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2023-03-29-accounts

Registered number: 03515568 Charity number: 1074578

MAGNA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2023

MAGNA TRUST

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the company, its Trustees and advisers 1
Trustees' report 2 - 8
Independent auditor's report on the financial statements 9 - 12
Consolidated statement of financial activities 13
Consolidated balance sheet 14 - 15
Company balance sheet 16 - 17
Consolidated statement of cash flows 18
Notes to the financial statements 19 - 43

(A company limited by guarantee)

MAGNA TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 MARCH 2023

Trustees Mr K Tomlinson
Mr M J Smith
Mr M Yarlett
Mrs K Boulton Pratt
Mr M Ridsdale
Company registered
number
03515568
Charity registered number
1074578
Registered office
Magna Templeborough Offices
Sheffield Road
Rotherham
S60 1DX
Chief executive officer
Mr K Tomlinson
Senior management team
Mr S Ballard
Mr K Tomlinson
Independent auditor
BHP LLP
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
Bankers
Natwest
42 High Street
Sheffield
S1 1QG
Solicitors
DLA Piper UK LLP
1 St. Paul's Place
Sheffield
S1 2JX

Page 1

MAGNA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT

FOR THE YEAR ENDED 29 MARCH 2023

The Trustees present their annual report together with the audited financial statements of the company for the 30 March 2022 to 29 March 2023. The annual report serves the purposes of both a trustees' report and a directors' report under company law. The trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the company qualify as small under section 383 of the Companies Act 2006, the group strategic report required of medium and large companies under the Companies Act 2006 (strategic report and directors' report) Regulations 2013 has been omitted.

Objectives and activities

Magna works closely with the local authorities, tourist boards, chambers of commerce and other agencies to put on special events for the community. In particular Magna offers its conference facilities at heavily discounted rates to local community, education and disabled groups and to other local and national charities to ensure a wide range of the public can benefit.

Examples of such events include:

In the year to 29 March 2023, the Trust was able to open the premises to all visitors throughout the year. The activities of Magna were therefore returned to previous levels, as seen prior to closure caused by the Covid 19 pandemic.

Public benefit statement

The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Details of the activities carried out to deliver a public benefit are set out in the achievements and performance below.

Page 2

MAGNA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 MARCH 2023

Achievements and performance

a. Key performance indicators

The Trustees consider that the Key Financial Performance Indicators in normal operating times, which they monitor on a monthly basis, are:

In the year to 29 March 2023, visitor numbers for the Attraction were 73,264 compared with 61,685 the previous year and education visitors were 31,477 with 14,809 the previous year.

The income from admissions to the visitor attraction, of £515,182 (2022: £485,947) reflects opening of the attraction for the whole year.

Corporate events income in the year, of £1,456,219 compares with the previous year income of £753,963.

Income from Education activities was £184,021 (2022: £90,644).

b. Review of activities

The charity attracted over 70,000 visitors to the visitor attraction in the year.

Visitors were able to visit the visitor attraction, the outdoor children’s playground and Aquatec water play area. All other activities, such as the numerous and various events were also able to take place throughout the year.

In 2022 Magna was awarded a levelling up fund Grant by Rotherham Borough Council in the sum of £1,890,000. This, together with planned funding by Magna, will enable the charity to replace a significant number of exhibits in each of the pavilions in the visitor attraction. The improvements started in 2022, installation of new exhibits has taken place at times when the Attraction has not been open to the public and disruption to operations has been minimised. Work on the attraction upgrade will continue until around March 2024.

Page 3

MAGNA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 MARCH 2023

Achievements and performance (continued)

c. Income generation

The income of the company is set out in the Statement of Financial Activities. In addition the company seeks to secure grant income from national government and local funding agencies and donations from the public via collection boxes in and around the Magna centre.

As a result of Government restrictions relating to Covid 19, Magna had been closed to visitors for both the visitor attraction and for corporate events and had furloughed most, if not all, of its staff for a significant part of the period from 23 March 2020 to the end of May 2021. Magna successfully claimed on its insurance policy for losses incured in this period and received £384,818 as settlement of this claim.

In 2022 Magna was awarded a levelling up fund Grant by Rotherham Borough Council in the sum of £1,890,000. This, together with planned funding by Magna, will enable the charity to replace a significant number of exhibits in each of the pavilions in the visitor attraction. The improvements started in 2022 and will continue until 2024. During the year the grant receivable from the levelling up fund was £1,054,284 all of which has been deployed in the year on capital expenditure to upgrade the visitor attraction.

