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← Magic Bus Global

2024-03-31-accounts

MAGIC BUS GLOBAL

Limited by Guarantee

Trustees Report

and Unaudited Financial Statements

for the year ended 31 March 2024

Registered Charity Number 1167487 Registered Company Number 9925236

MAGIC BUS GLOBAL

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

INDEX

Page
Charity information 1
Trustees’ report 2
Independent examiner’s report 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Accounting policies 10
Notes to the financial statements 12

MAGIC BUS GLOBAL

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

CHARITY INFORMATION

Trustees

Matthew Spacie Amit Bhandari Lindsay Cooper Ivan Levy Clive Lewis (appointed 13 November 2023) Samantha Nayar (resigned 30 May 2024) Shaneen Parikh Jayant Rastogi 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 2024

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 2024.

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:

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:

ACHIEVEMENTS AND PERFORMANCE

Magic Bus Global Achievements in 2023/24

During the year Magic Bus Global, in its role as providing organisation strategy, governance and sustainability, made good progress in strengthening and extending governance procedures and processes throughout the Magic Bus entities, including

Page 2

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

MAGIC BUS GLOBAL

TRUSTEES’ REPORT

In carrying out its functions Magic Bus Global continued to benefit from substantial donations from Magic Bus USA. whose ultimate source was Lost Horse LLC, a Donor Advised Fund in the USA, sponsored by Silicon Valley Community Fund and funded by an individual philanthropist, McKenzie Scott. This enabled it to carry out its charitable purposes, including its activities providing organisation strategy, governance and sustainability, and global programmes for all Magic Bus entities. After the year end a further substantial donation was received by the charity from the same source and further amounts are anticipated over the next two years.

In November 2023 Magic Bus Global signed a Memorandum of Understanding with the Sir Horace Kadoorie International Foundation providing for generous funding disbursements over a three-year period to support a young persons’ life skills education project in the Rangpur division of Bangladesh. Magic Bus Global signed an agreement with its joint venture partner in Bangladesh, Eco Social Development Organisation (ESDO) for the implementation of this project.

Magic Bus Global made substantial donations to Magic Bus India Foundation for programmes in India from funds ultimately raised by Magic Bus in Singapore.

Magic Bus Global continued 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.

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

The charity’s total income for the year under review was £694,336 (2023: £842,587), consisting of affiliation fee income of £45,457 (2023: £42,588), bank interest of £5,366 (2023: £276) and donations of £643,513 (2023: £799,723). Affiliation income was repayable in the amount of £nil (2023: £132,044) giving reported income of £694,336 (2023: £710,543).

As detailed above, during the year the charity:

During the 2024/25 year Magic Bus Global plans to utilise a sizeable part of the McKenzie Scott funds for investment in global programmes, on the running costs of fundraising entities and in hiring and remunerating a global Chief of Philanthropy, reporting to the Executive Chair.

Page 3

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

MAGIC BUS GLOBAL

TRUSTEES’ REPORT

Magic Bus Global continued to charge fees arising through the individual affiliation and licence agreements signed with each Magic Bus entity (see above). These affiliation fees together with the substantial funding received, referred to above, have significantly increased the charity’s reserves. At the time of writing this report the trustees are undertaking a review of the reserves policy, taking into account the unpredictable nature of income and future strategic plans with a desire to support the expansion of Magic Bus programming into new countries.

Magic Bus Global did not make any investments during the year. As an extension of the review of the policy on reserves and strategic plans the trustees are giving consideration to investing funds not required in the short term.

As at 31 March 2024 the charity’s total funds amounted to £941,530 (2023: £716,382) with free reserves of £426,821 (2023: £233,904).

Remuneration of Executive Chair

As the founder and leader of Magic Bus, the Executive Chair, Matthew Spacie, 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 sizeable overall budgets of each country office. 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. It is a full time role with significant time and personal commitment.

