## MAGIC BUS GLOBAL
## **Limited by Guarantee**
## **Trustees Report**
## **and Unaudited Financial Statements**
for the year ended 31 March 2022
**Registered Charity Number 1167487 Registered Company Number 9925236**
## **MAGIC BUS GLOBAL**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **INDEX**
||**Page**|
|---|---|
|**Charity information**|**1**|
|**Trustees’ report**|**2**|
|**Independentexaminer’s report**|**5**|
|**Statement of financial activities**|**6**|
|**Balance sheet**|**7**|
|**Accounting policies**|**8**|
|**Notes to the financial statements**|**10**|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **MAGIC BUS GLOBAL**
## **CHARITY INFORMATION**
## **Trustees**
Matthew Spacie Amit Bhandari Lindsay Cooper Ivan Levy Samantha Nayar Shaneen Parikh Jayant Rastogi (appointed 10 December 2021) Deval Sanghavi
## **Registered office**
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
**Registered charity number** 1167487
**Registered company number** 9925236
**Chairman** Matthew Spacie MBE
**Company Secretary** Jonathan Rawes
**Independent Examiner** Geoffrey Frost Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
## **Bankers**
CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
**Page 1**
## **MAGIC BUS GLOBAL**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **TRUSTEES’ REPORT**
The trustees, who are directors for the purposes of company law, have pleasure in presenting their annual report for the purposes of the Charities Act 2011 and Sections 415 to 419 of the Companies Act 2006, together with the accounts for the year ended 31 March 2022.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
Magic Bus Global is a charity established as a company limited by guarantee (no.9925236) which was incorporated on 21 December 2015 and registered as a charity on 6 June 2016 (no. 1167487).
The charity is governed by a memorandum and articles of association dated 21 December 2015.
The founding members of Magic Bus Global are Matthew Spacie MBE, Magic Bus India Foundation, Magic Bus UK, Magic Bus USA and Magic Bus Limited (Singapore).
- As per the Articles of Association the Magic Bus Global board is constituted as follows:
- Matthew Spacie as a founding member may nominate one trustee (who can be himself);
- each other founding member may nominate one trustee (in the case of Magic Bus India Foundation up to two trustees);
- the trustees may appoint additional trustees
## **MAGIC BUS GLOBAL – OBJECTS AND ROLE**
The objects of the charity are as follows:
‘To relieve poverty, particularly among children and young people across the globe, through promoting, providing and supporting community schemes incorporating; mentoring; education and training; enhancing employability and livelihood skills; leisure, recreation and sporting activity; and advice and information on health, equality, diversity and similar issues.’
Magic Bus Global was established as the international strategic lead and coordinating organisation within the Magic Bus global network to promote, develop, support, oversee and coordinate the delivery of Magic Bus programmes around the world. The founding members entered into a Magic Bus Global Network Agreement to record:
- the basis of their collaboration in the Magic Bus global mission;
- the proposal to establish Magic Bus Global as the central coordinating entity and the holder of Magic Bus intellectual property rights;
- the intention for Magic Bus Global to enter into an affiliation and licence agreement with each founding member (other than Matthew Spacie)
## **ACHIEVEMENTS AND PERFORMANCE**
## **Magic Bus Global Achievements in 2021/22**
In common with most other charities the Coronavirus (COVID-19) pandemic had a significant effect on the charity during the year; fundraising throughout the Magic Bus network was severely affected and the charity received no significant new donations and was thus not able to remit funds to Magic Bus in India or elsewhere to support their programmes, which were all scaled down.
Magic Bus Global started to charge fees under the terms of the affiliation and licence agreements with its founding members in connection with their operation as ‘Magic Bus’ in their respective territories and detailing the rights and obligations of the parties in relation to their membership.
Baker McKenzie (who have kindly agreed to act on a pro bono basis) continued to implement a global strategy to enhance trade mark registrations for Magic Bus Global.
**Page 2**
## **MAGIC BUS GLOBAL**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **TRUSTEES’ REPORT**
Adam Furse, Head of Organisational Development at WaterAid international, rejoined the charity as a part-time consultant supporting the smooth running of Magic Bus Global and assisting with its ongoing development; the trustees of Magic Bus Global are grateful to Adam for his contribution.
