Chority r*gbtr•tlon numbgr NIC100084 THE MATER HOSPITAL Y P FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE MATER HOSPITAL Y P FUND LEGALAND ADMINISTRATIVE INFORMATION Tru8tO09 Dr P Curran Reverend Dr P FrnIng (Chairperson) rs M Hind5 Mr G Hughes Reverend G Fox Mr J Fitzpatri Mrs N Pattets¢ Miss L McAlea Dr L Charlty numb•r NICI0(M)84 Audltor MGCreery Turtington Stockman Ltd 1 L8nyon Quay Bètf8St Co Antrim Northern Ireland 8T1 3LG Bank•rn AIB INII 85 Main Street Bangor BT20 4BA Sdkltor• c8vr Fulton R8nkin 50 Bedford Street Belfast BT2 7FW Investment Managers IQ EQ Fund Managament Ilrelandl Ltd 76 Sir Rogers0 Qu?y Dublin 2 Dublin Iland Invostm•ntAdvlsoryJ Broadstore Financial Solubons Limited 100 VIt)A Street LoThJon EC2V 7AN
THE MATER HOSPITAL Y P FUND CONTENTS Pa Tru$taas' rgport Statement of Trustees, responsibililes IndeFendent auditors port 8-10 Statement ol financial activitias 11 Statement of financk41 po$rtion 12 Notes to the financial ststements 13-22
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees psent theif annual report and financial ststements lor the year ended 31 Dember 2025. Th& ffinan(ial statements have been prepared in accordan th Ihe accounts'ng policAes set out in note 1 to thè financial statements and (wply with the Charity's Trust deed. the Chanties Act (Northern Ireland) 2008 and 'AccDunting and Reporting by Cttanties.. Ststement of Recommonded Practl¢e appliGgbb to Charit$ pparing their attounts in accordantè with th8 Financial Reportin9 Standard applicable in the UK and Republic of Ireland publi%h&l ill October 2019. Oblg¢tlve$ and acllvlllo$ Th& purposgs 01 the Fund are set out in the Trust Deed dated Novernber 1992. . Th• Trust Is •stablIsh to supportandfurth•rby ¢harlt•bl• mè•ns only. sueh of the purpos•s, èlms •ndobierts ofthe MaterHospit81. belng charftable, and such otherpUTroS, alms and obJo¢ts slmllar orakln to those of tho Mater Hospltsl being ¢harltable, as the frustees shall In thelr•bsolutè dlserètlon from me to tlme detemiln¢." The benefft provided by the Fund Is the advanrxrent of health. the preventM)n of illness, the sawrrfJ of lives aThJ tho advancamant ol èducation. The Publ benefit is the health and %%llb&ing of all users ol th& sarvicès prtsvided by thg Hospital. The b6nefiaars ol the Fund are the general public includin9 pabents ol the Hospital, farnily members and carèrs of patBnts, relatives and visrtors. Beneficiaries also include hosprtal staff Including medical. nursing, allied health profe$$ionals. anullary stsff and students by way ol oducatson, rèsèarth, trainiro and dev8lown8nt of educational faalIt$. Pollcy for th• maklng of awards The Trustees Satisfy themselves thal any project being financed is in futherance of tho obiacts and purposas of Ihe Fulld, that fi is ¢atitable an¢1 that it does not plac the finan$ or the reputth.on of the Fund at risk. Each proj.ect suthitted has th& prior support tsf tho rtrbv8nt profe¥8ional or rnults'disc4plinary gup of the Hosmal or senior manager befo being brought forward to the Trustees for consideration. A Short guidan for stsff has be8n d8vgIop8d. On owasigrks the Twstees will consider other prqects that reflect the objectives ol the charity. The Trusiees o)nsult vrtth the relèvant p001 within th8 Hospit81 and other prolesskJnal$ to satisfy themselves that the project is beneficial arNJ viablo. Monltorlng achlev•m•nt At thoir regular meetings, thè Trust8as m9nilor the financial perforynance of the Fund by way of detailed pOrtS from 8pp¢inted Invèstment Managers and the progfess ol each indiwdual funded project. In relation to the funded Pfcy'ects an Indivkjual port is brought to the TNstes 8t thir rogular msetings by a d•ated Trusteè who lia1 wth thè relevant sponsoring rnember ofthe Hospital Staff. Meets'ngs of Ihe YP Trustees a held in the Hospital at bast On a y&ar enabling the Trustees to wsit th+ servKes and siaff vlho have receNed donations towards t"r samces.
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Achlevements and porfomiane$ Pa$t Fundlng Upon thè accession of the Hospktal to the NatKJnal Health Service in 1972", arKI th8 routin8 funding tHrrtJ assumed by the then Ministry of HeaRh and subs8qu&ntly Dapartment of Health and Belfast Heath and Soual Care TnJst18HSCT), the necèssity for th8 work the Young Philanlhropisls lessen and the frjnds wè investad and 6vontually rested within the Fund. Since enty to the Health Service the Fund has continued to sUprt thè Btsff. patients and community ol the Hospital. This work indudes anhaneomenl ¢f the fabric of the Hospital. support for research proiects. professional ¢Sevelopm8nt and education for 811 ¥taff and clinical and care equipment which enhanees thè pats.ents and staff èxp8rien Over the past hvo decad85 the Fund has contn"butad some t26,0(X),tY)O to support the stsff 8nd patsents ol the Hospital. PTojocts funded durlng tho yoar The Trustees are eaSed to report that ther6 continws to be an inrxeasir@ number of requests for funding in 2025. Dunng thè yaar 2025 the Fund made investments and interirn instalment paymants totslliNJ £742,322 tn r¥¥R of Compted and ongoing projects.
