b. Methods of appointment or electi(m of Trustees The management of the Group and the c(mpany is the responsibilty of the Trustees are ejected and e opted under the tem)s of the Mem¢xan¢Jum of AsswatK)n. c. Risk management The Trustees have assessed the major risks to whth the Group and the c(Knpany are exposed, in parttcular those related to the oper*ions and finances of the Gioup and the company, and are satisfied that systems and procedures are in place to mitigate exwsure lo the major nsks. Page 8 Lichfield and Hatherton Canals Restoration Trust Limited IA company limited by guarantee} Trustees, report Icontinuedl For the year ended 31 December 2021 Membets. liability The members of the company guarantee lo cthtrl)ute an amount nol exceeding £1 to the assets of the company in the event of wnding up. Direclors and Trustee5 The Dire¢lors of the charitable company {the chartyl are its Trustees for Ihe purpose of the charity law and throughout this report are collectwely referred to as the Trustees. The Trustees serving during the year can be seen on the reference administr*ive page of these financial ststements. The Trust has made indemnity provisions for the benefft ol the Oireclors which remain in force al the dale of this report. Oryanisation 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 chaity, it meets at least 12 limes per year and maintain5 a legu￿￿ fl(hv of information. Risk assessment The major risks to which the Charity is exposed have been identrfied and reviewed by the Trustees. and systems established to mitigate those risks. The Trustees have a risk management strategy which comprises.. An annual remew of the risks the charity may face.. The establishment of systems and prccedure5 to mitigate those ri5k5 idenlrfied by the plan,. and The implemenlalion of procedures designed to minimise any p￿ential ¥npacl on the charity should those risks malerialise. P8ge 9 Lichfield and Hatherton Canab Restoration Trust Limited {A company limited by guarantee) Trustees, report Icontinuedl For the yeaT ended 31 December 2021 Statement of Trustees. responsibilities The Trustees (who are 81so the directors of the company for Ihe purposes of company lawl are responsible for preparing the Trustees, report 8nd the financial ststements in accordance wth applicrtible law and United Kingdom Accounting Standards {Unrted KIngd￿n General￿ Accepted Accounting Pr￿lice1. Company law requires the Trustees to prepare financial slatements for each financial year. Under company law, the Trustees must nol approve the financial slalements unless they are satisfied that they give a true and fair ew of the state of affairs of the g￿P and the company and of their incorning resources and application of resources, including their income and expenditure. for that perK4J. In preparing these financial slalemenls. the Trustees are required to". ' select suitable accounting poI￿leS and then apply them consistentty.. ' obseive the methods and prin¢iples of the Charities SORP IFRS 102). make judgements and accounting estimates that are reasonable and prudent.. state whether appltable UK Accounting Standards (FRS 102} have been follcwed. subject to any material departures disclosed and explained in the financial stalements. prepare the financial statements on the gorvJ COn￿M ba*s unless it is inapproprkate lo p￿SuMe that the group will continue in business. The Trustees are reSponsi￿e for keeping adequate accountirvJ records that are Suff￿lent to show and explain the group and the company's transactions and disck)se wth reasonable accuracy al any time Ihe financial position of Ihe group and the company and enable them to ensure that the financial statements compty wrth the Companies Act 20￿. They are also ￿SPonSible for safeguarding the assets of the group and the company and hence for tsking reasonable steps for the prevention and detection of fraud and other irre9ularities. Approved by order of the members of the board ￿ Tnjstees cm 9 June 2022 and signed on their beha￿ by. CM8ull Chair Page 10 Lichfield and Hatherton Canals Restoration Trust Limited IA company limited by guarantee) Independent examinerfs report For the year ended 31 December 2021 Independent examinerfs report to Ihe Trustees of Liehfield and Hatherton Canals Restoratlon Trust Limited Ilhe Group'l I report to Ihe charity Tnjstees on my examin81ion of the consolhlated accounts of the