COMPANY REGISTRATION NUMBER: N1007344 CHARITY REGISTRATION NUMBER: NIC100244 Milibern Trust Company Limited by Guarantee Financial Statements 31 March 2024
Milibern Trust Company Llmlted by Guaranta8 Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) Statement of financial position 11 12 statement of cash flows 13 Notes to the financial statements 14
Milibern Trust Company Limited by Guarant88 Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 March 2024 The trustees, who are also the directors for Ihe purposes of company law, present their report and the fsnancial statements of the charity for the year ended 31 March 2024. Reforonce and admlnlstrative dotall8 Reglstered charfty name Milibem Trust Charlty regi8tratlon number NIC100244 Company reglstratlon number N1007344 Princlpal office and reglstsred 18 Hamel Court offico Belfast BT6 9HX Th8 tru8t••s N C TougherTD VR (Chairman) J C Morton FCA DL (Vice Chairman) Mr5 P Shaw RD DL R W C Mccann LLB G M Bingham VR FRGS Bsc (Hons) Grad Dip Phys RAMC K P Thomas MBE Ms FJ Sinclair PS Agnew MBE MCIPS (Resigned 14 September 2023) (Appointed 1 November 2023) (Appointed 26 April 2024) 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 responsibilities of Board members, code of conduct, charitable legislation, and company policies and procedures. Appropriate training and briefings are organised with extemal professional advisers in respect of governance, Directors. responsibilities and Charities legislation. Auditor Muir & Addy Chartered accountants & statutory auditor Muir Building 427 Holywood Road Belfast BT4 2LT Bankors Ulster Bank 11-16 Donegall Square East Belfast BT15UB
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors Report) (continued) Year ended 31 March 2024 SollGltor8 Johns Elliot 40 Linenhall Street Belfast BT2 8BA Structure, govemance and managefflent Golng concern The Directors believe that there are no matertal uncertainties that cast significant doubt about the entity's abilty to continue as a going concern and the financial ststements have been prepared on that basis. Governance and Intsmal 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 which disclose with reasonable accuracy at any time the financial posttion 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 irregularits'es and to provide reasonable assurance that: The charity is operating efficientty and effectivety., Its assets are safeguarded against unauthorised use or disposition: Proper records are maintained and financial infomiation used within the charty or for publication is reliable., and ' The charity complies viith relevant laws and regulations, and operates to the public benefit test. The systems of Internal control are designed to provlde reasonable, but not absolute assurance against materlal misstatement or loss. They include: A strategic plan encompasslng land purchase and refurbishment costs and annual budget approved by the Directors; Regular consideration by the Directors of financial results, variance from budgets, non-financial perfomiance indicators and benchmarking reviews; Delegation of authonty and segregation of duties where possible within the constraints of a small charity; and . Identification and management of risks.
Milibern Trust Company Limlted by Guarantea Trustees. Annual Report (Incorporating the Directorfs Report) (¢onthuod) Year ended 31 March 2024 Risk assessment The Directors have intrOdUd a fomial risk management process to assess business risks and implement risk management strategies. This involves identifying the types of risks the charity faces. prioritising them in temis of potential impact and likelihood of occurrence, and identifying means 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's cuent internal controls, to evaluate the risk management of the organisation and rf 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. Financial 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 rlsk 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-vrthy. Llquldlty rlsk Liquidity risk is the rlsk that an entity wll encounter dlfficulty in meeting obligations associated wlth financial liabilities. As the organisation has investments and surplus cash reserves, Ilquidity is not regarded as a signrficant risk. Internst rats rlsk The organisation invest surplus cash in deposit accounts whlch are interest bearing and has no bank borrowings. Accordingly, the Dirertors do not believe that the organisation has significant exposu$ arising from interest rate risks. ObJectlve$ and activitlos The objective of Mlllbern Trust is to provide quallty sheltered a¢commodatSon for elderly people with Ilmited means, particularly those from a Service background. Milibem Trust provides sheltered accommodation at Hamel Court, Twinburn House and Milibern House and also has a number of houses. During the year, Milibern Trust helped to support the aged and people wilh 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 modem and well maintsined, to provide a good standard of accommodation to individuals at a comparable market rate and to maintsin occupancy rates at an acceptable level. Publlc benefit In Northern Ireland the demand for public housing stock exceeds supply. Milibem Trust provides secure, high qualty, sheltered accommodation to help meet this need.