In 2022/23 Magna received a grant of £90,266 from Rotherham Metropolitan Borough Council for provision of training and work experience to young people.

d. Human resources

Human resources are managed by the senior management team as directed by the Board of Trustees. External consultants are retained to advise on matters of employment law and practice. Company policy is to provide a safe and harmonious working environment and to encourage all employees to maximise their potential.

Financial review

a. Going concern

The Directors have considered the company’s financial position, particularly in view of the impact of the cost of living crisis on the company’s income and operating cost base.

They have prepared forecasts of income and expenditure and cash flow for the period to 31 March 2025 which shows that they have sufficient cash to be able to continue for the foreseeable future. An insurance claim settlement of £384,818 was received in the year to 29 March 2023 and this was contributed to increased cash position at 29 March 2023.

In 2022 Magna had been awarded a Levelling Up Fund Grant by Rotherham Borough Council in the sum of £1,890,000. This, together with planned funding by Magna, will enable the charity to replace a significant number of exhibits in each of the pavilions in the visitor attraction. The improvements are in progress and will continue in 2023 and 2024. This capital expenditure has been included in the forecasts to 31 March 2025.

The directors have subjected the forecasts to significant sensitivity and are confident that they have plans in place to deal with adverse financial effects of disruption to the business of the company.

They will continue to monitor any impact on income and take appropriate action as necessary. The Directors continue to seek opportunities to derive additional revenue from the charity’s property assets and to utilise spare capacity. The Trustees continue to involve the charity’s stakeholders in its plans with a view to maintaining their ongoing support and

Page 4

MAGNA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 MARCH 2023

have received no indication that this support will cease.

The Directors, after due consideration of the above, have concluded that the company remains a going concern. They therefore continue to adopt the going concern basis of preparation for these financial statements.

b. Results for the year

The financial results for the year are set out on page 13. The consolidated statement of financial activities shows total income of £4,064,223 (2022:£2,203,606) and total expenditure of £3,578,744 (2022:£2,593,542) giving net income for the year of £485,479 (2022 net expenditure of £389,936). However this includes a depreciation charge of £1,214,671 (2022:£1,044,099) which is an accounting entry with no effect on the cash reserves of the charity. The net inflow of resources excluding depreciation is £1,700,150 (2022: net inflow of £654,163).

At the period end, the net assets of the group are £6,334,223 (2022:£5,848,744) of which £5,764,370 (2022: £5,651,373) is made up of restricted funds relating to the construction of the Magna Centre.

c. Principal risks and uncertainties

The trustees consider that the principal risks and uncertainties facing the charity, together with their plans and strategies for managing those risks, are:

Page 5

MAGNA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 MARCH 2023

d. Reserves policy

In July 2021 the reserves policy was amended to the following:

Free reserves at 29 March 2023 are £265,360 (2022: (£189,461) ).

It is the policy of the trustees that all future capital replacement will be externally funded where possible. Magna has been awarded funds under the Levelling Up Fund which is enabling it to make investment in capital assets from 2022 to 2024, primarily to improve the visitor attraction. The charity does not routinely receive any public subsidy of revenue grant funding so it supports the efforts of Ecsite UK to lobby central government to provide such funding for science centres in England. The trustees operate a cash reserves policy such that they aim to maintain cash balances at a minimum of £200,000 in order to provide ongoing financial stability. Apart from this, every effort is made to trade profitably and generate surpluses which will be used to improve reserves.

e. Material investments policy

The company’s investment powers are set out in its Articles of Association and allow the company to invest funds not immediately required in such investments, securities and property as may be thought fit, subject to conditions required by law. The Articles also allow the company to delegate such powers to professional investment managers.

Structure, governance and management

a. Constitution

The company and the group is registered as a charitable company limited by guarantee, without share capital. Its governing instrument is its Articles of Association.

b. Methods of appointment or election of trustees

The trustees are appointed by members at a general meeting. In addition the Board may appoint a trustee to fill a casual vacancy or as an additional trustee. A trustee so appointed shall hold office only until the next following annual general meeting at which he will retire and offer himself for re-election. One third of all trustees are required to retire at each annual general meeting and offer themselves for re-election.

