Company Registration Number: N1026205 Charity Commission Northern Ireland Number: 101780 MITRE TRUST REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MITRE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Legal and Administrative Information Report of the Trustees Report of the Exarnining Accountants statement of Financial Activities Balan sheet Notes to the financial statements to 14
MITRE TRUST LEGAL AND ADMINISTRATIVE INFORMATION AT 31 DECEMBER 2024 DIRECTORS Mrs E P Humphreys Mr R Mcclure Mr R A Milliken Mr M G Mcmullan 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 NIC101780 Page I
MITRE TRUST REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustee5, 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 December 2024. 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 accordan with the Financial Reporting Standard applicable in the UK and Reptjblic of Ireland (FRS102). REFERENCE AND ADMINISTRATION DETAILS Mitre Trust is a charitable company limited by guarantee, incorporated in Northern Ireland, and was sel up on 7th January 1992. The company registration number is N1026205 and its charity number is NIG10178Q. Charitable registration was granted by the Chanty Commission of Northern Ireland on 2 April 2015. The registered office is 17 Clarendon Road, C5arendon Dock, Belfast, BT13BG. The directors of the company are its trustees for the purpose of charity law and throughout this report sre collectively referred to as the directors. The present directors and any past directors who served during the year are gwen 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 of association. In the event of the charitable company being wound up members or rnembers 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 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 exercise of Gertain power5 in connection with the managernent 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 ratified by the full board in due course. Th8 manager is respcnsible 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 Mr MG Mcmullan 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, rnaintenance, development and improvement of medical services and facililies 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) (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE During the year the Trust made donations totalling £21.300 (2023.. £367,688) 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. The shop made a profit Ihis year of £13,501 (2023: £12,641). No fundraising events were held during the year. Investments held at the year-end had a market value of £1,119,053 {2023- £1,039,260). During the year no further investtnenls were made. Income received during the year amounted to £4,123 (2023.. £16,599) resulting in an overall gain the market value of £75,670 (2023: £57,378 Gain). These investm8nts are held and manag8d on a discretionary basis for the Trust by Davy Private Clients UK. FINANCIAL REVIEW AND RESULTS FOR THE YEAR During the year to 31 Dernber 2024, the charity made a profit of £39,490 (2023.. Deficit £308,138) and has total general reserves Garried forward of £1,135,15612023.' £1,095,666). RESERVES POLICY It is the poliGy of the Trust that unrestricted funds which have not been deslgnated 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 £1,135,15612023.. £1,095,666) 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 whiGh 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 2025. No major expenditure on charitable activities has been Committed to date in 2025. Page 3
MITRE TRUST REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORT) (Gontinued) FOR THE YEAR ENDED 31 DECEMBER 2024 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, Annu81 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 charitable company and of 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 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 inappropri8te to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reason8ble 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 irregularitie5. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE TRUSTEES: pJL Mr R Mcclure - Trustee Date Page 4
MITRE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 We report on the financial statements of Milre Trust {"the Charity") ft)r the year ended 31 December 2024, which are set out on pages 6 to 14. Respectiva responslbllities of charity trustees and examlner 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 the financial statements under section 65 ofthe Charities Act (Northern Ireland) 2008 ('the Charities Act,), follow the procedures laid down in the general Directlons given by the Charity Commission 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 examlner'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 ofthe financial statements presented with those records. It also included consideration of any unusual items or disclosures in the financial statements and seeking explanations from you as charity trustees concerning any such matters. An independent examination does not involve gathering all the evidence 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 8nd conduct of an audil goes beyond the limited assurance that an independent examination can provide. Consequently, we 6xpress no opinion as to whether the financial ststements present a 'true and fair view, and our report is limited to those specific matters set out in the independent examinerfs statement. Our role is to state whether any material matters have come to our attention giving us reasonable causa to believe- 1. That accounting records were not kept in accordance with seclion 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 Recomrnended 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 information needed for a proper understanding of the financial statements to be reached. Independent examlnerfs statement We have completed our examination and have no concems 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. , lyl nqoo Baker Tilly Mooney Moore Chartered Certified Accountants and Statutory Auditors 17 Clarendon Road Clarendon Dock Belfasl BT13BG Dat8: Page 5
MITRE TRUST STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Restricted 2024 Total 2023 Total Unrestricted Notes INCOME FROM: Donations and legacies Investments 12,235 4,163 12,235 4,163 8,589 17,633 Other income 62,062 62,062 52,700 Total Income EXPENDITURE ON: Charitable activities 114,640 114,640 444,438 Net gains on investments 75,670 75,670 57,378 Net movement in fund8 39N90 39,490 1308,138) Reconciliation of funds: Total funds brought forward 1,095,666 1,095,666 1,403,804 Total funds Garried forward 1135 156 1 135 156 1095 666 The statement of financial activities includes all gains and losses recognised in the ye8r. All income and expenditure derive from continuing activities. The statement of financial activities also Gomplies With the requirements for an income and expenditure account under the Companies Act 2006. Page 6
MITRE TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 Notes 2024 2023 FIXED ASSETS Investments 12 1,119,053 1,039,260 CURRENT ASSETS Debtors 13 15,694 10,288 29,390 34,059 Cash at bank and in hand CREDITORS: arnounts falling due within one year 14 NET CURRENT ASSETS 56,406 TOTAL ASSETS LESS CURRENT LIABILITIES 1135 156 1095 666 NET ASSETS 1135 156 1095 666 FUNDS Restricted funds Unrestricted Funds 1,135,156 1,095.666 TOTAL FUNDS 1135 156 1095 686 The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtsin an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 478 of the Comp8nies Act 2006. The directors acknowledge their responsibilities for,, (a) ensuring that the company keeps accounting records which comply with Section5 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state cf 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. (b) The financial statements have been prepared in accordance with the special provisions of Part 15 of Ihe Companies Act 2006 relating to small companies. The financial statements were authorised for issue by the board of directors on on its behalf by.. nd signed Mr R McCiure- Trustee Registered Number: N1026205 Pag8 7
