THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been wepared in accordance with the accounting policies Set out In note 1 to the finanaal stalements and comply wlth the Charity's Trust deed, the Charities Act (Northern Ireland) 2008 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Iland published in October 2019. Objectives and aGtivltles The purpose5 of the Fund are set out in the Trust Deed dated November 1992. . The Trust is established to support and furtherby chan"table means only, such of the purposes, alms and objects of the MaterHospital. belng charltable, and such otherpurposes, aims and objects slmllarorakln to those of the Mater Hospltal being charltable, as the Trustees shall in thelr absolute discretion Irom tlme to time determlne. The benefit provided by the Fund is the advanment of health, the prevention of illness, the saving of lives and the advancement of education. In setting our objectives and planning our activities our Govemors have given careful consideration to the Charity Commission's public benefit guidance. The public benefit is the health and wellbeing of all users of the services provided by the Hospital. The beneficiaries of the Fund are the general public including patients of the Hospital, family memb&rs and carers of patients, relatives and visitors. Beneficiaries also include medical, nursing, allied health professionals, an¢illary slaff and studenls by way of education, research, training and development of edUcaOnal facllities. Policy for the maklng of awards The Trustees satisfy themselves that the project being financed is in furtherance of the objects and purposes of the Fund, that It is ¢haritsble and that it does not place the fInanS or the repulatlon of the Fund at risk. Each project submitted by staff has the prior support of the relevant professional or multidisciplinary group of the Hospital or senior manager before being brought forward to the Truste8s for Consideration. A short guidance for staff has been developed. The Trustees consult wth the relevant personnel wlthin Ihe Hospltal and other professionals to satisfy themselves that the project is beneficial and viable. Monltoring achlevement At their regular meetlngs, the Trustees monitor the finaneAal perf0mlan of the Fund by way of detailed reports from the appolnted Investment Managers and the progress of each Individual funded project. In relation lo the fvnded projects an individual report is brought to the Trustees at thelr regul¥ meetings by a delegated Trustee who Ilaises with the relevant Sponsoring member of the Hospital Staff.
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevemonts and perforniance Past Funding Upon the accesslon of the Hospital to the National Health Service in 1972. and the routine funding being assumed by the then Ministry of Health and subsequently the Department of Health and Belfast Health and Social Care Trust {BHSCTI,' the necessity for the work the Young Phllanthropists lessened and the funds were invested and eventually rested withln the Fund. However. the Fund continued to enhance the fabric of the Hospital with, inter alia, the construction of the new McAuley buildlng, a state of the art Education Suite, Quiet Room and Junior Medical stsff and adminlstralion area. In addition, the Fund made substantial investment in improvement in the Hospital's dlagnostic capadty. particularly radiology by the provlslon of Magnetic Resonancé Imaging, CAT Scanning and screening equipment. There was also a major research project into chronic obstructive pulmonary disease (COPD). Further investments have been made in cardiology, hepalobiliary and ophthalmology departments and the upgrading of ICT systems, including a clinical handover project, all keeping the Hospital abreast of the most up to dale technology. Over the past two decades the Fund has conlribuled some £25.000.000 lo support advances in the Hospitsl. Projects funded during the year As noted in the previous annual report during 2019120 the Hospital was designated a Covid-19 hospital. In 2021 the BHSCT began the reeslablishment of core services in the hospital along with a review and redefiniticn of the surgical services available at the hospital. The Mater has now been designated the first overnight unit for Inlermediate level surgery. lthile in 2022 this had an impact on the level of requests and therefore the investmenl through the fund, an in¢asIng number of requests have been received in 2023. During the year 2023 the Fund made investrnents and interim instalrnent payments totalling £342K in respect of ompleled and ongoing projects.
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Short Term and Ongoing Investments The Truslees have made ¢ommitrnents to new and ongoing prolects detailed below. In 2023 these commitments focused on improving the internal and external hospital environment, further enhancement of support to staff through for example the clinical handover project and support for Ihe palliative care and respiratory teams. The Trustees, in recognition of the Increasing cost of Ilvlng and the growing reliance by staff on local frjod banks the Fund supported donations to thrée local communty food banks in 2022. This commitment was repealed in 2023. These projects and outstanding commitments are scheduled as follows.. Project I Initlatlve Total Commltment Payments Made In 2023 Outstanding Commltment Junior Doctors Suite Wayfinding Project Res iratory Training Community Food Banks Hospital External (Railings) Eileen Ferguson Award Palliative Care Ophthalmology Nebulisers Clinical Handover BreathTe Boardroom MRI SVDP Sands Totsl 549.000 36,000 2,330 36,800 150,000 527,896 24,981 2,330 6,700 150,000 11.019 30,100 Environment 1,600 10.282 516.563 36,750 659,371 15,000 84,000 1,000,000 23.400 500 3,121,596 1,100 500 10,282 516,563 6,650 406,984 15.000 84,000 1,000,000 6,700 30,100 252,387 16.700 500 341,906 2,758,586 Eileen Ferguson Award In recognition of the significant vital contributlon of the late Eileen Ferguson, a YP Trustee, the Fund established an award to be made bi-annually lo staff who work in support of clinical teams. Whether behind the scenes or in full view of the public, staff who support the clinical teams in the Mater hospital are an invaluable and vital part of the multi4isciplinary team. They demonstrate daily professionalism and kindne55. These staff make a slgnificant contribution to pallent care. a contribution that is often overlooked. The Eileen Ferguson award celebrates and recognise5 the outstandlng contribution of the support staff in the Mater Hospital. The award will be made every years commencing 2022 and include a training bursary for the winner. The recipient of this award will recetve support for trainingleduGation. The first award was made in 2023 to Mr Tony Mc Donagh.
