Registered number: 03515568 Charity number= 1074578 MAGNA TRUST IA company Ilmlted by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 *AEBC3FXC• 1810912025 COMPANIES HOUSE
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MAGNA TRUST (A ¢ompany Ilmfted byguarnntee) CONTENTS Page Ref•reft¢ ind admlnlstr•tlv• detalls of the Company. Its Trurtees and Jdvlg•rs Trustees, report Independent auditor's report on the flnandal statements 9-12 Consalldated sl•tement of flnanclal actl¥hles 13 Consolldated balance sheet 14-15 Company balance sh•et 16-17 Consollda¢•d slatement of rasfr flows 18 Notes to the finandal ststements 19-40 ID.. 338b03614s17o11bJld11JIb1m101•0blccl1&2&II)jw5
MAGNA TRUST (A company Ilrnited by guaranlee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 MARCH 2Q25 Trustees Mr K Tornlinson Mr M J Smith Mr M Stephens (appointed 12 August 20251 Mr M Yarlett Mrs K Pratt Mr M Ridsdale Company reilstered number 03515568 Charlty re81stered number 1074578 Reglstered offlce M38na Templeborough Offices Sheffield Road Rotherham S60 IDX Chlef executlve offl¢er Mr K Tomllnson Ireslgned 17 Mèrch 2025) Mr R Hammill (appointed 17 March 20251 Senior manalement team Mr S 8allard Mr K Tomllnson (resigned 17 March 2025) Mr S Lee (resigned 15 May 20241 Mr R Youn8 (appointed l January 20251 Mr R Hammill lappolnted 17 March 2025) Independent audltof 8HP LLP Chaftered Accountants Statutory Audilor Albert Works Sidney Street Sheffield SI 4RG 8ankers Natwe5t 42 High Street Sheffield SI IQG Sollcltors DLA Piper UK LLP Elshaw House 51 Carver Street Sheffield SI 4FT Uwwtt.. 331tO3SdO634d68?0dILl1dlII£l7IIIlIIIO9ethtOIM1s1crf•ts6 Page I
MAGNA Tiiusr (A company Ilmited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 29 MARCH 2025 The Trustees presenl their annual report together with the audited financial statements of the charitable group for the vear to 29 March 2025. The annual report serves the purposes of both a trustees, report and a director5, report under company law. The trustees confirm that the annual report and financial statements of the charitable group comply with Ihe current statutory requirements, the requiremenls of ihe charitable group's governin8 document and the PTovislons of the Stalement of Recomrnended Practice ISORPI applicable to charltles preparin8 thelr accounts in accordance wlth the Flnancial Reporting Slandard applicable In the UK and Republic of Ireland IFRS1021 leffect5ve l January 20191. Since the 8roup and the Company quallfy as small under section 383 of the Companies Act 2LK16. the group strategic report required of medium and lar8E companies under the Companies Art 2006 {strale8ic report and directors. report) Regulations 2013 has been omilted. ObJert•¥es and a¢tlvltl•s The company Is a re8iStered charity. Its prlnclpal objects are: to advance educalion through the exhibition, interpretation, demonstration, collection and documentation of science. technology, the environment, and industrial heritage including activities. skills and associated information relatin8 to the development of science in society. industry and where appropriate referencing the steel indu5try* the pursuit of formal and informal learnin8 through educational pro8rammes tar8etln8 schools, colle8es, Other educational establlshments, famllles and soclal 8roups.' the collection of object5, artefacts and archlve documents and thelr curation and display for the purpose of pieservalion and development of historically important Infoimation relatin8 to the British steel industrv,. the provision of facilities for recreallonal and other leisure time occupation for the public at13r8e in the Intere5t5 of social welfafe with the object of improving their conditions of life,. the preservation of buildings of historical importance lo British industry. the support of local and regional regeneration by catalysing commerclal, governmental. charitable and voluntarv or8anisations to vlsit, de¥elop. en8a8e and tran5•ci bu51ness In the area. The prlncipal activlty of the company In the yeai under revlew was the contlnued operation and development of the Magna project which Is a science adventure cenlre based on steelmakln8 and its use, and Is housed in the redundant Ternpleborough steelworks in Rotherham. The project ha5 been financed by grants from the Millennlum Commi55ion, English Partnerships. The European Re8ional Development Fund. Rotherham Metropolitan Borou8h Council, Levellin8 UP fund and private sector conlributions. In shapln8 the oblecllves for the peiiod and plannlng activities the trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit. In particular trustees take care to ensure that planned activities contrlbute lo the charliy's alms and objectlves. Magna's principal aim is to provide recreation to the public at large. This mean5 anyone and everyone is invited to visit and enjoy the many facilitie5 on offer. Magna does not receive any public subsidy or revenue grant so has to charge for admission in order to exist but every effort 15 made to encourage the disadvantaged and those on lower income5 to ¥i5it. Discounted price5 are offered to schools groups. students and the unwaged. Teacher5 and one to one carers are always free and periodically promotions provide for local children 10 vislt free of charBe. Magna works closely with the local authorities, tourisi boards, chambers of cornrnerce and other agencies to put on special events for the community. In particular Magna offer5 its conference lacilities at heavily discounted rates to local community. education and disabled groups and lo other local and national charities to ensure a wide ran8e of the publi can benefit. Page 2
MAGNA TRUST (A company limited by guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 29 MARCH 2025 Examples of such events include.. Sporting events and presentations Dinners and award ceremonies Dance shows Weddin8 and weddlng sales Quiz nights Prom nights Music festivals Dance festivals College and Unlversity event5 Christmas parties and festive events Publ1¢ beneflt statement The Trustees have complied wlth the duty in sectlon 17 of the Charities Act 2011 to have due regard to public benelit guidance published by the Charity Commi55ion. Details of the activities carried out to deliveT a public benefit are Set out in the achievements and perlormance below. A¢hlevements ond perfarmonce a. Key perfoiman¢e Indl¢ators The Trustees consider that ihe Key Financial Performance Indicators, which they monltor on a monthly basis. are: Vi51tor numbers for the visitor attraction and educational vislts Admissions income includln8 Visitor income, caterin8 income and shop Income Corporate events income and Bross mar8in Education income and expenditure Grant incorne In the year to 29 March 2025. visitor numbers for the Attraction were 95,751 compared with 87.573 the previous year and education vi5itor5 were 37,676 compared with 36, 157 the previous year. The income from admissions to 11)e visitor allraction was £755.01012024.. £747,480). Corporate events Income in the year. of £1.446,245 cornpères with the previous year Income of £1.335,232. Income from Education actlvltles was £268.309 {2024.' £233.5801. b. Revlew of artlvltles The charity attracted 133.427 visitors to the visitor attractlon in the year. Vlsltors were able to vlsit the visltor attractlon, 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 throu8houl the year. In 2022 Ma8na was awarded a levelling up fund Grant by Rotherham Borou8h Council in the sum of El,890,000. This, together with planned funding by Ma8na. enabled the charity to replace a significant number of exhibits in each of the pavilions in the visitor attraction. The improvernent5 Started in 2022 with installation of new exhibits taking place at times Page 3 DJvJnrfiD.. 33fj35de634•15•7o7adtrldIlJC4a12jIO6f4t1J111bo¢1Yulf•juoI
