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 re￿1vable 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 c￿dit 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 ServI￿S 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 inCur￿d.
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-