Charity registration number 108263
THE MTB CHARITABLETRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

THE MTB CHARITABLETRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Ms S Boyd
Mr M Boyd
Mrs T Boyd
Charity number
108263
Principal address
16C Station Road
Upper Ballinderry
Lisburn
Co. Antrim
Northern Ireland
BT28 2ET
Independent examiner
Moore Braniff
2 Beechill Business Park
96 Beechill Road
Belfast
Northern Ireland
BT8 7QN
Bankers
Ulster Bank
11- 16 Donegall Square East
Belfast
BTI SUB

THE MTB CHARITABLETRUST
CONTENTS
Page
Trustee report
Independent examiner's report
Statement of financial activities
Balance sheet
Notes to the financial statements
6-10

THE MTB CHARITABLETRUST
TRUSTEE REPORT
FOR THE YEAR ENDED 31 MARCH2023
The trustees present their annual report and financial ststements for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note I to the accounts and comply
with the charity's constitution, the Charities Act INI) 2008 and the Statement of Recommended Practice, The Charities
(Accounting and Reports) Regulation INI) 2015.
Objectives and activities
The Charity's objective is to advance Christian Religion in any part of the world.
The charity intends to do this by responding to dirert requests from Non Government Organisations on the ground in Tigray.
The focus will be on practical, targeted financial and spiritual support to the networks around under-privileged children. In
addition, establishing medium to long term self-reliance will be encouraged among the local Non Government Organisations.
For example an aim is to financially support the construction of additional buildings which when completed can be rented and
provide long term income streams.
The Charity will deliver it's aims by working closely with Non Government Organisations such as Operation Rescue and other
international missionary organisations and providing funds and resources to these organisations.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should
undertake.
Achievements and performance
This year is essentially a holding period for the trust. primarily because of a brutal civil war in Tigray, Ethiopia. The Federal
Goverrnment has cut off the internet and mobile communications to the region, along with a complete shut down of normal
banking and commercial artivities. We have very limited Telegram messages from our NGO partners in Mekelle. Tigray and for
obvious reasons any kind of travel to the region is forbidden by the Foreign Office.
The Trustees remain hopeful for a cessation to the violence. The Tru5tee5 continue to plan for 5UPPQrt in Tigray and look
forward to construction project5 recommencing. Meanwhile the Trustee5 are evaluating potential ways to invest some money
in the United Kingdom in order to increase overall funds.
Ongoing efforts to make new contacts and grow the Trust5 funds are continuing.
Financial review
At the reporting date of 31 March 2023, the following is an overview of the charity's position.
The accounts documented an overall net surplus of £7,88112022: £236,470).
Net assets held by the charity at the year end were £244.351,12022.' 236,4701. of this the Ulster Bank account had a closing
balance of £170,09212022'. £236,470). The charity loaned £94,800 to a limited company which with a 12 months repayment
term which will earn the charity an additional £10,000 of interest.
Going Concern
Considering the above and current year budgets the Trustees are satisfied that there are adequate funds in place to ensure
that the charity can continue its artivities and the financial statements for the year ended 31 March 2023 can be approved as
a going concern.
Strurture• governance and management
The charity is a trust for Charitable purposes only and was formed by Trust Deed dated 11 May 2020.

THE MTB CHARITABLETRUST
TRUSTEE REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH2023
The trustees who served during the year and up to the date of signature of the financial statements were=
Ms S Boyd
Mr M Boyd
Mrs T Boyd
None of the trustees has any beneficial interest in the charity- All of the trustees are members of the trust.
The Trustee report was approved by the Board of Trustees.
Mr M Boyd
Trustee
23 November 2023

THE MTB CHARITABLETRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE MTB CHARITABLETRUST
I report to the trustees on my examination of the financial statements of The MTB CharitableTrust (the charity) for the year
ended 31 March 2023.
Responsibilities and basis of report
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not
required for this year under settion 65131 of the Charities Att INI) 2008 Ithe Act} and that an independent examination is
needed.
I report in respect of my examination of the charity's financial statements carried out under section 65 of the 2008 Act. In
carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 65191
ofthe 2008 Act.
Independent examiner's statement
Your attention 15 drawn to the fart that the charity ha5 prepared financial statements in accordance with Accounting and
Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charitie5.' Statement of Recommended Practice
issued on l April 2005 which is referred to in the extant regulations but has now been withdrawn.
l understand that this has been done in order for financial statements to provide a true and fair view in accordance with
Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination
giving me cause to believe that in any material respert=
ccounting records were not kept in respect of the charity as required by section 63 of the 2008 Art,. or
the financial statements do not accord with those records,. or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts
set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a
true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be
drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Moore Braniff
2 Beechill Busine55 Park
96 Beechill Road
Belfast
BT8 7QN
Northern Ireland
Dated.. 23 November 2023

THE MTB CHARITABLETRUST
STATEMENT OF FINANCIAL AcfiviTIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
Unrestricted Unrestrirted
fund5
funds
2023
2022
Notes
Income from:
Donations and legacies
16,000
236,500
Ex
enditure on:
Charitable activities
8,080
Other
39
30
Total expenditure
8,119
30
Net income for the year/
Net movement in funds
7,881
236,470
Fund balances at l April 2022
236,470
Fund balances at 31 March 2023
244,351
236,470
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activitie5.

