Company Registration Number: N1026205 Charity Commission Northern Ireland Number: 101780 MITRE TRUST REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
MITRE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Page Legal and Adminislralive Information Report of the Trustees to 4 Report of the Examining Accountants Statement of Financial Activities Balance sheet Notes lo the financial statements to 14
MITRE TRUST LEGAL AND ADMINISTRATIVE INFORMATION AT 310ECEMBER 2025 DIRECTORS Mrs E P Humphreys Mr R Mcclure Mr R A Milliken Mr M G Mcmullan PRINCIPAL OFFICE Mitre Tiusl Musgrave Park Hospital Slockmans Lane Belfast BT9 7JB REGISTERED OFFICE 17 Clarendon Road Clarendon Dock Belfast BT1 3BG EXAMINING ACCOUNTANTS Baker Tilly Mooney Moore Ghartered Certified Accountsnls Registered Auditors 17 Clarendon Road Clarendon Dock Belfast BT1 38G PRINCIPAL BANKERS Danske Bank Donegall Square West Belfast 8T13BG COMPANY REGISTRATION NUMBER N1026205 CHARITY COMMISSION NI NUMBER NIC101780 Pagg 1
MITRE TRUST REPORT OF THE TRUSTEES {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 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 December 2025. The financial statements have been prepared in accordance with the accounting policies sel out in note 2 to the accounts and comply with the Companies Act 2006 and the Slalement of Recommended Praelice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 REFERENCE AND ADMINISTRATION DEfAILS Mitre Trust is a charitable company limited by guarantee, incorporated in Northern Ireland, and was sel up on Ph January 1992 The company registration number is N1026205 and ils charity number is NIC101780. Charitable registration was granted by the Charity Commission of Northem Ireland on 2 April 2015. The registered office is 17 Clarendon Road, Clarendon Dk. Belfast, BT1 3BG. The diredors of the company are it5 Iruslees for the purpose of charity law and throughout this report are collectively referred lo as the directors. The present directors and any past directors who served during the year are given below. The extefnal 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 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 lo 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 lo any rnaximum but shall not be less than two. The Board delegates the exercise of certain powers in connection with the rnanagement and administration of the company to the Finance Committee. This is controlled by regular reporting back lo the Board, so that all decisions made under delegated powers can be ratified by the full board in due course. The manager is responsible for the day to day management of the company's affairs and for implements'ng 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 M G Mcmullan OBJECTIVES AND ACTIVITIES The objectives of the charity are'lhe relief of sickness generally in Northern Ireland and in particular, bul without limitation, the provision, maintenance, development and improvement of medical Services and facilities for the benefit of the public at Musgrave Park Hospital Iby whatever name that hospital is known)" Mrtre also operates, through a subsidiary company, the hospitsl shop at Musgrave Park Hospital All profits Irom the shop are donated each year lo Mitre The charity benefits from many support groups throughout Northem Ireland and from donations from a variety of organisalions, 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. Pagg 2
MITRE TRUST REPORT OF THE TRUSTEES (INCLUDING DIRECTORS, REPORTI {¢ontlnued) FOR TrIE YEAR ENDED 31 DECEMBER 2025 ACHIEVEMENTS AND PERFORMANCE During the year the Trust made donations lotalling £44.73212024.' £21,300). Mf(re continues lo 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 profil this year of £18,231 12024. £13.5011. No fundraising events were held during the year. Investments held at the year-end had a market value of £1,124,681 12024". £1,119.053}. During the year investments amounting to £100,000 were encashed in order to finance the payment of donations noted above. Income received during the year amounted to £17.152 12024.. £4,123) resulting in an overall gain (after management coslsl in the market value of £88,476 12024". £75,670 Gainl. These inveslrnents are held and managed on a discretionary basis for the Trust by Davy Private Clients UK. FINANCIAL REVIEW AND RESULTS FOR THE YEAR During the year lo 31 December 2025, the charity made a profit of £51,94012024.' Profil £39,490) and has lolal general reserves carried forward of £1,187.09612024.. £1,135.1561. RESERVES POLICY It is the policy of the Trust that unre5tricled funds which have not been designated for a 5peoific use should be maintained al a level equivalent to allow the Trust to continue its work for the foreseeable fvtu. The unreslricled reserves at the year-end were £1,187,096 12024.. £1,135,156) and the directors consider that reserves al this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the Trust's current activities while consideration is given lo 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 2026. No major expenditure on chantable aclwilies has been committed lo date in 2026. Page 3
