ids. Company Registration No. N1070123 (Northern Ireland} chartered accountants THE MYRTLEFIELD TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG THE MYRTLEFIELD TRUST ids. chartered accountants CONTENTS Page Legal and administrative information Trustees, report Independent auditols report Statement of financial activities Balance sheet 11 Notes to the financial statements 12-17 THE MYRTLEFIELD TRUST ids. chartered accountants LEGAL AND ADMINISTRATIVE INFORMATION Trustees Arthur P Williamson Daniel Crookes Kok Onn Lee Mr J Johnston Mr D J Watson (Appointed 24 July 2023) (Appointed 13 February 2023) Secretary Arthur P Williamson Charity number 101940 Company number N1070123 Registered office 23125 Queen Street COLERAINE Co Londonderry BT52 1BG Auditor IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1BG Bankers Danske Bank 22 The Diamond COLERA NE Co Londonderry BT52 1 DE THE MYRTLEFIELD TRUST ids. chartered accountants TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their annual report and financial statements for the year ended 31 December 2022. The aGcounls have been prepared in accordance with the accounting policies Set out in note 1 ID tFE accounts and Comply with the Trust's Memorandum, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20151" Objectives and activities The objectives of the Myrtlefield Trust, as stated In the Myrtlefield Trust Memorandum of Association, are.. 1) The propagation and dissemination, in all parts of the wortd, of the truths and doctrines of the Christian Faith. 2)The furtherance and encouragement, the United Kingdom and (he Republic of Ireland and abroad, of Chrislian teaching and education and advancement of the Christian Falth. Specifically, the Trust focuses on the truths and doctrines of the Christian Faith as explained and expounded in the archive of books, writings, audio and video recordings authored by the late Prof David Gooding, and in some cases co-authored with Prof John Lennox (known as the Myrtlefield Archive) Most of the resources in the Archive are in English, but it also contains an increasing number of translations of selected English books from the Archive into other languages. In pursuit of these objectives, the Trustees have undertaken the following three main activities. 11 Propagation and dissemination of Myrtlefield Trust books The Myrtlefield Trust undertakes the publishing of the Myrtlefield Archive, in two main ways: (il The printing and distribution of selected books from the Archive in various parts of the world. The Trust uses a range of publication and distribution models, Including direct printing and delivery by Myrtlefield Trust, joint funding with other Trusts, and partnerships with third party publishing houses. (ill Increasingly, publication is online, via the two websites. In some cases, we make use of direct to customer services of major print-on-demand providers. 2) Transcription of Myrtlefield Trust books The Trust manages the translation of selected books from the Myrtlefield Archive into other languages. This is in keeping particularly with Objective 1 above.. the propagation and dissomination, in all parts of the world, of the truths and doctrines of the Christian Faith. We aim to make these Translated Resources available in languages where we see a clear need and there exists a desire from readers in that language. THE MYRTLEFIELD TRUST ids. chartered accountants TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 31 Development of additional resources from the Myrtlefield Archive Much of the Myrtlefield Archive is in the form of audio and video recordings of teaching on the Christian Faith by David Gooding. in English, and transcripts of the same. The Myrtlefield Tru51 has begun work to see this material converted into books of David Gooding's leaching targeted at three audiences.. beginner, intermediate and advanced, with books of corresponding length. One volume has been published, and another two are being compiled and edited. Additionally, a project was begun to prepare for book publication David Gooding's correspondence related to questions posed to him in regard to the Bible. Also, a further volume of daily thoughts drawn from his written and spoken teaching is being compiled and edited. All of these aspects of the work are in keeping particularly with Objective 2 above.. the furtherance and encouragement, in the Uniled Kingdom and the Republic of Ireland and abroad, of Christian teaching and education and aclvancemenl of the ChrFStian Faith. The Myrtlefield Trust operates two websltes that make available the online publication5 from the Myrtlefield Archive.. mvrtlefle dhouse_com This high bandwidth website has continued to reach new and existing audiences across the globe. 11 makes available a major part of the books, transcripts and audio recordings from the Myrtlefield Archive. Online resources are made available free of charge and traditional print books can be purchased through partner distributors and independent bookshops. mh316.com The design of what was formerly keybibleconcepts.org is intended to serve those who have access only lo a low bandwidth internet connection. Currently, it is also the site through which we distribute books In translation. Together, the two websites are intended to make available a significant portion of the resources from the Myrtlefield Archive, including books lin various rnachine-readable formats, and in various languages). transcripts, and audio and video recordings. Website development, including occasional redesigns and re-hosting, is an ongoing process. The Trust has sought lo develop in-house web design capability to deliver the material via its websites in a more cost effective manner while allowing for greater flexibility to accommodate new resources. This activity contributes to both Objectives 1 and 2 above. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. 