MILFORD BUILDINGS PRESERVATION TRUST ANNUAL REPORT st For the Year Ended 31 March 2023 11 MILFOIID . HOUSE COLLECTION Milford Buildin s Preservation Trust is a com limited b uarantee Re istered in Northern Ireland with com an number N1054298 Re istered Office address as above Re istered as a charit atthe Inland Revenue with reference number XR82797 Re istered with the charit Commission Northern Ireland reference number 101166 an
Milford Buildings Preservation Trust Company limited by guarantee Financlal Statements Year ended 31 March 2023 Contents Page Charity Reference and Administrative Details Trustees, Annual Report Ilncluding Directors, Report) Independent Examiner's Report Statement of Financial Activities (Including Income and Expenditure Account) Balance Sheet 10 Notes to the Financial Statements 12-16 Detailed Income Statement 17
Milford Buildings Preservation Trust Company Ilmlted by guarantee Financial Statements Year ended 31 March 2023 Charity registrallon number NIC101166 Company registration number N1054298 Trustees Mr Stephen Mcmanus Mary Lester Mrs Catherine Rose Marie Mcmanus Mr Ivor Thomas Edward Whitten Registered office 48 Hill Street Milford Armagh BT60 3PB Accountant WHR Accountants Ltd Chartered Accountants 26 The Square Moy Co Tyrone BT717SG Bankers First Trust Bank Dungannon BT70 1AZ
Milford Buildings Preservatlon Trust Company limited by guarantee Trustees, Annual Report (including Directors, Report) Year ended 31 March 2023 The Trustees present their report and the financial statements of the charity for the year 315t March 2023. The trustees have adopted the provisions of the Statement of Recommended Practice {SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with Ihe charity's governing document, the Charities Act 2008 and Accounting and Reporting by Charities: 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 published on 16 July 2014 (as amended by Update Bulletin 1 published on 2 February 2016). General Information The address of the charitable company's registered office is 48 Hill Street, Milford Village, Co. Armagh, BT60 3PB. Trustees of the charlty Milford Buildings Preservation Trust. The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have served during the year and since the year end were as follows.. Mrs Catherine Rose Marie Mcmanus (Chairperson) Mr Stephen Mcmanus (Secretary) Mary Lesler {Treasurer) Mr Ivor Thomas Edward Whitten Objectives and activities The object of the charity as set out in our Constitution is Milford Buildings Preservation Trust, for the benefit of the nation. works to protect, promote and preserve and restore Milford House in Co. Armagh and the built and natural heritage of the Milford area of Co. Armagh. The trusl owns the Milford House collections which is a historic house collection and an Accredited museum. The charity preserves the collections from Milford House Co. Armagh. organises house tours, events, lectures, and publications lo promote, encourage and educate Ihe public in the historic, architectural importance of Milford House Co. Armagh and the Milford area of Co. Armagh. These collections are held in Trust for the benefit of society. The charity raises awareness of the buildings at risk, in need of restoration and regeneration working with the community and local and national government to protect buildings of historic and architectural interest by encouraging them to be made listed buildings and monuments. This benefits the public through pride of place, saving communities which would be destroyed or negatively altered through loss of built and natural heritage and helping to regenerate the local community through heritage and tourism. The charity teaches traditional building and craft skills which might otherwise be lost. Public benefit statement These benefits are demonstrated through the sense of wellbeing from appreciating a beautiful building. place or structure. A sense of inspiration from appreciating the arts, culture, heritage and science through enhanced access to a historic building or important landmark. Milford House, Milford is a B1 listed building of national and international importance. It is famous as the first house in Ireland to have hydroelectricily and world famous as the birthplace and home of William Mccrum who invented the penalty kick. Today it is one of the top ten listed buildings at most serious risk in Northern Ireland on the Built Heritage At Risk Register. There are various olher buildings and structures at risk associated with this historic property.