MAGNA TRUST IA ¢ompany Ilmlted by guaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENQED 29 IWARCH 2025 Achlevements and performance Icontinuedl when the Attraction has not been open to the public and disruption to operations has been minimised. Work on the attraction upgrade continued until around September 2024. c. Income 8eneratlon The Income of the company is set out in the Slatement of Flnancial Activities. In addltlon the company seeks to secure grant income from national 8overnment and loc31 fundin8 a8encies and donations from the public via collection boxes in and around the Magna cenlie. d. Human resources Human resources are managed by the senior mana8ement team as directed by the Board of Trustees. Extwnal COll5ultants are retained to advise on matters of employmenl law and Practice. Company policy is to provide a safe and hacmonious working environment and to encourage all employees to maximi5e their potential. Flnanclol revlew . Golni concern A5 part of ils strate8lc plannlng the tfustees have prepared a buslness plan for the three years to March 2028. The fofe¢asl reflects the workin8 capilol requirements of the charity to meet ils trading prolections in delail to March 2027 and for the year to March 2028. The plan shows a level of funding required that is met by the normal tradin8 projections and other revenue streams of the charity durin8 the period of the plan. The trustees conrinue to seek opportunilie5 to derive additional revenue from the charitvs property assets and to utillse spare capacity. The trustees continue lo involve the charitvs stakeholders in its plans with a view to maintaining their ongoing support and have received no indication that this support will cease. The trustees, after due consideration, have concluded that the company is a 80in8 concern and therefore continue to adopt the going concern basis of preparation for these financial statements. b. Results for the year The financial result5 for the year are set out on page 13. The consolidated statement of flnancial activities shows total income of £3.053.61]012024.. E3,804.9361 and total expenditure of £4.110.035 {2024.. £3,979,222) giving net expenditure for the year of £1,056,435 12024: net expenditure of E174.2861. However this include5 a depreciation charge of £1.381,448 12024.. £1,310,037) which 15 an accounting entry with no effect on the cash reserves of the charity. The net inflow of resources excluding depreciation is £325.01312024.' net inflow of £1.135.7511. At the period end, the net assets of the 8roup are £5,103.50212024.. £6,159,937) of which £4,372,11312024.- £5.313.4001 is rnade up of restricted funds relatin8 to the construction of the Ma8na Centre. Page 4
MAGNA TRUST IA Company limlted by 8yaranteel TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 29 MARCH 2025 Pflnclpal rlsks and uncertainties The trustee5 con51der that the principal risks and uncertainties facing the charity, tO8ether wlth their plans and strategies for managing Ihose risks. are.. Risk of signlllcant damage to the premlses, arlslng from extreme weather and other exteinal influence5, which mean that Magna is unable to open the building lo the public and therefore unable to operate. The trustees have i number ol strategies for mana8in8 risk5 of damage to the premises which include regular reviews of the condition of the bullding, employing an in house malntenance team to monitor the condition of the buildlng and make repalrs on an on8oin8 ba515. maintenance contracts wlth outside contractors and comprehensive Insurance against such rlsks. Risks ol insufficient funds lo continue operations. The trustees monitor the financial risks relating to the charitv nd its operation by producing and reviewing regularly financial information includin8 a weekly three month forward cash flow forecast and monthly management accounts and through discusslon at monthly trustees meerings and addltional ad hoc trusiees meetings in order 10 manage this risk. The trustees aim to maintaln a cash balance of E200,000 when possible to cover fluctuallons In cash balances occasloned by the tradin8 cycle of ihe subsidlary company. This is in addition to specllic cash reserves of E320,000 which have been held since mid September 2021 and were incfeased to £400,000 In May 2025. Rlsk of wlthdrawal of external party approvals, Includlng chan8e of statutory requirements, required for the operailon of large scale events which generate si8nlficani revenue for the charity. The trustees have In place system of protocols for preparlng plans for large scale events and for agreein8 these wlth external agencles In order to ensure that events can proceed safely and provide revenue to Support the charlty and therefore to mana8e these fisks. Risk of serious injury to a member of the public or staff the consequences of which would cause significant disruption to operations. The trustees have in place a comprehensive Health and Safety policy and set of procedures, including the use of in house staff and external bodies. which is reported on monthly and those reports are reviewed monthly by trustees. Ad hoc reports are prepared if necessary and reviewed when they are prepared. Appropriate insurance policies are In place to mitigate risks of disruption and financial penalty to the charity as far a5 POS5ible. Page 5
MAGNA TRUST IA company Ilmited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 29 MARCH 2025 d. Reserves pollcv The reserve5 policy of the Trust IS as follow5.. Magna to revlew the reserves policy annually and a8ree the level of reserves held. Reserves balances held should be sufficient to protect the charily in the event of flood, buildin8 damage and redundancy and closure. The t3r8et reserves at 29 March 2025 was £320.000. On l May 2025, trustees agreed that reserves should be revised from £320,000 to £400.000 to reflect the increased costs in these areas. Free reseThes at 29 March 2025 are £311,05312024: E214,7291. It is the policy of the trustees that all future capital replacement wlll be externally funded wh2Te possible. Magna w35 awarded fund5 under the Levelling Up Fund which enabled it to make investment in capital assets from 2022 to 2024, primarily lo improve the visitor attfaclion. The charity does not routinely receive any public subsidy of revenue Riant fundin8 SO it supports the efforts of Ecslte UK to lobby central government to provide such fundin8 for science centres in En8land. The Irustee5 operate a cash reserves policy such that they aim to rnainiain cash balances at a mlnlmum of £200,000 in order to provide on80in8 financial stability. Apart from this. every effort Is made to trade profltably and generate surpluses whlch wlll be used to improve reseThes. e. Materlal Snvestments po15cy The compan¢s investment power5 are sei out in its Articles of Association and allow the company to Invest funds noi Immediately required in such investments, secuiltles and property a5 may be thought flt, subjeci to condltlons required by law. The Articles also allow the company io dele8ate such powers to professional Investment managers. Strnrture. qovernance ond fflanuqement a. Constitution The company and the 8roup 15 reglstered a5 a charitable company Ilmlted by guarantee, without share capital. Its governin8 in5trument15 Its Article5 of A550clatlon. b. Methods of appolntment or elertlon of trustees The trustees afe appointed by members at a general meeting. In addltion the Board may appolnt a trustee to fill a casual vacancy or as an additlonal trustee. A trustee so appointed shall hold office only until the next following annual 8enefal meetlng at whlch he wlll retlre and offer hlmself for re-election. One third of all irustees are required to retlre at each annual general meeting and offer thern5elves for re-election. . Pollcles adopted for the inductlon and tralnlng of trustees Trustees are provided with the relevant documents including copie5 of the account5 and the Memorandum and Articles of Association. At present, no formal irainlng is given but Trustees are encouraged to familiarise themselves fully with the workin8 of the Trust. The board 15 also invited to attend 8HP Trustee Trainin8 Sessions. Iy>Y10.. J31k4J35d0SJlJo1l3II1daIYc4b72B1o6r•OII11c51(I¢fj Page 6