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Ongolng Inv&stmMts and Commltm•nts The Trusttes havè madè wmmitrnents to new aFkY ongoing projects detailed below. In 2025 these commitments foojsed on irnprovin9 the intemal and ex1emal hospital environment, dinieal and ear6 aquipmont, staff suppor( educats'on and training. The eurrènt nd and ou15tsndin ommltted comrnitments are scheduled as follows.. p•nt In 2025 otal Sp•nt utstandlng 150.0 ,233 g.OOD 10,282 15,(N)O 153,524 153,424 ,233 41,374 espiralo Trainin unior Doctors Acc alliative Care reathTec oardroorn Rl MP Elective Unit D Stsff Room looxl Gas Anal ser es If8to Transfer E hthalrnol Slit La states Roof states Staff Su onferenco dening Access Prooct hase One and Two lethve Care Unit Extènsion Herita e Post phthalmology rnent menb"a Garden ae Scanner dvanced CommunicatK)n rainin 0,881 107,626 10.282 14,279 1.000,(K)LI .705 12,000 .851 15,000 16.$63 6,598 300.000 144.992 1,000,CQO 7,182 12.CMJO ,851 14,062 54.415 14.062 5,416 ,147 6,598 0,000 144,992 ,685 3.573 ,685 3.573 3,573 146.100 110.200 170,CQO 146.100 110,200 170.000 Catara 2.4) 5,500 13.480 2,400 13.480 42,322 ,272,176
THE MATER HOSPITAL Y P FUND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Flnanclal mvl•w Th9 Audrted Financial Statements for the year ended 31 Decamt4r 2025 and 8018n Shee¢ as at date are attached to this report. At 1 January 2025 the Gross Worth of the Fund was £26,802K and Nat Worth wa$ £24,324K after t#'n9 into 8e(x)unt OutstandiTrJ Commitments at that date. During tha Yr Ihe Fund generated income of £590K In addition to gains on Invesbnents of £2,242K. Expenditurè on Charilab a¢b'v1t$ amounted to £845K leavw a Net Surplus for tho yearof£1,987K. At 31 Dernber 2025 the Gross rth of ts Fund was £28,789K and Net Worth was £26,517K after taking into account OutstaThJirKJ Commitmonts at Ihat de. All funds are Unrestricted. Re1V•S polley The Tru5t&ès have considered the necessty to ¢ate a resetve within the Fund. In light ol the Net Worth of the Fund, the Unrestricttd nature of the funds and ts ready access to IYUKI funds the Trustees conclude that a Serve is not nacassary. This will be kept under review on an annual basis. Inve$tm¢nt pollcy Tha Ttuste85 have appointed professional Invesbnent Manag8rs to manage tho Fund portfolio on 8 disUaOnOry basis within defin8d p8ram8ters addressing long term capital growth, income generation. nsk constraints and ethical and enwronmental awareness. The Investsrent Portfo¢io is maintainJ primarily in Sterting as the eyendrture and funding ol the Fund is exdusivèty In that tsJrraney The Inve8trnent Managers report to the Trustoes on a quartèrfy bas. During the prior yoar Ilw Trust88s appxjintsd Br9adstone as invesknent advisors to pertomi an investment portfolio r•vW. The reVW Indjed performance against objectives. perfomiance against peer groups, responsible inv8Stment assessmenl. income and fees. Trustees were pleased with thè outcom8 of th8 rev. Gwen the completK)n of the Broadstona rèview work in Ihe prior year and de¥Jite the market vdat'lity expenenced dunng tho Y6ar TrLF5t8és $ati$fied with the performance and managernent of the invesbment porttdi¢ of thé Fund durin9 the Year.
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Rlsk Management The Trustees are cognL8art ofthe alIty thÈt tha primary asset of ts Fund is represented by its Investment portfolio which Ihey endeavour to mib'gate any risk in this regard by the retention ol professional Investrnent M8nager8. The Tntstees havè custodian arrangèmènts in pl tor the protsctyon of the eque6 and trnds. Th6 Trustèes are also cognisant of financial risk, this is rnanag by the appointment of Trustees with sufflevant skill and expertsse and by close liaison with the medical, diniea1 and tsthtrr exparts within the Hospital. The Tntstees regularly mortitor how fijnded expenditure on caprtal projects, research and other projects are dalOping and by regular consultab'on with the relevant personnel wthin the Hospital and third paitiès. Through this process they are assured that their technical kntswledge Is upto-date 8rTrd they h8Vé thè dèpth gf insight and detail to demonstrate the appropriatè Utilisati of assets of the Fund in acrdan with its charitable puws. In 2025 Trustées reeaivèd feedb8d( dire¢Yy from reciptents of the fijnd detailing the posrtive impact of the inv8strnent on patient care and support ol stsff. Structur•, gov•man¢• and managomènt Structurn The Mater Hospital Ithe"Hospit81" I was f¢undgd by the Order of the Sisters of Mercy and opened its doors on the Crumlin Road. 8Èlfast. to th8 public in 1883 providing, on a charEtable basis, the best in care and treatment to all th059 in n8ed of it. irrespective of their creed, dass or means. At the insb'gation ol the then Fathor Patn"d(. lat8r, Monsignor Mullalty, a group of lo1 business people set up the YP Pools11he namtr ¢JeriMng from The Young Philanthropi3ts1 the principal purpose of raising knnds br the Hosprtal. Over the years the majority of the funding for Ihe Hospital, and that presentty remaining in Iha Fund., d1%d almost entirely from the YP Pools. Tho Hospital was finanLd prin¢ipally by this fund until the Govemment aged to adm(t the Mater to the Naknon8I Health Service In 1972 In November 1992 the Fund w88 estsblish&Y as a charitab Trust and in Apnl 2014 was registered as a ch8rity wth Th8 Charty Comrnission lor Northem Iland under Registration Numbar NIC100084. Manag•m•nt Thè Fund 13 managed and wntrolled by a board of Trustees. Those who seryed during the Year ere'. Dr P Curran Reverend Dr P Flemin9 (Chairperson) Mr5 M Hind5 Mr G H¢Jghes Reverend G Fox Mr J Fitzpatrick Mrs N Patterson Miss L McAlea Dr LM¢e Mrs HiTrJs raceived an honor4rium of£7.5k for retaria1 SerVe5.
