Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Raport) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law. present thelr report and the financial statements of the charty for the year ended 31 March 2024. Reference and admlnistrallve detsils Registered charity name Milibem Trust Charlty registratlon number NIC100244 Company reglstration number N1007344 Prfnclpal office and registerod 18 Hamel Court office Belfast BT6 9HX The trustees N C Tougher TD VR (Chairman) J C Morton FCA DL (Vlce Chairman) Mrs P Shaw RD DL R W C Mccann LLB G M Bingham VR FRGS 8Sc {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 vtho have an interest in the provision of accommodation primarily for those with a service background. Inductlon and training for new Board members includes informatlon on background and hlstory of the organisation, roles and responsibilities of Board members, code of conduct, charitable legislats-on, and company policie5 and procedures. Appropriate training and briefings are organised with external professional advisers in respect of governance, Directors, responsibilities and charitbes legislation. Auditor Muir & Addy Chartered accountants & statutory auditor Muir Building 427 Holywood Road Belfast BT4 2LT Bankèr8 Ulster Bank 11-16 Donegall Square East Belfast BT15UB
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (eontlnu Year ended 31 March 2024 Solicitors Johns Elliot 40 Linenhall Street Belfast BT2 8BA Structure, govemance and management Golng concern The Directors believe that there are no material uncertalntles that cast significant doubt about the entity's ability to conts'nue as a going concern and the financial ststements have been prepared on that basis. Governance and Internal control The Directors have overall responsibility ft)r 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 po8ltion 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 and to provide reasonable assurance that: The charity is operating efficiently and effectively; Its assets are safeguarded against unauthorised use or di5positi'on', Proper records are maintsined and financial information used within the charity or for publication is reliable- and . The charity complies with relevant laws and regulations, and operates to the public benefft test. The systems of intemal control are designed to provide reasonable, but not absolute assurance against material misstatement or108s. They include: A strategic plan encompasslng land purchase and refurbl8hment costs and annual budget approved by the D1CtOrs., Regular consideration by the Dlrectors of financial results. variance from budgets, non-financial perfomiance indicators and benchmarking revlews. Delegation of authorty and segregation of duties where possible wlthln the constraints of a small charity,. and . Identification and management of risks.
Milibern Trust Company Limited by Guarantee Truste8s' Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Risk assessment The Directors have introduced a formal risk management process to assess business risks and implement risk management strategies. This involves identifying the types of risks the charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and idents'fying 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 Current internal controls, to evaluate the risk management of the organisation and if necessary to make recommendations to the Board for further consideration. The Audit Committee reviews the risks which are mainly low to moderate. Professional briefings and updates are given to the Board. Flnanclal rfsk management The organisats'on's principal financlal Instruments comprise Investments. cash, trade debtors and creditors. The main rlsks associated with these financial assets and liabilities are set out below.. Crodlt rlsk Credrt 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. Llquldity risk Liquidity risk is the risk that an entity Viill encounter difficulty in meeting obligations associated vAth financial liabilities. As the organisation has investments and surplus cash reserves, liquidity is not regarded as a significant risk. Interest rate risk The organisation invest surplus cash in deposit accounts which are interest bearing and has no bank borrowings. Accordingly, the Directors do not believe that the organisation has significant exposures arising from interest rate risks. Objectlves and actlvftlo8 The objective of Milibern Tru8t is to provide quality sheltered accommodatlon for elderly people with limited 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 with limited means by providing accommodation for more than 90 individuals. In the current economic environment, the Charrty's strategy is to keep the existing properties modem and well maintained, to provide a good standard of accommodation to individuals at a comparable market rate and to maintain occupancy rates at an acceptable level. Publlc benefft In Northem Ireland the demand for public housing stock exceeds supply. Milibem Trust provides secure, high quality. sheltered accommodation to help meet this need.
Milibern Trust Company Limited by Guarantse Trustees. Annual Report (Incorporating the Directorfs Report) (eontlnuedj 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 viability of the Charity. The Directors meet with Investment Managers annually and discuss their performance against investment benchmarks. The performances of the Investment Managers on a quarter by quarter and annual basis are considered satisfactory. During the year there was a gain on investments of £648,607 (2023- loss of £393,957). Flxed assets During the year there was expendlture of £29,028 on land and buildings {2023: £651,633) and £116,901 on furnishings and equipment (2023= £23,000). Income gèneratlon The Charity's income durfng the year was from rent, rates recharged and Income from listed investments. The Chariiy reiVeS limited government funding in respect of disabled access but otheThvi8e relies solely on the aforementioned Sources of income. Resources expended and 8ervlces Resources expended comprise house operating expenses and donations paid. House operating expenses include the costs of maintaining the properbes, the three accommodation blocks and also Includes the Wardens, salarie5, Utilities and other general expenses involved in the upkeep of the accommodation. Donations 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 Llmited by Guarantse Trustees. Annual Report (Incorporating the DirectOS Report) (contthuedj 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 statements 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 addition a proportion is given to charities for the vRlfare of service personnel and others in need. Dèsignated 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 Charity'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 requirement of changing legislation. The Charity's policy is to retain a level of resources equivalent to at least 12 months operating costs and at a level sufficient to meet the needs of the organisation. As at 31 March 2024 Milibern Trust has reserves of £11,592,968 (2023.. £10,988,054) of which £3.9m is invested in accommodation and £2.7m is designated within the Building Fund. The level of reserves is monitored by Directors on a regular basis. John Johnston Klrkpatrick Wlll Trust The arrangement with the John Johnston Kirkpatrick Will Trust to manage it's property has now come to an end and the trustees are awaiting a decision from the Charity Commission for Northem Ireland as to whether the assets can be transferred to Milibem Trust. Plans for future perlods The Directors are active in looking for opportunities to provide living accommodation for the elderly as set out in the Charity's objectives. They plan to expand the property portfolio to further cater for the needs of those from a Service background. Trustees. responsibilitlos statsment The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustee5 to prepare financial statements for each year whth give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {continuedJ Year anded 31 March 2024 In preparing these financial ststements, the trustees are required to: select suitable accounting policies and then apply them consistently., obsenie 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 wll continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that: so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit infomiation and to estsblish that the charity's auditor is aware of that information. The auditor is deemed to have been rtrappointed in accordance with section 487 of the Companie8 Act 2006. Small company provl8lon3 Thls report has been prepared in accordance vAth the provisions appllcable to companies entrtled 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 (Wice Chairman) Trustee