Milford Buildings Preservation Trust Company Ilmited by guarantee Trustees, Annual Report (including Directors, Report) Year ended 31 March 2023 The Milford area of County Armagh has gone into rapid decline since the closure of Milford factory in 1980.11 is world famous for its industrial and sporting heritage. There are no less that eleven listed buildings in the area three on the Built Heritage At Risk Register. These buildings and structures of local, nalional and international importance need to be protected, preserved and made accessible for perpetuity in order to prevenl Ihem being lost. The Charity's beneficiaries are the general public for the benefit of everyone regardless of social, economic, ethnic or religious background and sexual orientation. Prlvate benefit to unlntended beneficiaries The only private benefit flowing from this purpose are Trustees and volunteers who receive training, are reimbursed for travelling and certain sustenance expenses which are both incidental as they contribute to towards achieving the charity's purposes and are a necessary result or byproduct of carrying out the purposes. Potential harm and restrictions on public benefSt There is no harm ftowing from this purpose. There is a small charge to cover the services and facilities which are expensive to run. To ensure the poor and those with limited income are not excluded there are free entry days and concessionary fees available. Other purposes of the charity To restore renovate and conserve the gardens parkland planned landscapes and other open spaces and land associated with or related to such buildings or structures. Benefits flowing from this purpose The direct benefits which flow from this purpose include the advancement of the arts, culture. heritage and science through enhanced public understanding of history through access being granted to gardens parkland planned landscapes and other open spaces and land associated wilh or related to such historic buildings, Important landmarks or structures being preserved for the enjoyment of future generations. Furthering our Public Benefits The Trust continued to actively work to raise awareness of Milford House which is one of the top ten listed buildings at risk in Northern Ireland. Meetings with various government departments has been held in relation to this. The matter is ongoing. The Trust also continued to work to raise awareness of build and natural heritage at risk in general. Public benefit statement These benefits are demonslrated through the sense of wellbeing from appreciating a beautiful building. place or structure. A sense of inspiration from appreciating the arts, culture. heritage and science through enhanced access to a historic building or important landmark. Milford House is a B1 listed building of national and international importance. It is famous as the first house in Ireland to have hydroelectricity and world famous as the birthplace and home of William Mccrum who invented the penalty kick. Today il is one of the top ten listed building5 at most serious risk in Northern Ireland on the Built Heritage At Risk Register. There are various other buildings and structures at risk associated with this historic property. The Milford area of County Armagh has gone inlo rapid decline since the closure of Milford factory in 1980. It is world famous for its industrial and sporting heritage. There are no less that eleven listed buildings in the area three on the Built Heritage Al Risk Register. These buildings and structures of local, national and international
Milford Buildings PreservatSon Trust Company limited by guarantee Trustees, Annual Report {includlng Directors, Report) Year ended 31 March 2023 importance need to be protected, preserved and made accessible for perpetuity in order to prevent them being lost. The Charity's beneficiaries are the general public for the benefit of everyone regardless of social, economic, ethnic or religious background and sexual orientation. Private benefit to unlntended beneficiaries The only private benefit flowing from this purpose are Trustees and volunteers who receive training. are reimbursed for travelling and certain sustenance expenses which are both incidental as they conlribute to towards achieving the charity's purposes and are a necessary result or byproduct of carrying out the purposes. Potential harm and restrictions on publlc benefit There is no harm ftowing from this purpose. There is a small charge to cover the services and facililies which are expensive to run. To ensure the poor and those with limited income are not excluded there are free entry days and concessionary fees available. Other purposes of the charity To restore renovate and conserve the gardens parkland planned landscapes and other open spaces and land associated with or related to such buildings or structures. Benefits flowing from this purpose The direct benefits which flow from this purpose include the advancement of the arts. culture. heritage and science through enhanced public understanding of history through access being granted to gardens parkland planned landscapes and other open spaces and land associated with or related to such historic buildings, important landmarks or structures being preserved for the enjoyment of future generations. Furtherlng our Publlc Beneflts European Open Heritage Weekend The European Open Heritage Weekend in September 2022 was a huge success and opportunity to showcase what we have to offer for visitors. Armagh Food and Cider Festlval Armagh Banbridge Craigavon Borough Council invited Milford Buildings Preservation Trust to day part in the Armagh Food and Cider Festival. This coincided with European Open Heritage Weekend and ran for four days in second weekend in September. Special house tours with themes on what the family ate and drank took place and a talk on Edwardian Etiquette. All events were sold out. Armagh Georgian Festlval The Armagh Georgian Festival in November 2022 was a great success with all events organized by Milford Buildings Preservation Trust at Milford House 3 Victoria Street being sold out. Events included Meet the Georgians House Tour Georgian Afternoon Tea in the Dining Room Gill Robb at Armagh Banbridge Craigavon Borough Council sent a very nice email thanking the Trust for the hard work undertaking in events organized. The Festival this year was held over four days (as opposed to two day event which took place prior to P8ndemic).
