Charity registration number: 12(M>867 MAGS Charitable Trust Annual Report and Fitwicial Statements for the pwiod from l November 2022 to 31 January 2024 Horn¢ Brooke Shenton Chartered Accountants 15 Olympic Court Boardmans Way Whitehills Business PaTk Blackpool FY4 5GU
MAGS Charitable Trusl Contents (Continued) Refer¢t)¢¢ and Administrative Details Tntees, Report 2103 Staternent of Tntees, Responsibilities Indendent Examinerfs Report Statement of Finan¢ial A¢tivities Balance Sheet Notes to the Financial Ststements 8t014
MAGS Charitable Trust Reference and Administrative Detsils Cbairmn Mr Peter FaTrell Trnstees Mr PeteT Farrell Mr Andrew Jxmes Bndish Mr Roger Arthur Pursglove Senior Management l Leadership Mr Tim Murphy, DAallager Tea] Charity Registra¢lon Number 1200867 Prin¢ipl OftTre l Rosewood Close Thorntonlleveleys Lanca%hire FY5 4EW Independent Examiner Horne Brooke Shenton Chartered Accountants 15 Olympic Court Boarthnans Way 1vh111IS Business Park Blackpool FY4 5GU BaDkers Virgin Money London Pl&dIllY Circ* 7 Gold Street Northarnption Northamptionshire NNI IEN Page I
MAGS Charitable Trnst Trusteesl Report The trnstees PT¢sent the annual report together with the fiDaDcial ststements of the Charity for the period ended 31 January 2024. Try5t¢¢s #nd orfieers The nusiees and oificers seTYing during the year and Since th¢ year end were as follows.. Trustee5.' Mr Peter Farrell {appointed l November 2022) Mr An(trew James BNndish (apwinted l November 2022) Mr Roger Arthur Pursglove (appointed l November 2022) Chairnian.. Mr P¢teT Farrell (appointed l November 2022) Mr Tim MuTphy. Manager Senior Management l Leadership Team.. Chair's Report: MAGS Charitable Tnjsl is managed by its Trustees and Tn Manager. R¢guIaT commurticaiions are kept betsyeen them alld for1 meetings held and do¢umenwl p¢riodically a5 required. The Chair of Trustees calls and manages meetings with the Trustees and with all the Volunteers. There are currently 27 volunteers made up of Trustees Skippers, Crew and other helpers. No new tsusie¢s have been appointed Since the charAry was started. New trust¢¢s will be recrnited by the existing truste¢s approaching current volunteers to request new Istee, a5 and when required. Day to day a¢tivities, including managing finan¢¢5, Ert>okitigs and organising crew to support bogkitigs are managed by the Trust Manager who report5 to the Tntstees. SktppeTs and Crew aT¢ trailled on th¢ job. Skippers start as Crew and go through more extensive trdiThing and fornnl assessment to attain a reColse level of competence to skipp¢r a boat on inland waterways carryitig up to 12 persons. Boat bookings are always staffed by one trained and qualified Skipw and one Crew as a minimum. The boat activities are all perfornied by volunteer Skippws alld Crew. All the Trnstees as well as the Manager are also volunteer Skippers and help support th¢ day-tithy operations and maintenance of the boats. Without the dedi¢ation and support of all the Volunt¢¢rs, regardless of the role each plays, the canal boat project would not be the success it is. All of the peopl¢ who use the boats enjoy it and gain a lot of health and wellbeing ben¢fits from it. This is reflected in the f¢¢dback we get from our visitors, and is a testament to all the Volunteers involved who passionatety and freely give up their time and ¢xpertise to provide this wonder1 experience for $0 many. The TSte¢S would like to thank all our V(Trlut)teers and anyone who help5 in 8ny way for their continued support and dedication to make this canal boat project the success it is today. There is no thher facility like it on the LaaSter Canal aDd everyone should be very proud of the difference they make to so nlY people. Objeetiv¢$ and 4etlvlties Objeets and4iinLY The objective of MAGS Charitsble Trust is the relief of thos¢ in need by reason of youd4 age, ill heatt disability fll)an¢ial hardship or other disadvantage for the public benefii in the United Kingdom by the provision of affordable respite breaks on specially adapted boats. Our purpo$¢ is to provide affordable, rel&xing and enjoyable canal boat experience to ow guests who would Th)t othenvise be able to enjoy without access to a boat that acwmrnodates their needs. To satisfy ow purpose and meet these objectives, our volunteers have op¢rdted our purpose built wide beam canal boat on the Lancaster Canal, taking families and groups, who have medically diagnosed special ne¢d5, disabilities, poor mobility or long-terni ilinesses on day trips or mini breaks on l)oard one of our canal boats. We have No boats foi this purpose. "Margaret Kane" is Primarily used as it has been purpose IMilt to awomm(Klate anyone with poor mobility and can provide residential breaks. "TaTry Cleave" is used to support Margaret Kane. Tavy Cleave was built in 1964 and is only accessibl¢ to those with good mobility and for short trips. There is more about the boats below. Page 2
