Milibern Trust Company Limited by Guarantee Statement of Flnancial Activlties (including income and expenditure account) Year ended 31 March 2023 2023 Unrestricted fvnds Totsl funds Total funds 2022 Note Income and endowments Charitable activities Investment income Other income 412,180 135,423 27,662 412,180 135,423 27,662 575,265 386,855 132,517 9,500 528,872 Total incomo 575,265 Expendlture Expenditure on raising funds: Costs of generating income Expenditure on charitable activities Totsl eXndIture 49,647 550,802 600,449 49,647 550,802 51,634 549,574 601,208 9,10 600,449 Deficlt before investment gaIn(lo88e$) (25,184) (25,184) (72.336) Net gainsl(losses) on investments 11 (393,957) (393.957) 367,598 Net (expendituro)Ancomo and net movement In fund8 (419,141) (419.141) 295.262 Reconciliation of funds Totsl funds brought forward Total funds carrfed forward 11,407,195 11.407.195 11,111,933 10,988,054 10.988,054 11,407,195 The statement of financlal activities includes all gains and losses recognised In the year. All Income and expenditure derlve from Gontinulng activities. Thg notes on paggs 14 to 23 forni part of th0ge flnancial stat•m•nts. 11
Milibern Trust Company Limited by Guarantse Statement of Financial Position 31 March 2023 2023 2022 Note Flxed assets Tangible fixed assets Investments 16 17 3,969,879 3,665,287 6,963.614 7,662,251 10,923,493 11,327,538 Currant assets Debtors Cash at bank and In hand 58.309 110.357 3,714 181,124 168,666 184,838 Creditorn: amounts falllng due thIn one year Not current as80ts 19 104.105 105,181 64,561 10,988,054 11,407,195 10,988,054 11,407,195 79,657 Total a8sets18gs current Ilabilities Not assets Fund8 of the charity Unrestricted funds 10.988,054 11,407,195 10.988,054 11,407,195 Total charlty funds 21 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial ststements were approved by the board of trustees and authorised for issue on 1 November 2023, and are signed on behalf of the board by.. N C Tougher T Trustee VR( imian) Morton FCA DL (Vice Chalrman> Trustee The note8 on pag95 14 to 23 forni part of these flnancial stat•ments. 12
Milibern Trust Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows from operating actlvlti89 Net (expenditure)lincome 295,262 Adjustments for.. Depreciation of tangible fixed assets Net gainsl(losses) on investments Dividends, interest and rents from investments Gains on disposal of tsngible fixed assets Accrued expensesl(income) 213,801 210,850 393,957 (367,598) {135,423) (132,517) (21,169) 2.151 (31,773) Changes in." Trade and other debtors Trade and other creditors (S4,595) (3.227) 123,646) 123,646) 13,530 (51,063) (63,309) (63,309) Cash generated from operations Net cash used In operating activltles Cash IIow8 from Inv•stlng actlvltles Dividends, interest and rents from investments Purchase of tangible assets Proceeds from sale of tangible assets Purchases of other investments Proceeds from sale of other investments Movement in cash held by investment managers Foreign currency movement on cash held by investment managers Net cash used in investing activities 135,423 132,517 {674.633) (177,782) 177,409 11,101.174) {865,798) 1,069,804 950,342 346,050 (69,818) 4,559 (25,980) 147,1211 Net decrea•e in cash and Gash •qulvalents Cash and cash equlvalents at beglnnlng of year Cash and cash equivalents at end of year {70,767) 181,124 110,357 (89,289) 270,413 181,124 The notes on pago9 14 to 23 form part of these financial Statements. 13
Milibern Trust Company Limited by Guarantae Notes to the Financial Statements Year ended 31 March 2023 General infomiatlon The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 18 Hamel Court, Belfast, BT6 9HX. Statemont of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their a¢Unts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlng pollcles Ba818 of prnparatlon The financial statements have been prepared on the historical GOSt basis, as modified by the revaluation of certain financial assets and liabilities and Investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterllng, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's abilty to continue. Judgements and key soure68 of estlmatlon unrArtainty The preparation of the financial ststements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estlmates and judgements are continually reviewed and a based on experience and other factors, including expectations of future events thal are believed to be reasonable under the ¢iuM$n¢e$. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endolent funds. 14