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. All decisions regarding Matthew’s employment status and salary are approved by the Magic Bus Global Board and the Compensation Committee (excluding Matthew’s voting and after independent consideration) and are appropriately minuted.

Under Matthew’s remuneration package and employment contract, during 2023/24 Matthew was paid in total £215,192, comprised of salary of 180,542, plus a £34,650 performance bonus payable in relation to 2022/23, it being agreed that Matthew had satisfied the performance criteria for this.

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:

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:

Page 4

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

MAGIC BUS GLOBAL

TRUSTEES’ REPORT

This report has been prepared having taken advantage of the small companies exemption in the Companies Act 2006.

Jonathan Rawes Secretary

01 November 2024 Date

Page 5

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 2024 which are set out on pages 7 to 16.

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

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 Date[04 November 2024]

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Page 6

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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
Investments - bank interest
Total
EXPENDITURE ON:
Charitable activities
3
Total resources expended
Net Income/(expenditure)
TRANSFERS
Gross transfers between funds
11
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
11
Total funds carried forward
11		 Funds
£
571,008
45,457
5,366
621,831
428,014
428,014
193,817
-
193,817
(900)
192,917
700,749
893,666
Unrestricted		 Restricted
Funds
£
72,505
-
-
72,505
40,274
40,274
32,231
-
32,231
-
32,231
15,633
47,864		 2024
Total
Funds
£
643,513
45,457
5,366
694,336
468,288
468,288
226,048
-
226,048
(900)
225,148
716,382
941,530		 2023
Total
Funds
£
799,723
(89,456)
276
710,543
559,012
559,012
151,531
-
151,531
(17,233)
134,298
582,084
716,382

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 7

MAGIC BUS GLOBAL

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

BALANCE SHEET AS AT 31 MARCH 2024

2024 2023
Note £ £ £ £
FIXED ASSETS
Intangible assets 7 466,845 466,845
466,845 466,845
CURRENT ASSETS
Debtors - Trade debtors 8 43,104 21,790
Debtors - Net wages 8 7,583 -
Cash at hand and in bank 465,998 250,564
Total current assets 516,685 272,354
CURRENT LIABILITIES
Creditors: amounts falling due within one year 9 42,000 22,817
Net current assets/(liabilities) 474,685 249,537
Net assets/(liabilities) 941,530 716,382
THE FUNDS OF THE CHARITY
Restricted funds 11 47,864 15,633
Intangible asset fund 466,845 466,845
General fund 426,821 233,904
Total unrestricted funds 11 893,666 700,749
Total charity funds 11 941,530 716,382

For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

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 accompanying notes form part of these financial statements.

Approved by the trustees and signed on their behalf.

Matthew Spacie Trustee

01 November 2024 Date

Magic Bus Global Company Number: 9925236 Charity Number: 1167487

Page 8

MAGIC BUS GLOBAL

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

STATEMENT OF CASH FLOWS

Note
£
£
Net cash flow from operating activities (see below)
210,068
Cash flow from investing activities
Investment income
5,366
Net cash flow from investing activities
5,366
Net increase/(decrease) in cash and cash equivalents
215,434
Cash and cash equivalents at 1 January
250,564
Cash and cash equivalents at 31 December
465,998
Cash and cash equivalents consist of:
Cash at bank and in hand
465,998
Cash and cash equivalents at 31 December
465,998
Reconciliation of net income to net cash flow from operating activities
£
£
Net income for the period
226,048
Adjusted for:
Investment income
(5,366)
Gains/(losses) on foreign exchange
(900)
Decrease/(increase) in debtors
(28,897)
Increase/(decrease) in creditors
19,183
(15,980)
210,068
2024
2024		 £
£
239,220
276
239,496
11,068
250,564
250,564
250,564
£
£
151,531
(276)
(17,233)
122,541
(17,343)
87,689
239,220
2023
276
2023		 £
£
239,220
276
239,496
11,068
250,564
250,564
250,564
£
£
151,531
(276)
(17,233)
122,541
(17,343)
87,689
239,220
2023
276
2023
239,220

