Company Registration No. N1070123 (Northern Ireland) THE MYRTLEFIELO TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 IDS Chart•rod A¢¢¢unlants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG THE MYRTLEFIELD TRUST CONTENTS Pa99 Legal and administrab've information Truslegs, report Indop8ndent examln6rfB roport Statement of financial activiti&s Balance sheet Notes to the financial statements 9.18 THE MYRTLEFIELD TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trusto0s Oaniel Crookes Kok Lee Mr J Johnston Mr D J Walwn (Appointed 24 July 20231 (Appviiiled 13 Febi uary 20231 Charlty numb•r 101940 Company numb8r N1070123 Registered office S Pine Hill LISBURN Co Antrim BT27 SPL Ind•pundent •xamln•r IDS Chartered Accounlanls LLP 23125 Quaan Street COLERAINE Co Londonderry BT52 18G Banker¥ Danske Bonk 22 The DiarTh)nd COLERAINE Co Londonderry 8T52 1DE Sollcltors H8witt & GIIFln 8 High Str881 HOLYWOOD Co Down 8T18 9AZ THE MYRTLEFIELD TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 Truste8s pr85ent Iheir annual report and financial stat8rnent5 lor the y8ar ended 31 D8cetnb8r 2023. The 8¢ctsunls have been prep8reé in ￿￿Ordenee wilh the 8¢¢ounting policies set out in note 1 to the 8¢¢ount$ 8nd comply with the Trust's Metnorandutn, the Companies Act 2006 and "Accounts"ng and Reportsng by Charities. Staletnent ol Recorntnended Practicp applicable to charitie5 preparinq Iheir accounts in accofdance with the Finanelal Reporting Standard appllcable in the UK and Republlc of Ireland IFRS 1021 lerrective 1 January 20151" Oblg¢tlve$ and a¢llvStl&s The objectives ol the Myrtlefield TILJSI. as staled in the Myrtlefield Trusl Memorandum ol Assory8lion. are.. 11 The propagation and disseminatian, in all parts ol the world, al the truths and daatrines of the Christian Farth. 21 Tho lurtherance and gn¢ourag8m8nl, in th8 Uni18d Kingdom and thg Rgpubli¢ c)1 Irgl¥nd and abroad. ol Chrigtsan leaching and education and advancement ol the Christian Faith. Specifically, the Trusl looJs¥s on Ihe truths and d¢Xtrin¢g of the Christian Faith as gxplain&d and $xp)unded in Ihtr archive of books, writing5. audio and video rewrdings authored by the late Prol David Gooding. and n some cases c0-autho￿d with Prof ￿hn Lennox Iknown as the Myrtlefield Archive). Most of the resources in the ￿chiVe are in English, bul il also wnlains an in¢rg¥sing numb91 01 Iranslalions or $919fj1gd English books from Ar¢hivp into olher languages. In pursLJit ollhese objectives. the Trustees have undertaken the following three main actiwties. 11 Propagallon and dlss8mSnatlon of Myrtlafleld Trust book$ Th8 Myrtleli8ld Trust undertakes the publishing ol the Myrtl8field Archive as English R8sourc85. in two main ways-. Ill Tho prlnlin9 and dlstrlbullon ol $o19¢19d bogks from lh9 Archivg In varlou$ parts of the world. Thg Trusl usgs a rango 01 public8lion and distribution tnode15, including direct printing and delwery by Myrtlelield Trust, joint funding wilh other Trusts, and partnerships with third party publishing house5. Iiil Increasingly, puL)Iicalion Is online, via Ihg websites. In sorve Ca￿8, we make us9 ol direct lo cu8lomer service ol major prinl-on-dernand providers. 21 Transcrlptlon of Myrtl•ll•ld Trust books Th6 Trust manages the Iianslation of selected books from the Myruelield Archive into other languages. This is in keeping particularly with Objeclwe 1 above.. the propagation and dissttminati)n, in all parts of thts world, ol Ihtr truths and doctrines ol the Christian F8ilh. We aim to rn8ke these Translated Resources available in1gngU8oes where we see 8 clear need and Ih6r8 oxists 8 desire from readèrs in that language, THE MYRTLEFIELD TRUST TRUSTEES. REPORT ICONTINUED}(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 31 De¥glopnont of addltlonal resou￿￿5 from tho Myrtl¥fl¢ld Archl¥& Much ol the Myrtlefield Archive is ￿ the form of audio and video