MAGS Cbaritable Trust Trusttts, Report (eontfinued) The Canal Boats: "Margaret Kane" is a w1be2M canal boa¢ operating on the Lancaster Canal. run entirety by VoluM¢¢rs since being established in 2007. The boat As unique on the LanCa¢r Canal in that it has been Pu0$¢ buTlt io ¢ater for poor mobility and is equipped wlth a wheelchair litl profile / hospitsl bed in one bedroo a5 well as wid¢ crIdOr & doors allowing easy wbeelchair access throughout. We even provide Skipper aDd Crew, leaving guests free to relax and enjoy the journey. There is spaciou4 centrally heated living accOn]m(atton for up to eight people comprising Galley lTritchen}, IA)unge/Dining Room, Full Si7£ Walk-in Shower. cse¢ toilet, two bedrooms. The loung¢ $¢atitl8 converts to a double bed. 'Tavy Cleave" is our second ix)aL which is available for day trips only. Tavy 1$ a wooden canal crniser built in I9 by Holt Akntt in stouOrt and is listed in the National Register of Historic Vessels of UK. She is a charniing boaL though does not boast the same luxuries Margaret Kane offers. There As bench seating inside, a removable dining tabl4 and has a mini k]hen with a 2-burner gas hob and k sink. There 18 a"bathTOOrn" with sink and easgette toilet. Tavy provide$ a very differ¢nt canal experience. You do need to be of good mobility in order io board Safely as the distinctive TW deck provides no easy access point like Margaret Kane doe8. AchlevetneTrts perforntt We have welcomed arowid 300 people on boaTd the canal boat$ for residential iyeaks OT day trips. We request feedback forn)s be con]¢1¢d from our visitor& All th¢ feedback hes be¢n very positiv¢ and wrnplimentary in all area& tnch2ding the crew. facilities, cleanliness aDd health and wellbeing benefits. Flo*n¢lAI revlev Prlnetydlfundln¥s(•urc¢s During the period the Charity T¢ceiYed donations of £105,000 from the M A Hawe Settlement and £145,340 from KensiDglon Hous¢ TTYSL The Charity has [51¢ted income funds tivailhble at 31 January 2024 of £152.717. ITJ cont1510n. We ¢ontinu¢ to provide a w]ique eXrIenCe for all OUT guests. We are re4¢hin8 mor¢ and mote people and eath year attract both returning and new guests. We consistently $trive to meet and exceed expectations of all o gu¢sts and to be t to our mission and goals. l am Very proud and honoured io chair such a worthwhile ¢harity and be part of such a wond¢rful group of Volunteers. The annual report w&$ approved by the ttU51ees of the charity on .?. ?/iilxk-. a1 its behalf by: MT Peter Farrell Chairnwi and thistee Page 3
MAGS Charitable Trust Stalement of Trustees, Responsibilities The uSteeS are responsible for preparing the tnLqtees' report and the financial stat¢m¢nt$ in a¢eordance with the Unitrd Kingdom Accounting Stondards (United Ktngdom Generally Accepted A¢¢ouDting Practi¢e) and applicable law and regulations. The law applicable to ¢harities requires the trnstees to prepare fuwiciat statements for each financial period which give a tru¢ and fair view of the state of affairs of the charity and of the it)coming resources and application of resou¢$ of th¢ ¢hArity for that period. In preparing these financial statements, the tNstees are required to.. select Suitable accounting policies aDd then apply th¢D] COD5i5tently- obs¢rve the methods and principles in the Charities SORP. )ake judgements and eslirnateg that are reasonable and prudent. state whether applicable aecounting standards have been followed. $ubje¢t to any material deparliw disclosed and explained iti the fmancial statements. and prq)are the fll)ancial statements on the going wn¢ern basis unless 1¢ is inappropriat¢ to presume that the ¢harity will continue in busines5. The trustees are r¢sponsibl¢ for k¢¢pitig proper accounting ordS that disclose wtth re&sonable accuracy at any time the fmancial posilion of th¢ thrity and enable them to ensur¢ that th¢ fllwicta] ststements comply with the