Page 6

MAGNA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 MARCH 2023

Structure, governance and management (continued)

c. Policies adopted for the induction and training of trustees

Trustees are provided with the relevant documents including copies of the accounts and the Memorandum and Articles of Association. At present, no formal training is given but Trustees are encouraged to familiarise themselves fully with the working of the Trust. The board is also invited to attend BHP Trustee Training sessions.

d. Pay policy for senior staff

The Trustees consider that they and the Senior Management Team comprise the key management personnel of the charity in charge of directing, controlling, running and operating the Trust on a day to day basis. All Trustees with the exception of Mr K Tomlinson who was remunerated as Chief Executive Officer from October 2018, give their time freely and did not receive any remuneration in the year. Details of remuneration and related party transactions for Trustees is given in note 14.

e. Organisational structure and decision making

The company is governed by the trustees who meet approximately 12 times a year to determine the strategic direction of the charity, to establish policy and to review the financial affairs. A senior management team is appointed by the trustees to manage the day to day operations of the centre. The Acting Chief Executive was Mr K Tomlinson who is also a trustee. This appointment as Acting Chief Executive was extended by the remaining trustees in the period to 29 March 2021 for a further year to 29 March 2022 and has since been extended to 29 March 2024. The Chief Executive works with the Trust Chair person in the management of the senior team and the Trust’s wider interaction with stakeholders.

The charity has one wholly owned subsidiary company, Magna Enterprises Limited, which is responsible for managing the catering, retail and corporate activities of the Magna Science Adventure Centre.

a. Future developments

The charity is continuing to seek ways to update and refresh existing exhibits whilst improving reliability and availability of all attractions to the public. The charity will continue to run a programme of temporary exhibits and events during key visitor periods.

As identified in the Business Plan, the acquisition of new exhibits to the science adventure centre is considered key to the development of the visitor attraction. The charity continues to explore new revenue streams and to seek opportunities to attract investment and additional grants or funding.

In 2022, Magna was awarded a Levelling Up Fund grant which will enable the charity to replace a number of exhibits in each of the pavilions in the visitor attraction. The improvements started in 2022 and work continues through to 2024 .

The charity will continue to secure funding for learning projects that will continue to demonstrate the diverse educational appeal of Magna combining engineering and new technologies, history and heritage, and music and creativity. Magna Trust continues to develop approaches to scientific enquiry in line with the science curriculum at key stages 1,2,3 and 4.

Information on fundraising practices

The charity does not actively engage in fundraising practices nor contract with a third party to fundraise on the charity's behalf.

Page 7

MAGNA TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 29 MARCH 2023

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless theyare satisfied that theygive a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. Theyare also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

In so far as the Trustees are aware:

Auditor

The auditor, BHP LLP, has indicate their willingness to continue in office. The Trustees will propose a motion reappointing the auditor at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Michael Smith (Dec 14, 2023 20:10 GMT) Mr M J Smith

Date: Dec 14, 2023

Page 8

(A company limited by guarantee)

MAGNA TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA TRUST

We have audited the financial statements of Magna Trust (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 29 March 2023, which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees' report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

Page 9

(A company limited by guarantee)

MAGNA TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA TRUST (CONTINUED)

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

Page 10

(A company limited by guarantee)

MAGNA TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA TRUST (CONTINUED)

decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

To address the risks of fraud through management bias and override controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 11

(A company limited by guarantee)

MAGNA TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA TRUST (CONTINUED)

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Marshall (Dec 18, 2023 12:08 GMT)

Jane Marshall (Senior statutory auditor)

for and on behalf of

BHP LLP

Chartered Accountants Statutory Auditor 2 Rutland Park Sheffield S10 2PD

Date: Dec 18, 2023

Page 12

MAGNA TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 29 MARCH 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
10
Total expenditure
Net income/ (expenditure) and net
movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
204,296
699,203
1,717,479
4,143
384,818
3,009,939
1,054,702
1,582,755
2,637,457
372,482
197,371
372,482
569,853		 Restricted
funds
2023
£
1,054,284
-
-
-
-
1,054,284
-
941,287
941,287
112,997
5,651,373
112,997
5,764,370		 Total
funds
2023
£
1,258,580
699,203
1,717,479
4,143
384,818
4,064,223
1,054,702
2,524,042
3,578,744
485,479
5,848,744
485,479
6,334,223		 Total
funds
2022
£
509,278
596,018
994,268
28
104,014
2,203,606
571,421
2,022,121
2,593,542
(389,936)
6,238,680
(389,936)
5,848,744