MAGNA TRUST {A company limited by gtsaranleel TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 29 MARCH 2025 Structure, governance and management Icontlnued) d. Pay policy for senlor staff The Trustees consider thai they and the Senior Management Team comprise the key mana8ement personnel of the charlly In charge of directin8, controlling, running and operating the Trust on a day to day basi5. All Trustees with the exception of Mr K Tomlin50n who was remunerated as Chief Executive Officer from October 2018 and Matthew Rid5dale whose marketing company was remunerated for marketing services. 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 rtote 14. e. Or8anlsatlonal strurture antl de¢lslon makln The company is loverned by the iru5tees who meet appromimately 12 times a year to determlne the strategic direction of the charity. io establish policy and to review the linancial affairs. A senior management team is appointed by the trustees to manage the day to day operations of the centre. The Chief Executive was Mr K Tomlinson who is olso a trustee. This appointment a5 Actin8 Chief Executive was exlended by the remaining trustees in the peiiod to 29 March 2021 for Further year to 29 March 2022 and has since been extended to 17 March 2025. On 17 March 2025. Mr R. Hommill was appointed as Chiel Executive Officer and Mr K. Tomlinson felired frorn thi5 Posltion, whilst remaining a5 a trustee. The Chiel Executive works with the Trust Chair person in the management of the senior team and the Trust's wlder interaciion with stakeholders. The charlty ha5 one wholly owned subsldiary company. Magna Enlerprises Limited. which Is responsible for mana8in8 the caterin8. retail and corporate activitles of the Magna Science Adventure Cenlre. a. Future developments The charity 15 continuing to seek ways to update and relresh existin8 exhibits whilst improving reliability and availability ol all attractions to the publlc. The charity wlll continue to run a programme ol iemporary exhiblts and events durln8 key vlsitor periods. A5 identified in the 6uslness Plan. the acqulsltlon of new emhibits to the science adventure centre is considered key to the development of the visltor èttraction. The charity continue5 to emplore new revenue streams and to seek opportunlties to attract investment and additional grants oi fundin8. The charity will continue to secure ftsnding for learnin8 projects that will continue to demonstrate the diverse educational appeal of Magna combinin8 engineering and new technologies, histoiy and heritage, and music and creativity. Magna Trust continuÈs to develop approaches to scientific enquiry in line wlth the science currlculum at key siages 1,2,3 and 4. Information on fundfalslng practlces The charity does not actively en8age in fundraising practice5 nor contract with a third party to fundraise on the charity'5 behalf. Page 7 OwThniiD.. 338b039do5JW517070d2tsJ1dllB3c4bll728106febDV•éM2¢s1[)I
MAGNA TRLIST (A company Ilmlted by 8uaiantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 29 MARCH 2025 Statement of Trustees, responslbllltles The Trustees (who are also the directors of the Company for the purposes of company lawl ère respoftsible fof preparing the Trustees, report and the financial staiemenls In accordance with appllcable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees lo prepare flnancial statements for each nnanclal year. Under company law the trustees musl not approve the financial statements unless they are satisfied that they aive a true and fair view of the stale of affair5 of the charitable company and of the incomin8 resources and application of resources, including the income and expendiltsre, of the charilable company for that period. In pieparin8 these financial statements. the trustees are required to: select suitable accountin8 policies and Ihen apply them consistently; observe the methods and principles of the Charities 50RP IFRS 1021; make jud8ment5 and accounting estimate5 that are reasonable and prudent; state whether applicable UK Accounting Standards IFRS 1021 have been followed prepare the Tinanclal statements on the 8oin8 concern basls unless It Is inappropriate to presume Ihat the charitable company wlll continue in operation. The trustees are responslble for keeplng adequate accountin8 records that dlsc105e wlth reasonable accuracy at any tlme the financlal positlon of the charltable company and enable Ihem to ensure that the flnancial stalement5 comply with the Companies Act 2006. They are a150 re5pon51ble for 5afe8uardin8 the assets of the charitable company and hence for takin8 reasonable steps for the prevention and detection ol fraud and other Irre8ularltles. Oisclosure of Information to audltor In so far as the Trustees are aware: there is no relevant audlt information of which the charitable group's auditor is unaware. and the Trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit informalion and to establish that the auditor 15 aware of that information. Auditor The audltor. BHP LLP. has Indlcate thelr wllllngness to contlnue In office. The Trusiees wlll propose a motlon reappolntlng the audltor at a meeting of the Trustees. Approv or of he member5 of the board of Trustees and s18ned on their behalf by.. Mr M J Smlth Date= Page 8
MAGNA TRUST IA company15mlted by guarantee) INOEPENDENT AUDITOR'S REPQRTTO THE MEMBERS OF MAGNA TRUST Opinlon We have audited the financial statements of Magna Trust (the 'parent charitable cornpany'l and its subsidiaries (the '8roup'l for the year ended 29 March 2025, which comprise the con501idated statement of financial aclivities, the consolidated balance sheet, the company balance sheet, the con501iiJated statement of cash flow5 and notes to Ihe financial Statements. includln8 $18niflcant accountln6 pollcles. The financial reporiin8 fi3mework that has been applied in theif preparation is applicable law and Unlied Klngdom Accounting Standards. including Flnancial Reporting standard 102 The Flnanclal Reportin8 Slandafd applicable in the UK and Republic ol Ireland IUnSled Kingdom Generally Accepted Accounting Practice), In our opinion the flnanclal statements: give a irue and fair view of the State of the group's and parent chafltable company's affairs as at 29 March 2025. and of the group's Incomlng resources and application of resources. including 115 income and expenditure. for the year then ended,. have been properly pre.parpd in accordance with United Kin8dom Generally A¢cepted Accounting Practic?.; and have been prepared in accordance with the requirements of the Companies Act 2006. Basls lor opinlon We conducted our audlt In accordance with Internatlonal Standards on Auditin8 IUKI IISAS IUKII and appllcable law. Our re5ponslbllltles under those standards are further described In the auditor re5ponslbllllles for the audlt of the financial Statements sectlon of our report. We are independent of Ihe group and parent charltable company In accordance with the ethical requlrÈmenls that ore relevant to our audit of the financial statements In the UK, includin8 the FRC'S Ethical standard, and we have fulfilled our other ethical responslbilities in accordance with these requlrement5. We believe that the audit eviden¢e we have obtained is sufflcient and appropriate to provide a basis for our oplnion. Conclusions relatln8 to goln8 ¢on¢efn In auditing the financial statements, we have concluded that the trustees, use of the going concern basis Df accounting in the preparation of the flnancial statements is appropriate. Based on the work we have performed. we have not Identlfied any material uncertaintles relatlng to events or conditions Ihat, individually or collectively, may cast slgnlflcant doubl on ihe 8roup and parent charltable companws ability to continue as a 8oin8 concorn for a period of at least twelve months from when the financial statements are authofised for issue. Our responsibilities and the responsibilities of the trustees with respect to golng concern are described in the rele¥ant 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 staternents does not cover ihe other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of a55urance ¢on¢lu5ion thereon. Our responsibility is to read the other information and, in doing so, consider wheiher the other infofmaiion is materially Inconsistent with the flnancial Statements or OUT knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If. we identify such material inconsistencie5 or apparent material rni55tatements. we are required to determine whether this gives rise to a material mlsstatement In the financial statements thern5elves. If, based on the work we have performed, we conclude that there is Pa8e 9 Dcullwdlftr. 