recDrdings of18aching on the Christian Fath by David Gooding, In English, and transcripts of the same. The Myrtlefield Ttusl has begun work to see Ihis rnateriol Converted Into books ol David Gooding's 18aching largeled at Ihre8 audienc85'. beginner, inleim8diate and advanced, with books ol corr8sponding length. All ol thes8 aspècts of Ihè work ara in ktreping particularty with Objective 2 abovè.. th& lurth6ran¢& and ancouragemanl, in the Unit8d Kingdom 9nd the RepLiblic of Ir81gnd and abroad, of Christi9n t8aching and educglion and gdvanc8ment of the Christian Faith. The Myrtleliald Trust op8rales three websites that make available the online publications from the M￿lIefIeld Archive.. vMw.myrtlefleldhouse.¢orn Thlg hlgh bandwidth websile has conllnued lo reach now and exlsfjng audSences across the glnhp 11 mak￿R avAilaNÉ+ ￿ majnr parf af th8 hnnk8, tran.8r.ripts And audin r8rAJrdings frnm th8 Myrtl8fi8ld Arrhiv8. Onlin resources are m8de 8vailable free ol ¢herge and traditional print books con be purchased through p*ner distributors and indeptsndenl bookshops. mh316.com The design of whBt was lormerfy keybibleconcepts.org is intended to se￿e those who hzve access Dnly to low b8ndwldth Inlorngt conne¢tlon. Curr8nlly, ￿ is also malnly throLJgh th8 8118 through whlch we dlslrbulo book8 Sn translation. vrnw.myrtlefleld&spanol.com Curronlly, Ihl8 sl1& has four new 6dlllons of our Sp8nl8h books avallable. Together, the three websites are intended lo make available a significant portion of the resources from the Myrtlelield Archive. Indudlng.. books Iln varloug machlne-roadable formol$, In varlou8 languagesj, Iran8¢rlpls. and audlo &nd vi¢J¥u rttLurUiriy¥, diiij Ir¢iri&ldliuiib ul piiiil¥d rtr¥uurb¥b. WebgSle d8velopmenl, In¢lLJ(Jlng occaslonal rode$lgn8 and re-hOs￿ng, Is an ongolng proc888. Th8 Trusl has 80U9hl lo evelop in-house web design capability lo deliver the material via ils websites in 3 more cost effective manner while allowing lor greater flexibility to accommodate new resource5. This aGtivily Gontiibules to both ObjeGtives 1 aiid 2 abovp. The Trustees have paid due regard lo guidance issued by the Charity Comrnission in deciding what activities the Trust should undériaka. 11 Pr¢pagatlon ond dbsemlnauon of Myrtlgfleld Trust book$ In Engll$h During 2022, the Myrtlelield Trust undertook Ihe printing andlor distribution Iwhelher directly or through prinl.licensingl of selected books in the ￿7Yrtlefield 9rchive in.. Afrfca South, Csntral and North Am¢ri¢a Asia Middl8 Ea5l Augtralialocèania Europe Digital vetsions of threg books". Joum8ys with J8sus, Bnnging Us to Glory and Windows on Paradise, w8ro prapared and made avallable lor free Oownload. Ediling work was completed on Isrge. published volurn&s'. a collection of David Gooding's cort8spondgnce, and a daily devotional cotnpiled from the Myrtlefield Archive. Editing work conlinued on a single volurne containing all that he taught on John's G)spel. THE MYRTLEFIELD TRUST TRUSTEES. REPORT ICONTINUED}(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Translatk*n of MyrUofi¢ld Trust book5 In 2023 significant progress was made in our Arabic translations. Publical'on work began on the six Quest bwks i Arabic, through partnets in LebatK)n. Three further Arabic books are now published in Arobic, with work continuing on a fourth. Tran51alion woth into Chinese conlinued. a5 did 8diling work in Spanksh. Work was commenced on one book in Croatian, and one in Romanian. 