Company Registration Number: N1026205 Charity Commission Northern Ireland Number: 101780 MITRE TRUST REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
MITRE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Page Legal and Administrative Infomation Report of the Trustees Report of the Examining Accountants Statement of Financial Activities Balance sheet Notes to the finanGlal statements to 14
MITRE TRUST LEGAL AND ADMINISTRATIVE INFORMATION AT 31 DECEMBER 2022 DIRECTORS Mrs E P Humphreys Mr R Mcclure Mr R A Milliken Prof J R Nixon PRINCIPAL OFFICE Mitre Trust Musgrave Park Hospital Stockmans Lane Belfast BT9 7JB REGISTERED OFFICE 17 Clarendon Road Clarendon Dock Belfast BT13BG EXAMINING ACCOUNTANTS Baker filly Mooney Moore Chartered Certified Accountants Registered Auditors 17 Clarendon Road Clarendon Dock Belf8St BT13BG PRINCIPAL BANKERS Danske Bank Donegall Square West Belfast BT13BG COMPANY REGISTRATION NUMBER N1026205 CHARITYCOMMISSION NI NUMBER NIC101780 Page 1
MITRE TRUST REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees, who are also the directors of the charity for the purposes of the Companies ACÉ 2006, present their annual reportwith the financial statements of the company for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102}. REFERENCE AND ADMINISTRATION DETAILS Mitre Twst is a charitable company lirnited by guarantee, incorporated in NDrthem Ireland. and was set up on Pi January 1992. The company registration number is N1026205 and its charity number is NIC101780. Charitable registration was granted by the Chanty Commission of Northern Ireland on 2 April 2015. the registered office Is 17 Clarendon Road, Clarendon Dock, Belfas( BT13BG. The directors of the company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the directors. The present directors and any past directors who served during the year are given below. The extemal advisors are also set out within the Legal and Administrative inforrnation. STRUCTURE, GOVERNANCE AND MANAGEMENT The charitable company is govemed by its memorandum and articles of association. In the event of the charitable company being wound up members or members who have ceased to be a member within one year of winding up are required to contribute an amount not exceeding £1. The Board is responsible for the overall governance of the company. Trustees are either elected or co-opted and the total number of trustees shall not be subject to any maximum but shall not be less than 0. The Board delegates the exerclse of certain powers in connection with the management and administration of the company to the Finance Commlttee. This is controlled by regular reporting back to the Board, so that all decisions made under delegated powers can be ratified by tha full board in due course. The manager Is responsible for the day to day management of the company's affairs and for implementing the policies agreed by the Board of Trustees. The directors who served during the year were.. Mrs E P Humphreys Mr R Mcclure Mr R A Milliken Prof J R Nixon OBJECTIVES AND ACTIVITIES The cbjedives of the charity 2re.the relief of sickness generally in Northern Ireland and in particular but, without lirnitation, the provision, maintenance. developrnent and improvement of medical services and facilities for the benefit ofthe public in Musgrave Park Hospital (by whatever name that hospital is known).. Mitre also operates, through a subsidiary company, the hospital shop at Musgrave Park Hospital. All profits from the shop are donated each year to Mitre. The charity benefits from many support groups throughout Northern Ireland and from donations from a variety of organisations, individuals and ex-pats-ents. Mitre also organises occasional fundraising events. The directors have paid due regard to guidance issued by the Charity Cornmission in deciding what actsvities the trust should undertake. Page 2
MITRE TRUST REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) (contlnued) FOR THE YEAR ENDED 310ECEMBER 2022 ACHIEVEMENTS AND PERFORMANCE During the year the Trust made donations totalling £31,694 (2021: £196,075), of which £10.358 represented the final payment in respect of the refurbishment of the Musgr2ve Rehabilitation Unit reception and Offi area. No other major donations were made during the year. The shop in Musgrave Park Hospit21 is operated by Mitre through a wholly owned subsidiary, Mitre Trust Shop Limited. Because of the COVID-19 pandemic activity in the shop was greatly curtailed over the last few years. The shop made a profit this year of £1,389 having incurred a loss of £805 in 2021. No fundraising events were held during the year. Investments held at the year-end had a market value af £1,180,783 (2021.. £1,312.104) with income received during the year of £13,383 (2021.. £11,235) and a loss in market value of £144,704 (2021 gain: £77,714)- These investments are held and rnanaged on a discretionary basis for the Trust by Davy Stockbrokers. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Dur(ng the year to 31 December 2022, the charity incurred a deficit of £182,684 (2021: £105,095) and has totsl general reserves carried forward of £1,403,804 {2021: £1,586,488). RESERVES POLICY It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to allow the Trust to continue its work for the fOSeeable future. The unrestricted reserves at the year-end where £1,247,060 (2021.. £1,429,744) and the directors consider that reserves at thi8 level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust's current activities while consideration is given to ways to which additional funds may b8 raised. This level of reseNes has been maintained throughout the year. PLANS FOR THE FUTURE No rnajor fundraising events are planned for the year to 31 Dec8mber 2023. The Board hss cornmitted to contributing £250, 000 towards the cost of creating the first °Horatio's Garden in Northern Ireland. Horatio's Garden is an English-based charity which aims to improve living conditions for long term spinal injury patients and has designed a garden to be constructed outside the current spinal injury unit at Musgrave Park. Fund raising events for this projectwill be run by Hor8tio's Garden. The Board has Committed to supporting TORC with a further£100,000 per annum overthe next0 years subject to satisfactory application being made each year by TORC. Mitre will also continue to support Back-up Trust with annual donations of up to £10,000 per annum. No expenditure on charitable activities has been committed to date in 2023. Page 3
MITRE TRUST REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees who are also directors of Mitre Trust 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 practi). 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 cf the incoming resources and application of resources. including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to., select suitable accounting policies and then apply them con51Stently', observe the methods and principles in the Charities SORP {FRS 102)., make judgements and estimates that are reasonable and prudent" state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Gharitable Gompany will continue in operatlon. The trustees are responsible for keeplng 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 Cornpanies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and defection of fraud and other irregularities. This report has been prepared in accordance wlth the special provisions of Part 15 of the Companies AGt 2006 relating to small companies. ON BEHALF OF THE TRUSTEES: Mr R Mcclure - Trustee Date Page 4
MITRE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 We report on the financial statements of Mitre Trust ( the Charity") for the year ended 31 December 2022, which are set out on pages 6 to 14. Respective responsibilitles of charity trustees and examiner As the charity trustees (and also the directors of the company for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the terms of the Companies Act 2006. Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to.. examine ihe financial statements undersection 65 of the Charities Act (Northem Ireland) 2008 {'the Charities Acr), follow the procedures laid down in the general Directions given by the Charity Commlssion for Northern Ireland under sections 65(9){b) of the Charities Act, and state whether particular matters have come to our attention. Basis of independent axaminer's report We have examined your charity financial statements as required under section 65 of the Charities Act and our 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 financial statements presented with those records. It also included consideration of any unusual items or disdosures in the financial ststernents and seeking explanations from you as charity trustees concerning any SUGh matters. An independent examination does not involve gathering all the eviden that would be required In an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent ex8mination can provide. Consequently, we express no opinion as to whether the financlal statements present a 'true and fair view, and our report is limited to those speGific matters set out in the Independent examiner's statement. Our role is to state whether any material matters have come to our attention giving us reasonable cause to believe. 1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006,. 2. That the financial statements do not accord with those accounting records" 3. That the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 4. That there is further informats'on needed for a proper understanding of the financial statements to be reached. Independent examlner'8 Statement We have completed our examination and have no concerns in respect of the matters {1) to (4> listed above and, in connection with following the Directions of the Charity Commission for Northem Ireland, we found no matters that require drawing to your attention. f,lyl y00 yW¥L Baker Tllly Mooney Moor Chartered Certified Accountants and Statutory Auditors 17 Clarendon Road Clarendon Dock Belfast BT13BG Pag8 5
MITRE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022 Restricted 2022 Total 2021 Total Unrestrict8d Notes INCOME FROM: Donation5 and legacies Investments 1,678 13,636 1,678 13,636 24,689 11,283 Other income 47,919 47.919 47,133 Total Income EXPENDITURE ON: Charitabl6 activltla8 101,213 101,213 265,914 Net gains (losses) on Investments (144,704) (144,704) 77,714 Net movement in funds (182,684) (182,684) 1105,095) Reconciliation of fund8: Total funds brought forward 1N29,744 166,744 1,586,488 1,691,583 Total funds carried forward 1247 080 156 744 1403 804 1586 488 Th8 statement of financial activities includes all gains and l¢)sses recognised in the year. All income and expenditure derive from continuing aGtivities. The st8tement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. Page 6
