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 De￿rnber 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 pa￿nt 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 re￿IVed 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 be￿een 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