31 Development of additional resources from the Myrtlefield Archive Throughoul the year, the websites continued lo be updaled with new maleri81. and resources from all three We￿ aocessed Y￿rldwIde. Bibli¢o1 Insi9hts with David Gooding, a Myrtleliold pod¢a$t, was $u¢ces$lully1oun¢hed. These ore 15-20 minutes segtnenl$ ol $grmons Ihal arg ¥iiangod con*culivoly lo bg uploadgd on podc8s1ing plarform$. Each $gri¢s is ￿MpriSed oy several episodes. There were 3,300 downloads In 2023. In 8 joint projg¢t wilh a production company in the Middle East. a video piojecl introducing the GoodinglLennox serieg on Worfdview was recorded and produced in both English and Arabic, with release planned lor 2024. R•port on Publle Bènèflt lal B•nofft A measure of the extent of the benefit received through the activities of the Myrtlelield Trust is the nurnber ol people who havs racèivgd thè teaching conlainèd in thè Myrtlafièld Archivè concsrning the Irulhs and doclrin•s of tha Chfislian Failh propagated di559tnina18d by the Myrt19fi8ld Trust. as 513tgd in Ihg Myrtlglield Trust M8rnorandurD ol Association. Thls gxtgnl ¢on1orggly be rn9asur9d by Ihg numbgr of Iprint9dl books ¢Jlslrlbuled, and by th9 numbfrr of accesses lo Ihg igital material available on the two websites. In 2023, 46,849 books w8r8 dlslrlbul8d 811her through sal• or Ir88. and approxlmat8ly 21,000 fr88 audlo fl185 W818 ownload•d from around th• world. Our maln w8bslla. myrflèflaldhou$g.¢om, h8d 32,304 vlsilors, wth 171,198 p8ge vlews. Th8 $119 mh316.com h8d 6,686 151tor5 With 15,605 page VI&W5. W8 can now 1811 the lot81 lèngth ol timo p•opl• sp8nl whi18 Using our resourc85 onlinè.. Book5.' 20.406 minutes1340 hour51 Sèrmons.. 148,738 minul•s12479 hours) David Gooding Answers.. 56,2421937 hoLKsI Vldètrg,, 623.880 minut¥$110,398 hours} Th8rtr havtr bo•n signthcant Sncr•as•s y•ar on year. which may ow• in part a different methodology us8d, and a chang8 in how Google Analylics m8asures ils slats. W8 are as confid8nt a5 W8 can be In these figures,. however, w8 do nol lake them for granted and regularfy assess how we can best Ir8ek u$8ge, and Improve IhÈ ways In which we measure personal interaction with our resources. The facl that Ihe materiyl 15 benefi-ial, rather than harmful, is based on other qualitative data. including the fact tiat 8 number ol training colleges around the world have requested land r&c¥ivedl th8 malerial and are using il in their education programm8s. THE MYRTLEFIELD TRUST TRUSTEES. REPORT ICONTINUED}(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Ibl Publl The reported distribution of books lo many countries. and the fact that th8 online Myrtlefiekl Archive is available globally and Iieely via the tvrfo websitès, is evidence that the benefit is public. Printed copi8s ol some ol the books are available lor sal& via both online and traditsonal retailers. All royalties results'ng from these sales are led back into the Myrtlelield Trust to further ils activities, rather than providing private benefit lo any of the Trustee8. Slgnalod r•8¢rv¢s The Iruslees have designated reserves with a view 10 purchasin9 new office premises for the work ol Myrllelield. Depending on what 1$ available, the same buildin9 may olso provide in¢om¢, 01 o S¢Porale building wrchased to 9eneral¢ in¢ome, in ordgr to supwrt this ongoing work Finan¢ial review It is the policy ol the Trusl that unrastricled funds whlch have not bgan dgslgnatad for a spacsfic usé should be maintalngd at a level equivalent to between three and six fflonlh's expenditure. The Tru51ees consider that reserves al this level will ensure that, In the event of a Significant drop in funding, they will be able lo continue the Trust'5 current aclivilie5 while consideration is giv8n to ways in which additional funds may b8 rais8d. This18v•I of r8serv8s has b8en mainlain8d Ihroughoul the year. The Trustees h8v6 8s88ssad the major ri8k$ 10 which the Trust is exposed, and are satisfied that $y$ittms are in place lo mitigate exposure to Ihe major risks. Slru¢lur•. goveman¢i and managemont The Trust is a compony limited by 9uar4ntee. Th8 Trustèes, who are also thè dlrectors lor thè purpose of company law. and who sèrvèd durlng thé yèar and up to thè 81* ol s1gnatu￿ of the finan¢lal slalemenls We￿.. Arthur P Willigmson Daniel Crookeg Kok