Registered number.. 02456172 Charity nvmber.. 702429 Lichfield ond Hatherton Canals Restoration Trust Limited Trustees, Report ond Finonciol Stotements For the yeor ended 30 November 2024 JDAINS
AUDIT
Lichf ield ond Hatherton Canals Restorotion Trust Limited (A company limlted by gvarontee) Contents Page Reference and Admlnistratlve Detoils of the Compony, its Trustees and Advisers Chairman's Statement Finance report Trustees. Report 7-10 Independent Exominer's Report Consolidated Stotement of Financiol Activities 13 Consolidgted Bolonce Sheet 14-15 Company Balonce Sheet 16-17 Notes to the Financial Statements 18-43
Lichfield ond Hotherton Canals Restorotion Trust Limited (A company limlted by guarantee) Reference and odministrotive detoils of the Company. its Trustees and advisers For the yeor ended 30 November 2024 Trustees C M Bull (resigned 11 November 2024) J N Morch P H Buck (resigned 14 June 2024) l H Coplon (resigned 14 June 2024) C R Booker C M Howles DWLord C D Mills. Choir R O Willioms C A Bailey (oppoinled 14 June 2024) N A Jolliffe (oppointea 14 June 2024. resigned 25 October 2024) Company registered number 02456172 Chority registered nvmber 702429 Reglstered off ice St John's CoLJrl Wiltell Rood Lichfield Stoffordshire WS14 9DS Company secretary C R Booker C M Habart (resigned 10 December 2025) President E Wood Accountants Doins Audit Limited 2 Chomberloin Squore Parodise Circus Birminghom 83 3AX Poge 1
Lichfield ond Hatherton Canols Restoratlon Trust Limited (A compony limited by gvorantee) Chair's stotement For the yeor ended 30 November 2024 The choirmon presents her stolemeni for the year. The Trust hos enjoyed another successful year. We've achieved severol key milestones as we work to fulfil our vis10n to rebuild. resiore and reconnect the canols to the notionol network. creating o new golewoy to the 8irminghom Conal Novigotions. As on entirely volunteer-led locol charity. we ore very proud of our hardworking volunteers who dedicole so much of their personal lime to creoting o volLJed lasting legacy for the orea. They couldn'i hove mode such greot progress without the continued support of our members. donors, funders, portners ond sponsors Together we've colloboroted as o leom in estoblishing precious green and blue spoces for the community to enjoy. Restorotion The focus in 2024 hos ogoin been on the Lichfield Conol. At Tamworih Road 110m of brick retaining woll was built. 80m' concrete foundotions Ioid and 40 gobion coges were filled ond instolled. 12m of conol bed ond woterwoy wolls were conslrucled ond 100m of safety fencing erected. Th1s required the excovotion ond removol of 4.500 tonnes of 5011. Neonwhile ot Fossewoy. 70m' of concrete foundation wos laid. 44 9obion coges sited, 20m of woterwoy woll constructed. 68m of steel piles insialled ond 600m' of spoil wos used to bockf ill. A new 45m occess wos creoied and three gote5 were put in place. We now hove 3.5km of conol either completed or under construction, with 0.9km in woter at Borrowcop Locks and Dornford t4Dors. Two porcels of lond oi St John's Gronge were tronsferi.ed to us in the autumn ond June 2024 sow the gronling of plonning consent for our next phose of work ot Tomworth Road. Environment Our environmentol credentiols ore very importoni to us ond the development ond mointenonce of our green spoces is on integrol port of our restorotion activity. The plonting ot Dornford Noors Eco5ogy Park Is moluring nicely. ond the site is home to a variety of wildlife including ducks, Insects. moorhens. wildflowers and even (briefly) o swon. Our green ond groun(is teom comprises odults, young people undertoking the Duke of Edinbur9h oword, Scouts ond pupi15 f rom Queen's Croft School. Together they've planted 420 hedging whips donoted by the Woodlond Trust to infill gops In the bunds. eight fruit irees in the orchord ot Borrowcop Locks ond 30 soplings in our nursery which will be loter moved to vorious sites post construclion. They've di11gently cvt bock and disposed of over 4.OOOm' of brombles. Gross and wildflower seeds hove olso been scaitered ond countless weeds pulled. Volunteers We hod 155 active moinstream volunteers this yeor who recorded 17.573 hours on Trust timesheets, equivolenl to 2.375 doys of volunteering effort Over 8.300 hours were speni on construction plont ond hoolth ond sofety. c2.260 on green ond grounds work. c2.400 on events. morketing. soles ond publicity with onother 4.600 behind the scenes on finonce. grant opplicotions. plonning opplicotions, lond ocquisitions. meetings with slokeholders ond 01l-imporlonl governonce. Converting oll this freely given time into a notionol monelory volue shows that olmost £lm of worktime wos donoted in 2024. Poge 2
Lichfield and Hatherton Canals Restorotion Trust Limited (A company limited by guarantee) Chair's statement (continued) For the year ended 30 November 2024 We olso hosted corporote and Woterwoy Recovery Group volunteers throughout the yeor.. 25 sessions from 13 employers. totaling 239 people. Every contribution is hugely opprecioted. Membership Our membership base continues lo grow, ond we ended 2024 with 2.443. We ore Immensely grateful to oll who embraced our first subscription increose since the Trusi wos estoblished in 1988. As o result of Ihot ond the generous donotions mode olongside onnuol renewols. we received on oddilionol £8k io fund our re5torolion activity. Our members ore Incredibly importont to us. As odvocates ond supporters. their engagement vio events. fundroising. sociol medio ond volunleering enoble5 the Trust to moke good progress. increase visibility and enhonce susloinobility Some hove involuable connections with business, public ond voluntory sector organisotions os well os funders, influencers ond decision mokers. Ambos50dors We welcomed four new ombossodor5 this yeor. These new roles ore filled by people in the public eye who ore well ploced to extend LHCRT'S reoch to o widei. audience thereby increosing oLr membership bose ond f unding succe$5. Thank you to Stephen Court of Court obove the Cul YouTube chonnei. internationally recognised ortist Corl Knibb. poe,, playwright ond former youth ond community worker Roy HcForlone and Joss Musgrove-Knibb outhor. poet ond historion. lor all they do for LHCR T. Finonce ond Funding The Trust is responsible for the stewardship of net ossets of over £0 829m. with income last yeor of £0.254m and expenditure of £0.148m. Our cumulotive expenditure since 1990 hos been over £6.2 million. There has been tremendous work on gront opplicolions by severol of our tru51ees ond officers - o vital ond signiliconl source of funding for the reslorolion. The finonce portfolio includes responsibility for prepoi-otion of monthly manogement occounls. VAT ond Gift Aid returns. occounting for oll our Income ond spending. ond Iioison with external oodilors. Communicotion ond Event5 As a charity it's imporlonl to be open and transporent obout whol we're doing ond plonning. so our lolented communicotions and morketing team keep people Informed. Weve seer) our sociol medio following (Focebook. Bluesky, YouTube. Instogrom. Linked In ond TikTok etc.) Increose to 2',.401. Our informative website hod olmost 20.000 users and over 100.000 views in 2024 The ever-populor Cut Both Woys quorterly mogozine is ovoiloble digitolly ond in hord copy os part of our membership offer. The teom olso plonned. coordinated ond executed o ronge of events from the Lichfield Iok water station. Lichfield Cothedrol Christmos tree festivol, ond outumn show to Eric's oll day Easter coffee morning, the 8rownhills Conol Festivol in August ond guided wolks throughout the yeor. Poge 3