33¢kOW34é50707éd2M)10993C4bA72816W1IVJoèefj
MAGNA TRUST {A¢ompany Ilrnlled by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF MAGNA TRUST ICONTINUEDI a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescrlbed by the Companies Act 2006 In our ¢pinlon, based on the work undertaken in the course of the audlt: the inlormation given in the trustees, report. whlch Include5 theidirectOf5' report prepared for the purposes of company law, for the financial year for whlch the financial staternents are prepared Is conslstent wlth the linanclal statements,. and the directors, report included within the trustees, report has been Prepared In accordance with applicable legal requirements. Matters on which we ale required to report by exceptlon In the li8ht of the knowled8e and understandlng of Ihe 8roup and parent charitable company and its environment obiained in the Course of the audit. we have not identified materlal misstatements in the directors, report. We have nothln8 to report Sn respect of the followln8 matters In relatlon to whlch the Companles Act 2006 requlre5 U5 to repoft to you If. In our oplnlon.. adequate accountlng records have noi been kept by the parent charltable company, or return5 adequate for our audlt have not been received from branches not visited by u5,. or the parent charitable compan¢s financial statements are not in agreement with the accounlln8 records and returns.. or certain disclosures of directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit: or the trustees were not entitled to prepare the financial statement5 in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparin8 the directors, report aftd from the requirement to Pfepare a slrate8ic report. R•sponslbllities of tru$tees As explalned more fully In the trustee5' responsibilitles statement. the trustees (who are also the dlrectors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financlal statements and for bein8 satisfied that they give a true and fair view, and for such internal control as the trustee5 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 financlal statements. the trustees are responsible for assessing the group and parent charitable compan(s ability to continue as a going cortcern, disclosin& as applicable. matters related to going concern and using the going concern basis of accounting unle55 the tru5tee5 either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 10
MAGNA TRUST (A company Ilmlted by guaranleel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAGNA TRUST (CONTINUED) Audllor responslbllltles for the audit of the financial statements Ouf objetlives are to obtain reasonable assurance about whether the financlal stalernenls as a whole afe free from material misstatement, whether due to fraud or error, and to issue an auditor's report Ihat includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wiih15As IUKI will always detect a material misstatement when it exists. Misslatement5 can arise from fraud or error 3nd are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial statements. Irregularitie5, Including fraud, are instance5 of non.compliance wlth law5 and iegulation5. We design procedure5 In line wlth our responsibilities, outlined above, to deiecl material misstatements in respect of irre8ulaiities, including fraud. The extent lo which our procedures are capable of detectin8 irre8ularitie5, includin8 fraud is detailed below: the senior statutory auditor ensured that the en8a8ement team collectively had the appropriate competence, capabillties and sk1115 to idertlify or recognise non-compliance wlth applicable law5 and regulations,. we identified the laws and regulatlons applicable lo the group through discusslons with management and Irustees, and from our knowledge and experience5 01 the 5eclor: we focussed on specllic laws and re8ulalions which we considered rnay have a dlrect rnaterlal elfecl on the financial statements or the operations of the group. including Companies Act 2006, Charities Act 2011, health and safety. data protection and food hy8iene standards,. we a55e55ed the extent of compllance with the laws and regulations identified above throu8h making enqulries of management. identified laws and re8ulation5 were commufticated within the audit team regularly and the team remained alert to inslances of non-compliance Ihrou8houl the audit. We a55essed the susceptibility of the 8roup's financlal statements to materlal mlsstatement. Includln8 obtalnln8 an understanding of how fraud might occur, bv.. making enquiries of manaBement as to where they considered there was susceptibility to fraud, their knowled8e of actual, suspected and alleged fraud. and considerin6 the Internal controls in place to mili8ate risks of fraud and non-compllance with laws and re8ulatlons. To address the risks ot fraud through management blas and overrlde controls. we.. performed analytical procedures to identify èny unusual or unexpected relationships; tested journal entrie5 to identily unusual transactions.. and nvestigated the rationale behind slgnlflcant or unusual transactions In response to the risk of Irregularities and non-compliance with laws and re8ulatlons, we desi8ned procedures whlch inclvded, but were not Ilmlted to.. agreeing financial statement disclosures to underlying supportin8 documentation,. readin8 the minutes of meetln8s of those char8ed with governance,. enquiring of mana8ement as to actual and potential litigation and claims. 8ecav5e of the inherent limStations of an audit, Ihere 15 a risk that we wlll not delect all irregularities. Includlng those leadlng to a material mlsstatement in the financial statemenis or non-cornpliance with regulation. This risk Increases the more that compliance with a law or regulation is removed from the events and trènsactions reflecied in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding Ifre8ularities occurrin8 due to fraud rather than error. as fraud involves intentional concealment, forgery, collusion. Page 11 Dllavrb•rt ID.. 331k4J3SdD534dS•M6dltQldWt4bj72BIéWI)2£10JSoQ$
MAGNA TRUST IA company limited by suarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF MAGNA TRUST (CONTINUED) omission or misrepresentation. A further description of our responsibilities is available on the FRC'S website at.. www.frt.or8.uklauditorsfesponsibilities. This description forms part of our auditorfs report. Use of our report Thls report is made 501ely to the chafltable compan(s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we mi8ht state lo the charitable companfs members those matters we are required to state to them in an auditorfs 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 member5 a5 o body. for our audit work. for this report. or for the opinions we have formed. SHP LLP SlgTher ID.. MMITLPRPJa... Nlcola O'sullivan (Senior statutory auditor} for and on behalf of BHP LLP Chartered Accountants statutory Auditor Albert Works Sldney Street Sheffield SI 4RG Date:. 1710912025 GMT Page 12 01r*. 3Jqb036do631ets•M7éttI11dOBk4ba728I66fe?SIoj0