Onn L99 John C Lennox Nlr J Johnston Mr O J Watson (Resigned 11 September 20231 IResign8d 13 FBbruary 20231 (Appointed 24 July 20231 IAppoinled 13 Fèbruary 20231 None of the Trustees ha5 any ben8licial interest in the company. Al ol the Trustees are n￿MberS of Ihe company and guerantee to contribute £1 in the event of a winding up. Truslg9s orp apptsinled by Ihg Board of Tru$lges and $grvg lor an indelinile pgriod, health pprtnillin9. Those Trustegs who were serving al the end of the year are listed on page 1. Th8 Trust•8s ni8¥t twic8 par y¥ar. No Trustee Is rernuneraled for thelr servlces as a Trustee, but they are relmbursed for authorI5ed pa)ments they rnake In expediting the work of the Tru51. The Trustees. report was approved by the Board of Trustees. Daniel Crooke8 Dated.. 30 S8plemb8r 2024 THE MYRTLEFIELD TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MYRTLEFIELD TRUST I report lo the Trustees on my examination ol th8 linanaal slat8m8nls ol Th8 MyrU81i81d Trust Ith8 Trust) for the year 8nded 31 De￿rnber2023. Ro$pon$lbllltl&$ and b¥sl$ of roport As Ihe Trustees ol the Trust land also its directors for the purposes of companv lawl you are respongble lor tha preparalion ol the financial statements in accordanc8 with the r8quirgm8nt5 01 the Companies Act 2006 Ilhe 2006 Act). Having satisfied mysellthal Ihe Charity is not subje¢t to audit under ¢ompany18w and is elgible for independent examination, il is rny responsibility lo.. ex8rnine the aceounts under se¢lion 65 01 the Charities Act (Northern Ireland) 2008., follow the procadurgs laid down In the g8n8ral Dir8clions givgn by tho Charity Commission lor Norihorn 118land und8r S8Ction 6519llbl of the Charities Act., and state whether particular matters have come to my attention, Basls ot Ind•pèndént èxamln•rf$ raport I have examined your charity accwnt5 a3 required under section 65 of the Ch8ritie5 Act and my examination wa5 carried out in accordanco with the gonoral Oiroctions given by the Charity Commission for Northern Ireland Und￿ soclion 6519llbl ol tre Charities Act. Thé 8xarnination included a revi8w ol the accounting r8cords kepl by Ihe chaiily and a cornparison of tha accounts presenled with those re(x)rd5. 11 also include5 consideration of any unusual items or dlsclosureg In the accounts, gnd seeking explanations from you ?s chority trustees concerning any such mallers. My rolo 18 to slate wheiher any m81eri81 mallers liav& come lo my a116nlion giving m8 caus8 lo beli8v8.' 1. That accounting records were not kept in a￿OrdanCe with section 386 of the Companies Act 2006 2. That the accounts do not accord with those accountina reeords 3, That the accounts do not comply with the accounting requirements of section 396 of the Componies Act 2006 and with the methods and principlgs of the Charities Stal8menl of Rgromrnendgd Pr¥¢lic8 applicable lo Ghari119S preparing Iheir accounts in accordance with the Financial Reportiro Standard 8pplicable in the UK and Republic of Ireland 4. That there is furth8r inforrnalion needed for a proper urvjerstsnding ol the accounts 10 be reached. Inde￿ndent oxamlnor's 5tatemont I have compl¥l8d my examination and have no coneern8 In r8specl ol mallets 11110141 Ilslèd above ond. in eonn¥ction with followinA the Diractions of the Ch¥ity Commission lor Northern Irtrland, I have found no matt8rs that requirts drawinll to your èltenlion. IDS Chartored A¢¢ounlant$ LLP 23125 Queen Street COLERAINE Co Londonderry B T52 1 BG Dal8d,' 30 Saplembtrr 2024 THE MYRTLEFIELD TRUST STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unr&$tri¢t•d fvnds 2023 R¢stTi¢tsd funds 2023 Total Unr•$tri¢tsd funds 2022 as rgstatod Total 2023 2022 as rgstated Nots8 Income and endowments from.. Donalion8 and legacios Charilable ￿tiV￿.￿S Inveslrnents Other ineclmè 30.703 32,364 31,156 85 33,750 64,453 32,364 31,156 85 1,014,258 36,011 34 1,074.258 38.011 Total Incom? 