During the year Magic Bus Global, in conjunction with Magic Bus UK and Magic Bus India Foundation, ran its first FIFA21 e-sports tournament. Long-term partner Laureus Sport for Good contributed to the costs and shared some of the profits. The tournament was supported by several celebrity endorsers in India and elsewhere. Magic Bus Global paid the cost of £30,000 to the platform provider Revolution Gaming Esports and recovered this from Magic Bus UK, Magic Bus India and Laureus.
## **Trustees**
Magic Bus Global is grateful to trustees shown on page 1.
## **Public benefit**
The performance of the activities outlined in the achievements above are made in furtherance of the charity’s objectives for the public benefit.
In planning and implementing the charity’s activities, the trustees have at all times kept in mind the Charity Commission’s guidance on public benefit.
## **FINANCIAL REVIEW**
As at 31 March 2022 the charity’s total funds amounted to £582,084 (2021: £537,210) with free reserves of £97,783 (2021: £70,365).
Magic Bus Global started to charge fees arising through the individual affiliation and licence agreements signed with each Magic Bus entity (see above). The income raised through the fees covers administrative costs and will contribute to a reserve fund, the policy for which is under discussion by the Trustees and will take account of the potentially unpredictable nature of inflows into Magic Bus Global and the desire to support the expansion of Magic Bus programming into new countries.
Magic Bus Global does not make any investments.
## _**Remuneration of Executive Chair**_
During the year the Executive Chair, Matthew Spacie, relocated from India to the UK. As the founder and leader of Magic Bus, Matthew remains crucial to the progress of the charity around the world and hence specifically to Magic Bus Global. Magic Bus Global is responsible for the central strategy for all seven Magic Bus operating geographies and for coordinating and facilitating the overall budgets of each country office (the collective budget is currently around USD 20 million). Magic Bus Global requires Matthew generally to provide leadership, executive and management functions, and advice to Magic Bus Global and, indirectly, to other Magic Bus entities, and to continue to drive the global vision of Magic Bus, which serves over half a million children. It is the role of the Executive Chair to ensure that sufficient funding partnerships are facilitated and to make sure that the funds are directed into each respective country office. He has a critical role in fundraising, management, board reporting, donor relationships, culture and the implementation of programmes.
The Articles of Magic Bus Global (approved by the Charity Commission) specifically allow for Matthew to receive reasonable and proper remuneration for carrying out management, advisory and executive functions, utilising his unique knowledge, experience and expertise in relation to the Magic Bus project, for the benefit of Magic Bus Global and the best promotion of its objects. The Magic Bus Global board and Compensation Committee decided to implement this, with a provisional salary in 2021/22, payable from June 2021, of £120,000 per year. All decisions regarding Matthew’s employment status and salary are approved by the Magic Bus Global Board and the Compensation Committee and are appropriately minuted. They believe that the amount and range of work carried out by Matthew, and his unique knowledge, experience and expertise, fully justify the level of his salary, which is reasonable in all the circumstances. Since the year end the Compensation Committee has been reviewing this salary to understand that this is the correct market rate for the role described and a correction in either direction will be provided retrospectively once this benchmarking is complete.
**Page 3**
## **MAGIC BUS GLOBAL**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **TRUSTEES’ REPORT**
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The trustees (who are also directors of Magic Bus Global for the purposes of company law) are responsible for preparing the Trustees’ Annual 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, which give 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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. They are 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.
In so far as the trustees are aware:
- there is no relevant information of which the charitable company’s examiner is unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the examiner is aware of that information.
This report has been prepared having taken advantage of the small companies exemption is the Companies Act 2006.
