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
Tn￿tees, Report
2103
Staternent of Tn￿tees, Responsibilities
Ind￿endent Examinerfs Report
Statement of Finan¢ial A¢tivities
Balance Sheet
Notes to the Financial Ststements
8t014

MAGS Charitable Trust
Reference and Administrative Detsils
Cbairm*n
Mr Peter FaTrell
Trnstees
Mr PeteT Farrell
Mr Andrew Jxmes Bn￿dish
Mr Roger Arthur Pursglove
Senior Management l Leadership Mr Tim Murphy, DAallager
Tea]
Charity Registra¢lon Number
1200867
Prin¢ip*l OftTre
l Rosewood Close
Thorntonlleveleys
Lanca%hire
FY5 4EW
Independent Examiner
Horne Brooke Shenton
Chartered Accountants
15 Olympic Court
Boarthnans Way
1vh1￿￿11IS 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 for￿￿1 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 reCo￿lse￿ 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 wonder￿1 experience for
$0 many. The T￿Ste¢S would like to thank all our V(Trlut)teers and anyone who help5 in 8ny way for their
continued support and dedication to make this canal boat project the success it is today. There is no thher facility
like it on the La￿aSter Canal aDd everyone should be very proud of the difference they make to so n￿lY people.
Objeetiv¢$ 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 w1￿be2M 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 Pu￿0$¢ buTlt io ¢ater for
poor mobility and is equipped wlth a wheelchair litl profile / hospitsl bed in one bedroo￿ a5 well as wid¢
c￿rIdOr & 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. c￿se￿¢ 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 stou￿Ort 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 perforn￿￿tt
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 ￿[￿5￿1¢ted income funds tivailhble at 31 January 2024 of £152.717.
ITJ cont1￿510n.
We ¢ontinu¢ to provide a w]ique eX￿rIenCe 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-. a￿1 its behalf by:
MT Peter Farrell
Chairnwi and thistee
Page 3

MAGS Charitable Trust
Stalement of Trustees, Responsibilities
The u￿SteeS 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 CO￿Orate and financial infOrn￿ll0n
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 reS￿t..
accounting re¢ords were not kept in respect of MAGS Charitable Tn￿t a5 required by seetion 130 of the
2. the accounts do not accord with th95¢ r¢cordy' or
3. the ac￿Unts 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 P￿k
Blackpool
FY4 5GU
Page 5

MAGS Charitable Trust
Statement of FinaDei41 Aclivilies for the Period from l November 2022 to 31 January
2024
U￿r¢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￿ off￿ndS
Total funds ¢￿Tled for￿rd
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
TIn￿b]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 In￿Me funds
Unrestricted f4u)d$
152717
Totsl fund5
17
152,717
The financial statem¢nis on pages 6 to 14 w¢re approved by the In￿le¢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 f￿ancial statements have been prepa￿d 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 a￿OUnt8 (fmancial
statements) haye been prepared under the historical cost convenlion with items reCo￿ls¢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 charl￿5 ability to ¢ontinue &$ a going
¢oll¢¢rn.
IDeome and ¢ndowmeThts
Voluntary income including donations, gifts, le￿leS and grants that provide core fuDding or are of a general
nafr]r¢ is reCO￿lsed 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 reqUireM￿ts,
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 disc￿100 in fvrtherance of
the objectives of the charity.
Pensions and other post r¢¢lr¢m¢nt obligations
The charity operates a def￿ed 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¢ fi￿d does not hold sutTicient assets to pay all employees the benef￿ relating to
employee seThice in th¢ ￿]rr¢￿t 8nd prior periods.
Contributions to def￿ed 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
Gener*1
Tot*1
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
Tot*1
funds
Nots
Allocated supwt costs
Governance costs
23.642
86,341
23,642
86,341
Total foT peri￿ ended 31 JaDu*ry 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#nu*ry 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 r￿ed Assets
cO￿PU1¢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 y￿r
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 HO￿￿e 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
Tn￿L. At the balau¢¢ she¢1 date the amount du¢ tolfrom Kensington House Trust w&$ £Nil.
Page 14