Charity registration number NIC 100824 THE MINNOWBURN TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
THE MINNOWBURN TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr B Harvey Mrs C Harvey Mr G Montgomery Mr K Forbes Charity number NIC 100824 Principal address 14 Glenwell Road Newtownabbey BT36 7RF Independent examiner Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH Bankers Danske Bank 1-2 Broadway Ballymena Co Antrim BT43 7PE Solicitors Arthur Cox Belfast Victoria House 15-17 Gloucester Street Belfast BT14LS
THE MINNOWBURN TRUST CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements
THE MINNOWBURN TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The trustees present their annual report and financial statements for the year ended 31 August 2022. The financial statements have been prepared in accordance with the accounting policies set out in note to the financial statements and comply with the Trust's trust Deed the Charities Act ( Nl) 2008, and °A¢¢ounting and Reporting by Charities-, Statement of Recommended Practice applicable to Charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland {FRS102) (as amended for the accounting periods from 1 January 2016). Objectives and activities The purpose of the Trust is to distribute funds it receives to charitable causes that will achieve its objectives which are: To promote access to the Bible and Biblical teaching worldwide especially to children and young people and where such materials and methods are not readily available. To provide practical training and support for Christian workers worldwide, especially where such support is difficult to obtain. To facilitate the wellbeing and education of disadvantaged people and people groups worldwide from a Christian perspective, especially where such resources are not available. Achievements and perfomiance Summary of Activities 202112022 The main achievements of the Trust during the year to further its charitable purposes for the public benefit are as follows-. Scripture Union Northern Ireland {SUNI)- follow up on SUNI achievements. Beneficiary Summary The mission of SUNI aligns with the purpose of the Minnowburn Trust as it seeks to advance the Christian faith within Schools by.. Promoting the Bible as God's word and the only source of Truth and Life. Reaching pupils with the Good News of Jesus. Supporting and encouraging Christians serving God in schools. The SUNI also organises residential camps and missions where young people engage in several activrties and experiences that all centre around teaching the Christian faith. The Trust has followed up with SUNI and is satisfied that the gifts supplied in previous years have been used wisely and in keeping with the Trusts intentions. SUNI have provided a written report of the progress of the projects that have been supported by the trust, they have thanked the trust for their continuing interest. Child Evangelism Fellowshlp (Ireland)- follow up on achievements. Beneficiary Summary Child Evangelism Fellowship is a Bible-centred organisation, whose purpose is.. To evangelise boys and girls with the Gospel of the Lord Jesus Christ. To edify (disciple) them in the Word of God. To establish them in a local church to help with their various children's programmes.
THE MINNOWBURN TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 The Child Evangelism Fellowship endeavours to achieve this through various ministries to children and young people, including residential and non-residential Bible clubs, and provides subject matter Christian teaching within schools. Beneficiary Impact I benefit During the year 2021122 the Trust supported the funding for designated CEF staff through the shortfall scheme designed to channel support to European workers who find themselves without sufficient support. The Trust has been kept informed as to how this scheme had progressed and is satisfied that the 04'ectives were met and that workers received improved support as a result. Helping Hands Healing Hearts - follow up on achievements. Helping Hands is a Christian faith-based ministry established to provide support to disadvantaged children in the Philippines. Vision To see children accessing their right to life, right to be part of a family and right to protect[c from ham when that right is in jeopardy due to illness, abandonment, neglect. abuse, or povety. We also envision a system whereby children are enabled to access appropriate health care, shelter and edu¢ation tailored to meet their specific needs. Mission As a Christian organization, we offer practical, emotional, spiritual and medi¢al assistance as well as temporary shelter and long-term residential care to children in various Crisis situations. Goalslspecific Objectives.. To advocate for sick children and their families. To help children get back to full health and able to thrive. To provide temporary shelter for sick children during and following their treatment until they are well enough to return to their own families or can be referred to other institutions for continuity of care. To offer a viable third option to families of children with terminal illnesses who do not want to let their child die in hospital or at home by offering a"Hospice Care" program. To make sure children carry on their education at whatever level they can manage throughout their illness. To provide a supportive counselling service in conjunction with the DSWD to clients who are victims of abuse and then later direct them to appropriate organizations that will Gater more specifically to their needs once their physical wounds have been mended. To help indigent patients and their families by empowering and enabling them to network and draw on resources from other useful, appropriate organizations such as PCSO. DSWD, local churches and the Mayor's Office throughout theirjourney through illness and recovery. To keep families together wherever possible. Beneficiary Impact I benefit Helping Hands has developed a Child recovery Unit located at Baguio. The children are often referred to the Helping Hands CRU on discharge from the two hospitals located within the city. Recently this mission has been able to acquire a site where they hope to Construct their own purpose bult premises. The Trust followed up on the work of Helping Hands during the year and can report that it is satisfied that Helping Hands used any funding received for the purposes that it was intended. Ministers I Pastors - Overseas based follow up on achievements. The Trust has supported several Ministers and Pastors who work mainly in Europe and Middle East regions over a period of many years.