94.308 33,750 128,05e 1,110.303 1.110,303 Exp•ndllur• on: Charit8bl& 82tivili88 150,554 33,750 184,304 269.429 259,429 Total expendllure 1 $0,554 33.7SO 184,304 259.429 259.429 N¢t Incom￿(1XpendItUrO> and movgrnent fund5 {66,2461 168,24ei 850.874 850,874 R•conclllatlon of funds.. Fund balanc8s al 1 January 2023 948,401 948,401 97,527 97,S27 Fund balanc•• at 31 Dèc•mb•r 2023 892,155 892,155 948,401 948,401 The slalernenl of financial activities includes all gains and1055es recognised in the year. All incorne expenditure derive from ¢onlinuin9 a¢ti¥ilig5. THE MYRTLEFIELD TRUST BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 $ ra$tstsd Noteg FSx•d a$$•ls Tangible asyet5 13 149 Current asset8 Debtors Cgsh al bank and in hand 14 377,229 525,711 4.178 996,447 902.940 1,000,625 Creditors: amounts falling due within one yèar 15 110.9341 l Jf3.08Jl N•t ¢urr•nt a88•ts 892,006 947.560 Total assets less current Ilabllltles 892,155 948.401 N•t a8S•t$ ox¢ludlng p•nslon1Sablllty 892,155 948.401 The lund5 of the Trugl Unr8slrict•d lunds 892,155 946,401 892, 1S5 948,401 Th8 company is enlilled lo the exemption from the audit requirem8nl contained in section 477 01 the Companies Act 2006, lor the year ended 31 Decernber 2023. Th8 trust885 acknow18dg8 Ihoir r8sponsibiliti8s for corn ￿YIng with th8 r•quir8rnonls of the Compani•s Act 2006 wllh r8SP8Ct lo aecounlng Mcords and th8 pr8parallon of Ilnandal stat8mènts, The members have not required the cornpany lo obtain an audit of its financi81 $18lemenls for the year In question in accordance wilh section 476. These financial 51alernenls have teen prepared in accordan￿ with the provisions applicable lo cornpanies subject lo the small ¢ornpgnies re91ff￿. Thè financial statements were approved by the Trustees on 30 Seplèmbttr 2024 Daniel Crooke5 Company regislrallon number N1070123 INDrthgrn Ireland) THE MYRTLEFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ountSng pollcle8 Ch8rity infowmation Th8 Myrllefield Trust is a privat8 cornpany limit•d by guaranl8e Sncorporat8d in Norih8rn Ireland. Th8 regislerod offlco Is 5 Pina Hlll, LIS6URN, CoAntnm, 8T27 SPL. 1.1 Accounting conventlon Th& financial stalem&nts hav8 b88n pr8parèd in aceordanc& ivith lh8 Trust's Mèmorandum and Articl8s, the Compan188 Act 2006 and Accounting and Reporiing by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Slancjard applicat)le in Ihe UK and RepuLilic of Ireland IFRS 1021" las amended for aecounting p8riods comrnènelng from 1 January 20161. Th8 Trust is a Publlc B&n8fil Enllly as defin8d by FRS 102. Thè Trusl has taken advantage ol thè provlsions In thè SORP for charities applying FRS 102 Updatè BUlle￿n 1 not lo prepare a Slalem8nt ol Cash Flows. Th8 Ilnancial slalements ar6 prepared In 51erllng, which15 tho luncllonal currency ol th8 Trusl. Monetary arnoun15 In th8sa linanclal stAlem8ntS *8 round8d to thè n8ar8st £. The linan¢i81 stalements have been prepared under the histori¢al ¢ost Conven￿'0n, The principol acoounting policies adopl&d are s&1 out below, 1.2 Prior p•riod •Yror I he accounts lo J1 Uecernber 2L>2J contain a pnor year adiustmenl. Income was overstated by EJ117,2UU due to an error in quanlfying the transactions regording a legacy asset. 1.3 Golng ¢on¢em At th8 lirna of approvSng Iha financial slal&m8nts, th8 Truslaes have a rèasonabl8 eKP8Ctation Ihal th8 Trust hag dwudle iesuurLe¥ tu wiilliiue Iii vpvrdtioiidl exlslEiiGe IL)r Ilie lo￿￿¥￿<1b1tt fulure. Tliu¥ tlie Tru¥leey wriliiiue 10 adopt the going concern basis of accounting in prep¥ring the linonaal staternpnts. 1.4 Charitabl& funds Unreslricled funds are available for use at the discretion of the Trustees in furtherance ol their charitable objectives. Deslgnaled funds comprise funds which have been set aside at the discielion of the Trustees for speallc purposes. The purposes 8NI uses of the design81ed lunds are sel out in the notes lo the financi81 slalemenls. Re5triGted fur)d¥ are 3ubjeGt to 3pecffiG condition3 by donors or grantor? to how they rnay be used. The purpo3e# and uses ol the restricted funds are set out in the notes to Ihe linanaal statements. 