Company Registration Number: N1026205 Charity Commission Northern Ireland Number: 101780 MITRE TRUST REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
NITRE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Legal and Administrative Information Report of the Trustees Report of the Examining Accountants statement of Financial Activities Balance sheet Notes to the financial statements to 14
NITRE TRUST LEGAL AND ADMINISTRATIVE INFORMATION AT 31 DECEMBER 2023 DIRECTORS Mrs E P Humphreys Mr R Mcclure Mr R A Milliken Prof J R Nixon - resigned 8 November 2023 Mr M G Mcmullan - appointed 8 November 2023 PRINCIPAL OFFICE Mitre Trust Musgrave Park Hospital Stockmans Lane Belfast BT9 7JB REGISTERED OFFICE 17 Clarendon Road Clarendon Dock Belfast BT13BG EXAMINING ACCOUNTANTS Baker Tilly Mooney Moore Chartered Certified Accountants Registered Auditors 17 Clarendon Road Clarendon Dock Belfast BT138G PRINCIPAL BANKERS Danske Bank Donegall Square West Belfast BT13BG COMPANY REGISTRATION NUMBER N1026205 CHARITY COMMISSION NI NUMBER NIC10178D Page I
NITRE TRUST REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees. who are also the directors of the charity for the purposes of the Companies Act 2006, present their annual report with the finanGial statements of the company for the year ended 31 Dernber 2023. The financial statements have been prepared in accordance with the accounb'ng 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 accordan with the Financial Repo.ng Standard applicable in the UK and Republic of Ireland (FRS102). REFERENCE AND ADMINISTRATION DETAILS Mitre Trust is a charitable company limited by guarantee, incorporated in Northern Ireland, and was set up on 7th January 1992. The company registration number is N1026205 and its charity number is NIC101780. Charitable registration was granted by the Charity Commission of Northem Ireland on 2 April 2015. The registered Offi is 17 Clarendon Road, Clarendon Dock. Belfast. 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 pasl directors who served during the year are given below. The external advisors are also set out within the Legal and Administrative information. STRUCTURE, GOVERNANCE AND MANAGEMENT The charltable company is governed by its memorandum and article5 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 over811 governance of the company. Trustees are either elected or co-opted and the total number of trustees shall not be subject to any maxlmum but shall not be less than 0. The Board delegates the exercise of certain powers in connection with the management and administration of the company to the Finance Committee. This is controlled by regular reporting back to the Board, so that all decisions made under delegated powers can be r8tified by the full board in due course. The rnanager 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 - resigned 8 November 2023 MG Mcmullan - appointed 8 November 2023 OBJECTIVES AND ACTIVITIES The objecb'ves of the charity are'the relief of sickness generally in Northern Ireland and in particular but, without limitation, the provision, maintenance, development and improvement of medical services and facilities for the benefit of the 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-patients Mitre also organises occasional fundraising events. The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake, Page 2
MITRE TRUST REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE During the year the Trust made donations totalling £367,688 {2022: £31,694). The major donation of £250,000, ofwhich £156,744 was funded from restricted funds, was to Haratio's Garden, a charity which aims to improve living conditions for long term spinal injury patients and has designed a garden to be constructed outside the currenl spinal injury unit at Musgrave Park Hospital. A further grant of £100,000 was made to TORC (previously known as BART), another charity attached to Musgrave Park Hospital. TORC carries out medical research activities mainly in the field of orthopaedic surgery. Mitre continues to support Back-up Trust, a UK charity which supports patients with spinal cord injury. The shop in Musgrave Park Hospital is operated by Mitre through 8 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, but has started to improve. The shop made a profit this year of £12,641 <2022, £1,254). No fundraising events were held during the year. Investments held at the year-end had a market value of £1,039,260 {2022= £1,180,783). During the year investments amounting to £215,500 were encashed in order to finance the payment of grants noted above. Income received during the year amounted to £16,599 (2022: £13,383) resulting in an overall gain in market value of £57,378 (2022.. loss of £144,704). These investments are held and managed on a discretionary basis for the Trust by Davy Private Clients UK. FINANCIAL REVIEWAND RESULTS FOR THE YEAR During the year