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 De￿rnber 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 con￿rn 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 p￿serve the future operation of the trust. Thus the directors continue to adopt the
going con￿rn 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 be￿een 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 re￿IV2b[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 De￿rnber 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