The statement of financial activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Page 13

MAGNA TRUST

(A company limited by guarantee)

REGISTERED NUMBER: 03515568

CONSOLIDATED BALANCE SHEET

AS AT 29 MARCH 2023

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
17
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
21
Total net assets
Charity funds
Restricted funds
26
Unrestricted funds
26
Total funds		 65,054
336,719
170,000
1,108,005
1,679,778
(781,063)		 2023
£
5,723,464
5,723,464
898,715
6,622,179
(287,956)
6,334,223
5,764,370
569,853
6,334,223		 45,989
48,596
-
960,286
1,054,871
(607,720)		 2022
£
5,692,806
5,692,806
447,151
6,139,957
(291,213)
5,848,744
5,651,373
197,371
5,848,744

Page 14

MAGNA TRUST

(A company limited by guarantee)

REGISTERED NUMBER: 03515568

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 29 MARCH 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Michael Smith (Dec 14, 2023 20:10 GMT) ................................................ Mr M J Smith

Date: Dec 14, 2023

The notes on pages 19 to 43 form part of these financial statements.

Page 15

MAGNA TRUST

(A company limited by guarantee)

REGISTERED NUMBER: 03515568

COMPANY BALANCE SHEET

AS AT 29 MARCH 2023

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
21
Total net assets
Charity funds
Restricted funds
26
Unrestricted funds
General funds
26
Total unrestricted funds
26
Total funds		 305,024
170,000
693,410
1,168,434
(804,734)
34,840		 2023
£
5,723,464
2
5,723,466
363,700
6,087,166
(287,956)
5,799,210
5,764,370
34,840
5,799,210		 14,953
-
685,131
700,084
(546,046)
(95,740)		 As restated
2022
£
5,692,806
2
5,692,808
154,038
5,846,846
(291,213)
5,555,633
5,651,373
(95,740)
5,555,633

The charitable company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements. The charitable company's net movement in funds for the year was £243,577 (2022 - £(683,047)).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

Page 16

MAGNA TRUST

(A company limited by guarantee)

COMPANY BALANCE SHEET (CONTINUED)

AS AT 29 MARCH 2023

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Michael Smith (Dec 14, 2023 20:10 GMT)

Mr M J Smith

Date: Dec 14, 2023

The notes on pages 19 to 43 form part of these financial statements.

Page 17

MAGNA TRUST

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 29 MARCH 2023

Note
Cash flows from operating activities
Net cash provided by operating activities
29
Cash flows from investing activities
Bank interest received
Purchase of tangible fixed assets
Purchase of investments
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
30		 2023
£
1,595,345
4,143
(1,245,329)
(170,000)
(1,411,186)
(8,696)
(8,696)
175,463
932,542
1,108,005		 As restated
2022
£
696,833
28
(45,623)
-
(45,595)
6,410
6,410
657,648
274,894
932,542

Page 18

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

1. General information

Magna Trust is a company limited by guarantee, incorporated in England & Wales. The members of the company are set out below. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The address of the registered office is given in the charity information on page 1 of these financial statements.

The current members and members who have ceased to be members up to one year previously are guarantors in the sum of £1 each. At 29 March 2023 there were three members (2022: three). The current members are Rotherham Metropolitan Borough Council, Stadium Group and Barnsley and Rotherham Chamber of Commerce.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

Magna Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements. The results of the company are set out in note 35.

Page 19

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

2. Accounting policies (continued)

2.2 Going concern

The Directors have considered the company’s financial position, particularly in view of the impact of the cost of living crisis on the company’s income and operating cost base.

They have prepared forecasts of income and expenditure and cash flow for the period to 31 March 2025 which shows that they have sufficient cash to be able to continue for the foreseeable future. An insurance claim settlement of £384,818 was received in the year to 29 March 2023 and this was contributed to increased cash position at 29 March 2023.

In 2022 Magna had been awarded a Levelling Up Fund Grant by Rotherham Borough Council in the sum of £1,890,000. This, together with planned funding by Magna, will enable the charity to replace a significant number of exhibits in each of the pavilions in the visitor attraction. The improvements are in progress and will continue in 2023 and 2024. This capital expenditure has been included in the forecasts to 31 March 2025.

The directors have subjected the forecasts to significant sensitivity and are confident that they have plans in place to deal with adverse financial effects of disruption to the business of the company.