Page 9

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

MAGIC BUS GLOBAL

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 10

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 11

MAGIC BUS GLOBAL

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies
Donations
2. Other trading activities
Affiliation fees
3. Charitable activities
Transfers to India for projects
Transfers to Singapore
Transfers to Bangladesh
Gross wages
Employers' national insurance
Consultancy and administration
e-Sports event costs
Bank charges
Travel expenses
Legal fees
Insurance
Other office costs
Advertising & Marketing
Other fundarising costs
Sundry costs
Support costs (see note 4.)		 Unrestricted
Funds
£
571,008
571,008
Unrestricted
Funds
£
45,457
45,457
Unrestricted
Funds
£
127,000
36,870
-
215,192
28,441
-
-
96
4,287
5,341
930
1,455
3,108
420
1,034
3,840
428,014		 Restricted
Funds
£
72,505
72,505
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
40,274
-
-
-
-
-
-
-
-
-
-
-
-
-
40,274		 2024
Total
Funds
£
643,513
643,513
2024
Total
Funds
£
45,457
45,457
2024
Total
Funds
£
127,000
36,870
40,274
215,192
28,441
-
-
96
4,287
5,341
930
1,455
3,108
420
1,034
3,840
468,288		 Unrestricted
Funds
£
799,723
799,723
Unrestricted
Funds
£
(89,456)
(89,456)
Unrestricted
Funds
£
234,023
-
-
242,375
34,001
5,572
15,500
157
4,716
18,241
1,104
-
-
-
-
1,500
557,189		 Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
-
-
-
1,823
-
-
-
-
-
-
-
-
-
-
1,823		 2023
Total
Funds
£
799,723
799,723
2023
Total
Funds
£
(89,456)
(89,456)
2023
Total
Funds
£
234,023
-
-
242,375
34,001
7,395
15,500
157
4,716
18,241
1,104
-
-
-
-
1,500
559,012

4. Support costs

Governance costs:
Independent examiner's remuneration
Other services		 Unrestricted
Funds
£
1,500
2,340
3,840		 Restricted
Funds
£
-
-
-		 2024
Total
Funds
£
1,500
2,340
3,840		 Unrestricted
Funds
£
1,500
-
1,500		 Restricted
Funds
£
-
-
-		 2023
Total
Funds
£
1,500
-
1,500

Page 12

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

MAGIC BUS GLOBAL

NOTES TO THE FINANCIAL STATEMENTS

5. Independent examiner's' remuneration

Examination Unrestricted
Funds
£
1,500
1,500		 Restricted
Funds
£
-
-		 2024
Total
Funds
£
1,500
1,500		 Unrestricted
Funds
£
1,500
1,500		 Restricted
Funds
£
-
-		 2023
Total
Funds
£
1,500
1,500

6. Wages and salaries and related party transactions

Gross wages
Employer's national insurance costs
Staff numbers:
Average head count		 2024
Total
Funds
£
215,192
28,441
243,633
2024
Total
1		 2023
Total
Funds
£
242,375
34,001
276,376
2023
Total
1

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 £210,000 to £220,000 (2023: £240,000 to £250,000) . Total employee benefits received by the charity's key management personnel was £243,633 (2023: £276,376). These employee benefits are authorised under clause 4.6 of the charity's governing document.

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 £5,742 (2023: £1,968).

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 they do not constitute related parties for the purpose of these accounts.

