Milibern Trust Company Limited by Guarantee Trusteas. Annual Report (Incorporating the Director's Report) Year ended 31 March 2023 The trustees, who a also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 Mah 2023. Reference and administrativo detall8 Registered charity name Milibern Trust Charity raglstration number NIC100244 Company régistratlon number N1007344 Princlpal offico and reglstsred 18 Hamel Court office Belfast BT6 9HX The trustsos N C Tougher TD VR (Chaimian) J C Morton FCA DL (Vice Chairman) Mrs E M Shanks RD BA {Hons) (Retired 2 November 2022) Mrs P Shaw RD DL R WC Mccann LLB G M Bingham VR FRGS Bsc (Hons) Grad Dip Phys RAMC K P Thomas MBE The recruitment of Directors is reviewed periodically by the Board. Nominations are sought and approved by the Board of suitable persons who have an interest in the provision of accommodation primarily for those with a service background. Induction and training for new Board members includes information on background and history of the organisation, roles and responsibilits-es of Board members, code of conduct, charitable legislation, and ompany policies and procedures. Appropriate training and briefings are organlsed with extemal professional advlsers in respect of govemance, Diredors, responsibilities and charities legislats'on. Audltor Muir & Addy Chartered accountants & statutory auditor Muir Building 427 Holywood Road Belfast BT4 2LT Bankers Ulster Bank 11-16 Donegall Square East Belfast BT1 SUB
Milibern Trust Company Limitad by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conlinued) Year ended 31 March 2023 Sollcltors Johns Elliot 40 Linenhall Street Belfast BT2 8BA Structurei governance and management Going concern The Directors believe that there are no material uncertainties that cast significant doubt about the entity's ability to continue as a going concem and the financial statements have been prepared on that basis. Governance and Internal control The Directors have overall responsibility for ensuring that the charity has an appropriate system of controls, financial and otherwise. They are also responsible for keeping proper accounting records ich disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the ffinancial statements comply wtth the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that: The charity Is operating effTrciently and effectively; Its assets are safeguarded against unauthorised use or disposition; Proper records are maintained and financial infomiation used within the charity or for publication is reliable- and ' The charity complies with relevant laws and regulations, and operates to the publlc benefit test. The systems of intemal control are designed to provlde reasonable, but not absolute assuranGe against materlal misstatement or loss. They include.. A strategic plan encompassing land purchase and refurblshment Gosts and annual budget approved by the Directors., Regular consideration by the Directors of financial results, variance from budgets, non-financial perfomance indicators and benchmarking reviews., Delegation of authority and segregation of duties where possible within the constraints of a Small charity" and Identification and management of risks.
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2023 Risk assessment The Directors have introduced a formal risk management process to assess business risks and implement risk management strategies. This involves identifying the types of risks the charty faces, prioritising them in temis of potential impact and likelihood of occurrence. and identifying mean5 of mitigating the risks. As part of this process the Directors have established an Audit Committee that meets on a regular basis to review the adequacy of the charity'5 current intemal controls, to evaluate the risk management of the organisation and if necessary to make recommendations to the Board for further consideration. The Audit Committee reviews the risks which are mainly low to moderate. Professional briefings and updates are given to the Board. Flnancial rlsk management The organisation's principal financial instruments comprise investments, cash, trade debtors and creditors. The main risks associated with these financial assets and liabilities are set out below: Credlt risk Credit risk derives principally on third party accounts receivable. Company policy is aimed at minimising such risk, and requires that credit is only granted to customers with an appropriate payment record or who are deemed by the management to be credit-worthy. Uquidity risk Liquidity risk is the rlsk that an entity will encounter difficulty In meeting obligations associated with financial liabilities. AS the organi5ation has investments and surplus cash reserves, liquidity is not regarded a8 a signrficarrt risk. Intsre8t rate risk The organisation invest surplus cash in deposit accounts vthich are interest bearing and has no bank borrowings. Accordingly, the Directors do not believe that the organisation has significant exposures arising from interest rate risks. ObJectlve8 and activiti08 The objective of Milibern Trust is to provide quaSity accommodation for elderly people with Ilmited means, partlcularly those from a SeNice background. Milibem Trust provides sheltered accommodation at Hamel Court, Twinbum House and Milibem House and also has a number of houses. During the year, Milibem Trust helped to support the aged and people with limited means by providing accommodation for more than 90 individuals. In the current economic environment, the Charity's strategy is to keep the existing properties modern and well maintained, to provide a good standard of accommodation to individuals at a comparable market rate and to maintsin occupancy rates at an acceptable level. Public benefit In Northem Iland the demand for public housing stock exceeds supply. Milibem Trust provides secure. high quality, sheltered accommodats'on to help meet this need.