to 31 December 2023, the charity incurred a deficit of £308,138 (2022: £182,684) and has total general reserves carried forward of £1,095,866 (2022. £1,403,804). RESERVES POLICY It is the policy of the Trust that unrestricted funds which have not been d88ignat8d for a specific use should be maintained at a level equivalent to allow the Trust to continue its work for the for65eeable future. The unrestricted reserves at the year-end were £1,095,666 (2022.. £1,247,060) and the directors consider that reserves at this 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 be raised. This level of reserves has been maintained throughout the year. PLANS FOR THE FUTURE No major fundraising events are planned for the year to 31 December 2024. The Board has committed to supporting TORC with a further £100,000 in 2024 subject to satisfactory application being made by TORC. Mitre will also continue to support Back-up Trust with annual donations of up to £10,000 per annum. No major expenditure on charitable activities has been committed to date in 2024. Page 3
MITRE TRUST REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 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 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 charitsble company and of the incoming resources and application of resources, including the income and expenditure, of the charttable company for that period. In preparing these financial statements, the directors are required to. select suitable accounting policies and then appty them consistently. obseNe the Tnethods and principles in the Charities SORP (FRS 102); make judgements and estirnates 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 conrn basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responslble 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 defection of fraud and other irregularities. This report has been prepared in accordance with the speclal provlslons of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE TRUSTEES: Mr R Mcclure - Trust88 Page 4
NITRE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 We report on the financial statements of Mitre Trust ("the Charity°> for the year ended 31 December 2023. which are set Dut on pages 6 to 14. Respective responsibilities of charity trustees and 8xaminer As the charity trustee5 (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 the financial statements under section 65 of the Charities Act (Northern Ireland) 2008 ('the Charities Act'}, follow the procedures laid down in the general Directions given by the Charity Commission for Northem Ireland under sections 65(9)(b) of the Charities Act, and state whether particular matters have come to our attention. Bagis of independent examiner's report We have examined your charity fi'nancial statements as required under seGtion 65 of the Charities Act and our examination was carried out in accordance with the general DireGtions given by the Charity Commission for Northern Ireland under $6Ction 65{9>{b) of the Charities Act. The examination included a review of the accounting records kept by the ch8rity and a comparison of the financial statement5 presented with those record5. It alsa included consideration of any unusual iterns or disclosures in the financial statements and seeking explanations from you as charity trustees concerning any such matters. An independent examinalion does not involve gathering all the evidence that would be required in an auclit 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 examination can provide. Consequently, we expr8ss no opinion as to whether the financial staternents present 'true and fair view, and our report is limited to those Specific matters set out in the independent examinerfs stalement. Our role is to state whether any material matters have come to our attention giving us reasonable cause to believe., 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 Staternent of Recommended Practice.. Accounting and Reporting by Charities applicable to charities preparing their financial statements in accorclance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102). 4. That there is further information needed for a proper understanding of the financial ststement5 to be reached. Independent examlner's 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 Northern Ireland, we found no matters that require drawing to your attention. fi'lJl ffloa Baker Tilly Mooney Moore Chartered Certified Accountants and Statutory Auditors 17 Clarendon Road Clarendon Dock Belfast BT13BG Date: ', 80&¥ Pag8 5
NITRE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted 2023 Total 2022 Total Unr8Strlcted Notes INCOME FROM: Donations and legacies Investments 8,589 17,633 8,589 17,633 1,678 13,636 other income 52,700 52,700 47,919 Total Income EXPENDITURE ON: Charitabla activities 287,694 156,744 444,438 101,213 Net gains on investments 57,378 57,378 (144,704) Net movement in fund8 (151,394 (156,744) {308,138) (182,884) Reconcillation of funds: Total funds brought forward 1,247,060 156,744 1,403,804 1,586,488 Total funds carrled forward 1095 666 1095 666 1,403,804 The statement of financial activities Includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. Page 6