1} Propagation and dissemlnation of Myrtlefield Trust books in English During 2021, the Myrtlefield Trust undertook the printing andlor distribution (whether directly or through print- licencingl of selected books in the Myrtlefield archive in.. Africa South, Central and North America Asia Middle East AustralialOc8ania Europe In English we have to date added over 250 of 500 entries to the online archive of David Gooding's answers to Bible-related questions that he received over many years of correspondence, and also in Q&A sessions. They can be read online or downloaded freely. More continue to be released periodically. Editing work is ongoing on three large, published volumes.. a collection of David Gooding's correspondence, a daily devotional compiled from the Myrtlefield Archive. and single volume containing all that he taught on John's Gospel. THE MYRTLEFIELD TRUST ids. chartered accountants TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 21 Translation of Myrtlefield Trust books In 2022 we have published one further book in Spanish and editing work has been completed on a further seven books, four of which are nearing publication. Additionally, four books have been translated into Chinese, with contracts in place for work on four further books. Two books have now been edited in Russian, one of which has also been proofread and is nearing publication. A series of six books has been translated into Arabic. with contracts also in place for four more. Two books have also been published in French with the involvement of a French PLtblisher. 31 Development of additional resources from the Myrtlefield Archive Throughout the year, both websites continued to be updated with new material. and resources from both were accessed worldwide. By December 2022, a total of 741 transcripts were available. Work continues lo edit additlonal transcripts on an as-needed basis. Report on Public Benefit la} Benef it A measure of the extent of the benefit received through the activities of the Myrtlefield Trust is the number of people who have received the teaching contained in the Myrtlefield Archive concerning the truths and doctrines of the Christian Faith propagated and disseminated by the Myrtlefield Trust, as stated in the Myrtlefield Trust Memorandum of Association. This extent can largely be measured by the number of {printedl books distributed, and by the number of accesses lo the digital material available on the two websites. In 2022, 30,777 books were distributed either through Sale or free, and 21,004 free audio files were downloaded from around the world. Our main website, myrtlefieldhouse.com, had 21,724 visitors, with 154,043 page views. The sile mh316.com had 4.260 visitors with 11,133 page views. We can now tell the total length of time people spent while using our resources online.. Books.. 5,747 minutes {98 hours) Sermons.. 138,508 minutes (2,308 hours) David Gooding Answers.. 73,065 minutes {1,217 hours) Videos.. 560,166 minutes (9,336 hours) The fact that the material is beneficial, rather than harmful, is based on other qualitative data. including the fact that a number of training colleges around the world have requested land received) the material and are using it in their education programmes. Ibl Public The reported distribution of books to many countries, and the fact that the online Myrtlefield Archive is available globally and freely via the two websites, is evidence that the benefil is public. Printed copies of some of the books are available for sale vla both online and traditional retailers. All royalties resulting from these sales are fed back into the Myrtlefield Trust to further its activities, rather than providing private benefit to any of the Trustees. Financial review THE MYRTLEFIELD TRUST ids. chartered accountants TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained al a level equivalent to between three and six month's expenditure. The Trustees consider thal reserves at this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the Trust's current activities while considerab'on is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Trustees have assessed the major risks lo which the Trust is exposed, and are satisfied that systems are in place lo mitigate exposure to the major risks. Structure, governance and management The Trust is a company limited by guarantee. The Trustees, who are also the directors for the purpose of company law, and who served dudng the year and up to the date of signature of the financial statements were.. Arthur P Williamson Daniel Crookes Kok Onn Le& John C Lennox Michael W Middleton Mr J Johnston Mr D J Walson (Resigned 13 February 2023) (Resigned 10 March 20221 (Appointed 24 July 2023} (Appointed 13 February 20231 None of the Trustees has any benefiaal interest in the company. All of the Trustees are members of the company and guaranlee to contribute £1 in the event of a winding up. Trustees are appointed by the Board of Trustees and serv8 for an indefinite period, health permilting. Those Trustees who were serving at the end of the year are listed on page 1. The Trustees meet ￿lce per year. No Trustee is remunerated for their setvic85 as a Truslee, but they are reimbursed for authorised payments they make in expediting the work of th8 Trust. ids. THE MYRTLEFIELD TRUST chartered accountants TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 statement of Trustees. responsibilities The Trustees, who are also the directors of The Myrtlefield Trust for the purpose of company law, are responsible for preparing the Tru51eeg' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of Ihe Tnjsl and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to.. select suilable aC￿untIng policies and then apply them consislenlly., observe the methods and prinoples in the Charities SORP., make judgements and eslimales that are reasonable and prudent-, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The Trustee5 are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them lo ensure that the financial 51atemenls comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance wilh the cofnpany's articles, a resolution proposing that IDS Chartered Accounlanls LLP be reappointed as auditor of the company will be pul at a General Meeting. The Trustees, report was approved by the Board of Trustees. Daniel Crookes D3led.' 14 September 2023 THE MYRTLEFIELD TRUST ids. chartered accountants INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MYRTLEFIELD TRUST Opinion We have audited the financial statements of The Myrtlefield Trust (the 'Trust') for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet and notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied i n their preparation is applicable law and United Kingdom Accounting St2ndards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) In our opinion, the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 31 December 2022 and of ils incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further desciibed in the Auditors responsibilities for the audit ol the financial staten7ents section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust's abilily to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, iri doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such rnalerial inconsistencies or apparent material misstatements, we are required to delerrnine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or sufficient accounting records have not been kept.. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. THE MYRTLEFIELD TRUST ids. chortered accountants INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MYRTLEFIELD TRUST Responslbllities of Trustees As explained more fully in the slalement of Trustees, responsibilities, the Trustees. who are also the directors of the Trust for the purpose of cornpany law, are responsible for the preparation of the financial stalements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparalion of financial statements that are free from malerial misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust's ability lo continue as a going concern. disclosing. as applicable. matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, Of have no realistic alternative but to do so. Auditorfs responsibilities for the audlt of the financial statements We have been appointed as auditor under section 6513lb of the Charities Act (Northern Ireland) 2008 and report in accordancè with the Act and relevant regulations made or having effecl Ihereunder. Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and lo issue an audil015 report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstalemenl when it exists. Misstalemenls can arise from fraud Dr error and are Considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, induding fraud, is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, was as follows.. we identified the laws and regulations applicable to the company through discussions with director5 and other management, and from our commercial knowledge and experience of the 5ector,' we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspeding legal correspondence. We assessed the susceptibility of the company's financial statements to material misstatement, induding obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual. suspected and alleged fraud., considering the internal controls in place to mitigate risks of fraud and non4ompliance with laws and regulations.. and performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions., assessed whether judgements and assumptions made in determining the accounting eslimates were indicative of potential bias., investigated the rationale behind any significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, bul were not limited to.. agreeing financial statements disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance., enquiring of management as lo actual and potential litigation and claims.. reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence. if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate can￿alMent or collusion. THE MYRTLEFIELD TRUST ids. chartered accountants INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE MYRTLEFIELD TRUST A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports} Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might stale to the charity's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. las (Senior Statutory Auditor) for and on behalf of IDS Chartered Accountants LLP Statutory Auditor 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG 14 September 2023 IDS Chartered Accountant5 LLP is eligible for appointment as auditor of the Trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Aot 2006. THE MYRTLEFIELD TRUST ids. chartered accountants STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Notes ¢0 Donations and legacies Charitable activities Investments ro 1.461.458 36,011 34 162,975 43,690 59 Total income 1,497,5D3 206,724 enditure on: Charitable activities 259,429 178,108 Net income for the yearl Net movement in funds 1,238,074 28,616 Fund balances al 1 January 2022 97,527 68,911 Fund balances at 31 December 2022 1,335,601 97,527 The statement of financial aclivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companie5 Act 2006. 10- ids. THE MYRTLEFIELD TRUST chartered accountants BALANCE SHEET AS AT31 DECEMBER 2022 2022 2021 Notes Fixed assets Tangible as5els 10 725,841 1,210 Current assets Debtors Cash al bank and in hand 11 4,178 996,447 2.638 97.738 1,000.625 100,376 Creditors: amounts falling due wlthln one year 12 1390,865) {4,059) Net current assets 609,760 96,317 Total assets less current liabilities 1,335,601 97,527 Income funds Unreslricled funds 1,335.601 97,527 1.335.601 97.527 The company is entiued to the exemption from the audit requirement contained in section 477 of the Companie5 Act 2006. for the year ended 31 December 2022, although an audit has been carried out under section 65 of the Challlies Act (Northem Ireland) 2008. No member of ihe company hag deposited a noliGe, pursuant lo section 476, requiring an audit of these financial statements under the requirements of the Companies Act 2006. The Trustees, responsibilities for ensuring Ihat the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the slate of affairs of the company as at the end of the financial year and of its incoming resources and application of resourcès, including its income and expenditure. for the financial year in accordance with the requirements of sections 394 and 395 and which othetwise comply with the requirements of the Companies Act 2006 relating to accounts, so tar as applicable to the company, The members have not required the company lo obtain an audit of ils financial slalements under the requiremenis of the Companies Act 2006, for the yèar in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 14 September 2023 Daniel Crookes Trustee Company registration nurnber N1070123 11 THE MYRTLEFIELD TRUST ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting pollcles Charity inforrnatlon The Myrtlefield Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 23125 Queen Street, COLERAINE, Co Londondefry, BT52 1 BG. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the Trusvs Memofandum and Articles. the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in 8ccordan¢e wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021° las arnended for accounting periods commencing from 1 January 20161. The Trust is a Public Benefit Enlily as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng ¢oncern Al the time of approving the financial statements. the Trustees have a reasonable expectation that the Trust has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unreslricled 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. 1.4 Income Income is recognised when the Trust is legally entitled to il after any performance conditions have been met, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Tru51 has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift or deeds of covenant is recognised al the time of the donation. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business. net of discounts, and other sales related taxes. 1.5 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the chaiily to that expenditure. it is probable that seltlement will be required, and the amount of the obligation can be measured reliably, ASI expenditure is accounted for on an accruals basis. 12- THE MYRTLEFIELD TRUST ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) 1.6 Tangible fixed assets Tangible fixed assels are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation Is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fittings Computers 00/0 straight line 250/0 Straight line 33.33010 Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the staternent of financial activities. 1.7 Impairment of fixed assets At each reporting end dale, the Trust reviews the carrying amounts of ils tangible assets lo determine whether there is any indication thal those asset5 have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1,8 Cash and cash equivalents Cash and c85h equivalents include cash in hand, deposits held al call with banks. other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The Trust has elected lo apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balance5, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement 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. 13- THE MYRTLEFIELD TRUST ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies (Continued) Impairment of financial assets Financial assets, other than those held al fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset. the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in nel incomellexpendilurel for the year. If there is a decrease in the impairment loss arising from an event occurring after the impairmenl was recognised, the impairment is reversed. The reversal is such that the current Carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net incomellexpenditure) for the year. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Trust transfers the financial asset and substantia51y all the risks and rewards of ownership lo another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able lo sell the asset in its entirety to an unre5ated third party. Basic financial liabilities Basic financial 5iabilities, 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 al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 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. Derecognition of financial liabilities Financial liabilities are dereGognised when the Trust's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Retirement benefits Payments to defined contribution retiremenl benefit schemes are charged as an expense as they fall due. 14- THE MYRTLEFIELD TRUST ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Donations and legacies 2022 2021 Donations and gifts Legacies receivable 640,549 820.909 156,975 6,000 1,461,458 162,975 Charitable activities 2022 2021 Sales 36,011 43,690 Investments 2022 2021 Interest receivable 34 59 Charltable actlvities 2022 2021 Staff costs Depreciation and impairnient Publication and literature Communication Bank charges General expenses Foreign exchange lossl(gain} 121,576 696 116,945 1,654 332 15,341 17 127.752 1,265 41,335 1,260 456 3,661 256,561 175,738 Share of governance costs {see note 7) 2,868 2,370 259,429 178,108 15- THE MYRTLEFIELD TRUST ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees None of the Trustees {or any persons connected with them} received any remuneration or benefits from the Trust during the year. Support costs Support Governance costs costs 2022 2021 Basis of allocation Audit fees 2,868 2,868 2,370 Governance 2,868 2,868 2,370 Analysed between Charitable activities 2,868 2.868 2,370 Governance costs includes payments to the auditors of £2.86812021- £2,370} for audit fees. Employees Number of employees The average monthly number of employees during the year was.. 2022 Number 2021 Number Employment costs 2022 2021 Wages and salaries Social security costs Other pension costs 110,716 8,863 1,997 120,768 4,914 2,070 121,576 127,752 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 16- THE MYRTLEFIELD TRUST ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 10 Tangible flxed assets Freehold land Flxture5 and and buildings fittings Computer5 Total Cost Al 1 January 2022 Additions 2.810 6,351 328 9,161 725,328 725,000 At 31 December 2022 725,000 2.810 6.679 734,489 Depreciation and impairment Al 1 January 2022 Depreciation charged in the year 2,739 5,212 679 7,951 697 At 31 December 2022 2,757 5,891 8,648 Carrying amount At 31 December 2022 725,000 53 788 725,841 At 31 December 2021 71 1,139 1,210 11 Debtors 2022 2021 Amounts falling due wlthln one year: Trade debtors 4,178 2.638 12 Creditors: amounts falling due wlthln one year 2022 2021 Other taxation and social security Payments received on account Trade creditors Other creditors Accruals and deferred income 1.184 337,800 49,517 364 2,000 1,644 415 2,000 390,865 4,059 13 Related party transactions There were no disclosable related party transaGtions during the year {2021 none}. 14 Company limited by guarantee Every member of the charity undertakes to contribute such amount as may be required (not exceeding £1) to the Charity's assets if it should be wound up while such person is a member, or within one year after such person ceases to be a member. for payment of the Charity's debts and liabilities contracted before such person ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contribulories among themselves. 17