Milford Buildings Preservation Trust Company limlted by guarantee Trustees, Annual Report {including Directors, Report) Year ended 31 March 2023 Afternoon Tea Since reopening after the devastation of the Covid Pandemic it has been found Ihat there has been increase in bookings and interest in silver service Afternoon Tea in the Dining Room. Milford Buildings Preservation Trust continues to promote this and explore ways for more experiential visits to provide new audiences to enjoy the property in different ways. Paranormal Investigations There have been a number of bookings in Ihe season for paranormal groups to visit and explore the propety. This attracts different kinds of audiences which Milford Buildings Preservation Trust has been unsure aboul. However, it has been very successful and beneficial since the donations help support the running costs of the property. Website During the pandemic the Milford Buildings Preservation Trust website crashed and became unavailable. It requires being upgraded and redesigned. The Trust was successful in securing emergency funding which will ensure it can be redesigned. It is currently being designed by CMS Design. University Placements Milford Buildings Preservation Trust were delighted to be working with Queens University Belfast offering postgraduates in museum studies student placements. Two students were allocated. The curator taught them skills in heritage management, care of historic houses and conservation of the collections. It was a mixture of practical and discussion around contentious heritage, heritage issues in general and improving access. The placements ran from January to March when they finished early due to the enforced lockdown pandemic. Conservation project Care of Collectlons & restoration The Trust continued to care for the collections. Restoration work of 3 Victoria Street which began in 2016 continued and two bedrooms were carpeted thanks to generous support of Ulster Carpets. Cataloguing and updates of existing records continue. A Collections Review Report was undertaken by Sean Madden Conservator. This was recommended by Northern Ireland Museums Council to provide a clearer understanding of the collection's conservation needs and fOard plans to develop the collections. Northern Ireland Museums Council grant funded the report with a small contribution from Milford Buildings Preservation Trust. As part of this report the Trust has identified the need to represent the rooms according the 1930 Milford House Auction Inventory and develop the collections accordingly. This will give future generations an accurate understanding of what Milford House looked like and the opulence and grandeur in which the Mccrum family lived. The ongoing Covid pandemic has set back many of these projects. Equipment Thanks to the Department of Culture Emergency Fund grant the Trust was able to purchase new laptop, printer and scanner. Allowing for working from home and remote acce5S to files.