MITRE TRUST BALANCE SHEFt AS AT 31 DECEMBER 2022 Notes 2022 2021 FIXED ASSETS Investments 12 1,180,783 1,312,104 CURRENT ASSErs Debtors 13 16,688 211,606 58,771 220,420 Cash at bank and in hand 228 294 279.011 CREDITORS: arnounts falling due within one year 14 NET CURRENT ASSETS 274 384 TOTAL ASSETS LESS CURRENT LIABILITIES 1403 804 1586 488 NET ASSETS 1403 804 1586 488 FUNDS Restricted funds 17 156,744 1,247,060 156,744 1,429,744 Unrestricted Funds 17 TOTAL FUNDS q 403 804 1,586,488 The company is entiljed to exemption from audit under Section 477 of the Companies AGt 2006 forthe year ended 31 December 2022. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for.. (a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of it5 profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The financial statements have been prepared in accordance wrth the special provisions of Part 15 of the Companies Act 2006 relating to small companies. (b) The financial staternents were approved by the board of difftctors and authorised for issue on and signed on its behalf by.. Mr R Mcclure- Trustee Reglstered Number: N1026205 Page 7
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 STATUTORY INFORMATION Mitre Trust is a private company limited by guarantee incorporated in Northern Ireland, registrats.on number N1026205. The registered ofrice is 17 Clarendon Road, Clarendon Dock, Belfast BT13BG. ACCOUNTING POLICIES The following is a summary of the significant acccunting policies adopted by the charitable company in the preparation of the financial statements. Basis of preparatlon The financial statements have been prepared in accordance with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicab18 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° (as amended for accounting periods commencing from 1 January 2019).The trust is a Public Benefit Entity as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterting, which is the funGtional Gurrency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financlal statements have been prepared under th8 historical cost convention, modlfted to Include the fixed asset investment at fair value. The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepared consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual enb'ty and not about its group. Golng concern basis At the time of approving th6 financial statements, the directors have a reasonable expectatlon that the trust has adequate resources to continue in operational existence for the foreseeable future. At the year end the Trust ha8 reserves of £1,403,804 including cash at bank and in hand of £211,606 providing sufficient reserves to preseNe the future operation of the trust. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. Charitable funds Unrestricted funds are available for use at the discretion of the directors in furtherance of the charitable objectives unless the funds have been designated for other purposes. Restricted funds ar8 subject to specific conditions by donors as to how they may be used. The purposes and use5 of the restricted funds are set out in the notes to the financial statement. Incomlng resources Income is recognised when the trust is legally entitled to it after any perforrnance conditions have been met, the amounts can be measured reliably, and it is probable that incorne will be received. Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation unless perfomiance conditions require deferral of the amount. Income tax recoverabl8 in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of th8 donation. The notes form part of these financial statements Page 8
MITRE TRUST NOTES TO TH E FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES (contlnued) Governments grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met, and the grants will be received. Government grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. Resources Expanded All expenditure is accounted for on an accruals basi8 and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable thatthe settlementwill be required and the arnount of the obligation can be measured reliably. Expenditure on Gharitable activities includes costs undertaken to further the purpose5 of the Gharity. Support costs are those functions that asslst the work ofthe charity indirectly. Support CDSts include back office costs, finance, personnel, payroll and governance costs incurred by the charity in the delivery of the charity's activities. All'costs are allocated behmeen expenditure cstegortes of the SOFA and notes to the accounts on a basis designed to reflect the use of the resource. Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs and are Subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income l (expenditure) for the year. Transaction costs are axpensed as incurred. Financlal Instruments Basic financial instruments are recognised at cost, except for investments which are measured at falr value with changes recognised in net incomel (expenditure). Bas1¢ flnancial a5s8ts Basic fsnancial assets, which include amounts due from subsidiary undertakings and cash and bank balances, are initially measured at transaction price. Other financlal assets Other financial assets, including investments in equity instruments which are not subsidiaries, associates orjoint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently. carried at fair value and the changes In fair value are recognised in net income I (expenditure), except investments in equity instruments that are not publicly traded and whose fairvalues cannot be measured reliably are measured at cost less impaimient. Basic financial Ilabllities Basic financial liabilities, including accruals are initially reGognised at transaction price. The notes form part of these financial statements Paga 9