MITRE TRUST REPORT OF THE TRUSTEES (INCLUDING DIRECTORS. REPORTI (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees who are also directors of Mitre Trust for the purposes of company law are respons1ble for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iuniled Kingdom Generally Aecepled Accounting Praclicel. Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and 8ppIic81ion 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 consislently", observe the methods and principles in the Charities SORP IFRS 1021., make judgements and estimates that are reasonable and prudent. stale 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 lo 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 b'me the financial position of the charitable company and enable them lo 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 re8sonable 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 Companies A¢1 2006 relating to small companies. ON BEHALF OF THE TRUSTEES: 24 Mr R Mcclure- Tnjstee Date Page 4
MITRE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 310ECEMBER 202S We report on the financial statements of Mrtre Tmgt {"Ihe Charity") for the year ended 31 DecembeT 2025, which are set out on pages 6 to 14. Respective responslbilities of charlty trustoe$ and examiner As the charity trustees land also the directors ol the company for the purposes of Company lawl you are responsible for the preparation of the financial statements in aordanCe with the terms ot the Companies Act 2006. Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, il is our responsibility to.. examine the fi'nancial statements under section 65 of the Charitie5 AGt (Northem Ireland) 20081'lhe Charities Act'i, follow the procedures laid down in the general Directions given by the Charity Commission for Northem Ireland under sections 6519llbl of the Charities Act. and state whether particular matters have come lo our attention. Basis of independent examinetrs 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 6519llbl of the Chanties Act. The examination included a review of the accounting recorés kept by the Gharity and a comparison of the financial ststements presented with those records. It also included ¢onsideration of any unusual iterns 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 ev1dence 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 stslemenls. The planning and conduct of an audit goes beyond the limited assuran¢e that an independent examinab.on can provide. Consequently, we express no opinion as to whether the financial statements present a 'true and fair view, and our report is limited lo those specific matters sel out in the independent examiner's statement. Our role is to state whether any material matters have come lo our attention giving us reasonable cause lo believe., 1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006,. 2. That the financial slatemenls 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 Recommended Practice.. Accounting and Reporting by Charities applicable to ¢h8rities preparing their financial slalements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 4. That there is further information needed for a proper understsnding of the finan¢ial statements lo be reached. Independent examiner's $tatement We have completed our examination and have no concern5 in respect of the matters111 to14} 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. P r TJ"Ili Baker Tllly Mo ney Moore Chartered Certified Accountsnls and Statutory Auditors 17 Clarendon Road Clarendon Dock Belfast 8T13BG IccNy MOOQ Date: AL Page S
MITRE TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME ANO EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted Rgstrictgd 2025 Total 2024 Totsl Notes INCOME FROM: Donations and legacles Investments 17.017 17.264 17,017 17.264 12,235 4,163 other Income 63,647 63,647 62,062 Total Income EXPENDITURE ON: Charitable actlvities 134,464 134.464 114,640 Net galns on investments 88,476 88,476 75,670 Net movement in funds 51,940 51,940 39.490 Reconclliation of funds: Total funds brought forward 1.135,156 1,135,156 1,095,666 Total funds carried fopward 1.187.096 1,187.096 1,135,156 The statement of financial activities includes all gains and losses recognised in the year_ All income and expendilufe 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 202S Notes 2025 2024 FIXED ASSETS Investments 12 1,124,681 1,119.053 CURRENT ASSETS Debtors Cash at bank and in hand 13 8,952 59.859 15,694 10,288 25,982 CREDITORS.. amounts falling due within one year 14 6,396 9.879 NET CURRENT ASSETS 62.415 16.103 TOTAL ASSETS LESS CURRENT LIABILITIES 1187.096 1,135,156 NET ASSETS 1187 096 1 