Group Comprising the Lichfield and Hatherton C8nals Restoration Trust Limited {Ihe parent companll and ils subsidiary undertakings for the year erKled 31 December 2021. Responsibilities and basis of report As the Tiuslees of the parent company (and its directors lor the purposes of company lawl you are resp)nsible for the preparation of the consolidated accounts of the Group in accordance wrth the requirernenls of the Companies Act 20C6 Ilhe 2006 Act'l 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 audrted and have chosen instead lo have an independent examination. Having salisfied mysew that the consolidated accounts are not required to be audrted under Part 16 of the 20L Act and are eligible for independent examination. I report in respect of my examination of the Group's accounts carried out under section 152 crf the chartb.es Act 2011 {'Ihe 2011 Acl'l. In carrying Out my examination I have folk)wed the Directths given by the Charity Commission under secl*)n 152{5llb) of the 2011 Act. An independent examination does not invO￿e g*hering all the ewdence that would be required in an audi(8nd consequently does not cover all the matters that an auditor considers in giving their ¢Jpinion on the &counts. The p18nning and conducl of an audii goes beyond the limited assurance that an independent examination can piovide. Consequent￿, l expws opIn￿n as to whether the consolidated accounts present a 'ln&e and fai view and My report is lim((ed to Ihose $￿irEC matters set out in the independenl examinels stalemenL Page11 Liehfield and Hatherton Canals Restoration Trust Limited IA company lirnited by guarantee} Independent examinerfs report {continued) For the year ended 31 December 2021 IndÈpendent examinerfs statement I have completed my examination. I confimi that no matters have come to my attenbon in connection ￿thth the examination giving me cause to believe". accounting records were not kept in respect of the parent company and rts subsidiaries as required by seelion 386 of the 20C￿ Act: or the accounts do not accord wth those records.. or the accounts do not comply with the accounting requirements of section 3% of the 2006 Act other than any requirement that the accounts give a Irue and fairf Mew whith is not a matter considered as part of an independent examination" or the accounts have not been prepared in accordance wth the methods and principles of the Slalemenl of Recommended Practice for accounting and rewrbng by charities [appI￿able to chariiies preparing their accounts in accordance 4wth Ihe Finanaal Reporting Stsndard applicabk in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have eome across no other matters in connect*)n wrth the examination to wh￿h attentIC￿ shouhj be dravm in this report in cKder to enable a proper understarsding of the accounts to be reached. This report is made solely to the compan￿$ Trustees. as a body, in accordance with Part 4 of the Charrtie8 (Accounts and Reports) Regulations 2008. My woth has been undertaken so that I might slate to the companls Trustees those matters l am requi￿ to stste to them in an Independent examine¢s report and for no other purpose. To the fullest extent perm￿ed by Iw. I do not accept or assume fesponsibilty lo anyone other than the parent company and the ¢ompanVs Trustees as a body. for my work or for this report. Signed.. Dated.. 9 June 2022 Mark Gurney FCCA Dains LLP Bimiingham Page 12 Li¢hfield and Hatherton Canals Restoration Trust Limited IA company lirnited by guarantee) Consolidated Statement of financial a¢tivities {in¢orporating income and expenditure account) For the year ended 31 December 2021 Unfftstrieted funds 2021 Restricted funds 2021 Total funds 2021 Total funds 2020 Note Income from- Oonations and legxies Other trading actiwties Investments 39.526 4.525 17.749 73.539 113.065 4.525 17.749 169,095 2,721 19.203 Total income 61,800 73.539 135.339 191,019 Expenditure on: Raising funds Charitable actiwties 2,523 78,823 14,486 45,891 17.009 124.714 5.110 126,448 Total expendlture 81.346 60,377 141.723 131,558 Net lexpenditureifincome Transfers between funds 119,$461 39.520 13,162 139,5201 16,3841 59.461 19 Net movement in funds 19,974 126,3581 16.3841 59.461 Reconclllatlon of fvnds: Total funds txought fomard Net movement in funds 269.323 19.974 613.257 {26.3581 882,S80 16.3841 823,119 59.461 Total funds carried forward 289.297 586.899 876.196 