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 intrOdU￿d 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 cu￿ent 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-v￿rthy.
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) {cont￿lutd)
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
AC￿pted 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 kno￿edge 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 y￿rk 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
staten￿nIS 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. V￿e 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 V￿th 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
un￿StrICted 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.
Resou￿0• •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 ex￿ptIOn 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(in￿orf)
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.