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 eX￿ndIture
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 ¢i￿uM$￿n¢e$.
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
endo￿lent 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.