They will continue to monitor any impact on income and take appropriate action as necessary. The Directors continue to seek opportunities to derive additional revenue from the charity’s property assets and to utilise spare capacity. The Trustees continue to involve the charity’s stakeholders in its plans with a view to maintaining their ongoing support and have received no indication that this support will cease.

The Directors, after due consideration of the above, have concluded that the company remains a going concern. They therefore continue to adopt the going concern basis of preparation for these financial statements.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 20

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

2. Accounting policies (continued)

2.4 Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Grants for immediate financial support and assistance or to reimburse costs previously incurred are recognised in full in the Statement of financial activities. Grants restricted to future accounting periods are deferred and recognised in those future accounting periods. Capital grants are included in full in the statement of financial activities and the relevant depreciation is charged against them over the useful life of the relevant fixed assets.

Where services which would normally be purchased from our suppliers are provided to the charity as a donation, this contribution is included in the financial statements at an estimate based on the value of contribution to the charity.

Commercial trading operations income represents amounts derived from the trading activities of the Magna project. This includes retail, catering and corporate hire. Trading income is recognised when earned.

Page 21

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

2. Accounting policies (continued)

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.

Expenditure on raising funds includes costs associated with fundraising and costs of commercial trading operations.

Expenditure on charitable activities is incurred in the operation of the visitor attraction.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

2.7 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Operating leases

Rentals paid under operating leases are charged to the consolidated statement of financial activities on a straight line basis over the lease term.

2.9 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group; this is normally upon notification of the interest paid or payable by the Bank.

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 22

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

2. Accounting policies (continued)

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation.

2.14 Financial instruments

The group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.15 Employee benefits

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Page 23

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimate and assumption that has a significant risk of causing a material adjustment to the carrying amounts of assets within the next financial year is depreciation of property over its expected useful life of 25 years.

4. Income from donations and legacies

Charitable donation
Grants
Gift aid
Total 2022		 Unrestricted
funds
2023
£
13,500
90,266
100,530
204,296
94,945		 Restricted
funds
2023
£
-
1,054,284
-
1,054,284
414,333		 Total
funds
2023
£
13,500
1,144,550
100,530
1,258,580
509,278		 Total
funds
2022
£
-
419,567
89,711
509,278

Page 24

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

5. Income from charitable activities

Admissions
Education
Events
Total 2022		 Unrestricted
funds
2023
£
515,182
184,021
-
699,203
596,018		 Total
funds
2023
£
515,182
184,021
-
699,203
596,018		 Total
funds
2022
£
485,947
90,644
19,427
596,018

6. Income from other trading activities Income from non charitable trading activities

Rental income
Commercial trading operations
Total 2022		 Unrestricted
funds
2023
£
47,764
1,669,715
1,717,479
994,268		 Total
funds
2023
£
47,764
1,669,715
1,717,479
994,268		 Total
funds
2022
£
49,736
944,532
994,268

Page 25

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

7. Investment income

Bank Interest
Total 2022		 Unrestricted
funds
2023
£
4,143
28		 Total
funds
2023
£
4,143
28		 Total
funds
2022
£
28

8. Other income

CJRS income
Insurance claim
Other Covid-19 grants
Total 2022		 Unrestricted
funds
2023
£
-
384,818
-
384,818
104,014		 Total
funds
2023
£
-
384,818
-
384,818
104,014		 Total
funds
2022
£
54,600
-
49,414
104,014

Page 26

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

9. Expenditure on raising funds

Costs of raising voluntary income

Commercial trading operations
Total 2022		 Unrestricted
funds
2023
£
1,054,702
571,421		 Total
funds
2023
£
1,054,702
571,421		 Total
funds
2022
£
571,421

Page 27

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

10. Charitable activities

Event costs
Exhibitions operation
Exhibitions maintenance
Educational visits
Marketing
Administration
Finance
Building services
Utilities
IT services
Depreciation of Magna Centre
Culture Recovery Fund expenditure
Levelling Up Fund expenditure
Creative and Culture Fund expenditure
Governance costs (note 11)
Total 2022		 Unrestricted
funds
2023
£
184,707
96,152
76,206
115,992
29,707
241,541
103,857
190,103
197,077
28,699
273,384
-
-
19,542
25,788
1,582,755
977,600		 Restricted
funds
2023
£
-
-
-
-
-
-
-
-
-
-
941,287
-
-
-
-
941,287
1,044,521		 Total
funds
2023
£
184,707
96,152
76,206
115,992
29,707
241,541
103,857
190,103
197,077
28,699
1,214,671
-
-
19,542
25,788
2,524,042
2,022,121		 Total
funds
2022
£
100,275
39,712
60,471
85,484
14,627
158,900
66,088
117,049
147,598
17,336
1,044,099
103,234
45,540
5,541
16,167
2,022,121