Milford Buildings Preservation Trust Company limited by guarantee Trustees, Annual Report (includlng Directors. Report} Year ended 31 March 2023 Acquisitions The Beecroft Bequest generously gave a grant towards purchase of magnificent Thomas Sheraton sideboard 7ft wide from Dundas Castle in Scotland. It matches the sideboard originally in the Milford House Dining Room and plays an important role in restoring the original appearance of the room. Northern Ireland Museums Council generously awarded a Collecting for the Future grant for the purchase of an Irish silver Loving Cup which was used by Robert Garmany Mccrum in his carriage to drink from. It was made in Dublin in 1770. It was acquired from Ihe Rev. John W. Miller (great grandson of Robert G. Mccrum of Milford House) and his wife Joan Miller of Edinburgh Loans The Rev. John W. Miller and his wife Joan Miller of Edinburgh decided to move to Nairn to be closer to their daughter Margaret Miller. The generously offered Milford Buildings Preservation Trust ilems on loan. Stephen Mcmanus went over to Edinburgh in October 2021 to choose items, help pack and arrange transport. These items are on loan until such times as Milford Buildings Preservation Trust can raise funds to acquire them. The items were transported in October 2021. Items include Waterford crystal and a Copeland Desert Service. Negotiation over loan of beds from Royal Brighton Pavilion are ongoing. Flnancial review During the year, the charity received £17,235 from various sources of income such as grants and donations. Expenditure during the year amounted to £19,039. Of this, £8.633 was spent on costs directly for the purposes of the charity, with £2,520 of this recorded as fixed asset additions which had been covered by further grants of £2,520. Unavoidable overheads totaled £10,406. At the year end, the charily had funds in reserve totaling £15,685. Plans for future perlods Collectlons Development To continue to search for lost contents of Milford House and acquire lost items. In absence of original contents, the charity plans to acquire items which closely match those that were in Milford House. To continue to develop the collections in general. This is part of a long-term major project to restore the appearance of the house to exactly how the Mccrum family would have known it prior to 1930. In doing so it improves visitors, interaction and enjoyment for future generations. The continued long term presentalion plan is to present Milford House as a working historic house with museum accreditalion rather than a static museum. This combines the Hillsborough Castle model (a working historic residence open lo public) with National Trust model. Barriers are avoided where possible to retain lived in atmosphere appreciated by the public. The charity plans to conserve and put on a permanent display of further Mccrum portraits and otherfamily items that are in the Armagh Counly Museum Collection. The Trust is working with the County Museum to secure these loans and meet their requirements as these are essential items that were once in Milford House. As part of the Collections Development, it is planned to improve presenlation of the Drawing Room, Bedrooms, Dining Room and Morning Room A Collections Care and Development Audit is planned for future to ascertain exactly what gaps there are in the collection and conservation needs.
MSlford Buildlngs Preservation Trust Company limited by guarantee Trustees, Annual Report (including Directors. Report) Year ended 31 March 2023 Further research of the 1930 Milford House auction catalogue and family papers is providing greater understanding of Milford House was originally furnished. Visitor facilities To continue to improve visitor facililies. The need for visitor facilities will be ascertained through the Collections Care and Development Audit. Collections will continue to be conserved as funds become available. Maintenance It is planned to continue the resloration, representation of rooms and upkeep of 3 Victoria Street. Armagh and make more of the property publicly accessible. It was discovered that there was problems with the roof and water was penetrating into the wall of the back bedroom. This was repaired by the Trust and wallpaper removed to allow the bedroom wall to dry out. Volunteer was recruited to tidy up and maintain the overgrown back garden and permanently remove problem of weeds growing in back yard. Renewal of Accreditation Full Accreditation was Renewed in 2018. Northern Ireland Museums Council recommended that a Conservation report be produced to identify good conservation and environmental practice and areas for improvement. Given the circumstances of the COVID pandemic, Northern Ireland Museums Council has announced that renewal of Accreditation for museum in Northern Ireland would be extended by one year. Conservation MonitorSng: The strict regulations of the initial lockdown prevented the curator accessing the historic house and a Trustee undertook environmental monitoring. When restrictions eased and the house was opened up again the curator was able to resume working onsite. Resilience.. The Trustees undertook online Resilience Training which was organized by Armagh Banbridge Craigavon Borough Council. This includes good governance, recruitment of Trustees and volunteers. Ensures long term sustainability. Funding being sought for this project. Statement of compliance The trustees of Milford Building Preservation Trust, during the year, complied with their duty to have due regard to the guidance provided by the Charity Commission for Northern Ireland when exercising any powers or duties to which the guidance is relevant. Trustees. responsibllities The trustees (who are also directors of Milford Buildings Preservalion Trust Limited for the purposes of company law) are responsible for preparing the Trustees, Annual 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 trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for Ihat period. 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 Charities SORP., make judgements and estimates that are reasonable and prudent.,