Lichfield and Hatherton Conols Restorotion Trust Limited (A company limited by guarantee) Choir's statement (continued) For the yeor ended 30 November 2024 Operotionol Planning With such substantiol funds ond big ombilions. it's essentiol thot we're cleor about our priorities. We successfully completed our 2023/24 Operational Plan comprising 80 octions ond hove since lounched our 2025/26 Operolionol Plon contoining 100 octions. This focuses on construction ol Tomworth Rood ond Gollows Whorf whilst devoting importont ottention to our pipeline projects ot Darnford Moors, St John's Grange ond Folkland Rood to work through vorious funding, lond plonning ond technicol issue5 It continues lo be o very productive ond exciting time for LHCAT and all those ossociated with the Trust. Choir Dote". Trustees June 2025 Poge 4
Lichfield ond Hotherton Canols Restorotion Trvst Limited (A compony Ilmited by guorontee) Finance report For the year ended 30 November 2024 Restoration Progress The Trust's extensive work through 2023 to bring Dovnford lQioors Ecology Pork to completion In water along it5 550m length with its special Community, Hobitot and Environmentol features come to be odmired by oll ot locol, regionol ond notional levels. A formol public opening on 12th April 2024 wos ottended by mony contributing dionitaries omong 300 V15itors. At o totol cost over £700,000 from gronts and Trust resources plus on ample meosure of volunteer lobour, it is a mojor step towards re-opening the Lichfield Conol. Regrettobly. the dedicated conal lond does not commond o resole volue on the open market to supplemeni our Fixed Assets, but brought o mossive reputotionol goin to odcl lo the Trust's record of ochievements as we go forword with comporoble gains expected in 2025. Bolance Sheet - Fixed Assets Ogley Cottoges Nos.271 ond 272 had been conal company cottoges from c.1810, ocquired by the Trust 20 years ogo os freehold properties ol the summit ol the Lichfield Conol with good tenants in residence. Legally mortgoged to the Choritu Bonk os tongible security for the loon noled De'.ow. their deprecioted comb"'ned volues of £420,636 give an estimoted hidden reserve of obout £30.000 ogoinst probob'.e open market volues. 17 oreos of conol site possessions. donoted over mony yeors by Districi and County Covncils. hove a historic cost of £165.686. Additionally, over 25 yeor5 there ore 12 oreos of other londs ond slrvclures which were built by or for LHCRT ot o historic cost estimoled oboul £4.500.000, voluoble os benefits but unrealisable 05sets due to their dedicoled locotions such as roodwoys. Owned plont wos supplemented by the purchose of used Hitochi excovotor funded from o Big Give Compoign ond o Nison Novora crew-cab truck for teom movements with plonl and moleriols toking the deprecioted lolal to £51.140. Balonce Sheet - Current assets ond liobilities Our wholly-owned subsidiory compony for non-chori:oble retoil trode owed £1.612 from stock and cash. Various f unds held f ollow regulor proctice for Land and Property. Plont ond Restoration work, ond governonce as reserves avoiloble for projected expenditure. The David Suchel Tunnel Vision Fund remoins open with regulor lopping-up from generol donolions towords ottrocting moior gronls for o conol tunnel through the Birminghom roilwoy. just South of Lichfield. or potentiolly under mojor roads which could be more expedient in connecting the Lichfield Conol lo the inlond wolerways system. Notional Highwoys could potentially offer hi9h value funding for such projects. A gront reserve of £34.380 remains avoiloble for work on the Summerhill section ot the M6Toll motorwoy oqueduct. The Chority 8onk mortgoge loon noted obove proves vitol for holding substantial cosh reserves to meet high volue controct expenditure ond VAT turnover in odvonce of cloiming gront ond tox refunds which typicolly ore only ovoiloble in arfeors. Income & Expenditure Account - Income Membership subscriptions of £23.216 (Trust + Morketing). show o consideroble increose (2023 £14.647), reflecting the uplift on previous subscription fees to o level comporoble with other similor groups in the UK. These were supplemented with voluntary donations of £3.040 for which we ore always groteful moking the overoge omounl of £15.43 per poying member. The cost of servicing oll members wos on overoge £2.47 per heod which is down to 16.0¢/o of bosic subscriptions with prudent odminisirotlon ond greoter use of electronic correspondence and cenlrol magazine moiling. Poge 5
Lichf ield and Hatherton Canals Restoration Trust Limited (A company limited by guarontee) Finance report continved For the year ended 30 November 2024 Donotions cor)tinue to flow into established funds os appeals ottrocT donotions from oround the UK ond obrood responding to widespread promorion across o ronge of medio plotforms. including globol YovTube exposure. Morketing ond Retoil Troding generoted another good return with income of £25.038 (2023 £26.673. exclvding the bi-onnuol Huddlesford Heritoge Gothering). reflecting the efforts made by the Trust Morkeling Group and Sociol Medio exposure. It wos pleasing to receive exceplionol income derived from three legocies worth nearly £IOO.000 as voluoble reserve funds to support ongoing work. Income & Expenditure Account- Expenditure The Hotherton Canal is kept in view to ossess ony Impoct on the section In woler offecting its owr)ers, Conol ond River Trust for lis long-term potentiol lo reopen to novigotion. if possoge Under the M6motorwoy becomes possible. Restorotion focused on the Lichfield Canol thonks lo the Trust's stalwort volunteers. oided by mony visiting teams. moking svbstontiol progress on severol sites. A porticulor benefit from soving expendilvre come when Persimmon Homes made free tronsfer to the Trust of 500m of portly excovoted conol lond with two overbridges between the Lichfield Southern Byposs ond their St. John's Gronge estate. Additionally. Stoflordshire County Council after 20 years of deliberotion provided free ti'onsfer of 500m of lond for the conol in the reserved environmental corridor alongside Falklond Rood on the Southern Byposs. but excluded provision for" a canal bridge that will be needed between them on Cloypil Lone. Conclusion A very successful yeor oll round. thonks to extensive fundirng support with volunteer monogement and loboui. holding down running costs. con51derably aide(J by mony groups of visiting corporoie employee teoms. ond free professionol nput. Structured volunteer lime records ore kept.. converted by value these omounted to £986.959 for the year. Approved by order of the boord of Trustees on 6 June 2025 ond signed on its behalf by.. R O William Finonce Director Poge 6
Lichfield and Hatherton Canals Restoration Trust Limited (A company limited by guarantee) Trustees, report For the year ended So November 2024 The Trustees present their onnuol report together with the f"'noncial slolements of the Lichfield ond Hotherlon Conols Restorotion Trust Limired for the period l December 2023 to 30 November 2024. The Annuol report serves the purposes of both o Trustees, report ond o directors, report under compony law. The Trustees confirm that the Annual report ond f inoncial stotements of the choritable compony comply with the current stotutory requirements, the requirements of ihe choritoble compony's governing document ond the provisions of the Stotement of Recow.mended Practice (SORP) opplicoble to chorities preporing their occounts in occordonce with the Finonciol Reporting Stondord opplicoble in the UK ond Republic of Irelond (FRS102) (effective 1 Januory 2019). Since the group ond the Compony qualify os smoll under section 383 of the Companies Act 2006. the Group strotegic report required of the medium ond large componies under the Companies Act 2006 (Strotegic Report ond Directors, Fleport) regulotions 2013 hos been omitted Objectives ond octlvitles o. Policies and objectives Tbe principal objective ond octivity of :he Comp¢ny Is the promotion of the restoration of the Hotherton Bronch of the Stoffordshire and Worcestershire Conol ond the Wyrley ond Essington Cano1 from the Ogley Junctiorn to Huddleslord Junction including the provision of new routes where restoration is improclicol. The Trustees hove the doy to doy running of the choritu, ossisted by the officers ocusing on specific subjects. In setting objectives ond planning for activities. the Trustees hove given due considerotion lo generol guidonce pvblished by the Chority Commission reloting to public benefit. including the guidonce 'Pub1ic benefit.. running o chority (PB2)'. b. Slrotegies for achieving objectlves The Trustees of the chorily ore owore of the Chority Commission's guidonce on public benefit ond this now forms porl of the Induction Pock for new Trustee5. The Public Benefit provided by the Chority Include.. conserving the environment preserving o beoutiful londscope developing on omenily ovoiloble to oll The beneficiories ore oll members of the public ond locol community. Further deloils con be found in the Choirmon's stotemeni ond the Operating and financiol review. Poge 7
