Milibern Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of Milibem Trust Year ended 31 March 2024 Opinlon Ve have audited the financial statements of Milibem Trust (the 'charity'l for the year ended 31 March 2024 which comprise the statement of financial activities {including income and expenditure account), statement of financial position, statement 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 Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the 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 wlth United Kingdom Generally Accepted Accounting PraGtice,' have been prepared in accordance with the requlrements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance wlth Intemational Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, Including the FRC'S Ethical Standard, and the provisions available for small entities, in the 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 sufficient and appropriate to provide a basis for our opinion. In auditing these financial statements we have applied the "Ethical Standard Provisions Available for Small Entities" issued by the Financial Reporting Council, in the circumstances set out in the note to the financial statements. Conclusions relating to golng conc•m In auditing the financial statemerrts, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern 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 lcontlnued) Year ended 31 March 2024 Other Infomiation The other information comprises the infomiation included in the annual report, other than the finanGial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent 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 responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the financial ststements or our knowledge obtained in the audit or otherNi$e appears to be materially misstated. If we identify such material inconsistencies or apparent material misststements, VR are required to determine whether there is a material misstatement in the financial statements or a material misststement of the other infonnation. If, based on the work Y have perfonned, 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 pr•8crlbod by the Compani08 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 ha8 been prepared in accordance with applicable legal requirements. Matters on which we are required to report by axceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the cour8e of the audit, vft have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters In relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or retums adequate for our audit have not been received from branche8 not visited by us", or the financial statements are not in agreement viith the accounting records and returns.. or certain disclosu3 of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small Companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
Milibern Trust Company Llmlted by Guarantee Independent Auditor's Report to the Members of Milibern Trust (contlnu•d) Year ended 31 March 2024 Responsibilities of truste8S As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees detemiine is necessary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. In preparlng the financial Statements, the trustees are responsible for assessing the charity's abilty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the chariiy or to Cease operations, or have no realistiG alternative but to do so. Audltorfs re$ponsibllltI for the audlt of th• financlal Statements Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor'5 report that indudes 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 afvrfays detect a material misstatement when It exists. Misstatements can arise from fraud or error and are considered material rf, 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 law8 and regulations. We design procedures in line with our responsibilities, outlined al)ove, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We discussed laws and regulations and fraud risks during our audit planning procedures. The directors consider that fraud is most likely to involve the procuremerrt of services. Audit procedures were planned and perfomied to assess the approval of expenditu. We remain mindful that fraud, by its very nature, may be drficutt to detect but we 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 with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material mlsstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentats-ons. or the overrlde of internal control. Obtain an understsnding of irrtemal control levant 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 Auditorfs Report to the Members of Mllibern Trust (continued) Year endad 31 March 2024 Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If y 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 disclosure3 are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going concem. Evaluate the overall presentatlon, structure and content of the financial statements, including the disclosures, and whether the financial ststements represent the underlying transactions and events In a manner that achieves falr presentstion. We communicate with those charged with 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 we identify during our audit. Use of our report This report Is made solety to the charity's members, as a body, in accordance viith Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that 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 we have fomied. Mr Paul Leathem FCA {Senior Statutory Auditor) For and on behalf of Muir & Addy Chartered accountants & statutory auditor Muir Bulldlng 427 Holywood Road Belfast BT4 2LT 8 November 2024 10