COMPANY REGISTRATION NUMBER: N1007344 CHARITY REGISTRATION NUMBER: NIC100244 Milibern Trust Company Limited by Guarantee Financial Statements 31 March 2025
Milibern Trust Company Limited by Guarantee Financial Statements Year ended 31 March 2025 Pag8 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 Statement of cash flows 11 12 13 Notes to the financial statements 14
Milibern Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2025. Reference and administrative details Registernd charlty name Milibern Trust Charlty reglstratlon number NIC100244 Company rnglstratlon number N1007344 Prlnclpal offlce and reglstered 18 Hamel Court offlce 8elf2St BT6 9HX The trustees Col. N C Tougher TD VR {Chairpersonl Mr J C Morton FCA DL (Vice Chairperson) R W C Mccann LLB Lt Col. G M Bingham VR FRGS (VI Chairperson) Lt Col K P Thomas MBE Ms FJ Sinclair PS Agnew MBE MCIPS Mrs N Connery (Appointed 26 April 2024) (Appointed 26 March 2025) 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. Inducts'on 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. (Resigned 6 November 2024) Appropriate training and briefings are organised with external professional advisers in respect of governance, Directors, responsibilities and charities legislation. Audltor Muir & Addy Chartered accountants & statutory auditor Muir Building 427 Holywood Road Belfast BT4 2LT Bankers Ulster Bank 11-16 Donegall Square East Belfast BT15UB
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Solicitor8 Johns Elliot 40 Linenhall Street Belfast BT2 8BA Structure, governance and management Golng concern The Directors believe that there are no material uncertainties that cast significant doubt about the entity's ability to continue as a going concern and the financial ststements have been prepared on that basis. Govemance and Internal 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 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 and to provide reasonable assurance that.. The charity is operating efficiently and effectively., Its assets are safeguarded against unauthorised use or disposition., Proper records are maintained 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 benefit test. The systems of internal control are designed to provide reasonable, but not absolute assurance against material misstatement or loss. They include.. A strategic plan encompassing 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 performance indicators and benchmarking reviews., Delegation of authority and segregation of duties where possible within the constraints of a small charity., and Identification and management of risks.
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2025 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 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 current internal controls. to evaluate the risk management of the organisation and if necessary to make recommendations lo the Board for further consideration. The Audit Committee reviews the risks which a mainly low to moderate. Professional briefings and updates are given to the Board. Flnancial risk 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.. Credit risk 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-worthy. Llquldlty rlsk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. As the organisation has investments and surplus cash reserves, liquidity is not regarded as a significant risk. Interest rate rlsk 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. Objective8 and actlvltles The objective of Milibern Trust is to provide quality sheltered accommodation for elderty people with limited means, particularly those from a Service background. Milibern 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 Charity's strategy is to keep the existing properties modern 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. Public beneflt In Northern Ireland the demand for public housing stock exceeds supply. Milibern Trust provides secure, high quality, sheltered accommodation to help meet this need.
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontlnued) Year ended 31 March 2025 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 £140,11312024. gain of £648,607). Flxed assets During the year there was expenditure of £8,264 on land and buildings12024.' £29,028) and £34,464 on fixtures and fittings12024'. £116,901). Income generation The Charity's income during the year was from rent, rates recharged and income from listed investments. The Charity receives limited government funding in respect of disabled access but otherwise relies solely on the aforementioned sources of income. Resources expended and 8eNlce8 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. Donations are of a charitabl8 nature and are agreed to a set budget once a year at a meeting of the Board of Directors.