Lichfield and Hatherton Conals Restoration Trust Limited (A company limited by guarantee) Trvstees, report (continued) For the year ended 30 November 2024 Achievements and performonce a. Review of Transactions and Financial Position Detoils of the Ironsoclions, which disclose o surplus for the 12 month period ended 30 November 2024 of £75.607 (11 month period ended 31 December 2023 deficit of £208.843) ond finonciol position ore fully set out In the Statement of Finonciol Activities, Bolonce Sheet ond associoled notes Monies hove been invesled during the yeor. in occordonce with the powers ovoiloble io the Trustees. The Company's ossets ore availoble ond adequate to fulfil Its obligotions Financial review a. Going concern After moking oppropriole epquiries. the Trustees have o reosonable expectotion thot the company has odequote resources to continue in operotionol existence for the foreseeob.'e future For this reoson. they continue lo adopt the going concern basis In preporing the finonciol stotements. b. Reserves policy The Trvstees have exomined the chority's requirements for reserves in light of the main risks lo the organisation_ 11 is the Ti"ustee's policy to mointoin suff Icient reserves to finance the doy to doy running of the charity for o period of opproximotely 12 months. The unrestricted reserves of the group ot So November 2024 omounted to £555.579 (2023 £568.162) ond will be sufficieni to support the chorily in the immediote future The Trustees hove reviewed the mojor internal ond externol risks to which the charity is exposed and systems hove been estoblished to miligote ihose risks. These procedures ore periodically reviewed to ensure thot they still meet the needs of the chority. Structure. governonce and management o. Constitution Lichfield and Hatherton Conols Restoration Trust Limiied Is registered os o choriloble compony limited by guarontee ond wos set up bu o Memorondum of Associotion on 1 December 1989. 11 Is registered os o charity with the Chority Commission, number 702429. ond constituted Ljnder a Memorondum of Associotion. Anyone over the oge of 18 con be o member of the company and there are 2 443 members. eoch of whom Qgree to contribute, whilst being o member or for a period ol twelve months following ceosing to be o member. on afflount not exceeding £1 in the event of the cho". Itu winding up. Poge 8
Lichfield and Hatherton Canols Restorotion Trust Limited (A company Ilmited by guarantee) Trustees, report (continued) For the year ended 30 November 2024 Structure. governance ond management (continued) b. Methods of appointment or election of Trvstees The mono9ement of the Group ond the Compony is the responsibility of the Truslees who ore elected ond co-opied under the terms of the Memorandum of Associotion. c, Risk Monagement The Trustees hove assessed the rr,ojor risks to which the Group ond tne Compony ore exposed. in particulor those reloted to the operotlons ond finonces of the Group ond the Compony. ond ore satisfied that systems ond procedures ore in place lo mitigole exposure to the mojor risks. Members, liobility The members of the Compony gb'orontee to contribute an omounl not exceedir,g £1 to the o55ets of the Compony 1ri the event of winding up. Directors and Trustees The Directors of the choritable compony (the chority) ore ils Trustees for the purpose of the charity low and throughout thig report ore collectivels referred to os Ihe Trustees. The Trustees serving during the yeor con be seen on the reference ond administrotive poge of these finoncial siotemenls. The Trust hos mode indemnily provisions for the benefit of the Directors which remoin in force al ihe dote of this I"eport. Organisation The boord of Trustees comprises not less than S ond not more thon 15 members unless otherwise determined by a Generol Meeting. The board ministers the chority, it meets ot leosl 12 times per year and moinloins a regular flow ol information. Risk 0sse5sment The major risks lo which the Chorily Is exposed hove been identified ond reviewed by the Trustee5. and system5 esloblished lo mitigate those risks. The Trustees hove o risk monogement strategy which comprises". An onnuol review of the r15ks the chority moy foce.. The establishment of systems ond procedures to mitigate those risks Identified by the plon.. ond The implementotion of procedures designed to minim'.se ony potentiol impoct on the chority should those risks materialise. Poge 9
Liehfield ond Hotherton Canals Restorotion Trust Limited (A company limited by guorontee) Trvstees, report {continved) For the year ended SO November 2024 Statement of Trvstees, responsibilities The Trustees (who ore OISO the directors of the Company for the purpose5 of compony low) ore responsible for preparing the Trustees, report and the finonciol stotements in occordance with opplicoble low ond United Kingdom Accounting Stondords (United Kingdom Generolly Accepted Accounting Practice). Compony low requires the Trustees to prepore finoncial slotemenls for eoch financial period Under compony low. the Trustees musl not approve the financiol statements vnless they are sotisfied thot they give o true and foir view of the stole of offoirs of the Group ond the Compony ond of their Incoming resources or.d opplicotion of resources. including their incomè and expenditure. for thc3t period. In preparin9 these finonciol statements. the Trustees ore required to.. select suitoble occounting policies and then opply them consistently.. observe the methods ond principles of the Chorities SORP (FRS 102).. moke judgments ond occounting estimotes thot are reasonoble ond prudent.. stote whether opplicoble UK Accounting Stondords (FRS 102) hove been followed, subject to any molerial deportures disclosed and explained in the finonciol stotements.. prepore the f inonciol stolemenls on the goino concern bosis unless il is inoppropriote to presume that the Group will continue In business. The Trustees ore responsible for keeping odequote occounting records thot ore sufficient to show ond exploin the Group ond the Compony's Ironsoction5 and disclose with reosonoble occurocy oi ony time the finonciol position ol the Group ond the Compony und enable them lo ensure thot the finonciol stotements comply with the Componies Act 2006. They ore olso resporisible for sofeguord'ng the osseis of the Group ond the Componu ond hence for toking reosonoble steps for the prevention ond detection of froud and other irregulorities. Approved by order of the members of the boord of Trustees on 6 June 2025 ond signed on their beholf by.. Choir Poge 10
