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.
AudIt0￿S 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 ac￿pt 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
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