THE MINNOWBURN TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Pastor TK- Eastern Europe Pastor TK lives in Ukraine and his ministry seeks to advance the Christian Gospel through sport and through relationships developed with groups and individuals through sport. TK has been ministering to men in the Ukrainian Defence Forces since the Russian invasion. Previously the Trust supported Pastor TK and has been kept updated on his work, the Trust is satisfied that the support provided was used as intended. ML- Christian Youth leader Central Europe ML is a Christian youth leader and worship leader. He leads evangelical crusades throughout his country and other countries of central Europe where he speaks at conferences, festivals, and services and his lead worship. The Trust funds provided previously have helped fund outreach in villages throughout these countries. The Trust has been kept updated on his work, the Trust is satisfied that the support provided was used as intended. Pastor SS- Eastern Europe The ministry of Pastor SS includes leading discipleship courses via home groups and via the intemet, mentoring youth pastors throughout his region and speaking at Christian conferences and services. He has a special focus on family worship. The funds donated by the Trust in the past have helped Pastor SS write and publish a book about family worship. the proceeds of which have been given to Christian outreach and povety support programs within his region. SS has been involved in the Ukrainian situation helping and encouraging refuges and churches. He has recently written a book with details where God has been at work in many ways during the Ukrainian war. The Trust has been kept updated on his work. the Trust is satisfied that Ihe support provided was used as intended. Pastor ST- Eastern Europo Somalia (Sami) is a Pastor who lives in Cluj Romania his ministry includes pastoring a Pentecostal Church in Craiova (Southern Romania) as well as overseeing several smaller village churches. He distributes food aid to the poorest in the local villages. He visits a Young Offenders establishment to minister to the spiritual needs of the inmates. The support of the trust has helped launch a farm project and transport volunteers to and from the region. The Trust has been kept updated on his work. the Trust is satisfied that the support provided was used as intended. Pastoral Worker- Middle East This pastorl teacher is based in the UK and travels to provide much needed support and teaching to other Pastors who are based throughout regions where the Christians are persecuted because of their faith. The trust has supported this worker and enabled him to support others financially and spiritually. The Trust has been kept updated on his work, the Trust is satisfied that the support provided was used as intended. Wycliffe Bible Translators The Trust supported Wycliffe projects previously and has been updated concerning the progress of these projects which is a great source of encouragement. Wycliffe provide Bible translation and training directly and in conjunction with other ministries. The Trust is satisfied that the support provided was appreciated and was used as intended. Ministry to provide schools in India. The Trust supported the construction and operation of schools for underprivileged people in India. Many of the children who passed through the schools are now qualified professionals. The mission involved provides regular updates on their progress to the Trust and the Trust is satisfied that the funding provided was used as intended. Future Support The Trust regrets that it has been unable to provide continuing support to these causes and hopes to be able to resume funding soon. Meanwhile the Trust continues to take an interest in the organisations and individuals mentioned in this report.
THE MINNOWBURN TRUST TRUSTEES. REPORT (CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2022 Flnancial review The Trust accepted donations of £Nil (2021.. £Nil) and funding of £100 (2021.. £17,452) was provided (including support costs) in the year. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Reserves Policy For the Trust to continue its work reserves are kept at an adequate level to cover the regular paents required to keep payments committed to for the financial year. Unrestricted reserves at the balance sheet date total £48,829 (2021 £48,929). Fair Value Reserves at the balance sheet date total £1,138,761 {2021= £2,033,146). Principal sources of Income Harvey Group plc is the Trusts sole funding source. The level of donations received from this company each year is dependent on the company's perfomiance. During the current COVID 19 epidemic it will not be possible for the company to continue making donations. The Trust did not commit itself to making funds available during the year 202112022. Therefore, the Settlor Trustee has provided the necessary finance to meet the costs of compliance during this period. Structure, governance and management The Trust is an unincorporated charity set up by way of Trust Deed dated 2nd July 2010 to hold the assets of the trust. The trustees who served during the year and up to the date of signature of the financial statements were.. Mr B Harvey Mrs C Harvey Mr G Montgomery Mr K Forbes Methods of appointment or election of Trustees The requirement for Trustees and the skills required are kept under continual review. Due to the limited activity of the Trust at present there isn't a requirement for any additional trustees. None of the Trustees has any beneficial interest in the ¢harity. How decisions are made All decisions in respect of revenue expenditure from the Trust funds are taken by the Trustees by majority vote. In the case of equality of votes. Mr B Harvey has the casting vote. The Trust actively monitors the skills and experience of the Trustees to ensure that adequate support and training is provided were necessary. Training has been provided to the Trustees and further training will be provided as required. Dividends No preference dividends were paid, and the Trustees do not recommend payment of a final dividend. Restrictions on who can beneflt. Beneficiary selection will follow a formal process of due diligence and approval to pr&determined beneficiary selection ¢riteria set in accordance with meeting the purposes of the Trust as set out in the Trust Deed.