Milford Buildings Preservation Trust Company limited by guarantee Trustees, Annual Report {including Directors, Report} Year ended 31 March 2023 state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. Trustees, responslbllities The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small company provisions This report has been prepared in accordance with provisions applicable to companies entitled to the small companies exemption. This report was approved by the board of trustees on 14th March 2023 and signed on behalf of the board by.. s1i/L //nfv- stephen Mcmanus Charity reglstration number: NIC101166 Company reglstration number.. N1054298
Milford Buildings Preservation Trust Company limTted by guarantee Independent Examiner's Report Year ended 31 March 2023 I report on the accounts of the company for the year ended 31 sl March 2023 which are set out on pages 10 to 16. Respective responslbilitles of trustees and examiner As the charity trustees (and also the directors of the company for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to: examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008., follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65{9)(b) of the Charities Act., and state whether particular matters have come to my attention. Basis of independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanalions from you as charity truslees concerning any such matters. My role is to state whether any malerial matters have come to my attention giving me cause to believe: 1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 2. Thal the accounts do not accord wilh those accounting records 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities 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 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no concerns in respecl of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland. I have found no matters that require drawing to yo ttention. Andrew Gilpin WHR Accountants Ltd Chartered Accountants 26 The Square Moy Co Tyrone BT717SG 14th April 2024
Milford Buildings Preservation Trust Company limited by guarantee Statement of financial activities Year ended 31 March 2023 Unrestricted Funds Restricted Funds Total 2023 Total 2022 Income Voluntary Receipts Donations and Gifl Aid Grants 1,537 1.537 15,698 1,457 2,590 15,698 1,537 15,698 17,235 4,047 Expenditure Cost of Fundraising Cost of Charitable Activities Governance Costs 9,727 679 6,001 112 15,728 791 16,860 962 Total payments 10,406 6.113 16,519 17.047 Net incomel(expenditure) Transfers to/(from) funds Surplusl(deflclt) for the year (8.869) 9,585 716 {13,775) io
Milford Buildings Preservation Trust Company limited by guarantee Balance Sheet Year ended 31 March 2023 2023 2022 Note Fixed assets Heritage assets 19,041 19,153 19,153 19.153 Current assets Debtors Creditors: amounts falling due within one year (3,356) (4,184) Net current (liabilities)lassets Tolal assets less current liabilities (3,356) (4,184) 15.685 14,969 Net assets 15,685 14,969 Capital and reserves Restricted funds Unrestricted funds 10 10 37,959 (22,274) 28.374 (13,405) Total funds 10 15.685 14,969 The directors are satisfied that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and that members have not required an audit in accordance with section 476. The directors acknowledge their responsibilities for complying with the requirements of Companies Act 2006 with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the special provision in Part 15 of the Companies Act 2006 to companies subject to the small companies, regime. The financial statements were approved and authorised for issue by the Board on 141h April 2024. Signed on behalf of the board of trustees: Mr Stephen Director cmanus Company registration number.. N1054298 li
Mllford Buildings Preservation Trust Company limited by guarantee Notes to the financial statements Year ended 31 March 2023 Summary of significant accounting policies (a) General information and basis of preparation The Milford Buildings Preservation Trust Limited is a company limited by guarantee in Northern Ireland. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of Ihe registered office is given in the charity information of these financial statements. The charity constitutes a public benefit entity as defined by FRS 102. The financlal statements have been prepared in accordance with Accounting and Reporting by Charities.. 