Magna Trust – Losses over the last 4 years – Some clarification!

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I think you misread them. Sorry! Looking at the 2102 accounts in detail, they say: Financial review The financial results for the period are set out on page 9. The consolidated statement of financial activities shows total incoming resources of … Continue reading

Magna Trust – Losses over the last 4 years!

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According to the Charity Commission over the last four financial years Magna Trust has made a loss of £6.885m as follows:- Magna Trust – Losses over the last 4 years: 2012   –   £!.208m 2011   –   £2.005m 2010   –   £1.990m 2009   … Continue reading

Magna – Time for some facts!

For those of you who like their facts straight, we bring you the latest set of  full accounts available of  Magna Trust.

Report of the Trustees and Consolidated Financial Statements for the Year Ended 31 March 2011.

Available as pdf files, links should open in your web browser:

For those with very quick connection speeds click on link below:

Magna Accounts for year ended 31 March 2011 Single file download. Warning 3.7 Mb!

For those with modest connection speeds click on individual links below:

Magna Accounts for year ended 31 March 2011.
Magna Accounts for year ended 31 March 2011.1
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Magna Accounts for year ended 31 March 2011.3
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Happy reading! Find anything interesting? Let us know.

My thanks got to the source of this information who does not want to be identified and to Trambuster, who combined them together in a single pdf file for your convenience, in such a timely fashion. Rothpol.

Magna – pass the parcel ends with Jahangir Akhtar!

I was surprised to learn yesterday that the ‘pass the parcel’ game over RMBC’s representation on the Magna Trust has been passed on to a new Councillor.

I can reveal that Jahangir Akhtar, Deputy Leader, is Roger Stone’s replacement as a trustee of the Magna Trust!

Pity the declarations of interest have not been updated since 26th May 2010! Then I would not have had to ring to confirm.

Why did Jahangir accept this poisoned chalice? Simply because the Leader asked him to after the elections of 2011! Hope Jahangir knows what he is doing?

Inconvenient Facts – Magna

Last November Rothpol carried a story about the woeful state of Magna Trusts finances, Magna – are we getting the full truth?

It can now be reported that Magna continues to Haemorrhage money!

How much more? £2,004,956 that’s how much more!

When will this expensive vanity project be brought to an end? Rotherham citizens can no longer afford it, if they ever could!

Magna – are we getting the full truth?

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.