MAGNA TRUST (A company Ilmlted by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 29 MARCH 2025 Unrestrlcted funds 2025 Restrlrted fvnds I025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable actlvities 132,2S8 1.023,319 1,835,072 27,952 17,756 17.243 149,501 1,023,319 1,835,072 27,952 17,756 1,019.825 983,055 1,784.629 17.427 Other tradin8 activities Investments Other income Total In¢offle 3,036,357 17,243 3.053,600 3,804,936 Expendltyre on: Ralslng funds Charitable activitie5 1,159,266 1,999,720 1,159,166 2,950,769 1,116,424 2,862,798 io 951,049 Total expendlture 3,158,986 951,049 4,110,035 3,979,222 Net expendfture Transfers between funds {112,6291 43*97 1933.806) 143,897) 11.056,4351 1174,2861 25 Net lexpendSture)/ Income and net m(wernent In funds 178.7321 1977,7031 (1.056.4351 1174,2861 fteconclllatlon of fundg: Tolal funds brought forward Net movement in funds 457,241 {78,7311 5.702.696 (977,7031 6.159,937 11,056,435) 6.334.223 1174.2861 Total funds E•rried forward 378,509 4.724.993 5.103.502 6,159.937 The statement of financlal activities complies with the requirements lor èn iftcome 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 Ilmlted by guafanteel REGISTERED NUMBER: 03515568 CONSOLIDATED BALANCE SHEET AS A T 29 MARCH 2025 2025 2024 Note FSxed assets Tangible assets 15 4,501,243 5.555,912 4,501,243 5,555,912 Current assets stocks 17 64.938 43,533 284,887 1,136.334 34,576 290,152 272,544 996,964 Debtors 18 Investments 19 Cash at bank and in hand 1,519,692 1,594,236 Current IlabllStles Creditors.. amounts falling due within one year 20 (709,671) 1706,6601 Net ¢urront assets 820,021 887,576 Total assetg less curnent Ilabllities 5,321,264 6,443,488 Credltors.. amounts falling due after more than one year 21 1217,7621 (283,551) Total net as$els 5,103,502 6,159,937 Charlty funds Restricted funds 25 4,724,993 378,509 5,702,696 457,241 Unfe51ri¢ted lunds 25 Total funds 5.103,SOZ 6,159.937 Page 14 Dry)Jm*410.. 3UbD36dD634&58707éd2Wldl•x4b•721166tet4J9ebblG•I1CQ0oB6
MAGIIA TRUST IA company limited by guaranteel REGISTERED NUM8ER: 03515568 CONSOLIDATED BALANCE SHEET (CONTINUED) ASA T29 MARCH2025 The Trustees acknowledge Iheir responsibilities for complying With the requirements of the Act with respect to aecountin8 records and preparation of financial 5latements. The financial statements have been prepared in accordance wlth the provlslons applicable to entitie5 subject to the Small companies regirne. The financial statements were approved and authori5ed for Issue by the Trustees and slgned on their behalf by: Mr MJ Srnlth Dète.. The notes on pa8es 19 to 40 form parl of these financial statements. Page IS
MAGNA TRUST IA company limlted by 8uaranteel REGISTERED NUMBER: 03515568 COMPANY BALANCE SHEET A5AT29 MARCH 2025 2025 2024 Note Flxed assets Tan8ible assets Investment5 15 4,501,243 5.555.912 16 4,501.245 5.555.914 Curront ass•ts Debtors 18 15,259 284.887 564.814 255,643 272,544 579,311 Investments 19 Cash èt bank and in hand 864,960 1,107,498 Curfonl liabllltles Credltors.. amounts fallin8 due withln one year 20 (622.052) 1711.3371 Net current assets 241.908 396.161 Total assets less current Ilabllltles 4.744,153 5.952.075 Creditors: amounts fallin8 due after more than one year 21 1217.762) 1283,5511 Total net assets 4,526,391 5.668.524 Charlly fund5 Restricted funds 25 4,768.890 5.702.696 Unrestricted funds General fund5 25 (242,4991 134.1721 Total unrestricted funds 25 1242,499) 134,1721 Total funds 4,526.391 5,668,524 The Company'5 net movement in funds for the year was £11.142,133112024 - £1130.68611. 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 ID." 33W35th534e158707éd2bOldMk4bA72816Metoièéb*Ol862kS1CK46eS
MAGNA TRusr IA company Ilmlted by 8uaranteel COMPANY 8AiANCE SHEET (CONTINUED) ASA T29 MARCH 2025 The financial statements have been prepared in accordance with the provisions applicable to entlties subject to the small companies regime. The flnancial statements were approved and authorised for issue by the Trustees and slgned on thelr behalf by:. MrMJ5rn1th Date: IG 09.1 The notes on pa8es 19 to 40 form part of these flnandal statements. Pa8e 17 C*)Mu¢Tr. 1¥8t4)3EdD534qf5•7070dlty11dUk4b•72Q1001etr•Ji•th($Icq5
MAGNA TRUST IA company Ilmlted by 8uaranteel CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 29 MARCH 2025 2025 2024 Note Cash flows from operatlng actSvltles Net Cash provided by operating activities 28 495,468 1,147.007 Cash flows Irorn Investln8 a¢tl¥ltles 8ank interest received 27,952 17,427 1326.7791 11.142.485) (12.343) 1102.5441 Purchase of tanglble flxed èsset5 Purchase of investments Net Cash used In Investlng actlvltles 1311,1701 11,227.6021 Cash flows from Ilnancln8 actlviiles Repayments of boirowing 144,9281 130,4461 Net cash used In Ilnanclni •rtl¥ltles 144,928) 130,4461 Chan8e In cash and cash equlvalents IN the year 139,370 {111,0411 Cash and cash equlvalents èt the be8lnnlng of the year 996,964 1,108.005 Cash and cash equlvalentsat the end of the year 29 1,136,334 996,964 Page 18
MAGNA TRUST (A company limited by gu•rantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 General Informatlon Magna Trusl is a company Ilmlled by 8uaraniee, incorporated In England & Wale5. The members of the company are sei out below. In the event of the company being wound up, the liability In respect of the 8uarantee 15 Ilmited to £1 per member ol the company. The addfess of the re8lStered office 15 given in the charlty information on page l 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 2025 there wefe three members 12024: Ihreel. The current rnembers are Rotherham Metropolitan 8orou8h Council, Stadium Group and Barnsley and Rotherham Chamber of Commerce. AccounilnK policles 2,1 Basls ofpfeporotlon oJflnanclalstotement5 The financial statements have been prepared in accordance wlth the Chaiities SORP IFRS 1021 Accountin8 and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts In accordance wlth the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Charitles Act 2011, the Companies Act 2006 and UK Generally Accepted Accountin8 Practice. Magna Trust meets the definitlon of o public benefit entily under FRS 102. Assets and liablllties are Initiallv fecognised at historical c05t or transaction value unle55 Otherwise stated in the relevant accounting policy. The consolidated statement of Ilnanclal activities ISOFAI and consolldated balance sheet consolldate the flnancial statements of the Compèny 3nd its subsidlèry undertakin8. The results of the subsldlary are consolSdated on a Ilne by Ilne basi5. The Company has taken advantage of the exemptlon allowed undef sectlon 408 of the Companles Art 2006 and has not Presented Its own statement of financial activitles in these financial statements. The re5uIt5 of the company are set out in note 33. 2.2 Golng concern As part of its strategic planning the trustees have prepared a business plan for the three years to March 2028. The forecast reflects the worklng capilal requirements of the charity to meet its trading projection5 in detail to March 2027 and for the year to March 2028. The plan shows è level of funding required that Is met by the normal trading projectlons and other revenue strearns of the charity durin8 the perlod of the plan. The trustees continue to seek opportunities to derive addltlonal revenue from the charlty's property assets and to utilise spare capacity. The trustees continue to involve the charivs stakeholders in its plans with a view to maintalnlng their on80in8 5upporr and have recelved no indication that this support wlll cease. The trustees, after due consideration, have concluded that the company is a going concern and therefore continue to adopt the going concern ba515 of preparation for these financial 5tstements. Page 19 331t4)35de534dS8707602M11&03c4bA72816M*Qgtth8cfft022tSlCll96eS