Page 28

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

11. Governance costs

Auditor's remuneration
Legal and professional		 2023
£
13,811
11,977
25,788		 2022
£
13,555
2,612
16,167

12. Net income/(expenditure) This is stated after charging:

2023 2022
£ £
Depreciation of tangible fixed assets:
- owned bythe charity 1,214,671 1,044,099
Auditor's remuneration - audit 19,875 13,750
Operating lease rentals 19,313 19,070

Page 29

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

13. Staff costs

Wages and salaries
Social security costs
Pension costs
Subtotal
External labour
Subtotal
Less costs born by Magna Enterprises Limited
Total (for charity)		 2023
£
871,506
59,289
13,726
944,521
127,921
1,072,442
(404,147)
668,295		 2022
£
589,963
41,309
10,398
641,670
54,082
695,752
(199,078)
496,674

All employees have joint contracts of employment with all the companies in the Magna group. The average number of employees during the year was 31 (2022: 26). Included in wages and salaries is a termination payment totalling £11,135 (2022: £nil).

No employee received remuneration amounting to more than £60,000 in either year.

The total amount of employee benefits received by key management personnel, including employer's NI and pension, was £113,641 (2022: £82,994). The charity considers its key management personnel comprise the Operations Director and the Education Director. During the year the Chief Executive charged the charity £18,000 for their services provided (2022: £7,000).

Page 30

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

14. Trustees' remuneration and related party transactions

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL), other than amounts disclosed in note 13 to the Chief Executive for those services.

During the year ended 29 March 2023, no Trustee expenses have been incurred (2022 - £NIL).

Legal authority for the payments to trustees for services is given by provision in the Articles of Association.

During the year the charity received income and incurred expenses on behalf of its trading subsidiary Magna Enterprises Limited. These were then reallocated to the company via the intercompany account. There were no sales or purchases between the two entities in the year. At the year end the charity owed the trading subsidiary £439,298 (2022: £242,520) and this is shown within creditors due within 1 year. A gift aid payment of £293,111 was received in the year by the Trust from the trading subsidiary.

15. Tangible fixed assets

Group and Company

Cost
At 30 March 2022
Additions
At 29 March 2023
Depreciation
At 30 March 2022
Charge for the year
At 29 March 2023
Net book value
At 29 March 2023
At 29 March 2022		 Freehold
property
£
25,885,227
-
25,885,227
20,275,690
995,409
21,271,099
4,614,128
5,609,537		 Equipment and
exhibitions
£
17,199,851
1,245,329
18,445,180
17,116,582
219,262
17,335,844
1,109,336
83,269		 Total
£
43,085,078
1,245,329
44,330,407
37,392,272
1,214,671
38,606,943
5,723,464
5,692,806

Page 31

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

16. Fixed asset investments

Company
Cost
At 29 March 2022 and 29 March 2023
Historical cost		 2023
£
2
2

Historical cost

The investment represents the entire ordinary issued share capital in Magna Enterprises Limited which is registered in England and Wales (company number: 03817198). More details of the subsidiary and its results for the year are disclosed in note 34.

17. Stocks

Group Group
2023 2022
£ £
Goods for resale and consumables 65,054 45,989

18. Debtors

Trade debtors
Grant debtor
Prepayments and accrued income
Tax recoverable		 Group
2023
£
6,782
242,490
29,307
58,140
336,719		 Group
As restated
2022
£
13,886
-
23,192
11,518
48,596		 Company
2023
£
-
242,490
4,394
58,140
305,024		 Company
As restated
2022
£
-
-
3,435
11,518
14,953

Page 32

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

19. Current asset investments

Group Group Company Company
2023 2022 2023 2022
£ £ £ £
Longer term deposits 170,000 - 170,000 -

Page 33

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

20. Creditors: Amounts falling due within one year

Bank overdrafts
Bank loans
Other loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 30 March
Resources deferred during the year
Amounts released from previous periods
Deferred income at 29 March		 Group
2023
£
-
6,012
264,170
165,511
-
67,522
47,132
230,716
781,063		 Group
As restated
2022
£
27,744
5,621
270,000
84,607
-
46,935
34,963
137,850
607,720		 Company
2023
£
-
6,012
264,170
44,862
439,298
-
110
50,282
804,734
Group
2023
£
127,181
170,495
(127,181)
170,495		 Company
As restated
2022
£
-
5,621
270,000
18,455
242,520
-
110
9,340
546,046
Group
2022
£
95,871
127,181
(95,871)
127,181

Deferred income relates to deposits received in advance of an event.