MITRE TRUST BALANCE SHEET AS AT 31 DECEMBER 2023 Notes 2023 2022 FIXED ASSETS Investments 12 1,039,260 1,180,783 CURRENT ASSETS Debtors 13 29,390 34,059 16,688 211,606 Cash at bank and in hand 228 294 CREDrroRS: amounts falling due within one year 14 5,273 NET CURRENT ASSETS 223 021 TOTAL ASSETS LESS CURRENT LIABILITIES 1095 666 1403 804 NET ASSETS 1095 666 1403 804 FUNDS Restricted fund5 156,744 1,247,060 Unrestricted Funds 16 1,095,668 TOTAL FUNDS 1095 666 1403 804 The company is entitled to exemption from audit under S&ction 477 ofthe Companies Act 2006 forthe year ended 31 December 2023. The members have not required the company to obtain an audit of its financial ststements for the year ended 31 December 2023 in accordance with Section 478 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 stste of affairs of the company as at the end of each financial year and of its 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 with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. (b) The financial statements were authorised for issue by the board of directors on on its behalf by.. and signed Mr R Mcclure- Trustee Registered Number: N1026205 Page 7
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 STATUTORY INFORMATION Mitre Trust is a private company limited by guarantee incorporated in Northern Ireland, registration number N1026205. The registered office is 17 Clarendon Road, Clarendon Dock, Belfast BT13BG. ACCOUNTING POLICIES The following is a summary of the significant accounting policies adopted by the charitable company in the preparation of the financial statements. Basis of preparation The financial statements have been prepared in accordance with the Trusl's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accordan 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 fi'nancial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost Convention, modified to include the fixed assel 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 fi'nancial statements present information about the company as an individual entity and not about its group Going concern basi8 At the time of approving the financial statements, the directors have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. At the year end the Trust has reserves of £1,095,666 including cash at bank and in hand of £34,059 providing sufficient reseNes to pserve the future operation of the trust. Thus the directors continue to adopt the going conrn 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 are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Incoming resources Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. The notes form part of these financial statements Page 8
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continuedj 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. R88ources Expended All expenditure is accounted for on an 8ccru8ls 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 obligation to make payments to third parties, it is probable that the settlementwill be required and the amount of the obligation can be measured reliably. Expenditure on charitable activib'es includes costs undertaken to further the purposes of the charity. Support costs are those functions that assist the work of the charity indirectly. Support costs include back offic8 costs, finance, personnel, payroll and govemance costs incurred by the charity in the delivery of the charity's activities. All costs are allocated beeen expenditure categories ofthe SOFA and notes to the accounts on a basis designed to reflecl the use of the resource. Flxed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair valu8 at each reporting date. Changes in fair value are recognised in net income l (expenditure) for the ye8r. Transaction costs are expensed as incurred. Flnancial Instruments Basic financial instruments are recognised at cost, except for investsnents which are measured at fair value with changes recognised in net incomel (expenditure). Baslc flnanclal assets Basic financial assets, which Include amounts due from subsidiary undertakings and cash and bank balances, are initially measured at transaction price. Other financial 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 investmenls in equity instruments that are not publicly traded and whose fairvalues cannot be measured reliably are measured at cost less impairment. Basic financial liabilitie8 Basic financial liabilities, including accruals are initially recognised at transaction price. The notes fomi part of these financial statements Page 9