MAGNA TRusr {A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 Accounting policies {contlnuedl 2.3 Fund occountlnp General funds are unrestricted funds which are available for use at the dlscretion of the Trustees in furtherance of the general objectives of the Group and which have not been designèted for other purposes. Restricied funds ère funds which are to be used in accordance with specific restrictions imposed by donor5 Of which have been raised by the Group for particular purposes. The costs of raisin8 and administering such funds are ¢har8ed against the speciflc fund. The alm and use of each re5trlcted fund is set oul in the notes to the flnanclal statements. Invesiment income, gains and105se5 are allocated to the appropriate fund. 2.4 Income All income is recogni5ed once the Company has eniiilemenl to the Income. It Is probable that the Income wlll be recelved and the amount of Income reteivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deed5 of covenant 15 recognised at the (ime of the donation. Income tam recoverable in relallon to investment Income Is ietO8nised at the time the investment Income is receivable. Other income is recognised In the perlod In whlch It Is recelvable and to Ihe extent the 8oods have been provided or on completion of the service. Grants for Immediate financial support and asslstance or to reimburse costs previously Incurred are recognised in full in the Statement of flnanclal activitie5. Grants restrlcted to future accountin8 periods are deferred and recD8nised in those future accounting periods. Capital 8ran15 are included in lull in the statement of financial activitles and the relevant depreciation Is charged 38ainst them over ihe 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. thi5 contribution 15 included in the financi315tatements at an estimate based on the value of conlrlbution to the charity. Commerclal trading operations Sncome represents amounts derived from the trading acti¥illes of the Ma8na project. This includes relail, caterlng and corporate hire. Trading income is recognised when earned. Page 20 Dotsunl ID.. 331M36thS34•¥•707lJ1oQ3¢4è47tt1e1*jI•th2Zc5l(W0Ifj
MAGNA TRUST (A company Ilmlled by 8uafantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 Accountinz pollcles {contlnuedl 2.5 Expenditure Empenditure is recognised once there is a legal or constructive obligation to transfer economic beneflt to a third party, it is probable that a transfer of economic beneflts will be required in Settlement and the amount of the obligation can be measured reliabty- Expenditure is classified by activlty. Expenditure on ralslng funds Includes costs associated wlth fundraislng and cost5 of commercial trading operatlons. Expendlture on charltable actlvltles15 incurred in ihe operatlon of the vlsltor attraciion. 2.6 fonqlble]Ixed asset5 and depreclutlon Tangible fixed assets are Inltially recognised at cost. After recognltlon, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaSrment105se5. All c05t5 incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement ofcost. Oepreciation is char8ed so as to allocate the cost of tangible fixed assets less their residual ¥alue over their estimated useful lives. Depreciation is provided on the following bases.. Freehold buildings Equipment and exhlbltlons 4% 51rai8ht line 10% 5trai8ht line120% stralght Ilne 2. 7 Inve$iments Investments in subsidlarles are valued at cost less provision for impalrment. 2.8 Operutlng le05es Rentals pèld under operatlng leases are char8ed 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 rneasured reliably bv the Group; this is normally upon notification of the intere51 paid or payable by the Bank. 2.10 Stock5 ond work In pmgre55 Stocks and work in progress are valued at the lower of cost and nel fealisable value after making due allowance for obsolete and slow-movin8 Stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable oveiheads. Page 21 tloturneml ID.. 33lkthhl2b)Id1eJc4bJ?28l6Ofetsj9eth22£&1lWae5
MAGNA TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR TFIE YEAR ENDED 29 MARCH 202? Accountlng palicle51contlnuedl 2.11 Debtois 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 Cosh at bank and In hand Cash at bank and in hand Includes cash and short-term hlghly Ilquid investments with a short malurity of three months Of less from the date of acquisition or openln8 of the deposit Of similar account. 2.13 Llobllltles ondpro¥lsions Llabllities are reco8nised when there is an obli8alion at the balance 5heel dète as a result of a past event, it 15 probable thèi a transfer of economic benefit will be required Sn settlement. and the amount of the seitlement can be estimated reliably. Liabilities are reco8nised at the amount that the Company anticlpates It wlll pay lo settle the debt or the amount it has recelved as advanced payments lor the goods or services it must provide. Provisions are measured at the best estirnate ol the amounts required to settle the obligation. 2.14 Flnunclql Instruments The Group only has financial assets and financlal Ilabllitles of a klnd that qualify as baslc flnanclal Instruments. Basic financial instruments are Snitially reco8nised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost usin8 the effective interest method. 2.15 Employee benefits When employees have rendered service io the charity, short-temi employee benefit5 to which the employees are entitled are reco8nlsed at the undiscounted amount expected to be paid in exchange for thai service. The charily operates a defined contribution plan for the benefit of its ernployees. Contributions are expensed as they become payable. Page 22 tknllY1tr.3JJ5dè6Y4ej5elolkfft¢*I1b11?Bl)Ie0b•62?¢SltKQ&5
MAGNA TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 Crllical accounting estimates and aTeas of lud8ment Estlm3tes and lud8ments are continually evaluated and are based on hlslorlcal experlÈnce and other laclors, includin8 expectations oi future events that are believe(I to be reasonable under the circymstances. Criticèl accounting estimates and assumptions.. The Company makes estimates and assumptlons concerning the future. The resultlng accountin8 estlmates and assumptlons will, by definition. seldom equal the related actual result5. The estimate and assumption that has signlficant rlsk of causing a materlol adjustment to the cafryln8 amounts of assets wlthln the next financlal year Is deprecialion of property over Its expected useful life of 25 years. Income from donatlons and le8acles Unfestrfcted funds 202S Restricted fund5 2025 Tal funds 2025 Total funds 2024 Charitable donation 185 185 2,000 884,491 133,334 Grants 17,243 17.243 132.073 Gift ald 132,073 132,2S8 17,243 149,501 1.019.825 Total 2024 135,334 884,491 1,019,825 Duumwrtro.. 33Bb036th634•W07U200IdU8k4l?•14*1jc0Y161Ic5I(i6I5 Page 23
MAGNA TRUST IA company Ilmited by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 Income from chaTltabl• actlvltl*s Unrestricted lunds 2025 Total funds 2025 Total funds 2024 Admissions 755.010 268,309 755,010 268.309 747.480 233.580 1.995 Education Events 1,023,319 1,023,319 983,055 Total 2024 983,055 983.055 In¢ome Irom h•r tradln8 actlvllles Income from non charitable tradlng adlvltles Unrestrlcted funds 1015 Total funds 2025 Total funds 2024 Rental income 7,399 1,827,673 7399 1,827.673 92.792 1,691.837 Commerclal tradin8 operatlons 1,835.072 1,835,072 1,784,629 Total 2024 1,784.629 1,784.629 Page 24