Lichfield ond Hatherton Canals Restorotion Trust Limited (A company limited by guarantee) Independent Exominevs Report For the year ended 30 November 2024 Independent Examiner's Report to the Trustees of Lichfield ond Hotherton Conals Restoration Trust Limlted ('the Group,) I report lo the chority Trustees on my exominotion of :he consolidated accounts of the Group comprising the Lichfield ond Hotherton Conols Restorotion Trust Limited ('the porenl Compony,) ond ils subsid50ry undertokings for the yeor ended 30 November 2024. Responsibilities and Basis of Report As the Trustees of the parent Company (ond ils directors for the purposes of compony low) you ore responsible for the preporolion of the consolidoted accounts of the Group In occordance with the requirements of the Componies Act 2006 ('the 2006 Act,) ond you hove chosen to prepore consolidoted occounts for the Group. You ore satisfied thot the accounts of both porent Compony ond the Group ore not required by either compony or chority low to be oudited and hove chosen insteod to hove on independent examination. Having satisfied myself thot the consolidoted occounts ore not required lo be oudiled nder Port 16 of the 2006 Act ond ore eligible for independent exominotion. I report in respect of my exominotion of the Group's OCCOLJnts corried out under section 152 of the Chorities Act 2011 ('the 2011 Act,). In corrying out rny exomination I hove followed the Directions given by the Chority Commission Ljnder section 152(5)(b) of the 2011 Act An independent exominolion does not Involve goihering oll the evidence thot would be required in on oudit ond consequently does not cover oll the motlers Ihot on ovditor considers in giving their opinion on the occounts. The planning ond conduct of an oudit goes beyond the limited assurance that an independent examinotion con provide. Consequently l express no option os to whether rhe consolidoted occounls present a 'lrue ond foir, view and my report is limited to those specif ic matters set OLJt in the independent exominer's Stotement. Poge 11
Lichfield and Hotherton Canols Restoration Trust Limited (A compony limited by guorontee) Independent Examiner's Report (contlnved) For the year ended 30 November 2024 Independent Exominerf5 Statement Since the Trustees have opted to prepore consolidoted occo(Jp.ts for the Group your exominer must be o member of o body listed In section 145 of the 2011 Act. I confirm that l om qvolified to undertake the examir)otion becouse l om o member ol Institute of Chorlered Accountonts in England ond Woles. which is one of the listed bodies. I hove completed my exominotion. I confirm thol no matters hove come to my oltention in connection with ihe exominotion giving me couse to believe.. occount,"ng records were not kept in respect of the porent Compony and its subsidiories os required by section 386 of the 2006 Act". or the occounls do not occord with those records. or the occounts do not comply with the occouniing requirements of section 396 of the 2006 Act other thon ony requirement thot the accounts give o rue ond fair, view which is not o motter considered os port of on independent exam,'notlon'. or the occovnts hove not been prepared in accordance with the methods and principles of the Stotemenl of Recommended Practice for occounting ond reporting by chorilies [opplicoble to chorities preparing their occounts in accordonce with the Financial Reporting Stondard opplicoble in the UK ond Republic of Irelond (FRS 102)]. I hove no concerns ond hove come ocross no other motlers in connection w.th the examinolion to which attention should be di'awn in this report in order to enable o proper understonding ol the occounts lo be reached. This report is made solely to the Compony's Trustees, os o body, In occordonce with Port 4 of the Chorities (Accounts ond Reports) Regulations 2008. My work hos been undertaken so that I might stote to the Compony's Trustees those motters l om required to stote lo them in on Independent examine. s report and for no other purpose. To the fullest ex:ent permitted by low. I do not occept or ossvme responsibility lo onuone other thon the porenl Company ond the Compony's Trustees os o body. for m work or for this report. Signed.. Doted. 6 June 2025 Nork Gurney FCCA Doins Audit Limited Birminghom Poge12
Lichfield and Hatherton Conols Restorotion Trust Limited (A company limited by guoruntee) Consolidated Stotement of f inancial octivities (incorporating income ond expenditure account) For the year ended 30 November 2024 Unrestricted funds Restricted Total funds Totol funds funds 12 month 12 month 12 month 11 month period period ended period ended period ended ended 30 November 30 November SO November 30 November 2024 2024 2024 2023 Note Income from.. Donotions ond legacies Other trading octivities 58.844 158.301 217.145 589.853 2.618 2,618 3,566 Investments 32,543 32.545 31,138 Totol income 94.005 158.301 252.306 624.557 Expenditure on.. Qoising funds Charitoble octivities 11.259 11.259 7,496 82.875 82.565 165.440 825.904 Totol expenditure 94.134 82.565 176.699 833,400 Net (expenditvre)/lncome Tronsfers belweeri funds (129) (12,454) 75.736 75,607 (208.845) 19 12.454 Net movement in fund5 (12.583) 88,190 75,607 (208.843) Reconciliation of fvnds- Totol funds brought foi'ward Net movement In funds 568.162 182.582 750,744 959.587 (12.583) 88,190 75.607 (208.843) Totol funds carried forword 555.579 270,772 826.351 750.744 The Consolidoted Statement of Finonciol Activi:ies includes 015 goins ond losses recognised in the yeor. The notes on poges 18 to 43 form port of these finonciol statements, Poge 13
Lichfield and Hotherton Conals Restorotion Trust Limited (A company limited by guorantee) Registered nvmber.. 02456172 Registered number.. 02456172 Consolidated balance sheet As at 30 November 2024 2024 2023 Note Fixed assets Tongible assets 13 637.516 645.065 Current ossets Stocks 15 1.568 1,664 Debtors 16 11.323 33.106 Cosh oi bonk ond in hond 313,976 254.653 326.867 289.423 Creditors.. omount5 folling due within one yeor 17 139,113) (38.201) Nèt current assets 287,754 251222 Totol assets le$5 current liobilities 92S.070 896.287 Creditors.. omounts fallinG due after more thon one yeor 18 (98,719) {145.543) Total net assets 826.351 750.744 Charity fvnds Restricted funds 19 270.772 182.582 Unrestricted funcgs 19 555.579 568.162 Total funds 826.351 750.744 Poge 14
Lichfield and Hatherton Canols Restoration Trust Limited (A compony limlted by guarantee) Registered number: 02456172 Consolidated balance sheet (continued) As at 30 November 2024 The Compony wos enliiled to exemption from oudit under section 477 of the Componies Act 2006. The members hove not required the company to obtoin on oudit for the yeor in question in occordonce with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with. the requirements of the Act with respect to occounling records and preporotion of financial stotements. The finonciol stotements hove been prepared in accordonce with the provisions opplicoble to enlities subject to the small componies regime. The fi behol ol stotements were approved ond outhorised for issue the Trustees on 06 June 2025 ond signed on their Is Choir The notes on poges 18 10 45 form port of these finonciol stotements. Poge15
Lichfield and Hotherton Conols Restoration Trvst Llmited (A company limited by guarantee) Registered number.. 02456172 Compony bolonce sheet As ot 30 November 2024 2024 2023 Note Fixed assets Tongible assets Investments 13 637.316 645,065 14 1.000 1,000 658.316 646.065 Current 05sets Debtors 16 12.935 35.548 Cosh ot bonk oncj in hand 312,686 252.880 325.621 288.428 Creditors.. omounts folling dLJe wilhin one yeor 17 (38.867) (38,206) Net cvrrent ossets 286,754 250.222 Totol assets less current liabillties 925.070 896.287 Creditors.. amounts folling due after more thon one yeor 18 (98.719) (145.543) Totol net assets 826,351 750,744 Charity fvnds Restricted funds 19 270.772 182.582 Unrestricted funds 19 555.579 S68.162 Total funds 826,351 750,744 Poge 16