Milibern Trust Company Limlted by Guarantee Trustees. Annual Report {Incorporating the Directofs Report) (¢onlinuedJ Year ended 31 March 2024 Achievements and performance Investments The Directors, aim is to achieve capital growth with moderate risk whilst maintaining an adequate income to maintain the viabilty of the Charity. The Directors meet with Investment Managers annually and discuss their performance against investrnent benchmarks. The perfomances of the Investment Managers on a quarter by quarter and annual basis are considered satisfactory. During the year there was a gain on investments of £648,607 (2023: loss of £393,957). Flxed assets During the year there was expenditure of £29,028 on land and buildings (2023: £651.633) and £116,901 on fumishings and equipment (2023.. £23,000). Income g8neratlon The Charity'5 income during the year was from rent, rates recharged and Income from listed Investments. The Charty receives limited government funding in respect of disabled access but othenvise relies solely on the aforementioned sources of income. Rosources expended and services 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 other general expenses involved in the upkeep of the accommodation. t)onations are of a charitable nature and are agreed to a set budget once a year at a meeting of the Board of Directors.
Milibern Trust Company Limlted by Guarantsa Trustees. Annual Report (Incorporatlng the Director's Report) (¢ontlnued) Year ended 31 March 2024 Financial review Finances The underlying deficit for the year before investment gains and losses was £43,693 (2023: £25,184). After accounting for gains and losses on investments the financial ststements show a surplus of £604,914 for the year ended 31 March 2024 compared with a deficit of £419,141 in 2023. During the year Milibern Trust made charitable donations of £3,000 {2023- £2,500). The provision of sheltered accommodation continued to a show a deficit. Investment income is required to offset losses on accommodation. The listed investments provide funds for upgrading and future development of other accommodation. In addrtion a proportion is given to charities for the welfare of service personnel and others in need. Designated funds The Directors have designated a further £100,000 of the unrestricted funds at 31 March 2024 (2023: £100,000) for new projects and the rebuilding and refurbishment of the Charty's existing properties. Reserves Reserves are required to cover operating deficits. They are also required to provide funds for future development of supported accommodation and to meet the requlrement of changing legislation. The Charity's policy is to retain a level of sOurceS equivalent to at least 12 months operating costs and at a level sufficient to meet the need5 of the organisation. As at 31 March 2024 Milibern Trust ha8 reserves of £11,592,968 (2023: £10,988,054) of which £3.9m 18 invested in accommtxlation and £2.7m is designated within the Building Fund. The level of reserves is monrtored by Directors on a regular basis. John Johnston Kirkpatrfck Will Trust The arrangement with the John Johnston Kirkpatrick Will Trust to manage it's property has now come to an end and the trustees a awaiting a decision from the Charity Commission for Northern Ireland as to whether the assets can be transferred to Milibem Trust. Plans for future perfods The Directors are active in looking for opportunities to provlde living accommodatlon for the elderly as set out in the Charity's objectives. They plan to expand the propety Portfolio to further cater for the needs of those from a Service background. Trustees, responslbilitl statsment The trustees, who are also dlrectors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give 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.
