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 financial statements of the company for the year ended 31 Decsmber 2023.
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 applicab5e 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 Clar8ndon 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 past 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 charitable company is governed by its memorandum and articles ofassociation. In the event ofthe charitable
company being wound up members or members who have ceased to be a member wlthin one year of winding
up are required to contribute an amount not exceeding £1.
The Board is responsible for the overall governance of th8 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 exercise of cert8in pow8rs in connection with the management and administrdtion 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 ratified by the full board in due Gourse.
The manager Is responsible for the day to day management of the company's affairs and for implementing the
policie5 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 objectives 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.
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MITRE TRUST
REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) (continued)
FOR THE YEAR ENDED 31 DECEMBER 2023
ACHIEVEMENTS AND PERFORMANCE
During the year the Trust made donations totalling £367,68812022' £31,694)- The major donation of £250,000,
of which £156,744 was funded from reslricted funds, was to Haratio's Garden, a charity which aims to improve
living conditions ft)r long term spinal injury patients and has designed a garden to be constructed outside the
current spinal injury unit at Musgrave Park Hospital. A further grant of £100,QOO 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 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,
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 marketvalue
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 £1,095,66612022. £1,403,804).
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 foreseeable 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 TOFiC, 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.
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IVIITRE TRUST
REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) (continued)
FOR THE YEAR ENDED 310ECEMBER 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 Trustee5' 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
faiF view of the state of affairs of the charitable company and of the incoming reSoUr￿S and application of
resources, including the income and expenditure, of the charitable company for that period.
In preparing these financial statements, the d1￿CtOrS are required to.,
select suitsble accounting policies and then apply them consistently.,
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
charitable company will continue in operation.
The trustees are responsible 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 special provisions of Part 15 of the Compan5es Act 2006
relating to small companies.
ON BEHALF OFTHE TRUSTEES:
Mr R Mcclure - Trustee
Date
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