882,580 The notes on pages 16 10 34 fom part of these financd statements. Page13 Lichfield and Hatherton Canals Restoration Trust Limiled IA company limited by guarantee) Consolidated balance sheet As at 31 December 2021 2021 2020 Note Fixed assets Tangible assets Current assets 13 621.261 632,222 Stocks Cash al bank and in hand 15 1.576 640,607 634.483 635.869 642.183 Creditors.. amounts falh'ng due wthin one year 17 144.908) 146.075) Net current assets 590,961 596,108 Total assets less current liabilities 1,212.222 1,228.330 Credilors." amounts falling due after more than one year 18 {336.0261 (345,750) Total net assets 876.196 882,580 Charity funds Restricted funds 19 586,899 289,297 613.257 26q.323 Unrestricted funds 19 Total funds 876.196 882.580 The companywas entitled to expJnption frcth audit under secbcfj 477 the Companw Ad 2006. The members have not required the company to obtsin an a￿lit for the yeaf in question in accordance wth section 476 of Companies Act 2006. The Trustees acknthdedge their responsibilit￿S for coMp￿n9 vAth the requirements of the Act with respect to accounting recorés and preparation of financial ststements. The financial ststements have been prepared in W￿ance wth the provisions applt¢able to enlrties subject to the small companies regime. The financial slalemenls were approved and authorised issue by the Trustees on 09 June 2022 and signed on their behalf by.. CMBull Chair The notes on pages 16 10 34 fomi part of these ffinancI￿ Stst￿ents. Page 14 Lichfield and Hatherton Canats Restoration Trust Llmited IA company limited by guarantee) Company balance shèet As at 31 December 2021 2021 2020 Nole Fix•d assets Tangible assets Investments 13 14 621,261 1.000 632.222 1.000 622,261 633.222 Current assets Debtors Cash at bank and in hand 16 2.002 632.867 974 640,209 634.869 641.183 Credttors." amounts falling due wrthin one 17 144.9081 146,075) Net current assets 589.961 595,108 Total assets less current liabilities 1,212.222 1,228,330 Crean is secured by way of legal charges over the freehokl prL¥Jerty daied 19 September 2006 and 21 September 2018. 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 2021 19. Statement of funds Statomenl of funds- current year Balance at 31 December 2021 8alan¢e at 1 January 2021 Transfers inllout) Income Expenditure Unrestricted funds Designated funds Club 500 Caprtal FurKI Land and Prcyerty Fund Restoration and Srte budget Tunnel Vision Fund 12.997} 13871 1,740 1.322 1.454 33,000 15.000 1.322 197 8.000 1.000 5.000 1.135 1,257 25,000 14.000 13,0001 RestoralvJn & Plant Furbd Severn Trent Water Fund Canal professional costs 1.135 18.298 3.480 (2,9971 36.870 65,651 General funds General Funds 251.025 58,320 178.3491 2.650 233,646 Total Unrestricted funds 269.323 61.800 181.3461 39,520 289.297 Reslrl¢ted funds Land and Pr￿ety Fund Restoration and Plant Fund 9.227 4.634 562.200 520 (23,5771 110.5001 124.9991 10,313 5,982 527,631 25.848 15.430 114.0001 125,0001 {5201 Tunnel Vision Fund Brick Appeal Funds Deposit Sl8-Summerhill" Grant Piling Appeal Fund 337 337 34,380 8,256 35,280 1.059 {9001 {4011 7.598 613.257 73.539 {60.3771 {39.5201 586,899 Total of funds 882.580 135,339 (141,7231 876,196 Page 29 Lichfield and Hatherton Canals Restoration Trust Limited IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2021 19. Statement of funds (continued) Statement of funds- prior year Balance at 31 December 2020 Balance at 1 January 2020 Transfers inl{out Income Expenditure Unrestricted funds Designated funds Club 500 Caprtal Fund Land and Property Fund Resloralion arHJ Sile bLMJget Tunnel Vision Fund Resloralion & Plant Fund Severn T￿nt Water Fund Canal professional costs 1.578 725 3,288 {1,5901 (1,6321 597 1.322 197 8.OC4) 1,0(JO 5,000 1,135 5,382 (5,2211 2.014 1.1)00 5,986 ri.5611 8.6 5.353 13,670 (14,3721 13,647 18,298 General funds General Funds 252.577 (42,0921 (12.142} 251.025 Total Unrnstricted funds 257.930 e6.352 {￿.464) 1.505 269.323 Restricted funds Land and Property Fund Restoration and Plant Fund Tunnel Vision Fund Brick Appeal Funds Deposrt SIB "Summerhiif. Grant Canal professional costs Special purpose income Piling ￿pea1 Fund 1.013 1.023 37.307 49.586 100 7.191 9,227 4,634 562,200 520 337 35,280 137,117) 512.614 420 537 {2001 {2,185) 37.465 8.696 {8.696) 14.674 21.977 {14,674) {20.9181 1,059 565.189 124.667 175,094} {1.505) 613,257 Total of funds 823,119 