THE MINNOWBURN TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Relationships with related parties The Trust has a 670/0 shareholding in Harvey Group plc which is held for investment purposes. The Trust is dependent on the income received from Harvey Group plc to make charitable donations. Harvey Group have not been able to make any donations in the year under review. Compliance with HMRC and Charities Commission The trust complies with HMRC and CCNI regulations and guidelines. Risk l Harm Continued Compliance with the relevant regulatory and statutory requirements. Training is organised with a suitably qualified service provider to conduct a training l awareness training as required. Date Protection I Communication with beneficiaries In some circumstances benefi¢iaries of the Trust might be working in certain regions l countries where the nature of their work might risk religious persecution. The Trust has sought to protect the identity of organisations and individuals in this report. Private Benefit The trustees have taken the necessary steps to ensu that there has been no direct Private benefit realised because of our support of our various beneficiaries. Statement of Compliance In setting our Objectives and planning our activities for the year, the Trustees have considered the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charity's purposes and provide a benefit to the beneficiaries. Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom A¢¢ounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to Charities in Northern Ireland requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources. including its income and expenditure. 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 of the Charities SORP (FRS 102}- * make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of fhe Charity and enable them to ensure that the financial statements comply with the Charities Act {Northern Ireland) 2008. the Charities (Accounts and Reports) Regulations (Northern Iland) 2015 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.
THE MINNOWBURN TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 The trustees, report was approved by the Board of Trustees. Mr B Harvey Trustee 30 August 2023
THE MINNOWBURN TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MINNOWBURN TRUST I report to the trustees on my examination of the financial statements of The Minnowbum Trust (the charity) for the year ended 31 August 2022. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act (Northern Ireland) 2008. It is my responsibility to: examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008., follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(91(b) of the Charities Act., and state whether particular matters have come to my attention. Basis of independent examiner's statement I have examined your ¢harity a¢¢ounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northem Ireland under section 65{9){b) of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. 1. that accounting records were not kept in accordance with section 63 of the Charities Act; 2. that the accounts do not accord with those accounting records- 3. that the accounts do not comply with the accounting requirements of the Charities Act; 4. that there is further information needed for a proper understanding of the accounts to be reached Independent examiner's statement I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. This report is made solely to the Charity's Trustees, as a body, in accordance with section 65(3)(a) of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. Miscampbell & Co 6 Annadale Avenue Belfast BT7 3JH Dated: 30 August 2023
THE MINNOWBURN TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted Unrestricted funds funds 2022 2021 Notes enditure on: Charitable activities 100 17,452 Net losses on investments {894,385) (615,854) Net movement in funds (894,485) (633,306) Fund balances at 1 September 2021 2,082,075 2,715,381 Fund balances at 31 August 2022 1,187,590 2,082,075 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE MINNOWBURN TRUST BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Notes Fixed assets Investments 1,189,761 2,084.146 Current assets Cash at bank and in hand 229 329 Creditors: amounts falling due withln one year 10 (2,400) (2,400) Net current liabilities (2,171) (2,071) Total assets less current liabilities 1,187,590 2,082,075 Income funds Unrestri¢ted funds 1.187,590 2,082.075 1,187,590 2,082,075 The financial statements were approved by the Trustees on 30 August 2023 Mr B Harvey Trustee
THE MINNOWBURN TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Notes Cash flows from operating activities Cash absorbed by operations 14 {100) (17,052) Net cash used in investing activities Net cash used in financing activities Net de¢ase in cash and cash equivalents (100) (17,052) Cash and cash equivalents at beginning of year 329 17,381 Cash and cash equivalents at end of year 229 329 10-
THE MINNOWBURN TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies Charlty information The Minnowburn Trust is an unincorporated charity registered with the Charities Commission Northem Ireland. The charity's principal office is 14 Glenwell Road Newtwonabbey, BT36 7RF. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charities SORP {FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act {Northern Ireland) 2008. The Minnowburn Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting poli¢y. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the Capital must be maintained by the Charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 11