135.156 FUNDS Reslri¢led funds Unrestricted Funds 1.187,096 1,135,156 TOTAL FUNDS 1 187 096 1,135,156 The company is entitled lo exempbon from aLtdit under Section 477 ofthe Companies Act 2006 for the year ended 31 December 202S. The members have not required the cornpany to obtsin an audit of ils financial ststements for the year ended 31 December 2025 in ac¢ordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for.. lal ensuring that the company keeps a¢¢ounting records which compty with Seth'ons 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of ils profit or loss for each financial year in accordance wrth the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relatin9 to finanoial statements, 50 far as applicable to the company. The financial stslements have been prepared in accordan¢e with the 5pe¢ial provisions of Part 15 of the Companies Act 2006 relating lo small companies. The financial statements were authorised for issue by the board of directors on Zl .rl.?.& on its behalf by.. Ibl and $wJned Mr R Mcclure- Trustee Registorgd Number: N1026205 Page 7
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 202S STATUTORY INFORMATION Mitre Tru51 is a private company limited by guarantee incorporated in Northern Ireland, registration number N1026205. The registered office 1$ 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 preparatlon The financial statements have been prepared in accordance with the Trust's Memorandum and Articles of Association. the Companies Act 2006 and 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods cornmencing from 1 January 20191.The trust is a Public Benefit Entity as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for charrties applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial 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 lo include the fixed asset investment al 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 financial statemen15 present information about the company as an individual ents.ty and not about Ils group. Golng eoncem basis Al 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 fofeseeable frjture. Al the year end the trust has reserves of £1,187,096 including cash at bank and in hand of £59,859 providing sufficient reserve3 to preserve the future operation of the Irusl. The directors continue to adopt the 90ing concern basis of a¢countsng in preparing the financial statements. Charitable funds Unreslricled funds are available for use al the discreb'on of the directors in furtherance of the charitable objectives unless the funds have been designated ft)r other purposes. Restricted funds are subjeel 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 lo the financial statement. Incoming resources Income is recognised when the trust is legally entitled to il after any performance conditions have been mel, the amounts can be measured reliabty, and it is probable that income will be received. Cash donation5 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 lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time 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 2025 ACCOUNTING POLICIES fcontlnuedj 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. Govemrnent grants towards revenue expenditure are released to the Pfofit and loss account as the related expenditure is incurred. Resources Expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Expenditure is recognised where there is a legal or conslruclive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable adivities includes costs undertaken lo further the purFJoses of the charity. Support ¢osts are those functions that assist the work of the charity indirectly. Support ¢osts include back office costs, finance. pefsonnel, payroll and governance costs incurred by the charity in the delivery of the charity's aclivilies. All ttJSts are allocated beeen expenditu categories of the SOFA and notes tr) the accounts on a basis designed lo reflect the use of the resource. Fixed asset investment$ Fixed asset investments are initially measufed at transaction price excluding transaction costs and are subsequentSy measured at fair value al each reporting date Changes in fair value are recognised in nel income I lexpenditurel for the year. Transaction costs are expensed as incurred. Flnancial Instruments Basic financial instruments are recognised at cost, except for investrnents which are measured at fair value with changes recognised In nel incomel {expenditurel. Basic financlal assets Basic financial assets, which include amounts due from subsidiary undertakings and cash and bank balances. are initially measured at transaction price. other finanelal assets other financi81 assets, including investments in equity instwments which are not subsidiaries, associates or joint ventures, are initially measured al 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 nel income I lexpendrturel, except investment$ in equity instruments that are not publicly traded and whose fairvalues cannot be measured reliably are measured at cost less impairment. Basic financlal 1Sabilities Basic finan¢ial liabilities, including accruals are initially reco9nised at Iransaction price. The notes form part of these financial statements Page 9