Milibern Trust Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2025 Financlal review Flnances The underlying deficit for the year before investment gains and losses was £198,810 {2024.. £43.693). After accounting for gains and losses on investments the financial statements show a loss of £58.697 for the year ended 31 March 2025 compared with a surplus of £604,914 in 2024. During the year Milibern Trust made charitable donations of £3,500 (2024. £3,000). 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 welfare of service personnel and others in need. Deslgnated funds The Directors have designated a further £100,000 of the unrestricted funds at 31 March 2025 (2024.. £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 2025 Milibern Trust has reserves of £11,534,271 (2024.. £11,592,968) of which £3.7m is invested in accommodation and £2.8m is designated within the Building Fund. The level of reserves is monitored by Directors on a regular basis. John John8ton Klrkpatrlck Wlll Trust The arrangement with the John Johnston Kirkpatrick Will Trust to manage its property has now come to an end and the trustees are awaiting a decision from the Charity Commission for Northern Ireland as to whether the assets can be transferred to Milibern 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 propety portfolio to further cater for the needs of those from a service background. Trustees, responslblllties statement 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 trustees to prepare financial statements for each year which 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 Director's Report) (eontlnued) Year ended 31 March 2025 In preparing these financial statements, the trustees are required to: select suitable accounting policies 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. 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 information and to establish that the charity's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. Small company prov181ons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 5 November 2025 and signed on behalf of the board of trustees by.. Col. N C Tougher TD VR (Chairperson) Trustee Bin VR FRGS (Vice Chair erso Trustee
Milibern Trust Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Unrestricted funds Total funds 2024 Total funds Note Income and ondowments Charitsble activities Investment income Other income 497,853 164,722 33,754 696,329 497,853 164,722 33,754 696,329 474.585 150.457 75.310 Total Income Expenditure Expenditure on raising funds.. Costs of generating income Expenditure on charitable activities Total expenditure 700,352 57,390 837,749 895,139 57,390 837,749 895.139 50,096 693,949 744,045 9,10 Net gainsl(losses) on investments 11 140,113 140,113 648,607 Net (expenditure)Ilncome and net movement In funds (58,697) (58,697 604,914 Reconclllatlon of funds Total funds brought forward Total fund8 carried forward 11,592,968 11,592,968 10,988,054 11,534,271 11,534,271 11,592,968 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 14 to 24 fomi part of these financlal statements. 11
Milibern Trust Company Limited by Guarantee Statement of Financial Posltion 31 March 2025 2025 2024 Nota Fixed assets Tangible fixed assets Investments 17 18 3,726,294 3,883,782 7.601,097 7,702,582 11,327,391 11,586,364 Current assets Debtors Cash at bank and in hand 19 40,131 276,040 316,171 3,746 135,789 139,535 Creditors: amount8 falling due wlthln one year Net current assets Total assets less current Ilabllltl•8 Net assets 21 109,291 132,931 206,880 6,604 11,534,271 11,592,968 11,534,271 11,592,968 Fund8 of the charlty Unrestricted funds 11,534,271 11,592,968 11,534,271 11,592,968 Total charlty fund8 23 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 5 November 2025. and are signed on behalf of the board by.. Col.NCTo Trustee Lt Col. Chairp Trustee her Bing on) VR FRGS VR (Chairperson) The notes on page8 14 to 24 fom) part of these financial statements. 12-
Milibern Trust Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operatlng actlvities Net (expenditure)lincome Note (58,697) 604,914 Adjustments for.. Depreciation of tangible fixed assets Net gainsl(lossesl on investments Dividends, interest and rents from investments Gains on disposal of tangible fixed assets Accrued expensesl{incomel Changes in.. Trade and other debtors Trade and other creditors Cash generated from operations Net cash {used in)Ifrom operating activities 200,216 215,793 (140,113) (648,607) (164.722) 1150,457) (66,310) 14,792) 7,730 (36,385) 696 54,563 1,552 6,656 6,656 (191,275) 1191,2751 Cash flow8 from investing actlvltles 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 froml{used in) investing activities 164,722 150,457 142,728) 1145,929) 82,543 12,110,266) 11,980,442) 2,427,726 1,858,023 (75,862) 22,058 363,592 (13,290) Net Increa8elldecrea8e) in cash and cash equlvalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 172,317 103,723 276,040 (6,634) 110,357 103,723 20 The notes on pages 14 to 24 form part of these financial statsments. 13