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (continued) Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services 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 accounting estimates and judgements In the application of the trust's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Aclual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the ests'mate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both Current and future periods. There were no significant accounting estimstes orjudgements applied in the preparation of the financial statements. Donations and grants 2023 2022 Donations and gifts 8,589 1,678 1,678 Donations and gifts.. Mitre Trust Shop Other donations 1,678 The notes form part of these financial statements Page 10
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continuod) FOR THE YEAR ENDED 31 DECEMBER 2023 Investments 2023 2022 Income from listed investments Interest reIV2b[e 16,599 1,034 13,383 253 17,633 13,636 Othor Income 2023 2022 Management fee income 52,700 47,919 52,700 47,919 Charitable actlvlties Charitablo activiti09 Charity Shop Total 2023 Total 2022 Donations Contribution to hospital capital projects 367,888 367,688 21,336 10 358 367,688 367,688 31,694 Share of support costs {see note 8) Share of governan costs {see note 8) 18,748 5,302 52,700 71,448 5,302 63,469 6,050 391738 52,700 444,438 101213 Anatysis by fund Unrestricted funds Restricted funds 234,994 156744 52,700 287,694 391,738 52,700 444,438 For the year ended 31 December 2022 Unrestricted funds 101213 101,213 The notes form part of Ihese financial statements Page 11
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continuedj FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Costs Governance Total 2023 Total 2022 Staff costs Legal and professional fees Bank charges Sundry expenses Accountancy fees Independent examination 68,069 68,069 61,352 137 38 1,942 3,050 3,000 38 3,341 38 3,341 2,302 3,000 2,302 3,000 71,448 5,302 76,750 69,519 Analysed between: Charitable activities 71,448 5,302 76,750 69,519 Dlractors None of the directors {or any persons connected with them) received any remuneration or benefi'ts from the trust during the year. 10. Employees Number of employao9 The average monthly number of employees during the year was. 2023 Number 2022 Nurnber Employment costs Wages and salaries Other pension costs 61,402 6,667 58,773 2,579 There were no employees who received tclal employee benefits of more than £60,000. Defined contribution scheme The company operates a defi'ned contribLJtion pension scheme. The pension cost charge represents contributions payable by the company to the fund and amount to £6,6e7 (2022: £2,579). The notes form part of these financial statements Page 12
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continuod) FOR THE YEAR ENDED 31 DECEMBER 2023 11. N8t gains on inve5tmentS 2023 2022 Revaluation of investments 57,378 (144,704) 12. Fixed asset inve5tment8 Llst8d Investments Cost or valuation At 1 January 2023 Valuation changes Dividends received Net disposals 1,180,783 57,378 18,599 215 500 At 31 D8C8mber 2023 1,039,260 Carrying amount At 31 Dernber 2023 1039 260 At 31 December 2022 1180 783 The investment portfolio is managed by Davy Private Clients, UK. 13. Debtors 2023 2022 Amounts falllng due within one year: Amounts due from subsidiary undertakings 16 688 14. Creditors 2023 2022 Amounts falling due wlthin one year.. Accruals and deferred income 7,043 5,273 15. Financial instruments 2023 2022 Carrying amount of financial ass8ts Debt instruments measured at amortised cost Equity instruments measured at cost less impairment 29,390 1,039,260 16,688 1,180,783 Carrying amount of financial liabilities Measured at amortised cost The notes form part of these financial statements Page 13
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (contlnuod) FOR THE YEAR ENDED 31 DECEMBER 2023 18. Restricted funds Restricted funds consisted of donations received that were designated for spending on spinal issues. During the year they were utilised to part fund the donation to Haratio's Garden. 17. Analysis of net ass8ts between funds Unrestrioted funds Restricted funds Total Fund balances at 31 December 2023 are represented by". Investments Current assetsllliabilities) 1,039,260 56,406 1,095 666 1,039,260 1,095,666 q8. Contingent Ilabllities A contingent liability may exist in respect of a repayment of gr8nt income from HM Revenue and Customs should the conditions under which the grant was awarded to the company not be met. Due to the nature of these contingencies, it is not possible to estirnate the likelihood of this occurring, nor quantify the financial effect of sny liability that may arise. 19. Rolatad party transactions Mitre Trust Shop Limited is a wholly owned subsidiary of Mitre Trust. At the year and the amount owed from Mitre Trust Shop Limited was £29,390 and is included in Debtors, The notes form part of these financial statements Page 14