Charlty number: NIC101659 The Esme Mitchell Trust Unaudlted Trustee's Report and Flnanclal Statements For the year ended 5 Aprll 2023 The Esme Mltchell Trust Contents Page Reference and Admln Istratlve Detalls of the Charltyi Its Trustee and Advlsers Trustee's Report Independent Examlner's Report Statement of Flnanclal Actlvltles Balance Sheet Notes to the Flnanclal Statements 9-16 The Esme MitGhell Trust Reference and Administratlve Dètalls of the Charlty J Its Trustee and Advlsers For the year ended 5 Aprll 2023 Truyte8 Cleaver Fulton Rankin Trustees Limit8d Charlty reglstered number NIC101659 Prlnclpal offlc8 Cleaver Fulton Rankin Trustees Limited Cleaver Fulton Rankln 50 Bedford Street Belfast BT2 7FW Independent Examlner Mr Brian Cl8rkln FCA ASM (Bl Ltd 4th Floor, Glendinning House 6 Murray Sl Belfast 8T16DN Sollcltors Cleaver Fulton Rankln, Sollcilors Investment Manager Sarasin & Partners LLP Page 1 The Esme Mltchell Trust Trustee's Report For the year ended 5 Aprll 2023 The Trustee presents Iheir annual report together with the financial slalemenls of The Esme Mitchell Trust for the period 6 April 2022 10 5 April 2023. Objectlves and actlvltles a. Pollcles and objectlves The objectives of the charity are to manage the Investment of Its funds so as lo enable il to pay or apply the capital or income lo, or towards, or for the benefit or in furtherance of charitable purposes, charitable inslilulions or charitable foundations in the United Kingdom including the Isle of Man and the Channel Islands, and the Republic of Ireland. The Trust supports the following charilable aclivilies.. The prevention or relief of poverly The advancement of rgliglon The advancement of health and Saving of lives The advancement of citizenship and communlly development The advancement of the arts, culture, heritage and science The advancement of environmental protection and improvement The rellef of those in need by reason of youth, age,111-health. dlsabillly, finan¢lal hardshlp or other disadvanlage The advancement of anlmal welfare The Esme Milchell Trust operates for the publlc beneflt wlth the ultlmate beneficlarles belng the many people supported and worked wlth by the charities that It funds. Achlevements and performance a. Revlew of actlvltles The Maln Fund is the bedrock of the Trust's grant making capacity and a broad range of charitable activities have been supported throughout the y8ar. The a5SlSted organisations must demonslrale a clear need for, and evidence of the impact of, their work along wllh thelr capacity to deliver, govern and suslaln the project or inilialive. Grants have ranged widely during the period,. from Belfast Philharmonic Society and Ulster Hlslorlcal Association lo Carers Nl and Cahoots Nl. Slmilarly the Heritage Funds have been ullllsed to support organisallons such as Belf85t Buildings Trust. The causes supported this year are Ilsled In Notes 10 & 11 of these financial statements. b. Investment pollcy and performance The purpose of the Soclely's Inve51menl policy is lo generate funds for our granl-making and the main sources of income are dividends and interest from a diversified investment portfolio. A forrnal invaslmenl policy statement has been agreed between Sarasin & Partners LLP (the adviser) and The Esme Mitchell Trust which outlines the general goals, objectives and exclusions and describes the strategies that the adviser and The Esme Mitchell Trust will employ to meet these objectives. The policy is reviewed by the Trustee on a regular basis. Page 2 The Esme Mitchell Trust Trustee's Report Icontlnuedl For the year ended 6 April 2023 Flnanclal revlew a. Revlew of flnanclal actlvltles The deficit for the year. after accounting for net deficlt on investments, was £610,305 compared with a gain of £149,005 for the previous year. During the year grants and donalions of £181,418 (2022.. £221,770) were made out of the Main Fund and £65,000 {2022.' £89,000) from the Heritage Fund. b. Reserves pollcy and golng concern Free reserves curr8nlly stand al £4,678,763 {2022-. £5,077,037). The Trustee regularly monitors the level of reserves, having regard lo the risk management review, and currently considers reserves to be adequate to m88t the needs of Ihe Trust. Structure, governance and management a. Constltutlon The Esme Mitchell Trust was eslabllshed under th818rms of a Trust Deed dated 2 April 1965. The Trust was formally reglsl8red wlth the Charily Commission for Northern Ireland on 1 Aprll 2016 under Gharity No. NIC101659. The Esme Mitchell Trust is also registered with HMRC, r8gistered ¢harSly number XN48053. b. Organlsatlonal structure and declslon-maklng pollcles The Trustee, who h8s slgnificanl experience in charity mallers, received a wlde varlely of appllcations for funding during the period. The Trust Administrator passed the applications lo the Trust Advisors on a monthly basis for Ih8m lo consider the applications in mor8 detail. The Trust Administrator is then informed of the results of the consideratlon5, 50 that the corr6ct funds can be sent by bank transfer lo the successful applicants. Unsuccessful appli¢anls are also Informed al this tlme. The Trust has no employees {2022: None). c. Rlsk management The Trustee has reviewed the major risks lo whlch the Trust Ss exposed. Thls Involves identifying the types of risks faced, priorilising them in terms of Impact and Ilkellhood of occurrence, and identifying means of mitigating the rlsks. The Trustee has reviewed the effectiveness of the Trust's system of internal financial control and is responsible for establishing and operating detailed control and reporting procedures. The system5 of control are designed lo provide reasonable, bul not ab501ute. a8surance against material misslalemenl and loss. Plans for future perlods The Trustee carries out a contlnuous review of the Trust's activities and current plans do not envisage departure from the present objectives and aclivilies. The Trustee will continue to look at where The Esme Mitchell Trust is best placed to provide support. This will include a review of grant-making and continuing to work with the current and muSti-year grant and loan recipients. Page 3 The Esme Mltchell Trust Trustee's Report (contlnuedl For the year ended 6 April 2023 Statement of Trustee's responslbllltles The Trustee is responsible for preparing the Trustee's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicabl8 lo charities In Northern Ireland requires the Trustee lo prepare financlal slalemen15 for each financial year which give a true and fair view of the stale of affairs of the Charity and of ils incoming resources and application of resources, including Ils Income and expenditure, for that period. In preparing these financial statements, the Trustee is requlred lo.. select suitable accounting pollcles and then apply them con51slenlly'. observe the methods and principles of the Charities SORP IFRS 102)., make judgments and accounting eslimales that are reasonable and prudent., slate whether appllcable UK Accounting Standards IFRS 102) have been followed, sublect lo any material departures dis¢losed and explained in the financial slalements., prepare the financlal slalemenls on the going concern basis unless It Is Inapproprlate lo presume that the Charity will continue in business. The Trustee is responsible for keeping adequate accounting records that are sufficient lo show and explaln the Charity's transactions and disc105e with reasonable accuracy al any lime the financial p0511ion of the Charily and enable them to ensure that Ihe financial slalemenls comply with the Charities Acl (Northern Ireland) 2008, the Charities (Accounts and Reports) Regulallons (Northern Ireland) 2015 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charlty and hence for laklng reasonable steps for the prevention and dete¢llon of fraud and other irregularities. Approved by the Trustee and signed on Its behalf by.. Mlcha Graham Cleaver Fulton Rankln Trustees Llmlted Da e.. 23 November 2023 Page 4