Milibern Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General Information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 18 Hamel Court, Belfast, BT6 9HX. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing 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 Companies Act 2006. Accountlng polic108 Bas18 of preparatlon The financial statements have been prepared on the historical cost basis, as modified 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, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and key 8ource8 of 88tlmatlon uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of sub-classes.. restricted income funds or endowment funds. 14-
Milibern Trust Company Limited by Guarantee Notas to the Financial Statsments (continued) Year ended 31 March 2025 Accounting policles (continued) Incoming 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. Resources axpended Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. Staff costs and overhead expenses are allocated to activities on the basis of stsff time spent on those activities. Governance 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 paid are those costs which can be attributable to charitable activities. Tanglble a88ets All fixed assets are initially recorded at cost. Depreclation Depreciation is calculated so as to write off the cost or valuation of an asset, less its 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 initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. 15-
Milibern Trust Company Limited by Guarantee Notes to the Financial Statsments {continued) Year ended 31 March 2025 Accounting policies fcontlnued) Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amoLJnt, 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 unil 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 impairment testing of goodwill, the goodwill acquired in a business 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 charity are assigned to those units. Flnancial Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are ini118lly recognised at the amount re1vable or payable including any related transaction 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 investmerlts are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially 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, WFth any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. 16-
Milibern Trust Company Limited by Guarantse Notes to the Financial Statements (contlnued) Year ended 31 March 2025 Accounting policies {¢ontlnuedJ Flnancial instruments (continued) 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 cdit 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. Deflned contribution plans 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 contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, 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. Llmlted by guarantee In accordance with 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 Members at the balance sheet date was seven (2024.. six). Charltable actlvltlos Unrestricted Total Fund8 Unrestricted Total Funds Funds 2025 Funds 2024 Rental income Rates income 450,266 47,587 450,266 47,587 497,853 429,410 45,175 474,585 429,410 45,175 474,585 497,853 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Income from listed investments 164,722 164,722 150,457 150,457 17-
Milibern Trust Company Limited by Guarantee Notes to the Financial Statements (eontlnued) Year ended 31 March 2025 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Gain on disposal of tangible fixed assets held for charity's own use Sale of freeholds Employment Allowance Income Donations 66,310 9,000 20,517 13,037 200 66,310 9,000 20,517 13,037 200 33,754 33,754 75,310 75,310 Cost8 of generatlng Income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Costs of generating income - investment management costs 57,390 57,390 50,096 50,096 Expendlture on charltsble actlvitlos by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Wages and salaries Employer's national insurance Pension costs Fuel and electricity 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 charges Donations paid Support costs 110,995 6,980 10,785 16,701 45,231 339,664 4.186 15,953 38,301 20,352 7,029 485 200,216 4,688 743 3,500 11,940 837,749 110,995 6,980 10,785 16,701 45,231 339,664 4,186 15,953 38,301 20.352 7,029 485 200,216 4,688 743 3,500 11,940 837,749 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 11,700 693,949 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 11,700 693,949 18-
Milibern Trust Company Limited by Guarantee Notes to the Financial Statements (Continuedj Year ended 31 March 2025 10. Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2025 Total fund 2024 Wages and salaries Employerfs national insurance Pension costs Fuel and electricity 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 charges Donations paid Governance costs 110,995 6,980 10,785 16,701 45,231 339,664 4,186 15,953 38,301 20,352 7,029 485 200,216 4,688 743 3,500 110,995 6,980 10,785 16,701 45,231 339,664 4,186 15,953 38,301 20,352 7,029 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 11,700 693,949 200,216 4,688 743 3,500 11,940 837,749 11,940 11,940 825,809 11. Net galn81(1088e8) on Investments Unrestricted Total Fund8 Unrestricted Total Funds Funds 2025 Funds 2024 GainsllLosses) on investment assets 140,113 140,113 648,607 648.607 12. Net (expenditure)Ilncome Net (expenditure)lincome is stated after chargingl(crediting)'. 2025 2024 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets 200,216 215,793 (66,310) 13. Audltors remuneration Fees payable for the audit of the financial statements are £4,900 (2024 - £4,800). Fees payable for accountancy ServIS totslled £7,040 (2024 - £6,900). 19-