Lichfield ond Hotherton Canols Restoration Trust Limited (A compony limited by guarantee) Registered number.. 02456172 Company balance sheet (continued) As ot 30 November 2024 The Compony's nel movement in funds for the yeor wos £75.607 (2023- (£208.843)). The Compony wos entitled to exemption from audit under section 477 of the Componies Act 2006. The members hove not required the compony to obtain on oudit for the yeor in question in occordonce with section 476 of Componies Act 2006. The Trustees ocknowledge their respons,"b51ities for complying with the requirements of the Act with respect to occovniing records and preporalion of financiol slolemenls. The finonciol stotements hove been prepored in accordance with the provisions applicable to entities subject to the smoll componies regime. The fi I stotements were opproved ond authorised for issue by the Trustees on 06 Jvne 2025 ond signed on their behol Is Choir The notes on poges 18 10 43 form port of these finonciol stolements. Page 17
Lichfield ond Hotherton Conols Restorotion Trvst Limited (A compony limited by guarantee) Notes to the financial statements For the year ended 30 November 2024 General Information Lichf ield and Holherton Conols Flestorotion Trust is a private compony liTr,ited by guaronlee. incorporaled in the United Kingdom. registered in England ond Woles ond registered as o Chority with the Charity Commission for Englond ond Woles. Ils compony and charity registered numbers ond registered office oddress ore shown on puge l of these finoncial stotements. The principal activity of the compony In the yeor under review wos thot of the promotion of the restorotion of the Hotherlon Bronch of the Stoffordshire ond Worcestershire Conal ond the Wyrley ond Essinglon Conol from Ogley Junction to Huddlesford Junction including the provision of new routes where restora.ion is improcticol. Accounting policies 2.1 Basis of preparation of financial stotements The finonciol statements hove been prepared in accordance wilh the Charities SORP (FRS 102) - Accounting ond Reporting by Ctrorltles. Statement of Recommended Proctice opplicoble to chorities preporing their occounts in occordonce with the Finonciol Reporting Stondord opplicoble in the UK ond Republic of Irelond (FRS 102) (effective l Jonuory 2019). the Finoncial Reporting Standord opplicoble in the UK ond Republic of Irelond (FFIS 102) ond the Componie5 Act 2006. Lichfield ond Holhertop Conols Reslorolion Trvst Limited meet5 the definition of o public benefit entity under FRS 102 Assets aqd liobilities ore initiolly recogrised at hiStor,'col cost or Ironsoction volue unless otherwise stated In the relevont occounting policy. The Consolidoled stotement of finoncial octivilies (SOFA) ond Consolidated balonce sheet consolidote the finonciol stotements of the Compony ond Its subsidiary underloking. The results of the subsidiory ore consolidated on o line by line basis. The Compony hos token odvantage of the exemptior) alloweo under section 408 of the Componies Act 2006 ond has noi presenied ils own Stolement of financial octivities in these finonciol stotefflents. The income ond expendilure occount for the year deolt with in the accounts of the choritoble compony was on overoll nel surplus of £75.607 (2023 - net defic,.l of £208,843). 2.2 Compony Stotvs The chority is o company limited by guaraniee. The members of the compony ore the Trustees nomed on poge 1. In the event of the chority being wound up. the Iiobility In respect of the guarantee Is Iirnited to £1 per member of the charity. 2.3 Going Concern After moking oppropriote enquiries. the Trustees hove o reosonoble expectotion thot the company has adequote resources to continue in operotionol existence for the foreseeoble future For this reason, they continLJe to adopt the going concern bosis in preporing the f inonciol slotements. Poge 18
Lichfield and Hatherton Conols Restoration Trust Limited (A company limited by gvorantee) Notes to the financial stotements For the year ended 30 November 2024 Accounting policies (Continued) 2.4 Income All income Is recognised once the Company hos entitlement to the income, it is proboble that the income will be received ond the omount of income receivoble con be meosured reliobly. The recognition of income from legacies is dependent on estoblishing entitlement. the probobility of receipt and the obility to estimole with sufficient occuracy the omounl receivoble. Evidence of entitlement lo o legocy exists when the Company hus sufficient evidence thol o gift hos been left to them (through knowledge of tne existence of o volid will ond the deoth of the benefactor) ond the executor 15 Sotisfied that the property in question will not be required lo satisfy cloims In the estote. Fleceipl of o legocy must be recognised when it is proboble thot it will be received ond the foir value of the omount receivoble. which will generally be the expected cash omount to be distributed to the Company. can be reliably meosured. Gronts ore Included In the Consolidated stotemenl of finonciol activities on o receivable bosis. The bolonce of income received for specific purposes bul not expended during the period 15 shown in the relevont funds on the Bolor)ce sheet. Where Income Is received In odvonce of entitlement of receipt. its recognition is deferred ond included In creditors as deferred income. Where entitlement occurs before income Is received. the Income Is occrued. Gifts in kind donoted for distribilion ore included al voluatiog ond recognised os Income when they ore distributed to the projects. Gifts donoted for resole ore included os income when they ore sold. Where the donoted good Is o fixed o5set. it is meosured ot foir volve, unles5 it is improcticol to meosure this reliably. in which cose the cost of the item to the donor should be Used. The goin is recognised os Income from donotions ond o corresponding omourt is included in the oppropriote fixed osset closs ond deprecioted over the useful economic life in occordance with the Company's occounting policies. On receipt. donoled professionol services ond focilities ore recognised on the bosis of the value of the gift lo the Compony which is the omount It would hove been willing to poy lo obtoin services or focilities of equivolent economic benefit on the open morket.. a corresponding amount is then recognised in expenditure in the period of receipt. Income tox recoveroble in relolion lo Investment Income is recognised ot the time the investmerit income Is receivable. Other income is recognised in the period in which it is receivoble ond to the extent the good5 hove been provided or on completion of the service. Poge 19
Lichfield ond Hatherton Conals Restorotion Trust Limited (A company limited by guarantee) Notes to the financial stotements For the year ended 30 November 2024 Accounting policies (continued) 2.5 Expenditure Expenditure is recogiised once ihere is o legol or constructive ob igotion to Ironsfer economic benefit to o third porty. it is probable thot o tronsfer of economic benefits will be required in settlement and the amount of the obligotion con be meosured reliobly. Expenditure is classified by activity. The costs of eoch octivitu ore made up of the totol of direct costs ond shored costs. including support costs involved in undertoking each octivity Direct costs otlribuloble to o single activity ore allocoled directly to thot activity. Shared costs which contribute to more thon one activity ond support costs which ore not ottriDUtoble to o single octivity ore opportioned between those octivilies on o basis consistent with the use of resources. Centrol stoff costs ore ollocoted on the bosis of time spent. ond depreciotion chorges 051ocoted on the portion of the ossel's use. Expenditure on roising funds includes oll expenditure incurred by the Group lo roise fvnds for its churitable purposes and includes costs of oll fundroising activities events ond non-choritoble trading. Expenditure on choritoble octivities is Incurred on directly undertoking the aciivilies which further the Group's objective5. os well os onu ossocioted SLJPPOrt costs. All expenditure is inclusive OF irrecoveroble VAT. 2.6 Interest receivable Interest on funds held on deposit is included when receivoble and the amount con be measured reliably by the Group. this Is normolly upon notificotion of the Interest paid or poyoble by the Institution with whom the funds ore deposiled. 2.7 Taxotion The Compony is considered to poss the tests sel out in Porogroph I Schedule 6 of the Finonce Act 2010 ond therefore it meets the definition of o choriloble compony for UK corporotion tox purposes. Accordingly. the Compony is poten:iolly exempt from toxotion in respect of Income or copital gains received within cotegories covered by Chopter 3 Port 11 of the Corporotion Tax Aci 2010 or Section 256 of the Toxotion of Chorgeoble Going Act 1992, to the extent thot such income or goins ore opplied exclusively to choriloble purposes. Poge 20