1.5 Incorn• Incorn8 is recognised wh8n the Tru51 15 legally 8ntiJ8d to il after any p8rfortnanc8 condition5 have been met, the 8rnounts be Treesured relidbly, 8nd it 13 probable that incA)rne will be received. Cash donetions are recognised on receipt. Oth&r donotlons are r&¢ognlsgd oncè the Trust hes beèn nDtili&d ol th donation, unless perforrnance conditions require deferral of tre amount, Income lax recoverable in relats'on to donations receI￿ed under Gift Aid or deeds of covenant is recognised at the lime ol the donation. Tumover is rneasured at the fair value ol the consKJeration re￿Ived or recewable and represents arnounts receivable for go)ds and swi¢es provided in Ihe normal course of business. net ol dis¢ounls, and olher sales related taxes. THE MYRTLEFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies Icontinutdl 1.6 Expendituro Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that exptrnditure, it is probable that sotllamenl will b$ required. 8nd the amount of the obligation can be mgasurgd reliably. Al expenditure is accounted far on an ￿￿rual$ basis. 1.7 Tangibl• fix•d •$$•l$ Tangible fixed asset5 are initially measured at C051 and sUbsequen￿Y measured al cost or valuation, net of depreciation and any impairment105ses. Depr8cialion is r8cognised 50 as lo writ8 off the cost or valuation of assets less their residual values over ih8ir useful livp.q nn Ihp fnllnwino h28p.8'. Flxtures and ffirtings Compu19rs 250/0 stralghl line 33.33*9 siraighl line Th8 gain or loss arising on the disposal of an asset 1$ cl*10rrnin8d as Ihe diff8r?r)Gg bgtwegn tho salg proceeds and the Carrying value of Ihe ossel, ond is rew9nised in Ihe stolement of linan¢io1 a¢l'vilies. 1.8 Imp•lrm•nt ol fix•d a$$*ts Al gach rèporting and data. Iha Trust r8vi8w8 thè carrylng 8m)unt9 01 its tangibl8 agS8tg to d818miina whethèr thére Ls any indication that tho58 a559ts havg suffer8d an impairm8nt1058. If any 6uch indication gxi51s the recoverable arnount of the osset is estr'mated in order to determine the extent of irnpaimient loss lil any). 1.9 Ca8h and cash &qulvalènt& Cash and cash equivalents Include cash in hond, deposits hdd at call wilh banks, Other short-term liquid investments with ori9inal maturiti•s of thr•• month$ or l•s$, and bank ov•rdrafts. Bank ov•rdr•ft$ ar• Shown wilhin borrowings In current liabilrties. 1.10 Financial instruments Thè TrLJsI has èle￿&d lo apply thè provlsions ol Sècllon 11 '8asle Financlal Instrum8nls' and Sècllon 12'0th8r Financial Inslrurnenls Issues, of FRS 102 10 811 of its financial insirumenls, Flnanclal Instrumènts are rècognisèd In thè Trust's balancè sh88t when thè Trust becomes party to the contractual provlslons of the instrumènt. Finan¢l818S$8ts and liabillties are Dffset, wlth thè net amoLJnts presentèd in the financlal stalemenls, when there is 8 18gally •nforcoabl8 dght to s•t off th• recognls•d amounts and th8r81s an int8ntion to s8ttl• on a n8t basis or to r•alls8 th• 85sel and s81118 Ihe Ilablity slmullaneously. Basic financial assets BagSc financlal assets, whlch Includ8 debtors and cash and bank balancas. ara initl8lly m&asurad at transacllon prfc8 induding tr8n88ction Gosts end are ¥ub8gquently Garried 4t GOBt using the effeGtive inlere3t rnethod uDleB8 Ihe arrangemenl constitutes a financing transaction, where the Iransaction is rneasured at the present value of the future rècglpts dlscount8d al a markat rate of int6rèst. Financi418ssèls classKlad ès r8coivabla wthln ona yoar ar8 not amortised. 