THE MTB CHARITABLETRUST
BALANCE SHEEr
AS AT31 MARCH 2023
2023
2022
Notes
Current assets
Debtors
Cash at bank and in hand
io
74,800
170,091
236,470
244,891
236,470
Creditors: amounts falling due within one
year
li
15401
Net current assets
244,351
236,470
Income funds
Unrestricted funds
244,351
236,470
244,351
236,470
The financial statements were approved by the Trustees on 23 November 2023
Mr M Boyd
Trustee

THE MTB CHARITABLETRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH2023
Accounting policies
Charity information
MTB Charitable trust has been set up for the benefit of such exclusively charitable objects and purposes in Northern
Ireland and elsewhere as the Trustees may in their absolute discretion think fit, and in particular, but not exclusively.. to
advance the Christian Religion in any part of the world. notwithstanding that this may lead to a total exhaustion of the
Fund.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Igoverning documentl, the Charities Act
2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1 and the
Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland IFRS 1021" leffective l January 20191. The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports} Regulations 2008 only to the extent
required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice
for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in
the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity- Monetary amounts in
these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, Imodified to include the revaluation
of freehold properties and to include investment properties and certain financial instruments at fair valuel. The
principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have è reasonable expectation that the charity has
adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt
the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
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 financial statements.
Endowment funds are subjert to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance 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 charity has been notified of the
donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to
donations received under Gift Aid or deed5 of covenant 15 recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the
amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE MTB CHARITABLETRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH2023
Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it
is probable that a transfer of economic benefits will be required in settlement. and the amount of the obligation can be
measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs,
including support costs involved in undertaking each activity. Dirert Costs attributable to a single activity are allocated
directly to that activity. Shared costs which contribute to more than one artivity and support costs which are not
attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the
asset's use.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments
with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in
current liabilities.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther
Financial Instruments 155ues' of FRS 102 to all of its financial instruments.
Financial instrument5 are recogni5ed in the charity's balance sheet when the charity becomes party to the contractual
provisions of the instrument.
Financial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a
legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.
Basicfinancial u55ets
Basic financial assets. which include debtors and cash and bank balances. are initially measured at transaction price
including transartion costs and are subsequently carried at amortised cost using the effective interest method unless
the arrangement constitutes a financing transartion. where the transaction is measured at the present value of the
future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not
amortised.
Bosicfinoncial liobilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the
arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the
future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not
amortised.
Debt instruments are subsequently carried at amortised cost. using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations
from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they
are presented as non-current liabilities. Trade creditors are recognised initially at transartion price and subsequently
measured at amortised cost using the effective interest method.
Derecognition offinoncial liobilities
Financial liabilities are derecognised when the chariws contractual obligations expire or are discharged or cancelled.

THE MTB CHARITABLETRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH2023
Accounting policies
(Continued)
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to
terminate the employment of an employee or to provide termination benefits.
Critical accounting estirnates and judgements
In the application of the charity's accounting policies, the trustees 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.
Donations and legacies
Unrestricted Unrestricted
funds
funds
2023
2022
Donations and gift5
16,000
236,500
Charitsble activities
Support &
Governante
Cost5
2023
2022
Share of support Costs (see note 51
Share of governance costs Isee note 51
7,540
540
8,080

THE MTB CHARITABLETRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH2023
Support costs
Support costs Governance
Costs
2023 Basis of allocation
Travel costs
Donations
6.540
1.000
6,540
1,000
Legal and professional
540
540 Governance
7.540
540
8,080
Analysed between
Charitable activities
7.540
540
8,080
Governance costs includes payments to the independent examiner of £54012022- £Nill. The charity is exempt from
audit.
Trustees
During the year the Charity reimbursed the Trustees for travel costs to Ethiopia of £6,540. The costs relate to a trip for
the Trustees in the summer of 2023 to meet their partnering organisations and progress the aims of the charity. The
Trustees received no salary or remuneration from the charity during the year.
Employee5
The average monthly number of employee5 duringthe year was=
2023
Number
2022
Number
Total
There were no employees whose annual remuneration was morethan £60.000.
Other
Unrestrirted Unrestrirted
funds
funds
2023
2022
Financing costs
39
30
39
30

THE MTB CHARITABLETRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH2023
Taxation
The charity is exempt from tax on income and gains falling within settion 505 of the Taxes Act 1988 or section 252 of the
Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
io
Debtors
2023
2022
Amounts falling due within one year:
Other debtor5
74.800
11 Creditors: amounts falling due within one year
2023
2022
Accruals and deferred income
540
12
Related party transactions
A loan of £94,800 was made to SIA Agencies Ltd, a company in which one of the trustees is a shareholder and director.
The loan is being repaid over 12 months plus interest of £10,000. The following amounts were outstanding at the
reporting end date..
Amounts owed by related
parties
2023
Balance
Amounts owed by related
parties
2022
Balance
Net
Net
SIA Agencies Ltd
74.800
74,800
74,800
74,800
10-