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS f¢ontlnued) FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES feontinuèd) Employoe beneflts The cost ol any unused holiday entitlement is recognised in the period in which the employee's services are received. Retirement beneflts 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 Irusfs 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. rhe eslimales and associated assumptions are based on historical experlence and other factors that are considered to be relevant. Actual results may differ from these ests'males. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to aOUntIng 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 or judgements applied in the prepaolion of the financial statements. Donations and grants 2025 2024 Donations and gifts 17,017 12,235 12,235 Donatlons and gifts.. Mitre Trust Shop Olhef donations 13.501 3.516 9.242 2,993 12,235 The notes form part of these financial slalements Page 10
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continuèd) FOR THE YEAR ENDED 31 DECEMBER 2025 Investments 2025 2024 Income from listed investments (Dividends) Income from listed investments Ilnleresll Interest receivable 17,028 124 112 3,900 223 40 17,264 4,163 Other Income 2025 2024 Management fee income 63.647 62,062 63.647 62.062 Charitable activities Charftable activities Charity Shop Total 2025 Total 2024 Donations 44,732 44,732 21,300 44.732 44.732 21,300 Share of support costs (see note 81 Share of govemance costs (see note 81 21.285 4.800 63.647 84,932 4,800 87.S52 5.888 26.085 63.647 89,732 93,340 Analysis by fund Unreslricled funds Restricted funds 70,817 63,647 134.484 70,817 63,647 134.464 For the year ended 31 December 2024 Unrestricted fund5 Restricted funds 52.578 62,062 114,640 52,578 62,062 114,640 The notes fomi part of these financial ststement5 Page11
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 Support costs Support Costs Govemanee Total 2025 Total 2024 Staff costs Legal and professional fees Bank charges Sundry expenses Computer expenses Accountancy fees Independent examination 81,772 137 41 2.767 215 81,772 137 41 2,767 215 1,800 3,000 78,942 3.902 38 3.330 1,440 2,688 3.000 1.800 3,000 84,932 4,800 89,732 93.340 Analysed betwgen: Charitable activities 84,932 4,800 89,732 93,340 Dlrectors None of the directors lor any persons connected with them) received any remuneration or benefits from the trust during the year 10. Ernployee8 Number of employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Employment costs Wages and salaries Other pension costs 77,764 4,008 75,183 3,759 81.772 78.942 There were no employees who received total employee benefits of more than £60,000. Defined contrlbutlon scheme The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the company lo the fund and amount lo £4.008 {2024." £3,759). The notes form part of these financial statements Page 12
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENOED 31 DECEMBER 2025 11. Net gains on investments 2025 2024 Revaluation of investments 88,476 75.670 12. Fixgd a$sot Investmonts Lhted Invg$lments Cost or valuatlon Al 1 January 2025 Valuation changes Dividends and interest received Management fees and Charges Net disposals 1,119,053 104,484 17,152 116,0081 100,000 At 31 December 202S 1,124.681 Carrylng amount At 31 December 2025 1 124681 At 31 December 2024 1,119053 The investment portfolio is managed by Davy PrNate Clients, UK. 13. Dgbtors 2025 2024 Amounts falling due wlthln one year". Prepayments and accrued income Amounts due from subsidiary undertaking$ Total Debtors 65 15,694 15,694 14. Croditofs 2025 2024 Amounts falllng due within one year.. Accruals and deferred income The notes form part of these financial stslemenls Page 13
MITRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2025 15. Financial instruments 2025 2024 Carrying amount of financlal assets Debt instruments measured at amortised cost Equity instruments measured al fair value 8,952 1,124,681 1 S,694 1,119,053 Carrylng amount of finan¢lal liabilities Measured al amortised cost 6.396 9,879 16. Analysis of net assets between funds Unre$tri¢ted fund$ Re¥tri¢ted funds Total Fund balances at 31 December 2025 are represented by.. Investments Current asselsllliabililiesl 1,124,681 62,415 1,187,096 1,124.681 62,415 1,187,096 17. Related party transactlons Mitre Trust Shop Limited is a wholly owned subsidiary of Mitre Trust. Al the year end the amount owed from Mitre Trust Shop Limited was £8,887 and is included in Debtors. The notes form part of these financial slalements Page 14