Milford Buildings Preservation Trust Company limited by guarantee
Statement of financial activities
Year ended 31 March 2025
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||||||||||
|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total|Total|
|Funds|Funds|2025|2024|
|Income|£|£|£|£|
|Voluntary|Receipts|
|Donations|and|Gift|Aid|800|-|800|2,114|
|Grants|5|-|-|-|7,480|
|Other|income|140|-|140|2,369|
|940|2«@€©«©~©~—CO”~<C~st:S~«SHDs«*|98GB|
|Expenditure|
|Cost|of|Fundraising|-|-|-|-|
|Cost|of|Charitable|Activities|6|1,205|261|1,466|10,961|
|Governance|Costs|7|682|90|772|901|
|Total|payments|4.887|354|2,238|11,862|
|Net|income/(expenditure)|
|Transfers|to/(from)|funds|-|-|;|2|
|Surplus/(deficit)|for the year|(947)|(354)|~|(1,298)|101|
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Milford Buildings Preservation Trust Company limited by guarantee
Balance Sheet
Year ended 31 March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Heritage assets | 3 | 19,227 | 19,190 | ||
| 19,227 | 19,190 | ||||
| Current assets | |||||
| Bank | 1,821 | - | |||
| 1,821 | - | ||||
| Creditors: amounts falling due | |||||
| within one year | 4 | (6,56 1) | (3,404) | ||
| Net current(liabilities)/assets | (4,740) | (3,404) | |||
| Total assets less current liabilities | 14,487 | 15,786 | |||
| Net assets | 14,487 | 15,786 | |||
| Capital and reserves | |||||
| Restricted funds | 10 | 15,786 | 43,659 | ||
| Unrestricted funds | 10 | (1,298) | (27,873) | ||
| Totalfunds | 10 | 14,487 | 15,786 |
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 5" February 2026.
Signed on behalf of the board of trustees:
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FG A-/[%T las
a Shen McManus
Director
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Company registration number: NI054298
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Milford Buildings Preservation Trust Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2025
1 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 the 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 financial 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 16‘ July 2014 (as updated through Update Bulletin 1 published on 2" February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2008, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 18 January 2015.
The charity has applied Update Bulletin 1 as published on 2"! 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 beused in accordance with the charitable objectives at the discretion of the 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 or constructive amountobligationtomake payments to third parties, it is probable that the settlement will be required, and the of the obligation can be measured reliably. It is categorised under the following headings:
- e Expenditure on charitable activities includes production expenditure; and e Other expenditure represents those items not falling into the category above.
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and premises costs. They are incurred directly in support of expenditure on the objects of the charity.
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Milford Buildings Preservation Trust Company limited by guarantee
Notes to the financial statements Year ended 31 March 2025
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.
(f) Debtors and creditors receivable / payable within 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 concer 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.
(i) Judgements and key sources of estimation uncertainty
The trustees do not feel there any material judgements or key sources of estimation uncertainty in these accounts.
(j) Heritage assets
Heritage assets are initially recorded at cost or at deemed valuation where items have been donated.
(k) Depreciation
Heritage assets are deemed to have infinite lives and are therefore not depreciated. Other assets have been depreciated at 20% 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.
(I) 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.
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Milford Buildings Preservation Trust Company limited by guarantee
Notes to the financial statements Year ended 31 March 2025
2. 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 dissolution of the company.
- Heritage assets
| 3. | Heritage assets | ||
|---|---|---|---|
| Collectables | Total | ||
| £ | £ | ||
| Cost | |||
| As at 1 April 2024 | 20,194 | 20,194 | |
| Additions | 127 | 127 | |
| Grants | - | - | |
| At 31 March 2025 | 20,321 | 20,321 | |
| Depreciation | |||
| As at 1 April 2024 | 1,004 | 1,004 | |
| Charge for year | 90 | 90 | |
| At 31 March 2025 | 1,094 | 1,094 | |
| Carrying amount | |||
| At 31 March 2025 | 19,227 | 19,227 | |
| At 31 March 2024 | 19,190 | 19,190 | |
| 4. | Creditors: amounts falling due within one year | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Bank loans and overdrafts | - | 2,439 | |
| Other creditors and unexpired income | 6,561 | 965 | |
| 6,561 | 3,404 |
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Milford Buildings Preservation Trust Company limited by guarantee
Notes to the financial statements Year ended 31 March 2025
5. Grants received during the year
The following grants were received during the year: -
| Royal Society Places of Science | 5,500 | |
|---|---|---|
| ABC Council | - | 400 |
| Ulster Garden Village | - | 6,080 |
| Radcliffe Trust | - | 1,000 |
| 5,500 | 7,480 |
- Analysis of expenditure on charitable activities
| Activities | Support | costs | Total | |||
|---|---|---|---|---|---|---|
| undertaken | ||||||
| directly | ||||||
| £ | £ | £ | ||||
| Exhibition | costs | 261 | 1,205 | 1,466 | ||
| 261 | 1,205 | 1,466 |
All activities undertaken directly were attributable to restricted fund while all support costs were attributable to unrestricted costs.
Ti Analysis of expenditure on governance costs
| Activities | Support | costs | Total | |||
|---|---|---|---|---|---|---|
| undertaken | ||||||
| directly | ||||||
| £ | £ | £ | ||||
| Bank charges & interest | - | 125 | 125 | |||
| Depreciation | 90 | - | 90 | |||
| Accountancy fees | - | 557 | 557 | |||
| 90 | 682 | 772 |
Accountancy and bank fees were attributable to unrestricted funds. Depreciation related to restricted funds.
8. Trustees' and key management personnel remuneration and expenses
The trustees neither received nor waived any remuneration during the year (2024: ENil).
The trustees did not have any expenses reimbursed during the year (2024 - £Nil).
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Milford Buildings Preservation Trust Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2025
10. Fund reconciliation
| Balance at | Balance at | |||
|---|---|---|---|---|
| 1st April | Income | Expenditure | 315! March | |
| 2024 | 2025 | |||
| £ | £ | £ | £ | |
| Unrestricted | (27,873) | 940 | 1,887 | (26,926) |
| Restricted | 43,659 | - | 351 | 43,308 |
| 15,786 | 940 | 2,238 | 14,487 |
The following pages do not form part of the statutory accounts.
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Milford Buildings Preservation Trust Company limited by guarantee
Detailed income statement Year ended 31 March 2025
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|||||||
|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Income|
|Box|Donations|800|2,114|
|Grants|-|7,480|
|800|9,594|
|Overheads|
|Administrative|expenses|
|Exhibitions|expenses|(261)|(1,691)|
|Insurance|(800)|(816)|
|Light|and|heat|(34)|(116)|
|Repairs|and|maintenance|(-)|(23)|
|Post and|Stationary|(14)|(7,343)|
|Advertising|(-)|(252)|
|Travelling|(357)|(720)|
|Accountancy|fees|(557)|(515)|
|Bank|charges|(60)|(118)|
|General|expenses|-|-|
|Depreciation|(90)|(89)|
|(2,173)|(11,683)|
|Other|Income|;|140|2,369|
|Operating|surplus|4,267|280|
|Interest|payable|and|similar expenses|(65)|(179)|
|Net income|(1,298)|101|
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