Milibern Trust Company Limited by Guarantee Trustses. Annual Report (Incorporating the Directorfs Raport) (continued) Year ended 31 March 2023 Achlevements and performance Investments The Dire¢tors' aim is to achieve capital groW(h with moderate risk whilst maintaining an adequate income to maintain the viability of the Charity. The Directors meet with Investment Managers annually and discuss their performance against investment benchmarks. The performances of the Investment Managers on a quarter by quarter and annual basis are considered satisfactory. During the year there was a loss on investments of £393,957 (2022- gain of £367,598). Fixed assets During the year there was expendlture of £651,633 on land and bulldings (2022: £160,564) and £23.000 on furnishings and equipment (2022- £17,218). Flnanclal revlew Flnances The underlying deficit for the year before investment gains and losses was £25,184 {2022: £72,336). After accounting for gains and losses on investment5 the financial statements show a deficit of £419,141 for the year ended 31 March 2023 compared with a surplus of £295,262 in 2022. During the year Milibern Trust made charitable donations of £2,500 (2022: £2,500). The provision of sheltered accommodation continued to a show a deficit. Investment income is required to coverlosses on accommodation and provide funds for upgrading and future development of other accommodalion. In addition a proportion is given to chanties for the welfare of seNice personnel and others in need. Income generation The Charity's income during the year was from rent, rates recharged and income from listed investments. The Charity receives limited government funding in respect of disabled access but otheNiise relies solely on the aforementioned sources of income. R88ources expended and service8 Resources expended comprise house operating expenses and donations paid. House operating expenses include the costs of maintaining the properties, the three accommodation blocks and also includes the Wardens, salaries, utilities and olher general expenses involved in the upkeep of the accommodation. Donations are of a charitable nature and are aged to a set budget once a year at a meeting of the Board of Dlrectors. Deslgnatsd funds The Directors have designated a further £100,000 of the unrestricted funds at 31 March 202312022.. £100,000) for new projects and the buIlding and refurbishment of the Charity's existing properties. Reserves Reserves are required to cover operating deficits. They are also required to provide funds for fvture development of supported accommodation and to meet the requirement of changing legislation. The Charity's policy is to retain a level of resources equivalent to at least 12 months operating costs and at a level sufficient to meet the needs of the organisation. As at 31 March 2023 Milibern Trust has reseprfes of £10,988.054 (2022: £11,407,195) of which £4m is invested in accommodation and £2.6m is designated within the Building Fund. The level of reserves is monitored by Directors on a regular basis.
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {nthU80) Year ended 31 March 2023 Plans for future periods The Directors are active in looking for opportunities to provide living accommodation for the elderly as set out in the Charity's objectives. They plan to expand the property portfolio to further cater for the needs of those from a SeNice background. Tru$tse8' responsiblllti88 statsment The trustees, who are also directors for the purposes of company law, a responsible for preparing the trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounts"ng Standards (United Kingdom Generalty Accepted Accounting Prath'ce). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the Incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financlal statements, the trustees are requlred to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the applicable Charities SORP: make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity wbll continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware, there Is no relevant audit Information of vthlch the charity's auditor is unaware,. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and io establish that the charty's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies AGt 2006.
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) (n11n8} Year ended 31 March 2023 Small company provlslons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees. annual report vms approved on 1 November 2023 and signed on behalf of the board of trustees by: N C Tougher T Trustee Chaiman) Morton FCA DL (Vice Chairman) Trustee