Milibern Trust Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 14. Stsff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans 110,995 6,980 10,785 90,864 8,249 8,495 128.760 107,608 The average head count of employees during the year was 412024.. 4). The average number of full-time equivalent employees during the year is analysed as follows.. 2025 2024 No. No. Number of administrative staff No employee received employee benefits of more than £60,000 during the year {2024.' Nil). Key Managemant Personnel Key management personnel includes all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel was £38,295 (2024.'£33,689) 15. Dlrector remuneration and expen808 No remuneration or other benefits from employment with the charity or a related entity were received by the directors. No director expenses have been inCurd. 16. Transfers between funds £100,000 was transferred from the General Account to the Designated Building Fund. This fund is designated for future new build projects. -20-
Milibern Trust Company Limited by Guarantee Notes to the Financial Statements {contlnu•dJ Year ended 31 March 2025 17. Tangible fixed assets Fixtures and fittings Flats Houses Computer Equipment Total Cost At 1 April 2024 Additions Disposals At 31 March 2025 Depreclation At 1 April 2024 Charge for the year Disposals At 31 March 2025 Carrylng amount At 31 March 2025 At 31 March 2024 2,843,043 8,264 2,360,897 2,087,858 34,464 25,182 7,316,980 42.728 {13,898) 7,345,810 (13,898) 11,284 2,851,307 2,360,897 2,122,322 1,099,458 47,273 567,236 39,209 1,743,279 113,210 23,225 524 (13,898) 9,851 3,433,198 200,216 (13,898) 3,619,516 1,146,731 606,445 1,856,489 1,704,576 1,743,585 1,754,452 265,833 344,579 1,433 3,726,294 3,883,782 1,793,681 1,957 18. Investments Cash held by investment Listed managers investments Total Cost or valuatlon At 1 April 2024 Additions Disposal proceeds Gainsl{Losses) Movement in cash 396,396 7,306,186 7,702,582 2,110,266 2,110,266 (2,427,726) (2,427,726) 140,113 140,113 (67) 75,862 7,128.772 7,601,097 75,929 At 31 March 2025 Impalrment At 1 April 2024 and 31 March 202S Carrylng amount At 31 March 2025 At 31 March 2024 472.325 472,325 396,396 7,128,772 7,601,097 7,702,582 7,306,186 All investments shown above are held at valuation. The fair value of financial assets is determined by their market value. 21
Milibern Trust Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 18. Investments (contlnued) 2025 2024 Analysis by Investment Manager Evelyn Partners Evelyn Partners cash Julius Baer Julius Baer cash 3,671,842 195,586 3,456,929 276,740 7,601,097 3,871,868 93,279 3,434,318 303,117 7,702,582 19. Debtors 2025 2024 Trade debtors Prepayments and accrued income Other debtors 1,585 25,509 13,037 3,746 40,131 3,746 20. Cash and cash equlvalent8 Cash and cash equivalents comprise the following.. 2025 2024 Cash at bank and in hand Bank overdrafts 276,040 135,789 (32,066) 103,723 276,040 21. Credltors: amount8 falling due withln one year 2025 2024 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 16 33,473 2,761 73,041 109,291 132,931 22. Ponslons and other post retlrement beneflts Deflned contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £10,785 (2024. £8,495}. -22-
Milibern Trust Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 23. Analysis of charitable funds Unrestrlcted funds At 1 Apr2024 Gains and At losses 31 Mar 2025 Income Expenditure Transfers General Fund Building Fund 8.892,968 2,700,000 11,592,968 696,329 (895,139> (100,000) 100,000 140,113 8,734,271 2,800,000 140,113 11,534,271 696,329 {895,139) At 1 Apr2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers General Fund Building Fund 8,388.054 2,600.000 10,988,054 700,352 1744,0451 {100,000) 100,000 648,607 8,892,968 2,700,000 648,607 11,592,968 700,352 (744,045) 24. Analy818 of nat a88at8 between fund8 Unrestricted Total Funds Funds 2025 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 3,726,294 3,726,294 7,601,097 7,601,097 316,171 316.171 (109,291) 1109,291) 11,534,271 11,534,271 Unrestricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 3,883,782 3,883,782 7.702,582 7,702,582 139,535 139,535 (132,9311 (132,931) 11,592,968 11,592,968 -23-
Milibern Trust Company Limited by Guarantee Notes to the Financial Statsments (continuodj Year ended 31 March 2025 25. Financlal Instruments The carrying amount for each category of financial instrument is as follows.. 2025 2024 Financial assets measured at falr value through income and expenditure Listed Investments 7,128,772 7,306,186 26. Analysis of changes In net debt At At 1 Apr 2024 Cash flows 31 Mar 2025 135,789 {32,0661 103,723 Cash at bank and in hand Bank overdrafts 140,251 32,066 172,317 276,040 276.040 27. Related parti88 The were no related paty transactions during the year. Where any director has involvement with another charity supported by Milibern Trust the appropriate disclosure was made pursuant to best practice. 28. Ethlcal standard8 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 ststements. -24-