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financlal revl8w The Audited Financlal Statements ft>r the year ended 31 December 2023 and Balan Sheet as at date a attached to this report. At 1 January 2023 the Gross Worth of the Fund was £25.060K and Net Worth was £24,075K after taklng Into account Outstanding Commitments at that date. Durlng the Year the Fund generated Income of £882K in additlon to gains on Investments of £1,004K. Expenditure on charitable activitles amounted to £458K leaving a Net Surplus for the year of £1,427K. At 31 D8mber 2023 the Gross Worth of the Fund was £26,488K and Net Worth was £23.729K after taknng Into account Outstanding Commitments al that date. All funds are Unrestricted. Reserves pollcy The Trustees have considered the necessity to create a reserve within the Fund. In light of the Net Worth of the Fund, the Unrestricted nature of the funds and its ready acces5 to liquld funds the Trustees conclude that a reserve is not necessary. Thls will be kept under VIeW on an annual basis. Investment pollcy The Trustees have appolnted professional Investment Managers to manage the Fund portfolio on a discretionary basis wthin defined pararneleis addressing long tenn capital growth, Income genération, risk constraints and ethical and environmental awareness. The Investment Portfolio is maintained primarity in Sterfing as the expenditure and funding ol the Fund is exclusively in that currency. The Investment Managers port to the Trustees on a quarterly basis. During the year the Twstees appointed Broadstone as Investment advisors to perform an investment portfolio revlew. The revlew included performance against objectives, performance againsl peer groups, responsible investment assessment. income and fees. Trustees were pleased with the outcome of the review. Given the completion of the Broadstone review work and despite the market volatility experlenced during the Year the Trustees are satisfied with Ihe performance and management of the investment portfolio of the Fund during the Y88r.
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Rlsk Management The Trustees are cognisant of the reality that the primary asset of the Fund is represented by Its Investment portfolio which they endeavour to mitigate any risk in this regard by the retention of professional Investment Managers. The TNstees have custodian arrangements in place for the protectlon of the equities and bonds. The Trustees are also cognisant of finanaal risk, this is Managed by the appointment of Trustees with sufficient skill and expertise and by dose liaison with the medical, clinical and other experts wlthin the Hospital. The Trustees regularly monitor how funded expendilure on capital proje¢ts, research and other projects are developlng and by regular consultation with the relevant personnel wthin the Hospital and third parties. Through this process they are assured that their technical knowledge is up-to-date and they have the depth of Insight and detail to demonstrate the appropriate utilisatlon of assets of the Fund In accordance wtth its charitable purposes. In 2023 Trustees received presentslions direcily from reciplents of the fijnd detailing the Impact of the investment on patient care and support of staff Structure. govemance and management Structure The Mater Hospital (the 'Hospilal ° ) was founded by the Order of the Slsters of Mercy and opened its doors on the Crumlin Road. Belfast, to the publi¢ in 1883 providing. on a charitable basls, the best in care and treatment to all those in need of it. irrespective of their creed, class or means. At the instigation of the then Father Patrick, later, Monsignor Mullally. a group of local business people set up the YP Pools { the name deriving from The Young Philanthroplsts ) with the principal purpose of raislng funds for the Hospital. Over the years the malority of the funding for the Hospital, and that presently remaining in the Fund: derived almost entirely from the YP Pools. The Hospital was financed principally by this fund until the Government agreed to admit the Mater to the National Health Service In 1972 In November 1992 the Fund was established as a Charitable Trust and in April 2014 was registered as a charity with The Charity Commission for Northem Ireland under Registration Number NIC100084. Management The Fund Is managed and controlled by a board ofTrustees. Those who served during the Year were: Most Revend N Treanor MrACanavan Dr P Curran Dr J Doyle Reverend Dr P Fleming (Chairperson) Mrs M Hinds Mr C G Jenkins Mr G Hughes Reverend G Fox Mr J Fitzpatrick (Resignad 22 January 2023) {Resigned 31 January 2023) (Appointed 31 January 2023) (Appointed 16 May 2023)
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees receive no remuneration. Mrs Hlnds received an honorarium of £7,500 for secretarial servios. Audltor Mccreery Turkington Stockman Ltd has indicated its wlllingness to contlnue in office for the ensulng year. Trustees, as a Matter of good g0veman. have indicated the audit services for the year to 31 December 2023 will be tendered. Conclusion The Trustees are privlleged to be Charged with the management and control of the Fund whlch was Inftially contributed lo by the community in the financially stringent times post the second World War and whcfje generosity and support of the Hospital is evidenced by the fact that their descendants and the community continue to benefit therefrom over some 70 years later. The Trustses, report was approved by the Board of Trustees. dl4th Mrs M Hinds Trustee Dated: 28 May 2024