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 fO￿ard 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