THE MATER HOSPITAL Y P FUND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Audltor Mccreery Turkington Stockman has indicatsd its willingnes5 to continu8 in Offi for the ensuing year. However, Twstees hav& Indicated that tho audit serv4C88 for th9 year lo 31 Dec£mber 2026. next year, rnay be tendered. Gwen th• work c¢mmis8ioned through Broadstone in 2023 and 2024 the Trustees have dèfenèd this dtcishtin lor now. ¢onclu8lon The Trustees are pn'vileged to t* charged wth th8 managernent and control of the Fund whth was inits"aNy contributed to by thè community in the finanrially stringent ts'mes post the second Wodd War and whose g•narosity and $upport of the Hospital is evidenced by the fact that their dascendants and Ihè community ntinue to benefft therefrom over scwne 70 years later. Th¥ Trvste98' report was approved by the Board ol Tr4JStees. Mrs M Hlnds Tw5tee Dated.. 28 April 2028
THE MATER HOSPITAL Y P FUND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees are responsible for prepaftNJ the Trustees'Annual Report and the Financi81 Ststements in ac(ordanc8 applicable law and United lfjngdom AeAx)untr'ng Stsndards (Unrted Kingdorn Generally Apted Accounts"ng Practi1. The law applicable to charrties in Northem Ireland requires thè Trustees to prep8re Financial Ststements for each finanrial year which gNe a truts and fair viaw of the state of affairs of the Charity of the incoming resour$ atvj applicats.on of Nsourcas of thè Ch8rty ft)r that period. In preparing tse FinancAal Stst&nents, the Trustees aro requirèd to.. select Suitab accounb.ng polioes and than apply them Consisteny'. obsetve Uia mèththys and principles in the Charit SORP 2019 IFRS 1021., make judgem8nt5 and estimates Ihat are reasonable and prudent., prepare the Finanpi81 Statements on the 90ing concem basis Unl it is in&pprwriatè to pSume that the Charity will conbnue in operation. The Trvstees are responsible for kee9 prOr accountirvJ r8corrls that disclose wth reasonable accuracy at any time the financial posikntsn of the charity and enable them to ensu that the Finaniial Statements comply wlth tt Charrties Act INorthem IreI8ndl 2008. Charities IA¢counts and Reports) Regulations (Northem Iland) 2015 and tha provisions of the trust deed. They are also responsible for safeguarding thè assats ol thè charity and hgncg for taking reasonable steps for tr* prevents.on and detectlon Offr8 other ltyUl8r.gs.
THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND Oplnlon We have auditsd the finanryal ststemenb of The Mater Hospital Y P Fu1 Ithe 'Charrty'l for the yoar endad 31 December 2025 which cornprise the statement of finanaal %tivit"&s, the stat8mènt of ffnanri81 p9son and the notes to the financial statements, includirKJ a summary of signific8nt accounting e$. The financial reporting fraMOrk that ha5 b99n applied in their preparation is applicab law and Un¢ted Kingdom Attounting Standards, Induding Financial Reporting Stand8rd 102 The Finanaal Reporting Standard &pplicable in th& UK and Republic of 1Tr18nd IUnit&Y Kingdom Generaliv Ac(epted Accc#Jnts"ng Practicèl. In our opinion, thg financial statèmènt5'. give a tr¢Je aThJ fair ol l#è statè ol th8 Charity'5 affairs as at 31 D&c8mber 2025 and of its incorning resources and application of rèsourtss, for ihe year then ended.. have been properfy prepared in aCcOrdar %th vnIt .Jd0M Generally Acceptsd Accounting Pracb'ie.. and have been ppared in a¢0)rdan wth the requirements ol the Charth"esAct (Northtrn Irtlandl 2008. Ba818 for oplnlon We conducted our audit In accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law Our Sponsibl11.es under those standards ara furthar d05cribed in the Auditoffs r8sponsibiliti8s lor the audil of Iho financial statemènts saction ol our rèport. are independent of the Charity in accordan with ethical roquirornent5 that are relevant to our audit of the finanrial statements in the UK, induding the FRC'S Ethical Stsndard, and we have hjlfilled our other ethical responsibilities in accordance wilh these requiièments. believe that the audit evidence we have obtained Is suffiuent and appropriate to provide a basis for oui onion. Concluslon8 relatlng to golng ¢one8m In auditing the financial statements, we haw wncluded that thè T(ustèa$' us¥ of Ihe going ¢tsnorn basis of accounting in the preparation of the finanaal statemsnts Is appropriate. 88sed on the work w8 have performed. we have not idenb'fied any material uncertaint$ relakn.ng to events or onditions that. indivhyually or wllectively. rnay cast svJnificant doubt on the Charity's ability to continu6 as a going concem for a perd ol at least tsyelve months from when the financial statements are authorised for issue. Our responsibililteg and thè rèspJn8ibilities tsf tho Trustees with respect to going concem are described in the vant seth.ons of this rèport. Othgr Inforrnation The other Infonnation eomprises thè inforrna)'on included in the trustses 8nnu81 report, other than the finanaal $latem8nts and our auditor's report thereon. The trustees are responsib for the other infom)ats"on wnt8ird within the annual report. Our opinion on the finanaal statements does not cover the other Informats"on and, oxeèpt to the extsnt otherwse expliciuy stated In our raport, wè do not èxpr855 any forrn of assurance (x>nrJusion thereon. Our responsibility is to read the other infonnation and, In doing so, consider thether the other information 1$ materially inconsistent with the financial statements or our knowledg8 obtained in th8 course of the audit or othèmse appears to bo mat8nally misstated. If we idents'fy such Material inconsistencies or appant material misstatements, we arty required to deterniire whether this gives rise to a matsrial misstatement in the finanryal statements Ihemselves If. based on the work we have perfomied. we concludo that thore is a matèrial misstatement of this other infom)ats"on, we are wuired to report that fact. We have nathing to report in this gard
THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND Matt•rn on Tthich we are requ1 to rnport by •xcoptlon È have nothing tts report in rospect of the following Matters in relation to which the Charrties (Accounts and Reportsl R8gulation8 (Northgm Ireland) 2015 require us to report to you if. in our opinion.. tho infomithon givan In thè financial statements is inconsistent in any material respect wrth the Trustses, port, or sufficAent accL)unting recorijs h8v6 not been kept, or the financial statements a not n agemtsnt with the accounting record$', or wg have not received all the information and explanations we require for our audrt. Rgspon$lbl1ltl of TrustO•8 A5 explained more fully in the statement of Trustees, Responsibilthes, tha Trusta8s 8r8 responsib for th8 preparatson of the finanaal statements and for being 5akn5fiI that they giv8 a tnie and fair view, and for suth intemal control as th6 Trustèas datwrnine 1$ ngcessary to enat)le the preparabon of financial statemenis that are free trom material mi8Stst8rn¢nt. whether due to fraud or error. In preparing the financial ststements, the Tiustees a responsible for assessing the Chartys ality to eonts'n as a going concem. disdosing, as applieabla, rnatter5 relatecl to going concern and using the going COnM basis ol ac¢outhrKJ unless thè Trustsè5 eithèr intend to cease operation5. or have no realistic altemative to do so. Audltol¥ respon$lblllUgs for thg audlt of tho flnanclal statem•nts have been appointed as Auditoi under section 65121 of the Charits Act (Norlhem Irek7ndl 2008 aThY rep)rt in accordancg with Act and relevant regulabons made or haviro effect thereunder. Our obje(ves a to obtain reasonabk asstjrance about whether the fin8noal statements as 8 whole are trae trom material misstatement, whether due to Iraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assuranc8 Is a high lèvèl o18ssurane6, but is not 8 guarantee that an audit Conductgd in alxordanc wrth ISAS IUKI will aayS dètect a m8terial misstatement when it exists Misststements Can arise from fraud or error and are considered rnalerial if. indivKlually or in the aggregate. they could reasonabty be expected to inftugnea th? 8wnc¥nic decisions of wers tsken on the bas of these financAal statements. Irreoularities. including fraud, are Instances of non-compliance with laws and tsgulations We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, indudivJ fraud. Thè a6nt to whi¢h our procedure8 are capable of detscting irregulants'es, including fraud is detsId below. È gained an understanding ol the leg81 and gUlatOry framework applicable to thè tharity and the iThlustry in which it OP8rates. considered Ihg risk of acts by the charity which were contrary to applicable laws and regul8ty"on$. includiry fraud. These induded but were not limited to compliance with Unrted King¢Jom Accounts"ng standard5, induding Charitie5 Act (Northem Ireland) 2008 ,charit$ IAc¢ounts and Reports) R8gulalions INorth8m Irelandl 2015 and the charits SORP 2019 IFRS 1021. f(tU on law$ 8nd regulatK)ns that could give rise to material misstatement in the financAal statements. Our 185ts induded but were not limited to.. Agreement ol ftn8nd81 stat&rn6nts di$closur83 to undthwng supporb'ng documentation.. Discussions with managernent regarding 5perik law$ and regulations that rnay apply to the charity and tre impact ol any non-complian on the audit., ReVW ol minutes ofmeets"ng$ and correspondence thwoughoLrt tha panod and aftèr th8 yèar end, Considering the 6ffoth"veness of tha control anvironment and monitoring (x)mlan1% with laws and regulat Because of the inherent limitats'ons of an a¢JJit, there is a risk that we will not delect 811 irrègularith"ès, induding those adIng lo a material rnisstatemont in the finanaal stat•ments or non-complianeè with wulalion. Thi$ risk inereases the more that compliancè with a law or r8gulation 18 rernoved trorn the events and transactions reflect8d In the financial Ststements, as we will be less likely to become aware of instances ol non-compliance. The risk 8180 greater regarding irregularitses owurring due to fraud rather than error, as fraud involS intentKJnal conc£alment, frJrgery, collusion, omission or miw6pmsèntation.
THE MATER HOSPITAL Y P FUND INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE MATER HOSPITAL Y P FUND A frjrther description of our responsibilit5 is available on Financi81 Reporting Counal'g website at htts5.'11 www.frc.org.uKlauditorsresponsibilits"es. This desciiptiofi fom5 Part ol ¢)ur audiiorf$ report. U$• of our rnport This report is made sdely to the Charity's Trustees, as a body, in accnrdanca with Part 4 of thè Charrtias IA(£ouni and Reportsl Regulations INorthern Iland) 2015. Our audit woth has béen undèrtaken $0 that we might stste to the Charity's Trustaès those matters we are required lo slate to them in an Auditors, report and for no oth8r purposo. To tho fullèst extant pèmitted by law. we do not apt or assume responsI'11ty to anyone other than the Charity and the Charitys TnJ$tees as a body, for our auditwot%, lor tt)Is pOrt, or forthè opinions wè hav• fom1. /LknL M¢Crg0ry Tu Ington Stockman Ltd 28 April 2026 Chathrfjd Accountants Statutory Audltor 1 Lanyon Quay 8elfast Co Antrirn Northem Iland BT13LG 10-
THE MATER HOSPITAL Y P FUND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unre$trfct•fJ funds 2025 Unr•8tricted funds 2024 Nots8 Incom• from: Investments 590,297 915,339 Total Incorng 590,297 915,339 ExPendIre on: Charitsble 8¢tiwt 845.200 915,685 Total expendltur• 845,2CIJ 915,685 Net gainslllossesl on investsnents 10 2,239,696 274,393 Not Incom• 1,984.793 274,047 Oth•r r•eognl88d galn• and lo. Other gains 12 2.539 40,574 N•t movom•nt In fund¥ 1,987,332 314.621 Rgconciliation of fund8'. Fund balaThS at 1 January 2025 26,802,312 26,487.691 Fund b*lane a131 Decernber 2025 28,789,644 26.802.312 Thg ststent of finana81 actiwties indudes all gains and losses reeogni8ed in th9 year. 1 in¢ome and expenditure derive continuiryJ activiti&s.
