CHARITY NUMBER 1184664
MAGSONS FOUNDATION
UNAUDITED TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
MAGSONS FOUNDATION
CONTENTS
| Reference and administrative details of the Charity and its Trustees | 1 |
|---|---|
| Trustees’ Report | 2 - 3 |
| Income and expenditure statement | 4 |
| Statement of assets and liabilities | 5 |
| Notes to the financial statements | 6 - 10 |
MAGSONS FOUNDATION
CHARITY INFORMATION
Reference and Administrative Information
Charity name Magsons Foundation Charity registration number 1184664 Principal Office Unit 19 Wainwright Street Aston Birmingham B6 5TJ
The Board of Trustees
H Nathwani (Chairman) S Saba S Ramachanattu
1
MAGSONS FOUNDATION
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 JULY 2024
The Trustees present their annual report together with the financial statements of the Magsons Foundation (the charity) for the period ended 31 July 2024. The Trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities”.
STRUCTURE GOVERNANCE AND MANAGEMENT
Constitution
The charity was registered with the Charity Commission on 30 July 2019. The registered charity number is 1184664.
Method of appointment or election of trustees
Trustees are elected by existing Trustees.
Organisation structure and decision making
The day to day management of the charity is undertaken by the Chairman and Treasurer. The charity is governed by its Board of Trustees which is responsible for formulating the strategies and policies of the charity.
The Trustees who served during the year were: H Nathwani (Chairman) S Saba S Ramachanattu
Risks
The Trustees have identified the major risks to which the charity is exposed and have implemented systems and procedures to manage those risks.
OBJECTIVES AND ACTIVITIES
Objectives
The charity’s objectives are to make grants for the benefit of the advancement of health or saving of lives disability and the prevention of relief of poverty.
The Trustees confirm that they have complied with their duties within 2011 Charities Act and have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.
Activities
During the period the charity received donations from individuals to make grants to a charity based in Africa.
The Foundation benefited from personal donations and grants from public and private organisations.
2
MAGSONS FOUNDATION
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 JULY 2024
FINANCIAL REVIEW
Incoming resources for the year were £8,993. Resources expended were £32,118. Net loss for the year was £23,125. The net assets of the charity were £21,461.
Reserves Policy
The charity has a reserve policy to retain £10,000 for use as emergency funding which may be used to fulfil commitments where there is a shortfall.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity 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
-
Make judgements and estimates that are reasonable and prudent
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
-
Prepare the financial statements on the grind concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Trustees on 11 April 2025 and signed on their behalf by:
H Nathwani Chairman
3
MAGSONS FOUNDATION INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Not• Unrgstrlct•d lunds 2024 1023 fund Total Total Income frorn.. Donations Charitable actiwties Other 8,993 8.993 15,130 96 8.993 8,993 15,426 Expenditure gn- Charitable actiwtes 32,118 32,118 33,686 32.118 32.118 33,686 Net lexpenditurel / income fortheyear 23.1251 23.1251 118,2601 Re¢onGiliation of funds Total fund5 brought forward 44.586 44,586 62,846 Fund balanc49 atth* •nd of th• ygar 21,461 21,461 44,586
MAGSONS FOUNDATION
STATEMENT OF ASSETS AND LIABILITIES
FOR THE YEAR ENDED 31 JULY 2024
The notes on pages 6 to 10 form part of the financial statements.
Approved by the Board of Trustees on 11 April 2025 and signed on its behalf by:
H Nathwani Chairman
5
MAGSONS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
1 Principal accounting policies
Basis of preparation
Magsons Foundation is an unincorporated charity in the United Kingdom. The principal office is given in the charity information page of these financial statements. The nature of the charities operations is to make grants to organisations for general charitable purposes of the advancement of health or saving of lives disability and the prevention of relief of poverty.
The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared on a receipts and payments basis.
The financial statements are prepared in sterling which is the functional currency of the charity.
Fund accounting
Restricted funds
Restricted funds represents grants and donations which are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
Unrestricted and designated funds
Unrestricted funds represent funds that are expendable at the discretion of the Trustees in the furtherance of the objects of the charitable entity. Such funds may be held in order to finance both working capital and capital investment. Designated funds are those which are unrestricted in nature but which have been designated by the Trustees to be used in a particular manner.
Magsons Foundation has a reserve policy to retain £10,000 in sums as emergency funding, but if a commitment has been made to another charity then the emergency funds may be used to fulfil such commitments.
6
MAGSONS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Incoming resources and resources expended
All incoming resources and resources expended are included in the income and expenditure account and recognised on a receipts and payments basis.
Charitable expenditure comprises those costs incurred by the charitable entity in the delivery of its activities and services for its beneficiaries.
Support costs include those costs associated with meeting the constitutional and statutory requirements of the charitable entity and include accountancy fees and costs linked to the strategic management of the charitable entity.
All costs are allocated between the expenditure categories in the income and expenditure statement on a basis designed to reflect the use of the resource. Costs relating to a particular activity comprise both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
2 Donations
Of the above income, £8,993 (2023 - £15,330) was attributable to unrestricted funds and £Nil (2023 - £Nil) was attributable to restricted funds.
7
MAGSONS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
3 Total resources expended
Of the above expenditure, £32,118 (2023 - £33,686) was attributable to unrestricted funds and £Nil (2023 - £Nil) was attributable to restricted funds.
4 Trustee and key management personnel and remuneration and expenses
No trustee received any remuneration during the year.
No trustee or any other person related to the charitable entity had any personal interest in any contract or transaction entered into by the charitable entity in the year.
5 Funds
There were no restricted funds during the period.
8
MAGSONS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
5a Funds – Prior year
There were no restricted funds during the period.
6 Analysis of net assets between funds
9
MAGSONS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
6a Analysis of net assets between funds – Prior year
- 7 Related party transactions
There are no related party transactions to note.
10