10- THE MYRTLEFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies Icontinutdl Basie financial lithbiliti&$ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri￿ unless the arrangen)enl constitut$s a financing transaction, wh*ro the dobl instrumonl is measurgd al Ihe prèsènt value ol the future payments discounted at a market rate ol interest. Financial liat)ilities classified as payable within one year are amortised. Trade creditors are Obligations ta pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are cL9ssilied as current liabilities il payment is due wbthin one year or le$s. If not. th8y ar8 presented as nOn-￿rrent liabilitigs. Trade cr8dilors ai8 r8cognisgd initially al tran$adion pii¢e and subsequently rneasured at amort15ed oDst using ttrie effective intere51 rnelhod. 1.11 Taxoiion No provision 15 required for laxalion as the company is d8fineLI as a charity for iaxation purposes. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's Services are received. TeMiina￿'0n benefits ar8 recognised imrnedialely as an expense when the Tru51 is demDnstrat4y committed to lerminale the employment of an employee or lo provide lermination benelils. 1.13 Retlrement beneflts PaywEnts lo defned contr11￿lion retirement benefit schemes are charged 8s an expense as they fall due, Crltlcal accounllng •8tlmal•8 and ludg•m•nts Iri Ili¥ aypliLt]b'oii ul Ili¥ Trubl'b ¥L¥uUIi￿Il9 pvli¥i¥8, Ili6J Tiut*lv¥¥ ¥1¥ 1¥gui1g41 Iv IT)ake judy¥iii¥iils, ¥sliiTialt*¥ aiid assumptions about Ihe carrying amount of assets and liabilities that are not readily apparent from other sources. Th8 estirnates and ossociated assumpligns a￿ based on hislori¢al experien￿ and other 19¢lors that are Gonsideied to be rglgvanl. Actual Igsulls diffgr from Ihgse g$titnatss, Thg estimatgs and undgrfyng assumptions arg rgvigwgd on an ongoing ba$i$. RgVi$1gns to arcgunting g$1imate$ arg rg¢ogni$g(l in the period in which ihp eslimalg is ievi$eé where Ihg revisvJn affect$ only Ihol p￿tyJ, or in the period ol the revision and lulure periths where the revision affects both currenl and future period5, Donallons and l•gacl•s Unrestricted Restrictsd funds funds Total Total 2023 2023 2023 2022 Donations and grfts L￿a¢l¢S receivabl¥ 30,703 33,750 64,453 640,549 433,709 30,703 33,750 64,453 1.074,258 11 THE MYRTLEFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable acto￿tIes 2023 2022 Sales 32,364 36,011 Othev income Unrestrlcted Unrestrfcted funds lundg 2023 2022 Othtsr income 85 Investm•nt8 2023 2022 Interest receivable 31.156 12- THE MYRTLEFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charltable acto￿tIes 2023 2022 Staff costs Depreciation and impairrnent Publibalivn aiid Iileralur Communication Bank charges General expenses Foreign exchange lossllgainl Kestncted lunU8 re puLiliGalion & literature 115,178 692 16,897 1,196 2,775 8,532 16321 33,750 121,576 332 15,341 17 178,988 256,561 Share ol governance costs (see note 91 5,316 184,304 259,429 Anatysls by fund Unreslricled funds R8Strlctod funds 150.554 33,750 259.429 184,304 259,429 Trustees None ol the Trustees lor any persons connected with Ihernl r8ceived any remuneration or benefits fiom the Trust during the y8ar. SuppDrt cost Support costs Govemance 08ts 2023 2022 Basls of allocatlon Audit fees L8gal and prolasslonal 2,516 2,800 2,518 2,80D 2,868 Gov&mancts Gov8manctr 5,316 5,318 2,e68 Analysed between Charitable activii'es 5.316 5,316 2,868 Governance wsls includes payment5 to Ihe auditors of £2,51612022- £2,868) for audit fees. 13- THE MYRTLEFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Employees Number of employees Th8 average monthly number ol •mploy•85 during th• year ￿a5.. 