Jonathan Rawes Secretary
15 December 2022 Date
**Page 4**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **MAGIC BUS GLOBAL**
## **INDEPENDENT EXAMINER’S REPORT**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MAGIC BUS GLOBAL**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2022 which are set out on pages 6 to 13.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Geoffrey Frost BSc(Hons) FCA For and on behalf of Blue Spire Limited 15 December 2022 Date
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
**Page 5**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **MAGIC BUS GLOBAL**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
Other trading activities
**2**
**Total**
**EXPENDITURE ON:**
Charitable activities
**3**
**Total resources expended**
**Net Income/(expenditure)**
**TRANSFERS**
Gross transfers between funds
**10**
**Net movement on funds before other gains/(losses)**
Other recognised gains/(losses) - foreign exchange
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**10**
**Total funds carried forward**
**10**|**Funds**
**£**
34,987
152,166
187,153
160,920
160,920
26,233
-
26,233
1,474
27,707
536,921
564,628
**Unrestricted**|**Restricted**
**Funds**
**£**
18,697
-
18,697
1,530
1,530
17,167
-
17,167
-
17,167
289
17,456|**2022**
**Total**
**Funds**
**£**
53,684
152,166
205,850
162,450
162,450
43,400
-
43,400
1,474
44,874
537,210
582,084|**2021**
**Total**
**Funds**
**£**
19,969
-|
|---|---|---|---|---|
|||||19,969|
|||||14,658|
|||||14,658|
|||||5,311
-|
|||||5,311
-|
|||||5,311
531,899|
|||||537,210|
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
**Page 6**
## **MAGIC BUS GLOBAL**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **BALANCE SHEET AS AT 31 MARCH 2022**
|**Note**
**FIXED ASSETS**
Intangible assets
**7**
**CURRENT ASSETS**
Debtors - Trade debtors
Debtors - Prepayments
Cash at hand and in bank
**Total current assets**
**CURRENT LIABILITIES**
Creditors: amounts falling due within one year
**8**
**Net current assets/(liabilities)**
**Net assets/(liabilities)**
**THE FUNDS OF THE CHARITY**
**Restricted funds**
**10**
Intangible asset fund
General fund
**Total unrestricted funds**
**10**
**Total charity funds**
**10**|**£**
**£**
466,845
466,845
144,331
-
11,068
155,399
40,160
115,239
582,084
17,456
466,845
97,783
564,628
582,084
**2022**|**£**
**£**
466,845
466,845
-
6,763
65,102
71,865
1,500
70,365
537,210
289
466,845
70,076
536,921
537,210
**2021**|**£**
**£**
466,845
466,845
-
6,763
65,102
71,865
1,500
70,365
537,210
289
466,845
70,076
536,921
537,210
**2021**|
|---|---|---|---|
||||537,210|
||||289
536,921|
||||537,210|
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime.
The notes on pages 10 to 13 form part of these financial statements.
Approved by the trustees and signed on their behalf.
Matthew Spacie Trustee
15 December 2022
Date
Magic Bus Global Company Number: 9925236 Charity Number: 1167487
**Page 7**
## **MAGIC BUS GLOBAL**
## UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **ACCOUNTING POLICIES**
## **General information, scope and basis of the financial statements**
Magic Bus Global is a registered charity, established as a company limited by guarantee in England with the company number 9925236. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered and principal office is given in the charity information page of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 , UK Generally Accepted Accounting Practice and the provisions for small entities under FRS 102 1A and therefore do not include a statement of cash flows.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Income**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Income from trading activities includes income earned from affiliation fees charged to raise funds for the charity and is recognised when entitlement has occurred.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
## **Expenditure**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
It is categorised under the following headings:
- Raising funds; includes costs associated with seeking donations and fundraising events and initiatives
- Charitable activities; includes all costs incurred in undertaking activities that further the charity's aims for the benefit of beneficiaries
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
## _Governance costs_
Governance costs are any costs associated with the strategic as opposed to day-to-day management of the charity’s activities. These costs include the cost of any administrative support provided to the trustees such as external audit, legal advice for trustees and costs associated with constitutional and statutory requirements.
## **Foreign currency**
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
## **VAT**
The charity is not registered for VAT and cannot therefore recover any VAT incurred on expenditure. Irrecoverable VAT is accounted for within the expenditure category to which the underlying costs relate.
**Page 8**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **MAGIC BUS GLOBAL**
## **ACCOUNTING POLICIES**
## **Taxation**
The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in sections 466 to 493 Corporation Tax Act 2010 (CTA 2010), as such no income tax is payable on the Charity's activities.
## **Intangible assets - other**
Acquired intangible assets are recognised at cost and amortised on a straight line basis over their useful lives with impairment provided as required. No impairment has been included in these accounts on the basis any impairment would be immaterial.
## **Debtors and creditors receivable / payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Cash and cash equivalents**
Cash and cash equivalents includes cash at bank and in hand available for the charity's use.