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (contAnued) FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES (continued) Efflployee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Retirement benefits The company operates a defined contribution pension scheme. Contributions payable to the company's pension Scheme are charged as an expense as they fall due. Critical accountlng estimates and judgements In the application of the trust's accounting policies, the d1ctOrS are required to make Judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readity apparent from other soUrs. The esb"mates and associated a5SUmPtions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estirnates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods wher8 the revision affects both current and future period8. There wer8 no signtfiGant accounting estimates orjudgements applied in the preparation of the financial statements. Donations and grants 2022 2021 Donatlons and gifts 1,678 24,689 Donatlons and gifts: Mitre Trust Shop other donations 24,689 The notes form part of these financial statements Page 10
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 Invastments 2022 2021 Income from listed investments Interest receivable 13,383 253 11,235 48 13,636 11,283 other Income 2022 2021 Management fee incom8 Government Grant Incoma- Job Retention Scheme 47,919 35,483 11,850 47,919 47,133 Charitable activities Charitable activities Charlty Shop Total 2022 Total 2021 Donations Contribution to hospital capital projects 21,338 21,336 110,701 31,694 31,694 196,075 Share of support costs (see note 8) Share of governance costs (see note 8) 15,550 6,050 47,919 63.469 61.982 53 294 47,919 101213 265,914 Analysis by fund Unrestricted funds 101213 101213 For tho year ended 31 December 2021 Unrestricted funds 218 781 265 914 218,781 47,133 265,914 The notes forrn part of these financial statements Page11
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 Support costs Support Costs Govemance Total 2022 Total 2021 staff costs Legal and professional fees Bank charges Sundry expenses Accountancy fees Independent examination 61,352 137 38 1,942 61,352 137 38 1,942 3,050 3,000 60.707 137 14 1.124 4,857 3,DOO 3,050 3,000 69,839 Analysed between: Charitable activities 63,469 6.050 69,519 69,839 Dlrectors None of the directors (or any persons connected with them) received any remuneratlon or benefits from the trust during the year. 10. Employees Number of 8mployees The average monthly number of employe8s during the yearwas: 2022 Number 2021 Number Employment costs 2022 2021 Wages and salaries Other pension costs 58,773 2,579 58,174 2,533 There were no employees who received total employee benefits of more than £60,000. Defined contribution scherne The company operates a defined contrtbution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amount to £2,579 (2021.. £2.533). The notes form part of these financial statements Page 12
MITRE TRUST NOTES TO THE FINANCIAL STA TEMENTS (continued) FOR THEYEAR ENDED 31 DECEMBER 2022 11. Net gains on investments 2022 2021 Revaluation of investments (144,704) 77,714 12. Fixed asset Investments Llstsd investments Cost or valuation At 31 December 2022 Valuation changes Dividends received 1,312,104 {144,704) 13,383 At 31 December 2022 1180 783 Carrylng amount At 31 December 2022 1180 783 At 31 December 2021 1312104 The investment portfollo Is managed by Davy Private Clients, UK. 13. Debtors 2022 2021 Amounts falling due withln one year.. Amounts due from subsidSary undertakings 14. Credito1¥ 2022 2021 Amounts falling due within one year: Accruals and deferred income 15. Financial instruments 2022 2021 Carrylng amount of financlal assets Debt instruments measured at amortised cost Measured at fair value 16,688 1,180,783 58.771 1,312.104 Carrying amount of financial liabllltles Measured at amortised cost 5,273 4,627 The notes form part of these financial statements Page 13
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (oontinuod) FOR THE YEAR ENDED 31 DECEMBER 2022 16. Restrlcted funds RestriGted funds consist of donations received that were designated for spending on spinal issues. At present there are no plans for expenditure until appropriate equipment or projects can be identified. 17. Analysis of net assets between funds Unrestricted funds Restrlcted funds Total Fund balances at 31 December 2022 are represented by.. Investments Current assetsl(liabilities) 1,180,783 1,180,783 223 021 156 744 1247 060 156 744 1,403,804 18. Related party transa¢tlons mit Trust Shop Limited is a wholly owned subsidiary of Mitre Trust. At the year end the arnount owed from Mitre Trust Shop Limited was £16,688 and is included In Debtors. The notes form part of these financial statements Pag0 14