2023 Numbèr 2022 Number Employment ¢osls 2023 2022 Wages and salarie5 Social Security costs Other pgnsion costs 105,189 8,070 1,919 110,716 8.863 1,ga7 115,178 121,576 14- THE MYRTLEFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Prlor perlod adlustment Ch8nges to thè balancè sheet At 31 Decombor 2022 A$ p￿vIOUslY Adlustmonl r•port8d As restated Fixod a88•t8 Tangible assets Credltors duo wlthln on• year Other creditors 725,841 1725,0001 1389,8811 337,800 151,8811 Nel assets 1,335,601 1387,2001 948.401 Capital funds In¢omg funds Unreslricled lun¢s 1,335,601 1387,2001 948.401 1,335,601 1387,2001 948,401 Changgs to th• proflt and loss account P•rlod Ond￿ 31 O&¢•mb•r2022 As prèviously Adjugtm•nt As r•8tat•d reported Incorne Irom.. Donats'ons and legacies 1,461,458 1387,2001 1.074.258 Nel fflovemenl In lund8 1,238,074 1387,2001 850,874 12 T8xatlon Th8 charity Is 8x•mpt from taxation on activities b8caus8 all its incorn8 is applied lor charitabl8 purposes. 15- THE MYRTLEFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Tanglble flxed assets Flxture¥ and Computers Totol Cost At 1 January 2023 2,810 6,679 9,489 At 31 D8C8mb8r2023 2.810 6.67g 9.48g D•pr•¢latlon and Impalrmènt At 1 January 2023 Depre¢ialion Charged in the year 2,757 5.891 67 8,648 Al 31 Dècémbèr 2023 2,770 8,570 9,340 Carrylng amount Al 31 December 2023 40 109 149 At 31 December 2022 53 14 Debtors 21123 2022 Amount$ f4lllng dug wlthln on9 yoar.. Trade debtors Other debtors 7,229 370.000 4,178 377,229 4.178 15 Credilor8'. amounts falling due within one year 2023 2022 Other taxation Ènd soclal sécurity Trade creditors Olhor cr•dllors Accruals and deferfyd incorne 1,053 7,615 266 2.000 1,184 49,517 10,934 53,(fi5 16 Retlr•ment ben•flt schern•s 2023 2022 D•lln•d contrfbutlon schèmes Charge lo profil or loss in respect of defined contribution schemes 1,919 1,997 Th& Tru$1 operalgs a deflned ¢onlrlbulSon ￿nsIOn schemg for 811 quallfylng employ88s. The a8s0ts of the scheme are held Separately from thoBe of the Trust in an independently administered fund. 16- THE MYRTLEFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 R•strlcted funds The restrieted funds of the therity eornprise the unexpended bal8nces ol donotion$ and 9r8nts held on trust Subjeet to specific conditions by donori as to how Ihey rnay be used. At 1 January 2023 Incoming r•sourcoS R•$our¢•s4t JI O袕mber gxpgnd8d 2023 Translation ¢ost$ 33,750 133,7501 18 Unr•$trlct•d fuNd6 Thè (jnre$tri¢t￿ funds of th¢ Charity ¢omprise th¢ unexpended b8lan¢è$ ol donations and grants whi¢h are not subl￿t lo spè¢ifi¢ ¢ondrtions by donor8 8nd grantor8 8$ to how Ihay May bts used. Th88* lrtlude dèsignalad funds which have b88n set 3side out of unrestrict8d funds by th8 trustees for specific purposes. At 1 January 2023 Incomlng r•s¢ur¢o8 R•8ourc•&4t 31 D•c•mb•r exp•nd¢d 2023 Designaled funds - New oflice premises General lund5 500,000 448,401 500,030 392.155 94,308 1150,5541 S48.401 94,308 1150.5541 892.155 Pr•vlou$ y••r'. At l January 2022 Incomlng resources R•sour¢•s4t 31 D•¢•mbgr expended 2022 Genèral funds 97,527 1,110,303 1259,4291 948,401 19 Anatysls of nat assets belwe•n lunds Unr•8trlet•d lunds 2023 At 31 D•c•mbew 2023: Tangible assets Currenl as58tsllliabilit1851 149 892,1X)6 892,155 17- THE MYRTLEFIELD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Analysis of net a8strts betwèèn funds Icontinutdl UnroJtri¢tod fund$ 2022 At 31 Docembei 2022- Tangible gssels Current assetsl{Iiabilitiesl 947,560 948.401 20 Company limit•d by guaranto0 Ev8ry m8mber of the charity undertake5 to contrlbule such amount as may be requked Inol exceeding £11 lo th8 Charity's asséls rf It should ba wound LP whll8 such person is a memb8r. or within one y8ar aft8r such person c8as8s lo be a rnember, lor payment of the charity's debts and Iiabililie5 conlrar*ed before such person ce85e5 to be m8mb8r, and of Ihe cosls. charg8s and 8xpons88 of windlng up, and for the adlu5trn8nt ol th8 rights of the contributori8s arnong Ih8msalv8s. 21 Relatsd party Irin&a¢tions There were no di5closoble related party transactions during the year12022- none). 18- This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic fonn, authentication and manner of delivery under section 1072 of the Companies Act 2006.