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 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 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 disclosu￿3 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