Page 34

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

21. Creditors: Amounts falling due after more than one year

Bank loans
Other loans
Trade creditors		 Group
2023
£
36,772
190,000
61,184
287,956		 Group
2022
£
41,355
188,674
61,184
291,213		 Company
2023
£
36,772
190,000
61,184
287,956		 Company
2022
£
41,355
188,674
61,184
291,213

Other loans, as shown in notes 19 and 20, are secured by a charge over part of the company's property. The loan has an interest charge of 2% over base rate.

Obligations under other loans fall due as follows:

Within one year
Between one and two years
Between two and five years
Over five years		 2023
£
264,170
22,197
66,591
101,212
454,170		 2022
£
270,000
22,197
66,591
99,886
458,674

22. Prior year adjustments

There has been a prior year adjustment in the trading subsidiary to reflect the gift aid payment to the parent charity of £293,111 in the year ended 29 March 2023 when it was paid, rather than the year ended 29 March 2022. This has decreased the income and net assets of the parent charity by £293,111 and increased net assets of the trading subsidiary by £293,111 as at 29 March 2022. This has no impact on the consolidated net assets of the group as at 29 March 2022.

23. Capital commitments

Group Group
2023 2022
£ £
Contracted for but not provided in these financial statements
Acquisition of tangible fixed assets 908,471 138,807

Page 35

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

24. Operating lease commitments

At 29 March 2023 the group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2023
£
15,516
18,882
34,398		 Group
2022
£
19,190
34,398
53,588

Included in the above figures is a commitment to pay rent amounting to £22,396 (2022: £28,519) which expires in 2026. This commitment is secured by a charge over part of the company's property.

25. Taxation

The company is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Pt. 11, Ch. 3 of the Corporation Tax Act 2010 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 36

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

26.
Statement of funds
Statement of funds - current year
Unrestricted funds
General fund
Magna Enterprises Limited
Restricted funds
Construction of Magna Centre
Culture Recovery Fund
HLF Emergency Fund
Total of funds		 Balance at 30
March 2022
£
(95,740)
293,111
197,371
5,305,974
311,099
34,300
5,651,373
5,848,744		 Income
£
1,340,224
1,669,715
3,009,939
1,054,284
-
-
1,054,284
4,064,223		 Expenditure
£
(1,502,755)
(1,134,702)
(2,637,457)
(941,287)
-
-
(941,287)
(3,578,744)		 Transfers
in/out
£
293,111
(293,111)
-
-
-
-
-
-		 Balance at 29
March 2023
£
34,840
535,013
569,853
5,418,971
311,099
34,300
5,764,370
6,334,223

Page 37

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

26. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General fund
Magna Enterprises Limited
Restricted funds
Construction of Magna Centre
Culture Recovery Fund
HLF Emergency Fund
Total of funds		 Balance at
30 March
2021
£
(42,881)
-
(42,881)
6,247,261
-
34,300
6,281,561
6,238,680		 Income
£
844,741
944,532
1,789,273
-
414,333
-
414,333
2,203,606		 Expenditure
£
(897,600)
(651,421)
(1,549,021)
(941,287)
(103,234)
-
(1,044,521)
(2,593,542)		 Balance at
29 March
2022
£
(95,740)
293,111
197,371
5,305,974
311,099
34,300
5,651,373
5,848,744

27. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 30
March 2022
£
197,371
5,651,373
5,848,744		 Income
£
3,009,939
1,054,284
4,064,223		 Expenditure
£
(2,637,457)
(941,287)
(3,578,744)		 Transfers
in/out
£
-
-
-		 Balance at 29
March 2023
£
569,853
5,764,370
6,334,223

Page 38

MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

27. Summary of funds (continued)

Summary of funds - prior year

General funds
Restricted funds		 Balance at
30 March
2021
£
(42,881)
6,281,561
6,238,680		 Income
£
1,789,273
414,333
2,203,606		 Expenditure
£
(1,549,021)
(1,044,521)
(2,593,542)		 Balance at
29 March
2022
£
197,371
5,651,373
5,848,744

Purpose of restricted funds

Construction of Magna Centre - monies received for the construction of the centre. The fund balance carried forward is the net book value of the buildings.