Milibern Trust Company Limited by Guarantae Notes to the Financial Statements (conlinued) Year ended 31 March 2023 Accountlng policles (contlnu Incomlng resources Income Rent and rates income is recognised on an accruals basis in line viith the contractual obligations under the leases with tenants. Income from investments is recognised when the dividend or interest is paid. Gains or losses on the disposal of fixed assets are recognised in the Income and Expenditure Account in the period the asset is disposed of. Interest income from deposits is recognised on an accruals basis. Resources oxpended Expendlturo Expenditure Is recognised on an accruals basis as a Ilabilty is incurred. Staff costs and overhead expenses are allocated to activities on the basis of staff time Spent on those activities. Govemance costs are the running expenses of the charity such as the costs af meetings, audlt and statutory compliance. They include any costs whtch cannot be specifically allocated to another expenditure classification. House operating expenses, administration costs and donations paid are those costs which can be attributable to charltable activities. Tanglble a$s•t8 All fixed assets are initially recorded at cost. The houses have subsequently been revalued, with the revaluation surplus being taken to the revaluation reserve. Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset as follows.. Flats Houses Fixtures and fittings Computer equipment over 60 years over 60 years over 10 years over 5 years Investments Unlisted equty investments are initially recorded at cost. and subsequentty measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. 15
Milibern Trust Company Limited by Guarantee Notes to the Financial Statemants (Conllnued) Year ended 31 March 2023 Accountlng pollclas (¢onllnu•d) Investments (¢ontlnu•rfJ Listed investments are measured at fair value changes in fair value being recognised in income or expenditure. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impaimient testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows thal largely independent of the cash inflows from other assets or groups of assets. For impalrment testing of goodwlll, the goodwill acquired In a business combination is, from the acquisition date. allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those unit8. Flnancial Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequentty measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond nom)al business tems or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. 16
Milibern Trust Company Limited by Guarantee Notes to the Financial Statements (conthu8d) Year ended 31 March 2023 Accountlng pollGles (¢ontlnued) Flnancial instruments (eonllnued) Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaiment at the end of each reporting date. If there is objective evidence of impaimient, an impairment loss is recognised under the appropriate heading in the ststernent of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individualty for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carying amount would have been had the impairment not previously been recognised. D8fln•d contrlbutlon plans Contrlbutlons to defined contribution plans are recognised as an expense in the period in whlch the related Service is provided. Prepaid Contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. hen contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in vthich it arises. Llmitod by guarantee In accordance with the company's Memorandum of Association the Members have undertaken to contribute in the event of a winding up, a sum not exceeding £1. The number of Members at the balance sheet date was six (2022: six). Charltsble actlvltles Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Rerrtal income Rates income 364,947 47,233 364,947 47,233 412,180 343,152 43,703 343,152 43,703 412,180 386,855 386,855 Investment Income Unrestricted Totsl Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Income from listed investments 135,423 135.423 132,517 132,517 17
