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 D￿k. 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 a￿ordanCe 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 be￿een 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 a￿OUntIng
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