Lichfield and Hotherton Canals Restoration Trust Limited (A compony Ilmlted by guarantee) Notes to the financiol stotements For the yeor ended 30 November 2024 Accounting policies (continued) 2.8 Tonglble fixed ossets and depreciation Tangible fixed ossets costing £1.000 or more ore copitalised ond recognised when future economic benefits are proboble ond the cost or volue of the osset con be meosured reliobly. Tangible fixed assets ore initiolly recognised at cost. After recognition. under the cost model. tongible fixed ossets are meosured ot cost less occumuloted depreciotion ond ony occumuloled Impairment losses. All costs incurred to bring o tangible fixed osset into its intended working condition should be included in the meosurement of cost. At each reporting dale the Compony ossesses whether there is onu indicolion of impoirment. If such indicolion exists. the recoveroble omount of the asset Is determined to be the higher of Ils foir volue less costs lo sell ond its volue in use An impoirmenl loss is recognised where the corrying omount exceeds the recoveroble amount. Depreciotion is chorged so os io allocote the cost of tangible fixed ossets less their residual volue over their estimoted Ljseful lives. using the slroighl-line method. Depreciation Is provided on the following boses.. Freehold buildings Plont ond mochinery Fixtures ond fillings 50 yeors straight line 4 years stroight line 10 yeors straight line 2.9 Investments Investments in subsidiories ore volued ot cost less provision for impoirment. 2.10 Stocks Stocks ore volu&d ot the lower of cost ond net realisoble volue ofter making due ollowonce for obsolete ond slow-moving stocks. Cost includes a'.1 direct costs ond on oppropriote proportion of fixed ond voriable overheods. 2.11 Debtors Trode ond other debtors are recognised ot the settlement omount ofter any trade discount offered. Prepoyments ore valued al the omount prepaid net of ony trode discounts due. 2.12 Cash at bank and in hond Cosh ot bonk ond in hand includes cosh ond 5hort-term highly liquid investrnents with o short moturity of three months or less f rom the dote of acquisition or opening of the deposit or similor occount. Poge 21
Lichfield ond Hatherton Canals Restorotion Trust Limited (A compony limited by guarontee) Notes to the flnonclal statements For the yeor ended 30 November 2024 Accounting policies (continued) 2.13 Liabilities ond provisions Liobililies are recognised when there is on obligation ot the Balance sheet dote os o result of a post event. Il s proboble thot o Iran5fer of economic benefit will be required in seltlemenl, ond the amount of the Settlement con be esiimated reliably. Liobililles ore recognised ot the omounl tbot the Compony anticipates It will pay to settle the debt or the omount li hos received 05 odvonced poyments for the goods or services it must provide. Provisions ore measured ot the best estimole of the omounls required to settle the obligotion. Where the effect of the time value of mopey is moleriol. the provision is bosed on the present volue of those amounts. discounted ot the pre-tox discount rale thoi reflects the risks specific to the Iiobilily. The unwinding of the discount is recognised in ihe Consolido:ed stolement of finonciol oclivilies os a finonce cost. 2.14 Financial instruments The Group only hos finonciol ossets ond finoncial Iiobilities of o kind Ihol quolify os bosic finonciol instrLJmentg Bosic finonciol Instruments ore Initiolly recognised ot Ironsoclion volue ond subsequently measured al their settlement volue with the exception of bonk loons which ore subsequently measured ot amorlised cost using the effective interest method. 2.15 Fund o¢¢ounting Generol funds ore unreslricled funds which ore ovoilable for use ot the discretion of the Trustees in furtheronce of the generol objectives of the Grovp ond which hove not been designoted for other purposes. Designoted funds comprise unrestricted funds +hot hove been set oside by the Trustees for porticulor purposes. The oim ond use of eoch designoted fund is set out in the notes to the finonciol slotements. Restricted funds ore funds which ore to be used in accordonce with specific restrictions imposed by donors oi" which have been raised by the Group for porticvlor purposes. The costs of raising and odministering such funds ore chorged Ogoinst the specific fund. The aim ond use of eoch restricted fund is sel out in the notes to the financial statements. Ipvestment income, goins and losses are ollocoted to the oppropriote fund. Poge 22
Lichfield ond Hotherton Canols Restoration Trust Limited (A company limited by guorontee) Notes to the financiol stotements For the year ended 30 November 2024 Accounting policies (continued) Crltical accounting estimates and oreos of jvdgement Estimotes and judgements are conlinuolly evoluated and ore bosed on hisloricol experience ond other foclors. including expectotions of future events that ore believed to be reosonoble under the circumstonces. Crilicol occounling estimotes ond assumptions.. The Compony mokes estimotes ond ossumptions concerning the future. The resulting occountlng estimotes ond ossumptions will, by definition. seldom eqvol the related octuol results. The estimotes ond ossumptions thot hove o significont risk of cousing a moterial adjuslmenl lo the carrying omounls of ossets ond liobilities within the next finoncial yeor ore discussed below. Criticol oreos of judgement.. Tongible fixed ossets ore deprecioted over their useful live5 toking into account residuol volues whero oppropriote. The Ociuol 5ives of the ossets ond residuol values ore ossessed onnuolly ond may vory depending on o number of foclors. In re-ossessing the osser lives. foclors such as technological innovotion, product life cycles ond mointenonce progrommes ore token into occount. Residvol volLJes consider such things as future morkel conditions. the iemoining life of the osset and projected disposol volues. Poge 23
Lichfield ond Hotherton Cana15 Restoration Trust Limited (A compony limited by guarantee) Notes to the finonciol statements For the year ended 30 November 2024 Income from donotions and legocies Unrestricted Restricted Total funds funds funds 12 month 12 month 12 month perlod ended period ended period ended 30 November 30 November 30 November 2024 2024 2024 Donations 58.844 158,301 217.145 Unrestricted Restricted Total fund5 fund5 funds 11 month 11 month 11 month period ended period ended period ended 30 November 30 November 30 November 2025 2025 2023 Donations 127.",69 462.684 589.855 Investment income Unrestricted Totol funds fvnds 12 month 12 month period ended period ended SO November SO November 2024 2024 Rent Receivoble 21.765 21.765 Interest Receivable 10.778 10.778 52,543 32.543 Poge 24
Lichf ield ond Hotherton Conols Restoration Trust Limited (A company limited by gvorontee) Notes to the finonciol statements For the yeor ended 30 November 2024 Investment income (continued) Unrestr1Cted Total funds funds 11 month 11 morith periocj ended period ended 30 November 30 November 2023 2023 Rent Receivable 19.910 19.910 Interest Receivable 11,228 11,228 31,138 31.138 Income from non charitable trading octivites Unrestricted Total funds funds 12 month 12 month period ended period ended 30 November 30 November 2024 2024 Troding subsidiory income 2.618 2,618 Unrestricted funds 11 month Tolol fvnds 11 month period ended period ended 30 November 30 November 2023 2025 Troding subsidiory income 3.566 3.566 Poge 25