Charities Act 2011, th¢ Chuiti¢s (Accounts and Reports) Regulations 2008, and the provisions of the const]tion. The trust¢¢5 are a]so responsible for safeguarding the 8s$ets of the cFthriry and hence for taking reasonabk steps for the prev¢ntioll and detectlon of fraud and other ittegulttrities. The thjstees are responsible for the maintenon¢e and tntegrRty of the COOrate and financial infOrnll0n included on the charitable company's website. L¢gislAtion governing the prepardtion and di$semina¢ion of fJnan¢ial s¢at¢ments may difftr from legislaiion in other jurisdictions. Approved by the trustees of the chartty on %*iJ//p4 and signed on its behalf by.. Mr Peter Fa]Tell Cbairman and trustee
MAGS Charitable Trust Independent Examiner's Report to the trnstees of MAGS Charitsble Trust I report lo ihe tnJste¢s on my examination of th¢ aecounts of MAGS Charitable Trust for the year ended 31 January 2024. Responsibilities and basis of report As the charity tNst¢¢s of MAGS Charitable Tn]sl you are responslble for the preparation of th¢ ac¢ounts in accordance with the requtr¢m¢nts of the Charities Act 2011 ('the kn'}. report in respect of my ¢xaTnination of the MAGS Charitable Trnst's accounts carried out undtr se¢tion 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directio given by the Charity Commission under 5KtiQD 145(5Xb) of the Act. Independent examiner'$ statement Sinc¢ MAGS Charitable Tnjst's gr05s income exceeded £250,¢M)O your examiner musi be a member of a body listed in section 145 of the 2011 Act. I C4)nfirni that J am qualified to undertake the examinatlOD because l am a rnember of ICAEW. which 15 one of the listed bodies. I have completed my examination. l ¢onfirn) no material matters have cc*ne ro my attentii)n in COTmection with the examination giving me Cause io beli¢ve that in any material reSt.. accounting re¢ords were not kept in respect of MAGS Charitable Tnt a5 required by seetion 130 of the 2. the accounts do not accord with th95¢ r¢cordy' or 3. the acUnts do not cojnply with the accounting requirements ¢on¢erning the fi)rni and cont¢nt of ac¢ouDts set out in the Charitie5 (Accounts and Report5) R¢gulaiions 2(K)8 otber than any requirement that the counts give a 'trne fair view. which is not a matter considered as part of on independent examination. I have no Concerns and have come acrnss no othermatters in connection Mryth ihe examinaiion to which attentlon should b¢ drawn in this Teport in order to enable a proper understanding of the aceounts to be reached. Diane Garlick FCA FCCA Horne Brooke Shenton Chartered AccountaDts 15 Olympic Court Boarthnans Way Whilehills Business Pk Blackpool FY4 5GU Page 5
MAGS Charitable Trust Statement of FinaDei41 Aclivilies for the Period from l November 2022 to 31 January 2024 Ur¢strICted fynds Total 2024 Note In¢ome and EndowmeDts from: Donations and legacies Oiher trading activities Investment income 258.241 4,450 258,241 4.450 Tot81 in¢ome 262.700 262,71K) Expenditllre on: Charitable aclivities (109,983) (109,983) Total expenditL]re (109,983) (109.983) Net income 152,717 152.717 N¢t movement in funds 152,717 152,717 Refonc1lthtio offndS Total funds ¢Tled forrd 17 152,717 152,717 All of the cFthrity's activities derive from continuing operations during the above period. The notes on pages 8 10 14 forn) an integral part of th¢ financial statements. Page 6
MAGS Charitable Trust Oiegistration number: 1200867) Balgnee Sheet as at 31 January 2024 2024 Note Flxed assets TInb]e assets 12 96.385 Current assets Debiors Cash at bank ond An hand 13 14 783 58.114 58,897 Creditors: falling due withln one year 15 (2,565) Net current assets 56,332 Net assets 152.717 Funds ofthe ch¥rity: Unrestrlcted InMe funds Unrestricted f4u)d$ 152717 Totsl fund5 17 152,717 The financial statem¢nis on pages 6 to 14 w¢re approved by the Inle¢s. ayNJ authorised for issue on /111%... and s]ed on their behalf by.. Mr Peter Farrell Chanihart and trllSt¢¢ Th¢ notss on pages 8 10 14 forni integral part of these finaDcial ststements. Page 7