THE MATER HOSPITAL Y P FUND STATEMENT OF FINANCIAL POSITION AS A T 31 DECEMBER 2025 2025 2024 Not•s Flxed as8ets Investrnents Curr•nt as6ets Debtors Cash at bank and in hand 13 28,610,519 26,704,734 14 14,543 171,122 11,820 91.878 185,6fj5 103.698 Cr•dltorn- amounts falllng due wlthln on• yoar 15 16,5401 16,1201 Net CUrt assets 179.125 97,578 TotAI a¥t$ 1o¥s ¢urr•nt Ilabllltles 28,789,644 26,802.312 Incom• funds Unrestricted funLIs Ggneral unrestricled funds 17 28,789.644 26,802.312 28,789.844 28.802,312 28,789,644 26,802,312 Tl>e fin8nu81 st¥t8m&nts were approved by the Trustees aThJ athorised for Issue on 28 Apnl 2026 Mrs M HirKIs Tru¥tsg C•-4(LL Mr G Hughès Trusts• 12
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2025 Accounng policies Charity infonnation The Mater Hospital Y P Fund 18 a ¢harty registered in Northern Ireland and is unincorporated. 1.1 A¢counWng convenllon TlTr8se financi81 statement5 have been prepared in Complian with FRS 102, 'The Financial Rewting Standard app1e in the UK and th8 Republic ol Iièland,. Accounting R8ports"ng by Challtias". St8lement of Rewrnmended practi applicable to ch8ntiès praparing their accounts in aword8nTr wth the Finanoal Reporting Standard applicable in the UK and Republic of Ireland published in Odober 2019 and the Charitses Act (Northern Ireland) 20081. Charities IAc£ounts and Reports) Regulations (Northern Ila)l 2015 r8quire 8¢¢rual$ accounts to be pared in a(tonlarte with the SORP. The Mater Hospitsl YP Fund 18 n¢1 r¢quired to prepare a Cashflow Statement under section FRS102 $7.1A. Th finantial 8taternents aTr prepared In sterfing, vthich is the functional currency of the Charrty. Monetary amtsunt8 in these financial statemenis are rounded to the nearest £. The financial statements a prepared on a going eoncèm bas undèr thè historical cost convention. Modified to induda certain items al fair valu8. 1.2 Going eoncern At the time of approwryJ the financial statements. the Trustees have a reasonable expectation that the Charty has adaquatè resour(xs to continue in operational existen for the foreseeable future Thus the Trustees ¢ontinue to adc¥)I the gThng COnM basis ol accounting in prepanng the financial statemenis. 1.3 Charltablè lund# Unrestricted funds are availabk for uso at thtr dL8eth"on of th8 Tru¥tee3 tn ftjrtherance of their Chantab objeth'ves. Desnated Funds are unrogtrct8d funds 8armark8d by th9 Trust88s for parbcular futu project or cornmitmenL ReSt[ted funojs are subj'ect to speafic conditions by donors or grantors as to how ttr*y may bè uswj. The purposes and uses ol the restricted funds arè sèt out in the notes to the finanaal staternents. End¢MThent are subj'ect to speufic COnd.0nS by donors th8t thè caprtsl must bo maTrntain8d by the Charty. 1.4 Incomlng rnsoureès Income is recognised when the Charity ks legalty ents.tled to tt after any performane£ eoThYthn$ havo been met, the amounts can be moasured raliably, and it 15 probabl8 that incorne will be received. Investment income is earned through holdiwJ assets for invèstmènt purptssas such 85 share5 . It nCjUdeS dividends and inteSt. ere it is not practicable to identify investment rnanaggment $t$ incurred within scheme wrth reasonable accuracy the investment income is resy)rted net of these costs. It is included whèn thè amount cars be measured reliably. Interest income is recognised using the effective interest melhod and dividend income recognised as the charity's rht to receive payment 1$ establish. 13-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng pollcl {Contlnuedl 1.5 Rtsourc•• •xp•nd•d Expenditure is recognlsed once there Is a Wal or constructi cl)lio8tr'on lo Iran¥fsr e¢¢nomi¢ bèfil tts third party, it is probabkd that a tiansfar of economic benefits will be requirgj in sewement, and the 3rn0unl of thè oblig8tion be measured reliably. Expenditure is classified by actiwty. The costs of èach aetivty are madè up of thè total ol diract cnsts 8nd shared costs, induding support costs Involved in undertskin9 eath 8Ctivty. Direct costs attributabl8 to 8 single activity ar$ allOted directly to that actiwty Shared costs which conln'bute to more than one activity and support costs thich a nol attributable to a single actimty are apportioned bett¥een those ath"wties on 8 basi5 (xjnsistent wrth the use ol $our¢8$. Central staff costs aro allocatad on thè basis ot timo spant. and $JepclOn charges a albcated on the portion of the ast's use. Expenditure regnised on an accruals ba5 as a Ilabtlity is incurred. Expendfture Includes any VAT whith cannot be lully recovared. and is dassified vnder headings of the statement of finarval 8Ctiythes to whith it raL4tes. expenditure on ralslng fvnds Indudes the costs of all fundraiglng aclmtkas, gvents, non-tharilab16 trading acts"vities. and the sale ol donated good5. 