Milibern Trust Company Limited by Guarantsa Notes to the Financial Statements (conlinued) Year ended 31 March 2023 othor Incoma Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Gain on disposal of tangible fixed assets held for charity's own use Sale of freeholds 21,169 6,493 21,169 6,493 27,662 9,500 9,500 9,500 27,662 9,500 Costs of generating Incom6 Unrestricted Total Funds Unrestricted Totsl Funds Funds 2023 Funds 2022 Costs of generating income - investment management costs 49.647 49,647 51,634 51,634 Expendlture on charitable actlvllles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Wages and salaries Employerfs national insurance Pension costs Fuel and electricity Rates and water charges Repairs and maintenance Travel and motor expenses Telephone Legal and professlonal Insurance Printing and stationery Cleaning Depreciation Miscellaneous expenses Bank interest and charges Donations paid Recharge of administrative expenses to Kirkpatrick Cottages Trust Support costs 63,844 5,299 10,136 14,564 42,568 149,985 807 9,530 3,691 14,486 5,141 320 213,801 2,831 1,099 2,500 63,844 5,299 10,136 14,564 42.568 149,985 807 9,530 3,691 14,486 5,141 320 213,801 2,831 1,099 2,500 60,799 4,521 8,728 15,906 41,840 137,424 729 7,832 26,831 14,256 4.806 572 210,850 984 796 2,500 60,799 4,521 8,728 15,906 41,840 137,424 729 7,832 26,831 14,256 4.806 572 210,850 796 2,500 (1,500) 11,700 550,802 (1,500) 11,700 (1,500) 11,700 (1,500) 11,700 550,802 549,574 549,574 18
Milibern Trust Company Limited by Guarantee Notes to the Financial Statements (¢onVnued) Year ended 31 March 2023 10. Expendlture on charltable activitles by activity type Activities undertaken directly Support Total funds costs 2023 Total fund 2022 Wages and salaries Employerfs national insurance Pension costs Fuel and electricty Rates and water charges Repairs and maintenance Travel and motor expenses Telephone Legal and professional Insurance Printing and stationery Cleaning Depreciation Miscellaneous expenses Bank interest and charges Donations paid Recharge of administrative expenses to Kirkpatrick Cottages Trust Governance costs 83,844 5,299 10,136 14,564 42,568 149,985 807 9,530 3,691 14,486 5,141 320 213,801 2,831 1,099 2,500 63,844 5,299 10,136 14.564 42,568 149,985 807 9,530 3,691 14,486 5,141 320 213.801 2,831 1.099 2,500 60,799 4,521 8,728 15,906 41,840 137,424 729 7,832 26,831 14,256 4,806 572 210,850 984 796 2,500 (1,500) {1,500) 11,700 (1,500) 11,700 549,574 11,700 11,700 539,102 550,802 11. Net gainsl(108888l on Inve8tm8nts Unrestricted Total Funds Unrestrlcted Total Funds Funds 2023 Funds 2022 Gainsl(Losses) on Investment assets {393,957) {393,9S7) 367,598 367,598 12. Net lexpenditurevlncome Net (expenditure)lincome is Stated after chargingl(crediting)'. 2023 2022 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets 213,801 (21,169) 210,850 13. Audltors remunerntion 2023 2022 Fees payable for the audit of the financial statements 4.800 4,800 19
Milibern Trust Company Limited by Guarantee Notss to the Financial Statemants (contlftued) Year ended 31 March 2023 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans 63,844 5,299 10,136 60,799 4,521 8,728 74,048 79.279 The average head count of employees during the year was 4 (2022: 4). The average number of full-time equivalent employees during the year is anatysed as follows: 2023 2022 No. Number of administratlve staff Number of care services staff No employee recelved employee benefits of more than £60,000 durlng the year (2022.. NII). 16. Director remuneration and expenses No remuneration or other beneffts from employment with the charity or a related entity were received by the directors. No director expenses have been incurred. 