MAGS Charitsble Trust Notes to the Financial Statements for the Period from l November 2022 to 31 January 2024 l Accounting policies Sth¢ement of ¢ompli#nee The fancial statements have been prepad in accordance with the second edition of the Charities Sratemeni of Recornrnended Practice is5u¢d in October 2019, the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities A¢t 2011. Basis of preparntion MAGS Chan"table Trust m¢¢ts the definition of a public benefft entity under FRS 102. The aOUnt8 (fmancial statements) haye been prepared under the historical cost convenlion with items reCols¢d at Cost or tyansaction value wiless othenvise stated in the r¢levant note(s) to these OUnt8. GDiDg conc¢rn The thjstees consider that there 8re no material UDcertainti¢s about the charl5 ability to ¢ontinue &$ a going ¢oll¢¢rn. IDeome and ¢ndowmeThts Voluntary income including donations, gifts, leleS and grants that provide core fuDding or are of a general nafr]r¢ is reCOlsed when the ¢hariry hos entitlement lo the income, it ts probable that the income will be r¢ceiv¢d and the amount can be m¢&sured with sufficient reliability. Donatlon$ legaties Donations and legacies are recognised on a Te¢eivable b&sis when receipt is probable and the amount can be reliably measured. Expendlture All expendiThJre is recognised once there is g legal or construclive obligation to that expenditure. il is probable settlement 19 required and the amount ¢an be measured reliably. All rosts are allocated to tILe applicable expenditure heading that aggregate similar eosts to that category. IVh¢re costs cannot be directly attributed to particular headings they have been allo¢ated on a basis consistent with the use of resources. with ¢ethtral staff costs allocated on the basis of tirne $p¢nL and depreciation chaTg¢s allocated on the portion of th¢ asset's use. Other supwjrt ¢osts are allocated based on the spread of staff costs. CharitAbk actiYitie5 Charitable expendilur¢ ¢omprises those costs incurred by the charity in the delivery of its adivities and 5ervic¢s for lis beneficiaries. It includes both costs that can be allocated directly io such a¢tivi¢ies and those c4)sts oran ithjirect natuft n¢¢egs8ry to supwrt them. Supw>rt ¢osts Support costs include central functions and have been allocated to activity cost Categories on a b&sis eonsistent with the of r¢soLwces. for example. sthff ¢osis by the time spent and otheT Costs by their usage. Gov¢rn8tsee costs These include the costs attributabl¢ to th¢ charity's compliance with constitutional and statutory reqUireMts, including audi4 strategic management and trustees meetings and reirnbursed expenses. Page 8
MAGS Charitable Trnyt Notes to tbe FinaDeial Statements for the Period from l November 2022 to 31 January 2024 (eontinued) Taxation The ¢harity is considered to pass the tests set out in Paragrydph I Schedule 6 of the Finance Act 2010 and therefore it meets the defmition of a charithble company for UK corpordlion tsx purposes. AceoTdingly, Ihe Iwity 15 Potentially exempt from taxation in r¢spect of income or capttal gains received within eategories vered by Chapter 3 Part I l of the Corporalion Tax Act 2010 or Section 256 of the Taxation of Charg¢able Gains Act 1992, to the exteni that such iThcom¢ or gaiThs #re applied exclusively to charitabl¢ purpos¢s. Tangible fixed a55¢ts Individual fixed assets are initially r¢corded at eosl less any subsequent accumulat¢d depr¢ci&tion and subsequent accumulated impainneni 105S¢S. DepreciAtion SDd arnortts#titin Depreciation is provided on tangible fixed Sets so as to write off the cost or valuation, less any estimated residual value, over their expected usefvl economic lift as follows: Asset class Computer eqllipment Canal trf)ats Depreeiatlon method and rate 25Q/o reducing balance basis 5Y• straight line basi5 C4sb and cash equlvalenls Cash and cash equivalents comprise cash on hand aud rall deposits, and other short-term high]y liquid investments that are readily convertible lo a known amount of cash and aTe subject to an insigpificant risk of hang¢ in value. Fund strncture uuT¢5tr1¢t income ftmds are general funds that are available for use at the trust¢es disc100 in fvrtherance of the objectives of the charity. Pensions and other post r¢¢lr¢m¢nt obligations The charity operates a defed contribution pension scheme which is a pension plan w)der which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if th¢ fid does not hold sutTicient assets to pay all employees the benef relating to employee seThice in th¢ ]rr¢t 8nd prior periods. Contributions to defed conthbution plans are recognised in the stsiement of Financial Activities when they are due. If contribution paym¢n¢s ¢x¢¢ed the contribution due for service. the excess is recognised as a prepayment. Page 9