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating tha Directofs Report) {contlutd) Year ended 31 March 2024 In preparing these financial statemerrts, the trustees are required to: select suitable accounting policie5 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 will 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. Audltor Each of the persons who 18 a trustee at the date of approval of this report confirms that.. 80 far as they are aware, there is no reSevant audit information of which the charity's auditor is unaware; and they have tsken all steps that they ought to have taken as a trustee to make themselve5 aware of any relevant audit information and to establish that the charity's auditor is aware of that infomiation. The aud6tor Is deemed to have been re-appointed in accordance wlth section 487 of the Companies Act 2006. Small company provlslons This report has been prepared In accordance with the provlslons applicable to compantes entitled to the small companies exemption. The trustees, annual report was approved on 6 November 2024 and signed on behalf of the board of trustees by: N C Tougher T Trustee (Chairman) J C Morton FCA DL (Vice Chairman) Trustee
Milibern Trust Company Limited by Guarantse Independent Audltorfs Report to the Members of Milib8rn Trust Year ended 31 March 2024 Oplnlon We have audited the financial ststements of Milibem Twst (the 'charityy for the year ended 31 March 2024 which comprise the statement of financial activities {including income and expenditure account), statement of financial position, 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 ACpted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 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 Kingdom Generally Accepted Accounts"ng Practice; have been prepared in accordance with the requirements of the Companies Act 201K. Basls for opinlon We conducted our audit in accordance with Intematlonal Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards a further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance viith 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 circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is SLrfficient 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 Repo.n9 Council, in the circumstances set out in the note to the financial ststements. Conclusions relating to going concem In auditing the financial ststements, we have concluded that the trustees. use of the going concem 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 uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's 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 (continued) Year ended 31 March 2024 Other Infomiation The other infomiation comprises the infomiation included in the annual report. other than the financial ststements and our auditor's report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other infomation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibiltty is to read the other information and, in doing so, consKler whether the other information is materially inconsistent with the financial statements or our knoedge obtained in the audit or otherwise appears to be materially misstated. If identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfomed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prnscribed by the Companies Act 2006 In our opinion, based on the yrk undertaken in the course of the audit.. the infomation 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. Matter5 on which we are rnquired to report by oxcèption In the light of the knowledge and understanding of the chanty and its environment obtained in the course of the audit, have not identified material misstatements in the trustees, pOrt. We have nothing to report in respect of the following matters in relatlon to which the Companles Act 2006 requires us to report to you If, in our opinion: adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us; or the financial statements a not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made., or have not received all the infomiation and explanations we require for our audit", or the trustees vRre 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 Limitad by Guarantee Independent Auditor's Report to the Members of Milibern Trust (continu) Yaar anded 31 March 2024 Responslbilitie8 of trustees As explained more fully in the trustees, responsibilities ststement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statennIS and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to Gease operations, or have no realistic altemative but to do so. Auditors re8pon91blliti•s for the audlt of the flnancial statoments Our objectives are to obtain reasonable assurance about vthether the financial statements as a vthole are free from material misstatement. wthether 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 atway5 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 economic 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 lavrfs and regulations and fraud risks during our audit planning procedures. The directors consider that fraud is most likely to involve the procurement of Services. Audrt procedures were planned and performed to assess the approval of expenditure. We remain mindful that fraud, by its very nature, may be difficult to detect but vrfe have tested controls in place and consider that our audit has a reasonable chance of detecting a material fraud in this area. As part of an audit in accordance Vlfjth ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. Ve also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evldence that is sufficient and appropriate to provlde 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 corrtrol 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 Milibern Trust (continued) Yaar ended 31 March 2024 Condude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signrficant 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 auditor's 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 audrt eviden obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentatlon. We communlcate with those charged Vth govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that y identify during our audlt. Use of our report This pOrt is made solety to the charity's members, as a body, in accordance viith Chapter 3 of Part 16 of the Companies Act 2008. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charty's members as a body, for our audit work, for this report, or for the opinions vrfe have formed. Mr Paul Leathem FCA (Senior Ststutory Auditor) For and on behalf of Muir & Addy Chartered accountants & statutory auditor Muir Building 427 Holywood Road Belfast BT4 2LT 6 November 2024 10
Milibern Trust Company Limitsd by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Unrestricted fijnds Totsl funds Totsl funds 2023 Note Income and endowments Charitable activities Investment income Other income 474,585 150,457 75,310 700,352 474,585 150,457 75,310 700.352 412,180 135,423 27,662 Total Incom• 575,265 Exponditur• Expenditure on raising funds: Costs of generating income Expendlture on charitable actNities Total expendlture 50,096 693,949 744,045 50.096 693,949 744,045 49,647 550,802 9,10 600,449 Deficlt bofore Investment gainsl(losses) (43,693) {43,693) (25,184) Net gainsl(losses) on investments 11 648,607 648.607 (393,957) Net incomel{exponditure) and not movement In funds 604,914 604,914 (419,141) Reconclllatlon of funds Total funds brought forward Total funds carrled forward 10,988,054 10.988,054 11,407,195 11,592,968 11,592,968 10,988,054 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Th? note8 On Pages 14 to 24 fomi part of these financial statements. 11
Milibern Trust Company Limited by Guarantee Statement of Financlal Position 31 March 2024 2024 2023 Fixed assets Tangible fixed assets Investments 16 17 3.883.782 7,702,582 11,586,364 10,923,493 3,969,879 6,953,614 Currnnt assets Debtors Cash at bank and in hand 18 3,746 135,789 58,309 110,357 168,666 139,535 Credltors: amounts falllng due wlthln one yoar Net current a880ts 20 132.931 104,105 6,604 64,561 11.592,968 10,988,054 Totsl assets1083 current Ilabllltles Net assets 11,592.968 10,988,054 Fund8 of the charlty Unrestricted funds 11.592,968 10,988,054 11.592,968 10.988.054 Total charlty funds 22 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies. regime. These financial statements were approved by the board of trustees and authorised for issue on 8 November 2024, and are signed on behalf of the board by: N C Tougher TD VR (Chairman) Trustee J C Morton FCA DL (Vice Chairman) Trustee Thg nots$ on page8 14 to 24 form part of these financial ststoments. 12
Milibern Trust Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flow5 from operatlng activities Net incomel(expenditure) 604,914 (419,141) Adjuslm8nts for.. Depreciation of tangible fixed assets Net gainsl{losses) on investments Dividends, interest and rents from investrnents Gains on disposal of tangible fixed assets Accrued (income)lexpenses 215,793 213,801 1648.607 393,957 1150.457) (135,423) 166,310) (21,169) (4,792) 2,151 Changas In." Trade and other debtors Trade and other creditors 64.563 1,552 (54,595> (3,227) (23,646) (23,646) Cash generated from operations Net cash froml(used in) operating activities 6,656 6,656 Ca8h flows from Invostlng activitios 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 Net cash used in investing activities 150,457 135,423 (145,929) (674,633) 82,543 177,409 (1,980,442) (1,101,174) 1,858,023 1,069,804 22,058 346,050 113.290) (47,121) Net decrease in cash and cash equivalents Cash and cash equlvalents at beginning of yoar Cash and cash oqulvalents at end of year (6,634) 110.357 (70,767) 181,124 19 103,723 110,357 The notes on pag•$ 14 to 24 form part of these flnancial statgmgnts. 13
Milibern Trust Company Limited by Guarantee Notes to the Financial Ststements Year ended 31 March 2024 General infomiatlon The charity is a public benefft entity and a private company limited by guarantee, registered in Northern Ireland and a registered charty in Northem Ireland. The address of the registered office is 18 Hamel Court, Belfast, BT6 9HX. Statsment of compliance These financial statements have been prepared in compliance viith FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable to charities preparin9 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP (FRS 102)) and the Companles Act 2006. Aecountlng pollci08 Ba•ls of preparatlon The financial statements have been prepared on the historical cost basis. as modrfied 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 sterling, whlch is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgemonts and key sources of estlmation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounls reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expeclatsons of future events that are believed to be reasonable under the circumstances. Fund accountlng unStrICted funds are available for use at the dlscretion of the trustees to further any of the charty's purposes. Designated funds are unrestrlcted funds earmarked by the trustees for partlcular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the temis of an appeal, and fall into one of two sub-classes.. restricted income fvnds or endowment funds. 14
