Milibern Trust Company Limited by Guarantee Independent Auditorfs Report to th8 Members of Milibern Trust MUIR & ADDY Year ended 31 March 2023 Oplnlon We have audited the financial statements of Milibem Trust (the 'charity) for the year ended 31 March 2023 which comprise the statement of financial activities (including income and expenditure account). statement of financial positlon, ststement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitys affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Practlce; have been prepared In accordance wlth the requirements of the Companles Act 2006. Bas18 for oplnlon We conducted our audit in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditofs responsibilitles for the audit of the financial statements section of our report. We are independent of the charity In accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the clrcumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. In auditing these financial statements we have applied the "Ethical Standard - Provisions Available for Small Entities" issued by the Financial Reporting Council, in the circumstances set out in the note to the financial statements. Concluslons relatlng to golng concem In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainlies relating to events or conditions that, individually or collectively. may cast significant doubt on the charitys abilty to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described In the relevant sections of this report.
Milibern Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Milibern Trust (contlnued) MUIR & ADDY tHAIIIIID Af¢•uNiifiTS Year ended 31 March 2023 Other inforniatlon The other information comprises the information included in the annual r8POrt, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent othenNise explicitly stated in our report. we do not express any fonn of assurance conclusion thereon. n connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider wheth8r the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there Is a material misstatement in the financial statements or material mlsstatement of the other information. If, based on the work we have performed, we conclude that there Is a material misstatement of this other information, we are required 10 Port that fact. We have nothing to report in this regard. Oplnlons on othor matters prescrlbed by the Companle8 Act 2006 In our opinion. based on the work undertaken in the course of the audit: the Information given In the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the trustees. report has been prepared in accordance with applicable legal requirements. Matters on whlch we are requlrad to report by axc•ptlon In the light of the knowledge and understanding of the charity and its environment obtained In the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accountlng records have not been kept, or retums adequate for our audlt have not been received from branches not vlsited by us. or the financlal statements are not In agreement with the accountlng records and returns; or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
Milibern Trust Company Llmited by Guarantee Independent Auditorfs Report to the Members of Milibern Trust (continued) MUIR & ADDY ¢HAITIIÉ• AC¢•UHTIHTS Year ended 31 March 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfSed th8t they give a true and fair view, and for such internal control as the trustees determine is necessary to en8ble the preparation of finanual statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing tha charitys ability to continue as 8 going CDncern. disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the Gharity or to cease operations, or have no realistic alternative but to do so. AudIt0S responslbllltles for the audlt of the flnanclal stat•ment8 Our objectlves are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the econornic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We discussed laws and regulations and fraud risks during our audit plannlng procedures. The directors consider that fraud is most likely to involve the procurement of services. Audit procedures were planned and performed to assess the 8pproval of expenditure. We remain mindful that fraud. by its very nature, may be difficult to detect but we have tested controls in place and consider that our audit has a reasonable chance of detecting a material fraud in thls area. As part of an audit in accordanc8 With ISAS (UK), we exercise professional judgment and malntaln professional scepticism throughout the audit. We also: Identlfy and assess the rlsks of m8teri81 mlsslatement of the financial statements, whether due to fraud or error. design and perform audrt procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Milibern Trust Company Limited by Guarantee Independent Auditor's Report to the Members of Mllibern Trust (¢ontsnuedJ MUIR & ADDY ¢IIIIEflEO AECQUItIlTS Year ended 31 March 2023 Conclude on the appropriateness of the trustees, use of the going concern basis of sccounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorfs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence oblained up to the date of our auditor's repart. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentatlon, structure and content of the financlal statements. Including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, arnong other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in intemal control that we identify during our audit. Use of our report This report is made solely to the charitys members, 88 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitys members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not acpt or assume responsibility to anyone other than the charity and the charitvs members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Paul Leathem FCA (Senior Statutory Audrtor) For and on behalf of Muir & Addy Chartered accountants & statutory audiior Muir Building 427 Holywood Road Belfast BT4 2LT 1 November 2023 10-