MAGS Charitable Trust Notes to the Financial Statements for the Period frnm l November 2022 to 31 January 2024 {continued) 2 kn¢othe from donations legaeies Unrestricted funds Gener1 Tot1 fund$ Donations and Iegacies. Donation5 from individuals Donations from other charili¢g 7,901 250,340 7.901 250,340 Total for pemd ended 31 Janugjry 2024 258241 258,241 3 Ineome from other trading aetlvities Unrestyicted funds General Totsl funds Trading Income. Boat booking fees Tothl for period ended 31 January 2024 4,450 4,450 4,450 4,450 4 IDvestMent income Uurestrieted fund$ Genernl Total runds Intere receivable and slmilar income. IDl¢r¢$t receivable on bank deposit5 Total for period ended 31 Jglnuary 2024 S Expenditure OD ¢h4rit#ble aetfvities Urtre&trieted funds General Tot1 funds Nots Allocated supwt costs Governance costs 23.642 86,341 23,642 86,341 Total foT peri ended 31 JaDury 2024 109.983 109,983 P8g¢ 10
MAGS Charitable Trnst Notes to the Financial Statements for the Period from l November 2022 to 31 January 2024 (continued) 6 Anatysis of governance #nd support costs SuppDrt costs llocated to ¢harlt2bl¢ aetivitK Administration Total fundg Can81 Boat 23.642 23,642 Govern2nce costs UThre5tricted funds General Total funds Staff ¢05ts Wages arKI salories Pension costs Other governance costs 66,860 1,004 15,897 66,860 1.004 15,897 Total for perlod ended 31 J#nury 2024 83,761 83,761 7 Net Incomingloutgolng resources Net inukningout8oing resources forthe period include: 2024 Other non-audit services Depreciation of fixed assets 2,580 6,720 8 Trnstees remuneration and expeDse5 No trustecs, nor any pers¢)ns connected with th have r¢ceiY¢d any remuneration from the clwity during the No trust¢e$ have received any r¢imbursed expense5 or aDy Other benefts from the charity during the year. 9 Stsff eosts The aggregate payroll costs were 8s follows.. Page 11
MAGS Charitable Trust Notes to the Financial Statements for the Period from l November 2022 to 31 JanuAry 2024 (eontinu) 2024 Staff ¢osts during Ihe period were: Wages and salaries So¢ial s¢¢urity costs Pension costs 66,860 67,864 The monthly averdge number of persons {includiDg senioT management I leadership team) ernployed by the chaTity during the peTiod expre&sed as full time equivalents was as follows: 21124 No Pern)anent employ¢es Contributions lo th¢ employee pension sch¢me5 for th¢ p¢riod totalled £1,004. No employee re¢eived emoluments of more than £60.000 during the period 10 IDdependeDt examiner's remuneration 2024 Otber fee5 to examlllers The examining of COunts of any associate of the charity All other services 2,160 420 2,580 Page 12
MAGS Charllable Trust Notes to the Financial Statements for the Period from l November 2022 to 31 January 2024 (eontinued) I I TAx*ilon The charity is a registered charity and is therefore exempt from laxalion. 12 Tangible red Assets cOPU1¢T equipment Other tangible rixed a$s¢t Total Cost Additions 1.105 102.000 103.105 At 31 Janmary 2024 I,ios 102,0(X> 103.105 Depreciatlon Charge for the year 345 6,375 6,720 At 31 January 2024 345 6,375 6,720 N¢t book wal¢ At 31 January 2024 760 95,625 96,385 13 Debtors 2024 Prepa)rynents 783 14 Cash and ea$h equlvalents 2024 Cash at bank 58.114 IS Credltors: amounts falling due within one yr 2024 Other taxation and social security Pension scheme ¢ffdAtor Accruals 211 2.160 2.565 Page 13
MAGS Charllable Trust Notes to the Financial Statements for tbe Period from l November 2022 to 31 January 2024 {¢ontinued) 16 Pension and otber schemes D¢fin¢d ¢ontrlbution peTrsion sebemt The charity operates a def]Ded tribUtIon pension Scheme. The pension cost charge for the period r¢pres¢nts contributions payable by the chtirity IO the scheme and amounted to £1,004 . 17 Funds Incoming resources Resources expended Balance at 31 Jalluary 2024 Unrt5tricted fynds General 262,700 (109,983) 152.717 18 Related party transactions During the period the charity made the following lated party tr2nsActions'. Kenslngton House Trus¢ During the period, the ¢harity re¢¢ived donations totalling £145,340 from KeJ)siJJgton HOe TrLL4t. (P Farrell is a trustee of MAGS Chariiabl¢ Trust and Kensington House Tnjst). Thes¢ donations included an amount of £102.000 which was th¢ value of the Canal boats donated to MAGS Charitable Trnst from Kensington House TnL. At the balau¢¢ she¢1 date the amount du¢ tolfrom Kensington House Trust w&$ £Nil. Page 14