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 fO￿Seeable 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 next￿0 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 y￿00
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 d1￿ctOrS are required to make Judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readity
apparent from other soUr￿s. 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