Milibem Trust Company Llmlted by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting pollGles (¢onUnued) Incomlng resources Income Rent and rates income is recognised on an accruals basis in line with 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. Resou0• •xponded Exp•ndlture Expenditure 18 racognised on an accruals basis as a Ilability is incurred. staff c08ts 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 of meetings, audit and statutory compliance. They include any costs which cannot be specifically allocated to another expenditure classification. House operating expenses, administration costs and donations pald are those costs whlch can be attributable to charitable acts-vities. Tanglblo assets All fixed assets are initially recorded at cost. The houses have subsequently been revalued, wlth the revaluaiion surplus being taken to the revaluation reseNe. Depreclatlon Depreciation is calculated so as to vffite off the cost or valuation of an asset. less it5 residual value, over the useful economic life 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 equity investments are inib'alty recorded at cost, and subsequently measured at falr value. If fair value Gannot be reliably measured, assets are measured at cost less impaimient. 15
Milibem Trust Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2024 Accounting policles (¢ontlnuerfJ Investments {contlnuodJ Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Impaimient of fixed assets A review for indicators of impainnent is carried out at each reporting date, with the recoverable amount being estimated where such indicators exisL Where the carrying 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 impairment 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 that largely independent of the cash inflows from other assets or groups of assets. For impairnient testlng of goodwill, the goodwlll acquired in a buslness 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 charty are assigned to those units. Financlal Instruments A financial asset or a financial liability is recognised only when the charty becomes a party to the contractual provisions of the instrument. Basic financial instruments are Initially recognised at the amount receivable or payable including any reLqted transactlon 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 subsequently 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, induding derivatives, are initialty recognised at fair value, unless payment for an asset is deferred beyond normal business terms 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 exptIOn of hedging instruments in designated hedging relationship. 16
Milibern Trust Company Limitsd by Guarantee Notes to the Financial Statements (continuerfj Year endad 31 March 2024 Accountlng policies (continued) Financlal Instruments (eonthiued) Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impaimient at the end of each reporting date. If there is objective evidence of impairment, an impaiment loss is recognised under the appropriate heading in the statement of financial activities in vthich the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually 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 carrying amount would have been had the impairment not previously been recognised. Dofined contributlon plan8 Contributions to defined contribution plans are recognised as an expense in the period In which 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. When contribution8 are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related 8eNice, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limltsd by guarantee In accordance viith 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 Member5 at the balance sheet date was six (2023: six). Charitable actbViti6s Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rentsl Income Rates income 429,410 45,175 429,410 45,175 364,947 47,233 412,180 364,947 47,233 474,585 474.585 412,180 Invesljnent income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from listed investments 150.467 150.457 135,423 135.423 17
Milibern Trust Company Limited by Guarantee Notas to the Financial Statèments (Conllnued) Year ended 31 March 2024 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gain on disposal of tangible fixed assets held for charity's own use Sale of freeholds 66.310 9,000 75,310 66,310 9,000 75,310 21,169 6,493 27,662 21,169 6.493 27,662 Costs of geMratlng Income Unrestrlcted T¢)tsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Costs of generating income - investment management costs 50.096 50,096 49,647 49,647 Expenditure on charitable actlvltios by fund typo Unrestricted Total Funds Unrestricted Total Fund8 Funds 2024 Funds 2023 Wages and salaries Employe¢s 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 Gharges Donations paid Recharge of administrative expenses to Kirkpatrick Cottages Trust Support costs 90,864 8,249 8,495 19,444 44,626 221,S52 1,828 18,841 14,206 21,356 8.545 639 215,793 4,049 762 3,000 90,864 8,249 8,495 19,444 44,626 221,552 1,828 18,841 14,206 21,356 8,545 639 215,793 4,049 762 3,000 63,844 5,299 10,136 14,584 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 (1,500) 11,700 (1.500) 11.700 11,700 11,700 693,949 693,949 550,802 550.802 18