MAGNA TRUST (A company limlted by guarantee) NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 Investment Income Unrestricted lunds 2025 Total funds 2025 Total funds 2024 Bank interest 27.952 27.952 17.427 Total 2024 17,427 17,427 other Income Unrestricted funds 2025 Total funds 2025 Total funds 2024 Insurance claim 17.7S6 17,756 Expenditure on ralslng funds Costs oArn151nq voluntary Income Unrestrlcted (unds 2025 Total funds 2025 Total funds 2024 Commercial trading operations 1.159.266 1,159,266 1,116,424 Total 2024 1.116,424 1,116,424 Pa8e 25
MAGNA TRUST (A company Ilmlted by guarartteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 io. Charitable activities Unrestrlcted funds 2025 Restrlcted funds 2025 Total funds 2025 Total funds 2024 Event COSt5 325.715 14,770 63.741 187.458 49.939 277.609 149,037 178,192 242,OQ5 22,450 440,161 48.643 315,715 14.770 63,741 197,220 49,939 277,609 149,037 178.192 242,005 11,450 1,381.448 48.643 244,010 100.214 121,2S3 153,049 36,435 268.437 127,238 221.378 218.285 30.557 1.310,037 31,905 Exhibitions operation Exhlbltlons maintenance Educational vlslts 9,762 MarketSng Adminlstration Finance 8ulldln8 servlce5 utllltles IT services Depreclation of Magna Centre Governance costs (note 111 941.287 1,999,720 951,049 2,950.769 2,862,798 Total 2024 1,916,633 946,165 2,862,798 ii. Governance costs 2025 2024 Auditor'5 remuneratlon 36,590 12,053 19.875 12.030 Le8al and professional 48,643 31,905 ID.. 3JDJSde53le15B707ad2I1JldB•3E4ba718tO6fWel?Gs1CKl*S Page 26
MAGNA TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 29 MARCH 2025 12. Net Incomellexpendltufel This is stated after char8in8; 2025 2025 Depreciatlon of tangible fixed assets.. owned by the charity Audltor's remuneration - audlt 1,381,448 18,900 2,995 1,310.037 18,000 2,850 Auditor'5 remuner3tlon - non audlt servlces Operating lease rentals 7,025 16,286 13. Stalf c05tS 2025 2024 Wages and salaries Social securlty costs Pen51on costs 1,114,098 63,631 15,635 1,068,541 62,368 15,232 Subtotal 1,193,364 1,146,141 External labour 65,292 66,902 Subtotal 1,258,656 1,213,043 Less costs borne by Ma8na Enterprises Limited 1557,4481 1532,0671 Total {for charilvl 701.208 680,976 All employees have jolnt contracts of employment with all the companies in the Ma8na group, The average number of employees durlng the year was 4012024: 31} for the group and 20 for the company only12024'. 161. 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 Nl and pension, was EIOO.125 12024= £121,6011. The rharity considers its key management personnel comprise the Operations Manager and the Education Director. Durin8 the year the Chief Executive charged the charity £18.000 for their services provided12024'. £18,CIOOI- Ouring the year, one member of the key management personnel, the Director of Operation5, was made redundant at a total cost of £6,500. Page 27
MAGNA TRUST IA company Ilmited by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 14. Trustees. remuneiatloffl and related party transactlons During the year. no trustees received remuneration or other beneflls {2024 £NILI, other than amounts disc105ed in note 13 10 the Chief Executive for those services. During the year ended 29 March 2025. expense5 tolalling £66 were reimbursed to I trustee 12024 £51 to I Trusteel for travel expenses. Legal authority for the payments lo trustees for Services Is given by provision in the Articles of Association. Durin8 the year the charity received income and incurred expenses on behall of its trading subsidiary Magna Enterprises Limited. These were then re311ocaled to the company via the intercompany account. Mana8ement char8e5 of £90,00012024'. £84,000) were made to the subsidiary. No other sales or purchase5 occurred between the two entlties in the year. At the year end the charity owed the tradin8 subsidiary £389,11612024: £425.9561 and this is Shown within creditors due within one year. A gift aid payment of £491,413 was received in the year bv the Trust from the trading subsidiary12024'. £535,013). Matthew Rlsdale, a trustee of the charity, Is a dlrector ol Cannon Publlc Relations Llmlled. During the year, the charity pald É8,10012024'. £15,075} for PA and marketin8 services. At the year end, £Nil12024.. ENill was owed to Cannon Public Relations Limited. 00rmID.. )31kO35d6SJ1¥51707M21111dB8k4bD7111W•1th6becCrfI022c51(W•5 Page 28
MAGNA TRUST (A company Ilmlted by iuar•nt¢e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAA ENDED 29 MARCH 2025 Is. Tanglble fixed assets Group and Company Freehold Equlpment ind propertv exhlblllon$ Cost At 30 March 2024 Z5,885227 19,587.665 326.779 45,472J92 326.779 Additions At 29 March 2025 25.81S,227 19,914,444 4$,79971 Depreclotlon At 30 March 2024 22,266,508 995,409 17.650,472 386,039 39,916,980 1.381.448 Char8e for the year At 29 March 2025 23,261,917 18,036,511 41,298.428 Net book value At 29 March 2025 2.623.310 1,877,933 4,SOI.243 At 29 March 2024 3,618,719 1.937,193 5.555.912 16. Flxed a55et Investments 2025 Componv Qpst or valu(rtlon At 30 March 2024 At 29 March 2025 The.Investment represents the entire ordinary issued share capital in Ma8na Enterprises Limited which is registered In England and Wales (company number.. 038171981. More details of ihe subsidiary and its results for the year are disclosed in note 32. Page 29
MAGNA TRUST IA cornpany Ilmited by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 17. Stocks Group 2025 Group 2024 8ar and food stock 46,446 18.492 20,133 14,443 Shop Stock 64,938 34,576 Debtors Group 2025 Group 2024 Company 2025 Company 2024 Trade debtors 12,412 22,252 Grant debtor 207,438 25,755 34,707 207,438 13,498 34.707 Prepayments and accrued Income Tax recoverable 23,839 7,212 7,977 7.182 43,533 290.152 15,2S9 255,643 19. Curr•nt asset Inv•stm?nt5 Group 2025 Group 2024 Company Z025 Company 2024 Lon8er term deposlts 284.887 272,544 284.887 272,544 P3ge 30
MAGNA TRUST (A ¢pmpany Ilmlled by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 Cfedltors: Amounts falllng due wiihln one year Group Group 2024 Companv 2025 Compony 2024 2025 Bank loans 6,052 197,766 136.487 6.032 238.109 121,056 6,052 197.766 6,032 238.109 17,257 425.956 Other loans Trade creditor5 Amounts owed Io group underlakln85 other taxation and socSal securlty Oiher Creditors 389,116 93,304 29,870 246,192 99,161 51,928 190,374 3,965 25,153 6.565 17.418 A¢¢ruals and deferred Income 709,671 706,660 622,052 711.337 Group 2025 Group 2024 Deferred income at 30 March Resoufces deferred during the year Amounts released from prevlous periods 156,006 174,705 1156,0061 170,495 156.006 1170.4951 Delerred7 In(ome at 29 March 174,705 156,006 Deferred Income relates to deposlts received in advance of events and vlslts. r1x4rntl. 3335853445•?o71d2ty)1d0s3C4bO124706I*jveébgCth022cS1IX•oeS Page31
MAGNA TRUST (A MpanY Ilrnlted by 8uarantee) NOTES TO THE FINANCIAL STATEMENTS FOA fHE YEAR ENOED 29 MARCH 2025 21. Credltors: Amounts fallin8 due after more than one year Group 2025 Group 2024 Company 2025 Companv 2024 Bank loans 27,762 190,000 32,367 190,000 61,184 27,762 190,OQO 32.367 190.000 61,184 Other loans Trade credltors 217,762 283,551 217,762 283,551 Other loans, as shown In notes 20 and 21. are secured by a charge over part of the company's property. The loan ha5 an Interest charge of 2% over base rate. Obli8ations under other loans fall due as follows.: zozs 2024 Withln one year 8e1een one and two yeèrs Between two and five years Over five years 197,766 21,197 66,591 101,212 238.109 22,197 66,591 101.212 387,766 428.109 22. Capltal commltments Group Group 2024 2025 Contrqctedfvrbut not provlded In theseflnanclalstqtements Acquisition of tangible fixed assets 28,138 252.468 Page 32