16. Tanglbl6 fixod assets Fixtures and fittings Computer Equipment Flats House8 Total At 1 April 2022 Additions Disposals At 31 March 2023 2,169,171 651,633 2,592,168 1,950,358 23,000 22,783 ,734,478 674,633 (210,261) 7,198,850 (210,261) 2,381,907 2,820,804 1,973,356 22,783 Dopreclation At 1 April 2022 Charge for the year Disposals At 31 March 2023 1,005,557 46,765 563,828 39,673 {54,021) 539,480 1,492,105 124,841 17,701 2,522 3,069,191 213,801 14021) 3,228,971 1,052,322 1,616,946 20,223 Carrylng amount At 31 March 2023 1,768,482 1,842,427 2.038,340 356,410 458,251 2,560 3,969,879 At 31 March 2022 1.163.614 5,082 3,665,287
Milibern Trust Company Limited by Guarantee Notes to the Financial Statements (conthueLI) Year ended 31 March 2023 17. Investments Cash held by investment L15ted managers investments Totsl Cost or valuatlon At 1 April 2022 Additions Disposal proceeds Gainsl(Losses) Movement in cash 752,674 6,909,577 7.662,251 1,101,174 1.101,174 {1,069,804) 11,069.804) (393,957) (393,957) (17,143) {346,060) 6,529,847 6,953,614 (328,907) 423,767 At 31 March 2023 Impaimient At 1 Aprll 2022 and 31 March 2023 Carylng amount At 31 March 2023 423,767 752,674 6,529,847 6,909,577 6,953.614 7,662,251 At 31 March 2022 All investments shown above are held at valuation. The fair value of financial assets is detemilned by their market value. 2023 2022 Analysls by Invesimont Manager Smith & Williamson Smith & Williamson cash Julius Baer Julius Baer cash 3,387,484 244,220 3,142,363 179,547 3,639,305 353,370 3,270,272 399,304 6,953,614 7,682.251 18. Debtors 2023 2022 Prepayments and accrued income Other debtors 2,918 55,391 58,309 3,714 3,714 21
Milibern Trust Company Llmited by Guarantee Notes to the Financial Ststsments {conlinu Year ended 31 March 2023 19. Credltors: amounts falling duo within one year 2023 2022 Trade creditors Accruals and deferred income Social security and other tsxes Other creditors - Kirkpatrick Cottages Twst 265 30,535 1,120 72.185 265 28,384 1,C66 75,466 104,105 105,181 20. Pen81ons and 0th6r post retiroment benefits Defined contributlon plans The amount recognised in income or expenditure as an expense In relation to defined contrlbution plans was £10,136 {2022: £8,728). 21. Analy819 of charltablo fundg Unrestricted fund8 Gains and At losses 31 Mar 2023 1 Apr 2022 Income Expenditure Transfers General Fund Building Fund 8.907,195 2,500,000 11,407,195 575,265 (600,449) (100,000) (393,9571 8.388,054 100,000 2.600,000 (393,957) 10,988.054 575,265 (600.449) At 1 Apr 2021 Gains and At losses 31 Mar 2022 Income Expenditure Transfers General Fund Building Fund 8,711,933 2,400,000 11.111,933 528,872 (601,208) {100,000) 100,000 367,598 8,907,195 2,500,000 367.598 11,407,195 528.872 (601,208)
Milibern Trust Company Llmited by Guarantse Notes to the Financial Ststements (withuéd) Year ended 31 March 2023 22. Analysls of net assets b8tW8en funds Unrestricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 3.969,879 3,969,879 6,953,614 6,953,614 168,666 168,666 (104,105) (104,10S) 10,988,054 10.988,054 Unrestricted Total Funds Funds 2022 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 3,665,287 3,665,287 7,662,251 7,662,251 184,838 184,838 (105,181) (105,181) 11,407,195 11,407,195 23. Financial instruments The carying amount for each category of financial instrument is as follows.. 2023 2022 Flnanclal assets mea8ured at falr value through Income and expondlture Listed investments 6,529,847 6.909,577 24. Analy•l8 of changes In net d•bt At At 1 Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand 181,124 (70,767) 110,357 25. Relatsd partles There were no related party transactions during the year. Where any director has involvement with another charity supported by Milibern Trust the appropriate disclosure vrfas made pursuant to best practi. 26. Ethical standards In common with many other businesses of our size and nature our auditors assist the charity to prepare and submit retums to the tax authorities and assist with the preparation of the financial statements.