Milibern Trust Company Limited by Guarantee Notes to tha Financial Ststements (coniinuedj Year ended 31 March 2024 10. Expenditure on charitable activitles by activlty type Activities undertaken directly Support Total funds osts 2024 Total fund 2023 Wages and salaries Employeffs 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 ststionery Cleaning Depreciation Miscellaneous expenses Bank interest and charges Donations paid Recharge of administrative expenses to Kirkpatrick Cottages Trust Govemance costs 90.864 8,249 8,495 19,444 44,626 221,SS2 1,828 18,841 14,206 21,356 8,545 639 215,793 4,049 762 3,000 90,864 8,249 8.495 19,444 44.626 221,552 1.828 18,841 14206 21,356 8,545 639 216,793 4,049 762 3,000 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 (1,500) 11,700 550,802 11,700 11,700 693.949 682,249 11,700 11. Net galnsl{lo$¥es) on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(Losses) on investment assets 648,607 648,607 (393,957) {393,957) 12. Ngt incomel(expenditure) Net incomel(expenditure) is ststed after ¢hargingl(crediting): 2024 2023 Depreciation of tangible fLxed assets Gains on disposal of tsngible fixed assets 215,793 (66,310) 213,801 (21,169) 13. Auditors remuneratlon 2024 2023 Fees payable for the audit of the financial statements 4,800 4,800 19
Milibern Trust Company Limited by Guarantee Notes to tha Flnancial Statemants {¢onthuod) Year anded 31 March 2024 14. Staff costs The total stsff costs and employee benefits for the reporting period are analysed as follovpJ.' 2024 2023 Vlages and salaries Social security costs Employer contributs-ons to pension plans 90,864 8.249 8,495 107,608 63,844 5,299 10,136 79,279 The average head count of employees during the year was 4 {2023: 3). The average number of full-time equivalent employees during the year is analysed as lollovts.. 2024 2023 No. Number of administratlve staff No employee received employee benefits of more than £60.000 during the year (2023: Nil). 15. Director remunoratlon and expen808 No remuneration or other benefrts from employment with the charity or a related entlty were received by Ihe directors. No director expenses have been incurred. 16. Tanglble fixed a888ts Fixtu$ and ffttings Computer Equipment Flats Houses Total Cost At 1 April 2023 Additions Disposals At 31 March 2024 2,820,804 22,239 2,381,907 6.789 {27,799) 2,360,897 1.973,356 114.502 22,783 2,399 7.198,850 145,929 (27,799) 7,316,980 2,843,043 2,087,858 25,182 Depreciallon At 1 April 2023 Charge for the year Disposals At 31 March 2024 1,052,322 47,136 539,480 39.322 (11,566) 567,236 1,616.946 126,333 20,223 3,002 3,228.971 215.793 111.566) 3,433,198 1,099,458 1,743,279 23,225 Carrylng amount At 31 March 2024 1,743,585 1,768,482 1,793,661 344,579 1,957 2.560 3,883.782 3.969.879 At 31 March 2023 1,842,427 356,410
Milibern Trust Company Limlted by Guarantse Notes to the Financial Statements (continued) Year ended 31 March 2024 17. Invèstments Cash held by investment Listed managers investments Total Cost or valuation At 1 April 2023 Additions Disposal proceeds Gainsl(Losses) Movement in Gash 423,767 6,529,847 6,953,614 1,980,442 1,980,442 (1,858,023) 11,858,023) 648,607 fA8,607 5,313 (22,058) 7.702,582 (27,371 > 396.396 At 31 March 2024 7,306,186 Impaimient At 1 Aprll 2023 and 31 March 2024 Carrylng amount At 31 March 2024 396,396 423,787 7,306,186 6,529,847 7.702.582 At 31 March 2023 6,953,614 All investments shown above are held at valuation. The fair value of financial assets is determined by their market value. 2024 2023 Analysls by Invesljnent Managgr Smith & Williamson Smith & Wlliamson cash Julius Baer Julius Baer cash 3,871,868 93,279 3,434,318 303,117 3,387,484 244,220 3,142,363 179,547 7,702,582 6,953,614 18. Debtors 2024 2023 Prepayments and accrued income Other debtors 3,746 2,918 55,391 3.746 58,309 21
Milibern Trust Company Limited by Guarantee Not8S to the Financlal Statements fcontinuedj Year ended 31 March 2024 19. Cash and cash equlvalents Cash and cash equivalents comprise the following: 2024 2023 Cash at bank and in hand Bank overdrafts 135,789 132.066) 103,723 110,357 110,357 20. Credltors: amounts falllng due wlthln one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes other creditors - Kirkpatrick Cottages Trust 32,066 785 25,743 2,679 71,658 132,931 265 30,535 1,120 72,185 104,105 21. Pen81ons and other post retlrement beneflts Deflned contrlbutlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £8.495 (2023: £10,136). 22. Analysls of charltable funds Unrestrfcted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers General Fund Building Fund 8,388,054 2,600.000 700,352 (744,045) {100,000) 648,607 8.892.968 100,000 2.700.000 10.988,054 700,352 (744,045) 648,607 11,592,968 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers General Fund Building Fund 8,907,195 2,500,000 575,265 (600,449) (100,000) (393.957) 8,388,054 100,000 2,600.000 1393.957) 10,988,054 11,407,195 575.265 (600.449) -22-
Milibern Trust Company Limited by Guarantee Notes to the Financial Statemants {n(inorf) Year ended 31 March 2024 23. Analysls of net assets between funds Unrestricted Totsl Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Not assets 3,883,782 3,883,782 7,702,582 7,702,582 139,535 139,535 (132,931) {132,931) 11,592,968 11,592,968 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) (104,105) 10,988,054 10,988,054 24. Flnancial Instruments The carrying amount for each category of financial instrument is as follows: 2024 2023 Flnanclal a88ois measured at falr value through Income and oxpendlture Listed investments 7,306,186 6,529,847 25. Analy818 of changes In not debt At At 1 Apr 2023 Cash fflows 31 Mar 2024 Cash at bank and In hand Bank overdrafts 110,357 25,432 (32.066) (6,634) 135,789 (32,066) 103,723 110,357 26. Related partle8 There were no related party transactions during the year. lthere any director has involvement with another charity supported by Milibem Trust the appropriate disclosure was made pursuant to best practice. 23
Milibern Trust Company Limlted by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2024 27. Ethical standards In common with many other businesses of our size and nature our auditors assist the charity to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.