191.019 1131.5581 882,580 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 2021 19. Statement of funds {¢ontinuedl Summary of Designated Funds Club 500 of subscriptions to the Trust's '5￿ Club. are distributed to rts membets through a quarterty draw, the remaining 50°A being retained for capital expenditure on restoration work. Land and Property Fund See details under restricted funds. Resloratlon and Slte budget See details under ￿$tri<#ed funds. Tunnel Vlslon 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 re5eNes ex￿pt temporarity after receipt of any large grfts or legacies or in preparation for financing 2 SpeCff￿ project. Severn Trent Water Fund Funding re¢eNed towards fish repl&ement 8t T￿¥￿)rth Road. Summary of Restricted Funds Land and Property Fund This fund is money held for the purchase, lease or licence of land or prcpety for Ihe canal and associated expenses. It is Intended to build up a long term resou￿ to meet future opportunit￿S as they arise. Restoration and Site budget The fund holds money alk￿ed for general ￿tOrat￿ wths and use of operating plant for those works. Tunnel Vision Fund A new ctjjective stsrted in 2014 as the"DaMd Suchet Tunnel Vision Appeal" towards the cosl of installing canal tunnds under major rail and roa¢J ¢rossings which i8 expected to be strongly promoted wth a high largel through 2017 10 2021. Funds deposit Accumulated fund to prowde a deposit in supwt of any part￿Ular grant appl￿tIon. Page 31 Lichfield and Hatherton Canals Restoration Trt￿t Limited IA company lirnited by guarantee) Notes to the financial statements For the year ended 31 December 2021 19. Stat8ment of funds Icontlnued) SIB"Summerhill" Grant Social Investment BUS1r￿SS Group grant of £336,OCiI accepted 29th December 2014 for Lichfield Canal Summerhill. project again51 payments and invoices for pLsnned developrnenl. The transfer out of this fund relates to costs vthith had been incurred on the project before the creation of the fund. Canal professional costs C8nnoek Chase Council's cabinet awarded £10,000 to the charty to allow rt to commission a water supply study of the supply to the restored H8thertC￿ canal. Piling Appeal Fund A new public appeal in 2020 enabliro donors to have a personal lag attached lo the steel piling al the highty visible section besKte Falkland Road and Tamworth Road to acknovAedge their conlribulion. Summary of funds Summary of funds- current year Balance at 31 DKember 2021 Balance at 1 January 2021 Transfers Inlout Income Expenditure Designated funds General funds RestrKted funds 18,298 251,025 613,2S7 3,480 58.320 73.539 (2.9971 178.3491 (60.3771 36,870 2.650 {39.520) 55,651 233,646 586,899 882,580 135.339 1141.7231 876,196 Summary of fvnds- prior year Balance at 31 December 2020 Balance at 1 January 2020 Transfers inlout Income Expenditure Designated funds General funds Reslricled funds 5,353 252.577 565.189 13.670 52.682 124.e67 114.3721 {42.092) {75.094) 13.647 {12.1421 {1.5051 18,298 251.025 613,257 823.119 191,019 {131.5581 882,580 Page 32 Lichfield and Hatherton Canals Restoration Trust Limited IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2021 21. Analysis of net assets between funds Analysls of net assets between funds- current year Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Tangible fixed assels Current assets Creditors due within one year Creditors due in more than ￿e year 621,261 14,590 110.5281 {336.0261 621.261 635,869 144,9081 1336.026) 621,279 134,380) Total 289.297 586.899 876.196 Anatysis of net assets between funds - prior year Unftstri¢ted Restricted funds funds 2020 2020 Total funds 2020 Tangible fixed assels Current assets Creditors due within one year Creditofs due in more than one year 632.222 (6.3541 {10,7951 {345.7501 632,222 642,183 146,Q75} 1345,750} 648.537 135.2801 Total 269,323 613.257 882,580 Page 33 Lichfield and Hatherton Canals Restoratlon Trust Limlted IA company limited by guarantee) Notes to the financial statements For the year ended 31 December 2021 22. Principal subsidiaries The following was a subsKliary undertaking of the ¢L￿pany. Name Company number Class of shares Holdlng Lichfield & Hatherton Canals Retail Trading Ltd 03686837 Ofdinary 1000 The financial results of the subsidiary for the year we￿= Name Income 2021 Expenditure 2021 Net assets 31 December 2021 Lichfiekl & Hatherton Canals Retail Trading Ltd 4.525 2,523 Page 34