MAGNA TRUST IA company Ilmlted by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 29 MARCH 2025 Operating lease commitments At 29 March 2025 the Group and the Company had commitments to make future minimurn lease paymènts under non-cancellable operallng lease5 as follows.. GfOUP 2025 Group 2024 Not later than l year Later ihan I year and not later than S years 7,152 3,935 7.025 11.087 11,087 18,112 Included in the above figures 15 a comrnitment to pay rent amounting to £9,77912024: £16.1501 whlch expire5 In 2026. This commitment 15 secured by a char8e over part of the company's property. 24. Taxallon The company is considered to pass the tests set out in Sch. 6, para. l of the Finance Act 2010 and therefore it meets the definition of 3 charitable company for UK corporation tax purposes. A¢cordin8ly, 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 galns are applied exclusively to charitable purposes. Pa8e 33
MAGNA TRiIST (A company Ilmlted by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 25. Statement of funds Slatement of funds- current year alance at 30 March IOZ4 Tr•nsf•rs Inlout Inwme EMp•ndltUf• M•rth 1015 Unrestrktedfunds General fund 134,1721 491,413 1.209,980 1,826,377 11,909.720) 11,249,266) 535.310 {491A131 1198.6021 577,111 Magna Enterprises Limited 457,241 3.036,357 13,158.9861 43,897 378,509 Restrlrtedlunds Constructlon of Magna Centre Culture Recovery Fund HLF Emer8ency Fund Chan8ln8 Places Fund Edina Trust 5,313,400 311,099 34,300 43,897 1941.2871 4,372,113 311,099 143,8971 17.243 19,7621 7.481 5.702,696 17,243 1951.0491 (43,897) 4.724.993 rotol olfunds 6,159,937 3,053,600 (4,110,035) 5.103,502 Page 34
MAGNA TRUST (A company limited by guaTanleel NOTES TO THE FINANCIAL STATEMENTS FOR fHS YEAR ENOED 29 MARCH 2025 25. Statement of funds {continuedl Ststemenl of lunds- prlor yèar Balance at 30 March 2023 8alance at 29 March 2024 Transfers Inlout Income Expendlture Unre5trfrted Jund5 General fund Magna Enterprises Llmlted 34,840 535,013 1,228.608 1.691,837 11,832,633} 11,200,424} 535,013 1535,0131 134,172) 491.413 569,8S3 2,920,445 (3,033,057) 457.241 Restrfctedfvnds Construction ol Magna Centre Culture Recovery Fund HLF Emer8en¢y Fund Chan8in6 Places Fund 5.418,971 311,099 34,300 835.716 1941,2871 5,313,400 311,099 34,300 43,897 48,775 14,8781 5,764,370 884,491 1946,1651 5,702,696 Total oAfunds 6,334,223 3,804.936 13,979.222) 6,159,937 26. Summary olfunds Summary of funds- current year al4n<e at 3Q Marth 20Z4 Tr4ftsfers inl¢ut Balance at 19 March 2025 Incom¢ Expenditure General funds 457,241 5.702.696 3,036,357 17,243 13,158,9861 1951,0491 43,897 143,897) 378.509 4,724,993 Restrlcted funds 6.159,937 3,053.61x1 14,110,035) 5.103,502 rbxwnqrtltr. 331t4)35th534•ts•70?l•J21IJld1•1¢4bA7281é6feb09eOt4ctyWIfX* Pa8e 35
4• MAGNA TRUST IA company Ilmlted by suarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 29 MARCH 2025 26. Summary of funds Icontlnued) Summary of funds- prlor year 8èlan¢e at 30 March 2023 Balance at 29 March 2024 Transfers inlout Income Expenditure General funds 569,853 5.764,370 2,920,445 {3,033,0571 1946,1651 457,241 Restricted funds 884,491 5.702,696 6,334,223 3,804,936 13,979,222) 6.159,937 Pur Constructlon of Ma8na Cenire - monip5 recelved foi ihe conSlruction of the centre. The fund balance carried forward Is the net book value of the buildin8S. Culiure Recovery Fund - funding recelved to deal wlth the unprecedented challenges brought about by the Covid- 119 pandemic to maintaln jobs and keep the charlly afloat. HLF Emergency Fund . support provided in response to the Covld-19 crisls.. Chan6ln8 places Fund - fundlng received to provide improved changing and toilet facllitle5 for les5 able visitor5 to Magna. Edina Trust Fund provided a subsidiary grant of £17.243 durin8 the year towards funding transport and dmissions for up to 40 primary 5choo15 in South Yorkshile. A transfer of £43.987 from the Chan8lng Places Fund to the General Fund Is made to renect capltal expendlture incurred in line with the fund's restrictlons. Page 36
MAGNA TRUST IA Company Ilmlted by 8uaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 27. Analysls of net assets between funds Analysis of net assets between fund5 - current year Unre5trlcted funds 2025 Restrlcted funds 2015 Tolal funds 2025 Tan6ible fixed assets Cuirent a55ets 67,456 1,238,486 1709.671} 1217.762} 4,433,787 291.206 4,501,243 1.529,692 (709,6711 (217,762) Creditors due within one year Credltors due In more than one year Totol 378,509 4,724,993 5,103,502 Analysls ol net assets belweerl fund$- prlor year Unrestrlcted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Current assets 242,512 1.204,940 1706,6601 1283,5511 5,313,400 389,296 5,555.912 1.594.236 {706,6601 1283,5511 Creditors due wlthln one year Creditors due in more than one year T•tal 457,241 5.702.696 6.159.937 I)WJmt ID.. J31kth5de534d5ml6dX¢J1dl83c4ba7281061*IILfft02s1o)R6es Page 37
MAGNA TRUST IA company limlted by 8uaranl¢e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 Reconclllatlon of net mo¥ement In fund5 to net Cash flow ffom operatSn8 a¢tivlties Group 2025 Group 2024 Net expendlture for the year las per Staternent of FlnancSal Activities) {1,056.4351 1174,2861 Adjustmentsfvr,. Depreclatlon charges Bank interest 1,381,448 {27,952) (30,3621 228,657 112 1,310.037 117,4271 30,478 46,567 {48,3621 Ilncreaselldecrease In 5tock5 Decrease In debtors Increaselldecreèsel In creditors Net cash provldedby opemtlng tiVItIeS 495,468 1,147.007 Analy$15 of cash and cash equlval•ntS Group 2025 Group 2024 Cash In hand 1.136,334 996.964 Total Cash and cash equivalents 1.136,334 996,964 30. Analysls of changes In net debt At 30 Mar¢h 2024 At 29 M•rch 2015 Cash flows Cash at bank and in hand 996.964 1244,1411 1222,367) 139,370 40,323 4,605 1.136.334 1203,8181 1217.762) Debt due wlthin l year Debt due after l year 530,456 184,Z98 714.754 Page 38
MAGhlA TRUST (A company Ilmlted by 8uaraniee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 31. Contingent liablllties The agreements relating to the terms and condilions of the original grant income which was used to fund the MaBna Project provide for potential repaymenl of the 8rant in thè eveni of default of certain conditions. Various le8al char8es over the assets of the ¢ompany have been 8ranted to the providers of grant income. In the opinion of the trustees, no Ilability is expected to arise. 32. Commercial trading operation and Investment In irading subsldlary The wholly-owned subsidiary. Ma8na Enterprises Limited, whlch Is Incorporated In the United Kingdom, pays all its profits to the charity by 8ift aid. Magna Enterprises Limited operates the caterln8, rtlail and corporate actlvities of Ihe Ma8na Sclence Adventure Centre on behalf of the company and In furtherance of Ils charltable oblectlves, The charlty owns the entire issued share capilal of 2 ordlnary shares of £1 each. A summary of the trading results are shown below: 2015 2024 Tradlnl results Turnovef 1.826,377 1,691.837 11,249.266) {1,200,424) Cost of sales and administrative expenses Profit for the year 577.111 491.413 Amount 8lfted to the charity IS35,0131 Profit retained In yearllreserye5 Utili5edl in subsidiary 85.698 143,6001 2025 2024 The assets and li¥bllitle5 of the 5ubsldlary were: Current assets I.05348 1476,735) 914,694 1423,2791 Creditors.. amounts fallin8 due wlthln one year Aggregate Share capital and reserves 577.113 491,415 CWWA If*. 331t4136do53W517070d2tyJ1dt83¢4b•7211&0f•tr•Jv•61zCslQ0IknG Page 39
MAGNA TRUST {A company15mlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 MARCH 2025 33. Flnantlal actlvlties of the tharity The consolidated 50FA includes the result5 of the wholly owned subsidiafv, Magna Enlerprises Limited. The summary financial performance of the charity alone is.. 2025 2024 Gross Incomlng resources Costs of operatlon of vlsitor attraction Governance costs 1,855,310 2.732.112 {2,956,2811 12.830.893) 132,741} 131.9051 Net incomellexpenditurel for the perlod 11,133.7121 1130,6861 Total funds brou8ht forward 5,668,524 5,799,210 Total funds carried forward 4,534,812 5,668,524 2025 2024 Represented bv: Unrestricted funds 1226,5971 4,761,409 134,172) 5,702,696 Restricted funds 4,$34.812 5,668,524 Page 40