Llchfield and Hotherton Canols Restorotion Trust Limited (A company limited by guarontee) Notes to the financiol stotements For the year ended 30 November 2024 Expenditure on raising funds Fundraising trodlng expenses Total funds 12 month period ended 30 November 2024 Profit on disposal of iongible fixed ossels Unrestricted Totol funds funds 11 month 11 month period ended period ended 30 November 30 November 2023 2023 Profil on disposol of tongible fixed ossets (1200) Troding expenses Unrestrlcted funds funds 12 month 12 month period ended period ended SO November SO November 2024 2024 Total Troding subsidiary expenditure 760 760 Poge 26
Lichf ield and Hatherton Conols Restoration Trust Limited (A company limited by gvarontee) Notes to the finoncial statements For the year ended 30 November 2024 Expenditure on roising funds (continued) Unrestricted Total funds funds 11 month 11 month period ended period ended 30 November 30 November 2023 2025 Troding subsidiory expendilure 1.129 1.129 Investment monagement costs Unrestricted Total funds funds 12 month 12 month period ended period ended 30 November 30 November 2024 2024 Ogley cottoge fees ond costs 10.499 10.499 Unrestricted Totol funds funds 11 mor)th 11 month period ended period ended 30 November 30 November 2023 2023 Ogley cottoge fees ond costs 7,567 7.567 Poge 27
Lichfield ond Hotherton Conols Restoration Trust Limlted (A company limited by gvarantee) Notes to the financial statements For the year ended SO November 2024 Anolysis of expenditure on choritoble Ottivities Summary by fund type Unrestricted Restricted funds funds Total 12 month 12 month 12 month period ended period ended period ended 30 November 30 November So November 2024 2024 2024 Lichfield conol costs 14.790 55,055 69.845 Conol Restorotion costs 27.510 27.510 Interest poyoble Insurance 10,510 10,310 6.357 6.357 Depreciolion 29.296 29.296 Administrolion costs 3.674 3.674 Norketing octivity Nembership & moga2ine costs 5.736 5.736 6,144 6.1H Governonce 6.568 6,568 82.875 82.565 165.440 Poge 28
Lichfield ond Hatherton Conols Restoration Trust Limited (A company limited by guorantee) Notes to the financiol statements For the year ended 30 November 2024 Analysis of expenditure on charitable ortivities (continued) Summory by fvnd type (continued) Unrestricted Restricted funds funds Totol 11 month 11 month 11 month period ended period ended period ended 30 November 30 November So November 2023 2023 2023 Lichfield conal costs 318.677 403.000 721,677 Conal restorotion exper)ses Interest poyable 21.631 12.061 33,692 14.473 14.473 Insurance 5.135 5,135 Depreciotion 19,725 19.725 Administrotion costs 2,048 2.048 Morketing costs Membership & mogozine costs Governonce 7.093 7,093 5.648 5.648 16.413 16,413 410.843 415,061 825.904 Poge 29
Lichfield ond Hotherton Canals Restoration Trust Limited (A company limited by guorontee) Notes to the finonciol stotements For the yeor ended 30 November 2024 10. Analysis of expenditure by activities Activities vndertaken Support Total directly costs fvnds 12 month 12 month 12 month period ended period ended period ended 30 November 30 November 30 November 2024 2024 2024 Lichfield canol costs 69.845 69,845 Conol Restorotion costs 27.510 27.510 Interest poyoble 10,310 10.310 Insuronce 6,357 6.357 Depreciotion 29.296 29,296 Administrotion costs 3.674 3.674 Norketing activity Membership & mogozine costs Governonce 5.736 5,736 6.144 6.144 6.568 6.568 97,355 68.085 165.440 Page 30
Lichfield and Hatherton Canols Restoration Trust Limited (A compony limited by gvorontee) Notes to the financial stotements For the year ended 30 November 2024 10. Analysis of expenditure by activities (continued) Activities undertaken Totol directly Support costs funds 11 month 11 month 11 month perioci ended period ended period ended 30 November 30 November 50 November 2023 2023 2023 Lichfield conal costs 721.677 721,677 Canal restorolion expenses 33,692 33.692 Interest poyoble 14.473 14.473 Insuronce 5.135 5.135 Depreciotion Administration costs 19.725 19.725 2,048 2,048 Morketing costs 7.093 7.093 r4embership & mogozine cost5 Governonce 5,648 5,648 16.413 16.413 755.369 70.535 825.904 11. Independent exomlner's remuneration The independent exDminer's remunerotion amounts to on independent exominer fee of £1.100 (2023 £1.000). 12. Trvstees, remuneration and expenses During the yeor. no Trustees received ony remunerolion or other benelils (2025 - £NIL). During the year ended 30 November 2024, no Trv5tee expenses hove been incurred (2023- £NIL). Poge 31
Lichfield ond Hatherton Conals Restoration Trust Limited (A company limited by gvarontee) Notes to the finonciol stotements For the year ended 30 November 2024 13. Tongible fixed assets Group and Company Freehold property Plont ond Flxtvres and mochinery fittings Total Cost At 1 December 2023 734.186 116.704 10.090 860.980 Additions 21.547 21.547 At 30 November 2024 734,186 138.251 10.090 882,527 Depreciotion At 1 December 2023 156.513 69.312 10.090 215.915 Chorge for the yeur 11.370 17.926 29.296 At 30 November 2024 147.883 87,258 10.090 245,211 Net book volue At 30 November 2024 586.303 51.015 637.316 At 30 November 2023 597.673 47.392 645.065 Poge 32
Lichfield and Hatherton Conals Restorotion Trust Limited (A company limited by guarantee) Notes to the finonciol statements For the Year ended 30 November 2024 14. Fixed asset investments Shares in group undertaking Company Cost or voluatlon At l December 2023 1.000 AI 30 November 2024 1.000 Net book value AI 30 November 2024 1.000 At 30 November 2023 1.000 The porent compony holds the whole of the equity shore capilal of the Lichfield & Holherton Conals Reloil Troding Ltd. a compony Incorporoled In the United Kingdom and registered Englornd ond Wales. Its principol octivily is to carry out The Iroding oclivities of the chority. 15. Stocks Group 2024 Group 2023 Finished goods ond goods for resole 1,568 1.664 Poge 53
Lichfield ond Hatherton Conals Restorotion Trust Limited (A compony limited by guorontee) Notes to the finonciol stotements For the year ended 30 November 2024 16. Debtors Group 2024 Grovp 2023 Compony 2024 Compony 2023 Dve within one year Trade debtors 30,000 30.000 Amounls owed by g.oup undertokings Other debtors 1,612 2,442 11.323 3.106 11.523 5.106 11.323 33.106 12.935 35,548 The omounts due f rom subsidiory bnder:okings represents the gift old poyment together with normol commerciol rechorges. 17. Creditors: Amounts fulling due within one year Group 2024 Group 2023 Company 2024 Company 2023 Bonk loons 2.275 2.827 2.275 2.827 Other creditors 2.212 1,000 2,212 1.000 Accruols ond deferred income 34,626 34.374 34.380 34.379 39.113 38.201 38.867 38,206 Grovp 2024 Group 2023 Company 2024 Compony 2023 Deferred income ot l December 2023 34.380 34.580 34,380 34.380 Pa9e 34
Lichfield and Hatherton Conols Restorotion Trust Limited (A componu limited by gvorontee) Notes to the finonciol statements For the year ended 30 November 2024 18. Creditors: Amounts falling due ofter more than one yeor Group 2024 Group 2023 Company 2024 Company 2023 Bonk loons 98.719 145.543 98.719 145,543 The bonk loon Is secured by woy of legol chorges over the freehold properly doled 19 September 2006 ond 21 September 2018. Poge 35