6Xp6nd¢lu on thartsbk a¢tiwties indudes all costs incurred by the Charity in derta'ng actiwts that rther its tharitsble aims for the benefit of its beneficiaries, includry those support costs and costs r8latin9 to the governan of the Charity apportioned to charitabk actiwtss. oth6r axpanditora Indudo$ all expend¢tur¥ that is lleither related to raising ftjnds for the Charity nor part of its experKliture OEI charab actwitie8. All costs 8re allocated to expendthjre categones reflecting the use ol the resource. Direct costs attributabl8 to a Sing aLvity sie alk)cated diFeLtly to that actiwty. Sharèd casts are apportigned betsn the admties they contributè to on a fe850n8ble, justifi8bl& and wn$i$tant b8$1$. EKpendilurg recogni3ed where there is a legal or construcbvg obligats'on to make payments to third parties, it i¥ Probab that the settlernent wll be required aThJ the amount of the oblvJation can be rneasured lIablY. 1.6 Fixod a#aat invgstments Invesbments are reeognised initially at fair valu6 whicti is normally th8 transaction pne èxcluding tranSactn costs. Sub58qU8ntly. they are rnea3uThl at tsir value wth changes recognised in 'net gains I110s8esl on investments, in the SOFA if the shares are publidy traded or their lair value can othewise be me&sured liably. Other investments are measured at cost kss Impaimient. 1.7 C•¥h and cash wulval•nts Cash 8nd cash aqUivants include cash in hand. deposrts held at call with banks, other short-ieryn Ik]UKI investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within rrowIng$ in current liabilities. 1.8 Flnanelal In#tJum•nts The Charity has elected to appty the prowsions of Section 11 '8asic Financial Instruments. and Section 12 'Other Financial Instrumènts15SU8s' of FRS 102 to all of its financial in3truments. Financial instnjrnents are recognised in the Charitls balan sheet when the Charity becomes party to the contractual prowsions ol the Instrument. Finana81 assèts and li*)ilitigs or& oftset, with thg net arn¢ presented in the finan81 ststernents. when thertt is a tegally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to alIse the asset and s&iU& the liability simultanu$ly. 14
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Aceountlno pollet8# IConllnu•d} Basle fin•nei•18ts Basic finanual assets, whieh indude debtors and cash and bank balances. are initialty measured at transaction price indwling transaction ¢0sts and a subsequently carried at arnorti5ed cost using the effoctivo Int&rÈst melhoj Un$9 the arrangement constrtutes a finanaNJ transaction, where the t¥ansachtsn is rneasured at the present value ol the fubjre r6eeipls diseountad * a mark8t ratè of int8ra8t. Finon¢ial assets ¢lassÈfj'ed as re1vable wilhin one year ar6 not 8morbSéd. B•sle ftn•n¢l•l Ilabllltles Basic financial liabilthès, Induding Cror$ and bank 108ns are In'allY rgcogni8ed at transaction prFce unless the affang8m8nt constitutes a finanrang transaction. where the debt instrument is rneasud at the presènt value tsf the future payrnents dIol¢nted at a martet rate of interest. Finanual liabil"eS dassified as poyablg within one year are not amortised. Debt instruments are subsequenuy carried at 8morti88d cost. using the effective interest rate method. Tradg Creditors are obligations to pay ts goods or services that have been acquired in the ordinary ¢our88 Of operations frorn suppliers. Amounts payablè are classified as ¢xJrTent liabilitkes if payFnent 15 due wthin or year or less. If not. they are prasanted as non-current liabiles. Tradg creditors are recognised initially at transaction pric• 8#d subsÈquÈnUy measured at amorbsed cKist usiry the effective intet rnethod. D•rn¢ognitign of financlal Ilablll¢les Financl81 li8biliiW are erenised when the Charty's contractual oblyations exptre or are discharged or 1.9 Toxation Tho Charty is an exempt charity for taXatn purposes. 1.10 Forl9n exchange Transactions in currenc8 oth8r than pound3 Sterling are recorded at the rates of exchange prevailing at the datè5 of th8 tran$action5. At each reporting end date, monetary asseis and liabilitses that are denominated in foreign currenoes are retranslated at the rates pValling on the repotng ènd datè. Gains and lossès ari$in9 on translation are Included in net incomellexiendrtuI for the period. 1.11 Resep40S The Trustees have considered tt)e neSSIty forth6 ertation of 8 RasèNè wthin the Fund In Iht of thè worth tsf tha Fund. th$ unrestricted nature of the fvnds held and its abilty to readily access Iw4uid nds the Trustees conskyer that a ReseNe is not qUI. The matter will be kept under rev4ew on an ongoing basis. 1.12 Publlc B•n The charity consts"tutes 8 public bènèfft ènb.ty as defin•Y by FRS 102. 15-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Crilieal #ccountFng e81ifflatss and judMts In the application of the Chanty's accounting poliaès, thè Trustees arè requirad to rnaké judgements, estimatss and assumptions about tha carrying amount of assots and liabilit$ that arg n¢t readily apparent from other s¢>Jrces. Thè osb"male$ and 8SSOCiated assumpl'ons are based on historical expeiEnce and other factor5 that are considered io be relevant. Actual results may differ from tttese esbmates. The estimates and und8dying assumptions arè rewed on an ongoing basis. Revi4ions to accounting ests"mat6s am roeogniséd in the period in which the esty'mate is reSett where the revision affects only IAat pèriod. or in the period of the vIsion and futu peri8 where the revision affects both current and lutur8 period$, IVlot In¢om• Unr•8trlct•d Unrostrided funds fJKIs 2025 2024 Income from listed in%stments- r)ividends Income from Fixed Interèst- UK Income trorn Fixed Interest- Non UK 239,083 301,090 50,124 570,345 311.811 33,183 