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) issued on 16th July 2014 (as updated through Update Bulletin 1 published on 2nd February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021, the Charities Act 2008, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 151 January 2015. The charity has applied Update Bulletin 1 as published on 2nd February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) Funds In the Statement of Financial Activities. funds are classified as either restricted funds or unrestricted funds: defined as follows: Unrestricted funds can be used in accordance with the charitable objectives atthe discretion ofthe trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. (c) Income recognition Income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. (d} Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal orconstructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings- Expenditure on charitable activities includes production expenditure. and other expenditure represents those items not falling into the category above. 12
Milford Buildings Preservation Trust Company limited by guarantee Notes to the financial statements Year ended 31 March 2023 (e) Support costs allocation Support costs are those that assist the work of the charity but do not directly represent charitable aclivities and include office costs and premises costs. They are incurred directly in support of expenditure on the objects of the charity. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. The analysis of these costs is included in note 7 and 8. {fj Debtors and creditors receivable I payable withln one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. (g) Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. (h) Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. {1) Judgements and key sources of estimatlon uncertalnty The trustees do not feel there any material judgements or key sources of estimation uncertainty in these accounts. ti) Heritage assets Heritage assets are initially recorded at cost or at deemed valuation where items have been donated. (k) Depreciation Heritage assels are deemed to have infinite lives and are therefore not depreciated. Other assets have been depreciated at 200/0 reducing balance. If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. 13
Mllford Buildings Preservation Trust Company limited by guarantee Notes to the financial statements Year ended 31 March 2023 (l) Impairment 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 amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 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 unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Limited by guarantee The company is limited by guarantee, and the liability of its members is limited to £1, in the event of the winding up or rjissolution of the company. Heritage assets Collectables Total Cost As at 1 April 2022 Additions Gran15 19,956 19,956 2,520 10.705 (2,520) (10,705) At 31 March 2023 19.956 19,956 Depreciation As at 1 April 2022 Ch8rge for year 803 112 803 112 At 31 March 2023 915 915 Carrying amount At 31 March 2023 19,041 19,041 At 31 March 2022 19,153 19,153 Debtors 2023 2022 Other debtors {grants) 14
Milford Buildings Preservation Trust Company limited by guarantee Notes to the financial statements Year ended 31 March 2023 Creditors: amounts falling due within one year 2023 2022 Bank loans and overdrafts Other creditors and unexpired income 1,766 1,590 2,670 1,514 3,356 4,184 Grants recelved during the year The following grants were received during the year'.- Northem Ireland Museums Council Museums Association Royal Society Places of Science ABC Council Foyle Foundation Ulster Garden Village Department of Finance Community Foundation 3,000 5,700 3,500 200 4,000 1,818 1.225 4,570 7,500 18,218 13,295 Analysls of expendlture on charitable actlvltles Activities undertaken direclly Support costs Total Exhibition costs 6,001 9,727 15.728 6,001 9,727 15,728 All activities undertaken directly were attributable to restricted fund while all support costs were attributable to unrestricted costs. 15
Milford Bulldings Preservation Trust Company limited by guarantee Analysls of expenditure on governance costs Activities undertaken directly Support costs Total Bank charges & interest Depreciation Accountancy fees 219 219 112 460 112 460 112 679 791 Accountancy and bank fees were attributable to unrestricted funds. Depreciation related to restricted funds. Trustees, and key management personnel remuneratlon and expenses The trustees neither received nor waived any remuneration during the year (2022.. £Nil). The trustees did not have any expenses reimbursed during the year <2022 - £Nil). 10. Fund reconciliatSon Balance at 151 April 2022 Balance at 31 sl March 2023 Income Expenditure Unrestricted Restricted (13,405) 28,374 1.537 15.698 10,406 6,113 (22,274) 37,959 14,969 17,235 16,519 15,685 The followlng pages do not form part of the statutory accounts. 16
Milford Buildings Preservation Trust Company limited by guarantee Detailed Incorne statement Year ended 31 March 2023 2023 2022 Income Box Donations Grants 1,537 15,698 1,457 2,590 17,235 4,047 Overheads Administrative expenses Exhibitions expenses Insurance Light and heat Repairs and maintenance Post and Stationary Advertising Travelling Accountancy fees Bank charges General expenses Depreciation {6,001) (754) (506) (846) (2,398) (3,315) (1,830) (460) (1461 (78) (112} (3,113) 1730) (637) (1.494) (5,229) (3.979} (1.609) {614} {1991 (69) (139) (16,446) (17,812) Operating surplus 789 (13,765} Interest payable and similar expenses (73) {10) Net Income 716 (13.765) 17