A reader has provided the following information to put the people of Rotherham wise to the failure of Magna Trust which is a Charity.
Magna opened in 2001 and two of the trustees are:
Cllr.Roger Stone OBE Leader RMBC.
Mark Edgell – ex Leader RMBC.
Last October anger was raised at £1m loans to Magna by RMBC. Download pdf here.
It has been calculated that over the last six years, Magna has made a loss of approx £10m.
What gives cause for concern about Magna and its Trustees is the documented fact on the 31 August 2010 meeting minutes, the auditors reported an emphasis of matter – going concern ” financial statements, indicate the existence of some uncertainty relating to the future cash flows which may cast significant doubt about the Charity’s ability to CONTINUE AS A GOING CONCERN”. Download pdf here.
The last financial year shows a Magna LOSS of £2m.