590,297 915.339 16-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Expenditwe on charltabl• aetiyiti 2025 2024 Dlr•et eosts Clinical Handover Ophthalmology Equipment El¢ FÉtguson Award Hosprtal Railings Professional Practice Training Feès Junior Doctors Room Upgrade & Simulatk)n Cantr Braath Tec dening Access Project Norpmedical Prescribing Training Cont8ren Foodbanks Respiratory Transfer EquiFThent W8yfinding prgect 366,252 454,415 270 73,573 2,233 410,492 14.280 30.881 153.524 7.182 8.685 e,700 14,(62 22,022 742,322 822,249 Shar• ot support and governance Costs Is•e note 61 Support 102.878 93,435 845,200 915,684 Analysis by fund Unrestricted funds 845,200 915.685 Net movem•nt In funds 2025 2024 Thè nèl movement in fv¢nds is stated after chargingllcredthngl.. Fees payable to the charrty's audltor. - for the audit ol the charitys finanaal Statnts - for other 8ssuran¢e 5gEvices 3,770 2.350 17-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Support ¢os¢¥ 202S 2024 Inslent- m8n8gemenl fees Investrnent- eustodian feas Trustee's Honorarium Auditors, remuneration- accountancy Auditors, remuneration- audit fee General expenses Bank charges L8g81 and profassional fees 57,440 16,S85 7,500 2.500 55,453 9,608 7,500 2,350 3,770 348 353 14,400 14,4CIJ 102,878 93,435 Trust•o• During the yèar £7,500 was pahl to Mrs Mary HKkls for secretarial Servi${2024.' £7,5O)1 Audltorfs rgmun•ratlon The analysLS of auditors rèmunaFalion 1$ os follows.. 2025 2024 Audit ofthe annual aco)unts 4,040 3.770 Non-audlt ¥ervl¢ AudIt-I8ted assuranco 8OM¢* 2.500 2,350 employ•os There were no employaès during th8 y¢ar. 10 Gains and 108¥08 on Inv•slm•nts Unrnstricted Unr¢strl¢ted fundJ fvnds 2025 2024 Gainslllossesl arising on". Revaluation of InVtrent Sale of lnvestrnaftts 2,465,060 1225,3641 12.759.1841 3,033,577 2.239,696 274.393 18-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 11 Taxation The Charty is exernpt from taxation on ts ath"vitses becau 811 its Income is appliad for chantable W1POS. 12 Other galn8 or 50gus Unrostrletèd Unrestricted lund8 funds 2026 2024 Forwgn excharye gains 12.5391 140,5741 13 Flxed as••t Inv•8tm•nts Equitioa Fixed Interest Fixed Tenn $to¢ks and 0gpo$Its bonds£ Tolal Co#t or valtiOn At 1 January 2025 Additions valuab.on eharoes D4"sposats 16,588,361 9,138,838 977.53S 26,704,734 252,921 3,245,149 680,343 4.178.413 2,094,115 150.110 11,9901 2,242,235 1718.3231 12.637.399) 11,161,141) 14,514,883) At 31 Do¢¥mtfr 2025 18,219,074 9.896.698 494,747 28,610,519 Carryln9 amount At 31 0g¢amLr 2025 18,219,074 9,896,698 494,747 28,610,519 At 31 Decmb8r 2024 16,588,361 9,138.836 977.535 26.704.734 Valuallon chango Is mad• up of- Net gainslllosses on inve$tmentsl Revalu8tK)n of tangible fixed assets Other gains or losses 1225,3641 2,465.060 2.539 2,242,235 14 Dobtorn 202$ 2024 Amounts falllng duo thIn ong y•ar.' Prepaym8nts and accru•S ineoma 14,543 11,820 19
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 16 Crndl¢or4'. arnounts falllnq du• wlthln on• y•ar 2025 2024 A¢rual$ and deferred income 6,540 6,120 16 Unr•$trlctgd fund8 The unrestricted fvnds ol the chanty eomprise th• unaxpendad bal8n(s of donats'ons and grants which are not suty'ect to specthc conditions by don(Ks and grantors a$ to how they rnay be used. These indude dosvJnat8d fvJnd8 which have been set aside out ol unrestricted funds by the trustees for specAfic purposes. At 1 January 2025 Ineomlng Ro#oure r•8OUrtg¥ oxpènd•d Galn8 #rtd loss At31 D¢ember 2025 G6neral fund5 26,802.312 590,297 1845,2(M)I 2,242,235 28.789,644 Pr•vlous Yr. At1 January 2024 Incoming r9•Ou•S Re$our expgndgd Gains and 108*99 At31 Dg¢•mbor 2024 General fvnds 26,487,fj92 915,339 1915,6851 314.966 26,802.312 17 Stat•rn•nt of NotAs$•ts 2028 2024 FuThJs at 1 January Income ExperKlrture Gains and losses 26.802,312 26,487.692 590,297 915,339 {845,2) 1915,6851 2.242.235 314, Fund$ a131 Dacember 28,789.844 28,802,312 -20-
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 18 Flnaneiil cornmilments, guorantee¥ and ¢onling?nt Ilablllles 2025 2024 Junior Doctors, Room Upgrade Wayfinding Pfoject Hospital Extemal Enmronmant IRailing$l Eileen Ferguson Award Palliative Care Ophthalmologic Equiprnont Nebuliser Equipment Breath Tec Proje Boardroorn 107,626 138,508 2,960 150.000 1.230 10,282 516,563 6,650 720 64,0 1.000,(M)o 6,750 12,CQO 6,851 10,282 82.147 84.000 1.OCx).000 MR1 NMP E¢edive Unit ED Staff Rorxn Blcod gas analyser Consultant Training Respiratory Transfer Equipment Slit Lamp Estates Roof Estate8 Staff Support Conf8ren Wdening access Eleclive Care Unit Hotrtaga Post Ophthamology Cataract Equipm8nt tlerrentia Garden Gynae Scanner Advanced communicth.ons Training io 11 12 13 14 15 12.000 8.851 15,000 76.598 300,000 1(h).DOO 8.885 60.908 76.598 3CQ.CXXJ 144,992 17 18 19 20 21 146,100 110,200 170,QKJO 42,400 5.