## **Funds**
## _Unrestricted funds_
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
## _Restricted funds_
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
**Page 9**
## **MAGIC BUS GLOBAL**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
|**1. Donations and legacies**
**Unrestricted**
**Funds**
**£**
Donations
34,987
34,987
**2. Other trading activities**
**Unrestricted**
**Funds**
**£**
Affiliation fees
152,166
152,166
**3. Charitable activities**
**Unrestricted**
**Funds**
**£**
Gross wages
100,000
Employers' national insurance
12,580
e-Sports event costs
30,000
Seconded staff / Consultancy fees
-
Bank charges
114
Travel expenses
4,000
Legal fees
11,947
Insurance
763
Other office costs
16
Support costs (see note 3)
1,500
160,920
**4. Support costs**
**Unrestricted**
**Funds**
**£**
Governance costs:
Independent examiner's remuneration
1,500
1,500
**5. Independent examiner's' remuneration**
**Unrestricted**
**Funds**
**£**
Examination
1,500
Other services
-
1,500|**Restricted**
**Funds**
**£**
18,697
18,697
**Restricted**
**Funds**
**£**
-
-
**Restricted**
**Funds**
**£**
-
-
-
1,530
-
-
-
-
-
-
1,530
**Restricted**
**Funds**
**£**
-
-
**Restricted**
**Funds**
**£**
-
-
-|**2022**
**Total**
**Funds**
**£**
53,684
53,684
**2022**
**Total**
**Funds**
**£**
152,166
152,166
**2022**
**Total**
**Funds**
**£**
100,000
12,580
30,000
1,530
114
4,000
11,947
763
16
1,500
162,450
**2022**
**Total**
**Funds**
**£**
1,500
1,500
**2022**
**Total**
**Funds**
**£**
1,500
-
1,500|**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
-
-
**Unrestricted**
**Funds**
**£**
-
-
-
-
70
-
4,458
595
13
1,650
6,786
**Unrestricted**
**Funds**
**£**
1,650
1,650
**Unrestricted**
**Funds**
**£**
1,500
150
1,650|**Restricted**
**Funds**
**£**
19,969
19,969
**Restricted**
**Funds**
**£**
-
-
**Restricted**
**Funds**
**£**
-
-
-
7,872
-
-
-
-
-
-
7,872
**Restricted**
**Funds**
**£**
-
-
**Restricted**
**Funds**
**£**
-
-
-|**2021**
**Total**
**Funds**
**£**
19,969|
|---|---|---|---|---|---|
||||||19,969|
||||||**2021**
**Total**
**Funds**
**£**
-|
||||||-|
||||||**2021**
**Total**
**Funds**
**£**
-
-
-
7,872
70
-
4,458
595
13
1,650|
||||||14,658|
||||||**2021**
**Total**
**Funds**
**£**
1,650|
||||||1,650|
||||||**2021**
**Total**
**Funds**
**£**
1,500
150|
||||||1,650|
**Page 10**
## **MAGIC BUS GLOBAL**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
## **6. Wages and salaries and related party transactions**
|**6. Wages and salaries and related party transactions**|||
|---|---|---|
|Gross wages
Employer's national insurance costs
Staff numbers:
Average head count|**2022**
**Total**
**Funds**
**£**
100,000
12,580
112,580
**2022**
**Total**
1|**2021**
**Total**
**Funds**
**£**
-
-|
|||-|
|||**2021**
**Total**
-|
One employee, a trustee of the charity who represents the charity's key management personnel, had emoluments (excluding employer pension costs) above £60,000 in the year in the range £100,000 to £110,000 with none in the comparative year. Total employee benefits received by the charity's key management personnel was £112,580. These employee benefits are authorised under clause 4.6 of the charity's governing document.
In the comparative year the charity had no employees with ongoing oversight provided by the trustees with a project manager seconded from another charitable organisation with associated costs set out in note 2.
During the year under review the charity's key management personnel had travel, subsistence and other costs incurred in the fulfilment of their duties reimbursed or paid on their behalf amounting to £4,000.
There were no other related party transactions during the period under review. Other than noted above, the director trustees received no remuneration nor were they reimbursed expenses during the period. The arrangements with Magic Bus UK, Magic Bus India, Magic Bus USA and Magic Bus Singapore are explained in the Trustees' Report and, whilst the relationships are clearly a close one, the directors of Magic Bus Global are entirely independent of Magic Bus UK, Magic Bus India, Magic Bus USA and Magic Bus Singapore, as well as Magic Bus Germany, which are not therefore related parties for the purpose of these accounts.