Lichfleld ond Hotherton Conals Restorotion Trust Limited (A company limited by gvorontee) Notes to the financiol stotements For the year ended 30 November 2024 19. Statement of funds Statement of funds- current yeor Bolonce ot 1 December 2023 Bolance ot Transfers 30 November in/(out) 2024 Income Expenditure Unrestricted funds Designated funds Club 500 Copitol Fund Lond ond Property Fund Restoration ond Site budge: Tunnel Vision Fund 1.590 1.608 {1,590) 1,608 20.000 (10,000) {2.454) 10.000 2.454 63.000 63.000 Restorotion & Plant Fund 15.000 15,000 Canal professional costs 1.135 1,135 103.179 1.608 (1,590) (12.454) 90.743 General funds Generol Funds 464.983 92.397 (92.544) 464.836 Total Unrestricted funds 568.162 94.005 (94.134) (12.454) 555.579 Poge 36
Lichf ield ond Hotherton Canols Restoration Trust Limited (A compony limited by guorantee) Notes to the finonciol stotements For the year ended 30 November 2024 19. Stotement of funds (continued) Balonce ot 1 December 2023 Balonce at Transfers 30 November in/(out) 2024 Income Expenditure Restrlcted funds Land and Property Fund Restoration ond Plont Fund 20,564 05.413) 17.588 (40.499) (13.492) 46,207 10.859 37,506 2,454 .056 Tunnel Vision Fund 17,153 6.335 25,488 Funds Oeposit 337 337 SIB "Summerhill" Gront 34.380 34,380 Speciol Purposes Fund Lichfield Canol Special Funding Lord Lock 30 restoration 40.850 123.028 07,844) (7.736) 158.298 31.792 31.792 10.000 10.000 Bleors Legocy Shored Advonce BIG Give - Excovotor Fund (58.4n) (38.471) 26.763 (10.730) 16,033 182.582 158.301 (82.565) 12,454 270.772 Total of funds 750.744 252.306 (176,699) 826.351 Poge 37
Lichfield ond Hatherton Conals Aestorotion Trust Limited (A compony limited by guarantee) Notes to the finonciol statements For the year ended 30 November 2024 19. Statement of funds (continued) Statement of funds- prior year Balonce ot Bolonce at Transfer5 30 November in/(out) 2023 l January 2023 Income Expenditure Unrestricted funds Deslgnoted funds Club 500 Copilol Fund Lond ond Properly Fund RestDrotion ond Sile budget Tunnel Vision Fund 1.722 1.469 (1.601) 1,590 1,322 18.678 20.000 1,454 1,000 2,454 65.000 65000 Restorotion & Plont Fund 15.000 15.000 Severn Trent Woter Fund (1400) Conol professionol costs 1.155 85,033 1.469 16,677 103.179 General fvnds Generol Funds 511971 160.404 (418.339) 210.947 464,983 Total Unrestricted fvnds 597.004 161,8ll (418.339) 227.624 568.162 Poge 38
Lichfield and Hatherton Cona15 Restoration Trust Limited (A company limited by guarantee) Notes to the financial statements For the year ended 30 November 2024 19. Stotement of funds (continued) Balonce ot 1 January 2023 Bolance al Tronsfers 30 November in/(out) 2023 Income Expenditure Restrlcted funds Land and Prooerty Fund Re5torotion ond Plont Fund 22.131 4.373 (5.940) 20.564 37.319 4.105 (5,918) 37.506 Tunnel Vision Fund 258,364 8.789 (250,000) 17.153 Funds Deposit 337 357 SIB "Svmmerhill" Gront 34.380 34.380 Piling Appeol Fund 8.495 403.000 (403.000) 32.355 40.850 Lichfield Conol Speciol Funding 1.557 42,417 (12.061) (121) 31.792 562,583 462,684 (415,061) (227,624) 182.582 Total of funds 959.587 624.557 (833.400) 750.744 Poge 39
Lichfield and Hotherton Cano15 Restoration Trust Limited (A company limited by guarantee) Notes to the financlol statements For the year ended 30 November 2024 19. Stotement of fvnds (continued) Summory of Designated Funds Club 500 50¥¢ of subscriptions to the Trust's "500 Club" are distributed lo its members through o qLJOrterly drow, the remaining 500/0 being retoined for copitol expend11ure on reslorotion work. Lond ond Property Fund See details under restricted funds. Restoration and Site budget See details under restricted funds. Tunnel Vision Fund See details under restricted funds. Restoratlon & Plont fund The fund holds money donoted for general restorotion works ond use of operoting ploni lor those woi"ks. It is not expected to accumulole ony lorge reserves except lempororily ofier receipt of ony lorge gifts or legocies or in preporotion for finoncing o specific project. Severn Trent Water Fund Funding received towords fish replocement ot Tomworth Rood. Summory of Restricted Funds Lond ond Property Fund This fund is money held for the PLtrrchase. lease or licence of lond or property for the conol ond associated expenses. It is intended to build up a long term resource to meet future opportunities os they orise. Restorotion ond Site budget The fund holds money ollocoted for general resiorotion works ond vse of operating plonl for those works. Poge 40
Lichfield ond Hotherton Canals Restoration Trust Limited (A Compony limited by guarantee) Notes to the financial stotements For the yeor ended 30 November 2024 19. Statement of funds (continued) Tunnel Vision Fvnd A new objective storled in 2014 os the "Dovid Suchet Tunnel Vision Appeal" lowords the cost of instolling conol tunnels under mojor roil ond rood crossir)gs which was sirongly promoted with o high lo.'get through 2017 to 2021, but deferred pending securing high level funding lo meet the cost of construction. As o long-term project. Il become prudent lo utilise port of rhe fund lowords completing the Darnford Moors Ecology Pork project pendin9 receipt of known legocy funds in the short term as stoted in the Finonce Report on poge 4. Funds deposit Accumuloted fund to provide o deposit in support of ony porticulor gront opplicotion. SIB "Svmmerhill" Grant Sociol Investment Business Group gronl of £336,000 accepted 29th December 2014 for Lichfield Conol Summei"hill' project ogoinst poymer)ts ond Invoices for plonrned development. The tron5fer out of this fund reloles to costs which had been Incurred on the project before the creotion of the fund. Conal professionol costs Cannock Chose Council's cobinet oworded £10.000 to the chority to ollow il to commission o woter supply study of the supply to the restored Hoiherton conal. Piling Appeal Fund A new public oppeoi In 2020 enobling donors lo hove o personal tag ottoched to the steel pil",ng ol the highly visible section beside Folklond Rood ond Tomworth Rood io ocknowledge their contribution. 20. Summory of funds Summary of funds- current year Balance ot 1 December 2023 8olance at Tronsfers 30 November In/out 2024 Income Expenditure Oesignated funds 105,179 1,608 (1.590) (12,454) 90.743 General funds 464.983 92.397 (92.544) 464,836 Restricted funds 182.582 158.301 (82,565) 12.454 270.772 750.744 252.306 (176,699) 826.351 Poge 41
Lichfield and Hotherton Conols Restoration Trvst Limited (A company Ilmlted by guorantee) Notes to the finonciol stotements For the yeor ended 30 November 2024 20. Summory of funds (continued) Summary of funds- prior year Bolance at 1 Jonuory 2023 Bolonce at Tronsfers 30 November in/out 2023 Income Expenditure Designated funds Generol funds 85.033 1.469 16.677 103.179 511.971 160.404 <418.339) (415.061) 210.947 464.983 Restricted fund5 362.583 462.684 (227.624) 182.582 959.587 624.557 (833.400) 750,744 21. Anolysis of net ossets between funds Anolusis of net assets between funds - current period Unrestricted funds Restricted funds 2024 Total funds 2024 2024 Tongible fixed ossets Cufrent ogsets 637.316 637,316 21,715 305.152 326.867 Creditors due within one yeor (4,733) (98,719) (34.380) (39.113) (98.719) Creditors due in more thon one year Total 555.579 270,772 826,351 Page 42
Lichf ield and Hatherton Canals Restoration Trust Llmlted (A company limited by guarantee) Notes to the finoncial statements For the year ended 30 November 2024 21. Analysi5 of net assets between funds (continued) Anolysls of net assets between funds- prior year Unrestricted funds 2023 Restricted funds 2023 Totol funds 2023 Tangible f Ixed ossets Current assets 645.065 645.065 72,541 217.082 289.423 Creditors due within one yeor Creditors due in more thon one yeor Other unollocoted (5,822) (34.379) (38.201) (145.543) (145.545) 121 (121) Total 568.162 182.582 750,744 22. Principal subsidiaries The following wos a subsidiory undertaking of the Compony.. Nome Company number Class of shores Holding Lichfield & Hotherton Conols Retail Trading Ltd 03686837 Ordinory The finonciol results of the subsidiory for the yeor were.. Name Income Expenditure Net assets at 30 November 2024 Lichf ield & Hatherton Conols Retoil Trading Ltd 2.618 (608) 1,000 Poge 43