$)0 13,480 23 24 25 2,271176 1.890.913 Aeomplelg refvrbishment ol an area used by consultant medical and junior medical staff ah)ng with medical students and supportive adrninistrative staff This extends and improves the wod(ing enwronment. This project 81ms to reVW and red8sign the way findin9 System in place in the hospital Currenvy the site is vgry difficult to navigate and has been a sourc£ of conrn to seNce users. This project aims to improvg the extsmal gnvironment of the hosprtal restoring the listsd railings and associated The Eileen Ferguson Award wa$ established to athnowledge the wofk of staff who provKle vitsl support to patsènts and families trom a range of backgrounds for example adrninistrats'on, catering. fi'nance and technology. This project supports an initiabve to irnprove the practical Te to families who are with their loved one5 towards tha ènd of lifg This significant investsnant prowdès rasourcés to update a wide range of dinical equipment. This inve$trnents support5 in particular the Vitreo Re¢inal servi (VRI which provides a wional SerW for all trelinal emergenries and elective surgery for the whole of Northern Iland. This projèct provides funding for new rpbulisgrs which have an improved specification improv¢ng the patient erien. This project provides technology SUPPOrt and linseS lor indivhyual patThts to ac$ ediKation and 8UFVOrt frJr réspiratory conditsons. Th* projtct supports the refurbishment and updating of the Boardroom and associated room to mcmlern stsndards. These rooms are used extensively by staff for rnanagerial meebngs and educational opportun"es. 21
THE MATER HOSPITAL Y P FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 18 FSnanelal eommllm•nts, guarnn1 and contingent liabilities {Contlnuedl 10 This funding prowdè5 soma support for the in5tallab.on of a new URIO scanner. This will benefft ihe p8tients of th8 Mater Hostxtal and tEyond irnpacting on waiting lists and help support better access to Serwces. 11 This project provides funding to support nursing staff in the 0Ctiva unit a¢c995 8kilL4 in non-madical presbing. Thi5 rnaxim1585 the efficiency of the unit. 12 This project supports thè r8furbishm8nt gf the staff room in the Emeryency deparknent prowding ¥ safe, comfortabla fèst ai08 13 This projeci providès spèualist wuipmènl for the outpatsnts dpathnt, a Bkjod ga$ an81y8gr. This ensures stsff can 8cc85s sperialist blood resuts quid(ly. 14 This project provides support for a mèmir of medical staff 8t5 training in pallialNè eare. 15 This project provides speualist respiratory equipment to maximise patient safety on transf frcm or depathent to antsthar. 16 Thss project provides sperAalist dinical equipment, a slit map for Ihe emergency deparbnent. This enhanc6s thè emerg&nw department rasponsè to eyè injuries. 17 This project provides part funding to support the repairlrestorats.on of areas of tho hospital roof. 18 This piojsct prowdes fvnding to support a temporary member of staff to lead a si9nificant estsies WOTk plan. This 11 ensure local priorities are addssed and a long temi estates plan developed. 19 This project prow(s partnership funding to deliver tw9 Single d8y ty)nfefn¢g$ in support t>f pafj$nl earè. This collfer8r8 Opportunity wa5 open to the multidi$¢iplinary tearn. 20 This project provid8s funding to support 8 small group of yourrtJ peopb from tsrggted wdening participation groups acts5S SLlPPOrt io develop Medical and assoctatsd dinical caTe8rs. This sUprtS your4J people in the lorAI ar88 and the heatth se1 in general 21 The funding proWdJ by YP fvnd ensures that additional side r00rn5 are availab to provide protection to high risk paty"ents. enhance the Nurse Station wll improve efficiency and patn¢ safety. wnproving workflow and allowing for better Communicakn'on and coordinal'on. The funding also prov faolities to eTrhare slaftwellbeing and perfom)an¢e, redurAng stress and bumout, improve l¢xus and d&asion MaThJ and Impro staff moralè and job satisfaction. 22 Thi$ fvndiThJ for a temporary post at the Hospital seeks to raise the profile of the extensive heritage of the Mater as part of heatthcare in Belfast and Morthem Iland, complete and inventory of arts and herrtage colleth.ons This funding for a temporary p¢gt 8t thè Hospital $8aks to 181$¢ the profilè of th8 èxtènsivtr horitagè of the Mat9r as part ol heatthcare In 8•lfast and Northern Ireland. cornplete and inventory of arts and heritage collectons at the ho5tal, cornplete a lisbng of Mater archival Materials in the Trust Collecbons Catalogue, engage with the collecttons for staff, Sery1 users and PU¢ and including online and in-person resou$ and acty'vits'es, which would include displays, exhibitions. talks. tours and lated creative activtty. 23 This lunding 5UPPOrt5 the purchase of anAlcon Unity Pha¢oemulsificabon System for the treatment of complex cataracts. This equipment ensures that patients get ac$ to the most Up-to-date equspment availabte impromng dinicalcare, reduang complicat10¢7s and enhanctng the liv&s ol our pakn"ents. 24 These resour$ SUPPOrt the development of a garden for patients wth dementia. 25 Thé fvnds provide$ for an addonal bladder scanner for the gynaecolcgy department. This en8ble5 ty'mdy evalu8tron of bladder fvJnGtKJn. allowtry nursing staff to make a fvller assessment, adIng to prompt planning of care for a patient leading to a better outcome of care. 26 This WmmunicatJn skills training helps underpin the skills and enttan the confKdence and cornpeten ol the respiratory MDT In hawng advan Care planning or end of life conversations with expeise and compassion. 19 Related party trAnsaetlon# Thers were no disc103able related paty transaction3 during the year12024- none). -22-