## **7. Intangible fixed assets**
|**7. Intangible fixed assets**|||
|---|---|---|
|_Cost_
At 1 April 2021
Additions
Disposals
At 31 March 2022
_Amortisation_
At 1 April 2021
Charge for the year
On disposals
At 31 March 2022
Net book value at 31 March 2022
Net book value at 31 March 2021|**Other**
**£**
466,845
-
-
466,845
-
-
-
-
466,845
466,845|**Total**
**£**
466,845
-
-|
|||466,845|
|||-
-
-|
|||-|
|||466,845|
|||466,845|
**Page 11**
## **MAGIC BUS GLOBAL**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
## **8. Creditors: amounts falling due within one year**
|Net wages
Other taxes and social security
Accruals - Professional fees
Accruals - Consultants fees|**Unrestricted**
**Funds**
**£**
35,550
1,580
1,500
1,530
40,160|**Restricted**
**Funds**
**£**
-
-
-
-
-|**2022**
**Total**
**Funds**
**£**
35,550
1,580
1,500
1,530
40,160|**Unrestricted**
**Funds**
**£**
-
-
1,500
-
1,500|**Restricted**
**Funds**
**£**
-
-
-
-
-|**2021**
**Total**
**Funds**
**£**
-
-
1,500
-|
|---|---|---|---|---|---|---|
|||||||1,500|
## **9. Analysis of net assets between funds**
|Net current assets/(liabilities)|**Unrestricted**
**Funds**
**£**
564,628
564,628|**Restricted**
**Funds**
**£**
17,456
17,456|**2022**
**Total**
**Funds**
**£**
582,084
582,084|**Unrestricted**
**Funds**
**£**
536,921
536,921|**Restricted**
**Funds**
**£**
289
289|**2021**
**Total**
**Funds**
**£**
537,210|
|---|---|---|---|---|---|---|
|||||||537,210|
## **10. Analysis of net movement in funds**
|_Restricted funds_
Seconded staff / Consultants fees
Total restricted funds
_Unrestricted funds_
Intangible asset fund
General fund
Total unrestricted funds
Total funds
_Restricted funds_
Seconded staff / Consultants fees
Total restricted funds
_Unrestricted funds_
Intangible asset fund
General fund
Total unrestricted funds
Total funds|**Total funds**
**brought**
**forward**
**£**
289
289
466,845
70,076
536,921
537,210
**Total funds**
**brought**
**forward**
**£**
-
-
466,845
65,054
531,899
531,899|**Total**
**incoming**
**resources**
**£**
18,697
18,697
-
187,153
187,153
205,850
**Total**
**incoming**
**resources**
**£**
19,969
19,969
-
-
-
19,969|**Total**
**Transfers**
**resources**
**between**
**expended**
**funds**
**£**
**£**
(1,530)
-
(1,530)
-
-
-
(160,920)
-
(160,920)
-
(162,450)
-
**Total**
**Transfers**
**resources**
**between**
**expended**
**funds**
**£**
**£**
(7,872)
(11,808)
(7,872)
(11,808)
-
-
(6,786)
11,808
(6,786)
11,808
(14,658)
-
**Year ended 31 March 2022**
**Year ended 31 March 2021**|**Foreign**
**exchange**
**gains/(losses)**
**£**
-
-
-
1,474
1,474
1,474
**Foreign**
**exchange**
**gains/(losses)**
**£**
-
-
-
-
-
-|**Total funds**
**carried**
**forward**
**£**
17,456|
|---|---|---|---|---|---|
||||||17,456|
||||||466,845
97,783|
||||||564,628|
||||||582,084|
||||||**Total funds**
**carried**
**forward**
**£**
289|
||||||289|
||||||466,845
70,076|
||||||536,921|
||||||537,210|
**Page 12**
## **MAGIC BUS GLOBAL**
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
## **NOTES TO THE FINANCIAL STATEMENTS**
## **11. Description of restricted funds**
Seconded staff / Consultants fees Funds received to cover the costs of seconded staff and consultants used by the charity.
## **12. Legal status**
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is £10.
## **13. Comparative statement of financial activities**
|**Note**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**1**
**Total**
**EXPENDITURE ON:**
Charitable activities
**2**
**Total resources expended**
**Net Income/(expenditure)**
**TRANSFERS**
Gross transfers between funds
**9**
**Net movement in funds**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**9**
**Total funds carried forward**
**9**|**Unrestricted**
**Funds**
**£**
-
-
6,786
6,786
(6,786)
11,808
5,022
531,899
536,921|**Restricted**
**Funds**
**£**
19,969
19,969
7,872
7,872
12,097
(11,808)
289
-
289|**2021**
**Total**
**Funds**
**£**
19,969|
|---|---|---|---|
||||19,969|
||||14,658|
||||14,658|
||||5,311
-|
||||5,311
531,899|
||||537,210|
**Page 13**