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATUTORY INFORMATION Mitre Trust is a private company limited by guarantee incorporated in Northern Ireland, registration number NIQ26205. The registered office is 17 Clarendon Road, Clarendon Dock, Belfast BT1 3BG. 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 Trusys 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 acwrdance 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 15 a Public Benefit Entity as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for Gharities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial ststements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financi81 statements have been prepared under the historical cost convention, modified to include the fixed asset investment at fair value. The company has taken 8dvantag8 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 pant qualifies as a sm811 group. The financial statem8nt8 present information about the company as an individual entity and not about ils group. Golng 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 futu. At the year end the trust has reserves of £1,135,156 including cash at bank and in hand of £10,288 providing sufficient reserves to preserve the future operation of the trust. The d irectors 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 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 fi'nancial statement. Incoming rosources Income is recognised when the Irust is legally entitled ta it after any performanTr 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 donats-on unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenanl is recognised at the "me of the donation. The notes form part of these financial statements Page 8
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (contlnued) Governments grants Government grants are recognised at the fair value of the asset reIVed or receivable when there is reasonable assurance that the grant conditions will be met, and the granis will be received. Government grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. Resources Expended All expenditure is accounted for on an accruals basis and has been Glassified 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 activities Includes costs undertaken to further the purposes of the charity. Support costs are those functlons that assist the work of the charity indirectly. Support costs 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 beeen expenditure categories 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 rneasu at transaction pri excluding transaction costs and 8re subsequently measured at fair value at each reporling date. Changes in fair value are recognised in n8t income l (expenditure) for the year. Transaction costs are expensed as incurred. Financlal Instruments Basic financial instruments are recognised at cost, except for investments which are measured at fair value with changes recognised in net incomel (expenditure). Basic financial 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 al 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 impairment. Basic f inanclal Ilabllities Basic financial liabilities, including accruals are initially recognised at transaction price. The notes form part of these financial statements Page 9
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOU NTING 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. Crftical accounting estimates and judgements In the applicats-on 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. Actual 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 estimate 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 estimates orjudgements applied in the preparation of the fi'nancial statements. Donations and grants 2024 2023 Donations and gifts 12,235 8,589 Donations and gifts.. Mitre Trust Shop Other donations 9,242 8589 12,235 8,589 The notes form part of these financial statements Page 10
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Investments 2024 2023 Income from listed investments Interest receivable 4,123 40 16,599 1,034 4,163 17,833 Other income 2024 2023 Management fee income 62,062 52,700 62,062 52,700 Charitable activitie8 Charitable activities Charity Shop Total 2024 Total 2023 Donations 21,300 21,300 367,688 21,300 21,300 367,688 Share of 5UPPOrt costs (see note 8) Share of governance costs (see nole 8) 25,590 5,688 62,062 87,652 5,688 71,448 31,278 444,438 Analysis by fund Unrestricted funds Restricted funds 52,578 62,062 114,640 52,578 62 062 114,640 For the year ended 31 December 2023 Unrestricted funds Restricted funds 234,994 156 744 52,700 287,694 156744 391,738 52,700 444 438 The notes form part of these financial statemenis Page 11
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Costs Governance Total 2024 Total 2023 Staff costs Legal and professional fees Bank charges Sundry expenses Computer expenses Accountancy fees Independent examinab.on 78,942 3,902 38 3,330 1,440 78,942 3,902 38 3,330 1,440 2,688 3,000 68,069 38 3,341 2,688 3,000 2,302 3,000 87,652 5,688 93,340 76,750 Analysed between: Charitable activities 87,652 5,688 93,340 76,750 Director8 None of the directors lor any persons connected with them) received any remuneration or benefits from the trust during the year, 10. Employees Number of employee8 The average monthly nurnber of employees during the year was: 2024 Numbar 2023 Number Employment costs Wages and salaries Other pension costs 75,183 3,759 61,402 6,667 68,069 There were no employees who received total employee benefits of more than £60,000. Defined contribution scheme The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amount to £3,759 (2023.. £6,667). The notes form part of these financial statements Page 12
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 11. Net gains on invgstments 2024 2023 Revaluation of investments 75,670 57,378 12. Fixed asset investments Llsted Investments Cost or valuatlon At 1 January 2024 Valuation changes Dividends received Nel disposals 1,039,260 75,670 4,123 At 31 Decernber 2024 1119053 Carrying amount At 31 December 2024 111g053 At 31 December 2023 1039 260 The Investment portfolio is managed by Davy Private Cliants, UK. 13. Debtors 2024 2023 Amounts falling dua within one year: Amounts due from subsidiary undertakings 29,390 14. Creditors 2024 2023 Amounts falling due within one year.. Accruals and deferred income 9,879 7,043 15. Financial Instruments 2024 2023 Carying amount of financial assets Debt instruments measured at amortised cost Equity instruments measured at fair value 15.694 1,119,053 29,390 1,039,260 Carrying amount of financial liabilities Measured at amortised cost 9.879 7,043 The notes form part of these financial statements Page 43
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024 16. Analysis of net assets betwe8n funds Unrestricted funds Restrictsd funds Total Fund balances at 31 December 2024 are represented by: Investments Current assetsl(liabilities) 1,119,053 16,103 1.135 156 1,119,053 1 135 156 17. Related party transactions Mitre Trust Shop Limited is a wholly owned subsidiary of Mitre Trust. At the year end the amount owed from Mitre Trust Shop Limited was £15,694 and is included in Debtors. The notes form part of these financial ststements Page 14