THE MINNOWBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies (Continued 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dIrt costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that a¢tivity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction ¢osts are expensed as incurred. A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operatin9 policies of the entity so as to obtain benefits from its activities. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafls. Bank overdrafts are shown within borrowings in current liabilities. Baslc linancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the aangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltion of financial liabilltles Financial liabilities are derecogni5ed when the charity's contractual obligations expire or are discharged or cancelled. 12-
THE MINNOWBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies {Continuedl 1.8 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefrts are re¢ognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Critical accounting estimates and judgements In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Charitable activities Unrestricted Unrestricted funds funds 2022 2021 Share of support costs (see note 4) Share of governance costs (see note 4) 100 199 17,253 100 17,452 Support Costs Support Governance costs costs 2022 Support Governance costs costs 2021 Bank fees 100 100 199 199 Legal and professional Accountancy Independent examination fees 10,253 5,600 10,253 5,600 1,400 1,400 100 100 199 17,253 17,452 Analysed between Charitable aGtivities 100 100 199 17,253 17,452 13-
THE MINNOWBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. Employees The average Monthly number of employees during the year was.. 2022 Number 2021 Number There were no employees whose annual remuneration was more than £60,000. Net gainsl(losses) on investments Unrestricted Unrestricted funds funds 2022 2021 Revaluation of investments (894,385) (615,854) Fixed asset investments Other investments Cost or valuation At 1 September 2021 Valuation changes 2,084.146 (894,385) At 31 August 2022 1,189,761 Carrying amount At 31 August 2022 1,189.761 At 31 August 2021 2,084,146 2022 2021 Other investments comprise- Notes Investments in subsidiaries 13 1,189.761 2.084,146 14-
THE MINNOWBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Fixed asset investments (Continued) The Trustees do not Consider the consolidaton of the results of the Harvey Group to be appropriate as the shares are held for investment purposes and not directly for the furtherance of the activities of the charity. The Trustees have calculated the Fair Value of the investment at 31 August 202210 be £1,189,761 based on professional valuation by the Beltrae Partners Limited on the audited financial statements prepared by Hatvey Group Plc. The fair values have been determined in accordance with generally accepted pricing models. Financial instruments 2022 2021 Carrying amount of financial assets Instruments measured at fair value through profit or loss 229 329 Financial assets measured at fair value through income and expenditure comprise of cash at bank and in hand. 10 Creditors: amounts falling due within one year 2022 2021 Accruals and deferred income 2,400 2,400 11 Ev8nts after the reporting date The Trustees have been kept informed of the steps being taken by the Board of Harvey Group pl¢ to protect the long term trading ability of the business and the Group is working with its bankers to secure ongoing funding to both protect the short term financial position of the Group and to ensure that the Board can take full advantage of new business Opportunities as they arise as trading restrictions are lifted. The Trustees consider these events to be indicative of conditions that arose after the end of Ihe reporting period and therefore are non-adjusting in relation to the accounts for the year ended 31 August 2022. The timing of the recovery in the economy is uncertain and the impact on the fair value of the investment cannot be ¢alGulated at this time with Gertainty. The exact quantum of the impact on the Company's valuation will become clearer as recovery continues and Harvey Group can assess with greater certainty its financial forecasts for 2022123 and beyond. The Trustees will continue to closely monitor the position in regard to the management of its investment as events unfold. 12 Related party transactlons There were no disclosable related party transactions during the year (2021 none). 15-
THE MINNOWBURN TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 13 Subsidiaries These financial statements are separate charity financial statements for The Minnowbum Trust. Separate company financial statements are required to be prepared by law. The Trustees do not consider the consolidation of the results of the Trust's subsidiary, Harvey Group Plc, to be appropriate as the shares are held for investment purposes and not direGtly for the furtherance of the activities of the ¢harity. Details of the charity's subsidiaries at 31 August 2022 are as follows.. Name of undertaking Registered office Natu of business Class of shares held . Held Direct Indirect Harvey Group PIC UK Mechanical and electrical engineering, design, installation and maintenance and the design and installation of renewable energy systems. Ordinary 67.00 The aggregate capital and reserves and the result for the year of subsidiaries excluded from consofidation was as follows.. Name of undertaking ProfiU(Loss) Capital and Reserves Harvey Group PIC (2,844,918) 3,387,742 14 Cash generated from operations 2022 2021 Deficit for the year (894,485) (633,306) Adjustments for.. Fair value gains and losses on investments 894,385 615,854 Movements in working Capital- (Decrease)lincrease in creditors 400 Cash absorbed by operations {100) (17,052) 15 Analysls of changes in net funds The charity had no debt during the year. 16-