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 Ma￿h 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 I￿land 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 ag￿ed 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) (￿n11n￿8￿}
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