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 D1￿CtOrs.,
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-v￿rthy.
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 re￿iVeS 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 DirectO￿S 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