Culture Recovery Fund - funding received to deal with the unprecedented challenges brought about by the Covid19 pandemic to maintain jobs and keep the charity afloat.

HLF Emergency Fund - support provided in response to the Covid-19 crisis.

28. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2023
£
304,493
1,334,379
(781,063)
(287,956)
569,853		 Restricted
funds
2023
£
5,418,971
345,399
-
-
5,764,370		 Total
funds
2023
£
5,723,464
1,679,778
(781,063)
(287,956)
6,334,223

Page 39

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

28. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2022
£
386,832
709,472
(607,720)
(291,213)
197,371		 Restricted
funds
2022
£
5,305,974
345,399
-
-
5,651,373		 Total
funds
2022
£
5,692,806
1,054,871
(607,720)
(291,213)
5,848,744

29. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/(expenditure) for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Bank interest
Increase in stocks
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Group
2023
£
485,479
1,214,671
(4,143)
(19,065)
(288,123)
206,526
1,595,345		 Group
As restated
2022
£
(389,936)
1,044,099
(28)
(22,416)
(25,643)
90,757
696,833

Page 40

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

30. Analysis of cash and cash equivalents

Cash in hand
Overdraft
Total cash and cash equivalents		 Group
2023
£
1,108,005
-
1,108,005		 Group
2022
£
960,286
(27,744)
932,542

31. Analysis of changes in net debt

Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year		 At 30 March
2022
£
960,286
(27,744)
(275,621)
(230,029)
426,892		 Cash flows
£
147,719
27,744
5,439
3,257
184,159		 At 29 March
2023
£
1,108,005
-
(270,182)
(226,772)
611,051

32. Contingent liabilities

The agreements relating to the terms and conditions of the original grant income which was used to fund the Magna Project provide for potential repayment of the grant in the event of default of certain conditions. Various legal charges over the assets of the company have been granted to the providers of grant income. In the opinion of the trustees, no liability is expected to arise.

33. Controlling party

The company is controlled by its members. No individual member has overall control.

34. Related party transactions

The company has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the company at 29 March 2023, other than those already disclosed in note 13 and note 14.

Page 41

(A company limited by guarantee)

MAGNA TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

35. Commercial trading operation and investment in trading subsidiary

The wholly-owned subsidiary, Magna Enterprises Limited, which is incorporated in the United Kingdom, pays all its profits to the charity by gift aid. Magna Enterprises Limited operates the catering, retail and corporate activities of the Magna Science Adventure Centre on behalf of the company and in furtherance of its charitable objectives.

The charity owns the entire issued share capital of 2 ordinary shares of £1 each. A summary of the trading results are shown below:

Trading results
Turnover
Cost of sales and administrative expenses
Profit for the year
Amount gifted to the charity
Retained in the subsidiary
The assets and liabilities of the subsidiary were:
Current assets
Creditors: amounts falling due within one year
Aggregate share capital and reserves		 2023
£
1,669,715
(1,134,702)
535,013
(293,111)
241,902
2023
£
950,642
(415,627)
535,015		 as restated
2022
£
944,532
(651,421)
293,111
-
293,111
As restated
2022
£
597,307
(304,194)
293,113

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MAGNA TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 MARCH 2023

36. Financial activities of the charity

The consolidated SOFA includes the results of the wholly owned subsidiary, Magna Enterprises Limited.

The summary financial performance of the charity alone is:

Gross incoming resources
Costs of operation of visitor attraction
Governance costs
Net income/(expenditure) for the period
Total funds brought forward
Total funds carried forward
Represented by:
Unrestricted funds
Restricted funds		 2023
£
2,767,619
(2,498,254)
(25,788)
243,577
5,555,633
5,799,210
2023
£
34,840
5,764,370
5,799,210		 As restated
2022
£
1,339,074
(2,005,954)
(16,167)
(683,047)
6,238,680
5,555,633
2022
£
(95,740)
5,651,373
5,555,633

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