7. Intangible fixed assets

Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Amortisation
At 1 April 2023
Charge for the year
On disposals
At 31 March 2024
Net book value at 31 March 2024
Net book value at 31 March 2023		 Other
£
466,845
-
-
466,845
-
-
-
-
466,845
466,845		 Total
£
466,845
-
-
466,845
-
-
-
-
466,845
466,845

Page 13

MAGIC BUS GLOBAL

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

8. Debtors

8. Debtors
Net wages
Debtors control		 Unrestricted
Funds
£
7,583
43,104
50,687		 Restricted
Funds
£
-
-
-		 2024
Total
Funds
£
7,583
43,104
50,687		 Unrestricted
Funds
£
-
21,790
21,790		 Restricted
Funds
£
-
-
-		 2023
Total
Funds
£
-
21,790
21,790
9. Creditors: amounts falling due within one year
Unrestricted
Funds
£
Other taxes and social security
40,140
Accruals - Professional fees
-
Accruals - IE's fees
1,500
Accounts payable
360
42,000		 Restricted
Funds
£
-
-
-
-
-		 2024
Total
Funds
£
40,140
-
1,500
360
42,000		 Unrestricted
Funds
£
21,317
1,500
-
-
22,817		 Restricted
Funds
£
-
-
-
-
-		 2023
Total
Funds
£
21,317
1,500
-
-
22,817
10. Analysis of net assets between funds
Unrestricted
Funds
£
Net current assets/(liabilities)
893,666
893,666		 Restricted
Funds
£
47,864
47,864		 2024
Total
Funds
£
941,530
941,530		 Unrestricted
Funds
£
700,749
700,749		 Restricted
Funds
£
15,633
15,633		 2023
Total
Funds
£
716,382
716,382

Page 14

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

MAGIC BUS GLOBAL

NOTES TO THE FINANCIAL STATEMENTS

11. Analysis of net movement in funds

Restricted funds
Equipping Young People
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
£
-
15,633
15,633
466,845
233,904
700,749
716,382
Total funds
brought
forward
£
17,456
17,456
466,845
97,783
564,628
582,084		 Total
incoming
resources
£
53,249
19,256
72,505
-
621,831
621,831
694,336
Total
incoming
resources
£
-
-
-
710,543
710,543
710,543		 Total
Transfers
resources
between
expended
funds
£
£
(40,274)
-
-
-
(40,274)
-
-
-
(428,014)
-
(428,014)
-
(468,288)
-
Total
Transfers
resources
between
expended
funds
£
£
(1,823)
-
(1,823)
-
-
-
(557,189)
-
(557,189)
-
(559,012)
-
Year ended 31 March 2024
Year ended 31 March 2023		 Foreign
exchange
gains/(losses)
£
-
-
-
-
(900)
(900)
(900)
Foreign
exchange
gains/(losses)
£
-
-
-
(17,233)
(17,233)
(17,233)		 Total funds
carried
forward
£
12,975
34,889
47,864
466,845
426,821
893,666
941,530
Total funds
carried
forward
£
15,633
15,633
466,845
233,904
700,749
716,382

12. Description of restricted funds

Equipping Young People

Funds received to support the Equipping Young People from Marginalised Communities of the Lalmonirhat District in Rangpur Division of Bangladesh with Life Skills Education. The project is being delivered by ESDO with funding received from Sir Horace Kadoorie International Foundation.

Seconded staff / Consultants fees

Funds received to cover the costs of seconded staff and consultants used by the charity.

13. 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.

Page 15

MAGIC BUS GLOBAL

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE FINANCIAL STATEMENTS

14. Comparative statement of financial activities
Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Other trading activities
2
Investments - bank interest
Total
EXPENDITURE ON:
Charitable activities
3
Total resources expended
Net Income/(expenditure)
TRANSFERS
Gross transfers between funds
11
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
11
Total funds carried forward
11		 Unrestricted
Funds
£
799,723
(89,456)
276
710,543
557,189
557,189
153,354
-
153,354
(17,233)
136,121
564,628
700,749		 Restricted
Funds
£
-
-
-
-
1,823
1,823
(1,823)
-
(1,823)
-
(1,823)
17,456
15,633		 2023
Total
Funds
£
799,723
(89,456)
276
710,543
559,012
559,012
151,531
-
151,531
(17,233)
134,298
582,084
716,382

Page 16