CONWAY MILL PRESERVATION TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 ( A COMPANY LIfvIITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL) COMPANY REGISTRATION NUMBER N1037461 CHAIUTY REGISTIL4TION NUMBER NIC 101569 O'HARA SHEARER CHARTERED ACCOUNTANTS AND STATirroRY AUDrroRS 547 FALLS ROAD BELFAST BTII 9AB
CONWAY MILL PRESERVATION TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 CONTENTS Page Members and Professional Advisors Trustees Annual Report (includino the Statement of Trustees Responsibilities in respect of financial statements) Report of the Independent Examiners to the Trustees, Accounting Policies Statement of Financial Activities (incorporating the income and expenditure accoun 12 Balance Sheet 13 Notes to the Financial Statements 14-19
CONWAY MILL PRESERVATION TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 OFFICERS AND OTHER INFORMATION Directors, Jane Burns Andrew Donnelly Moya Hinds Michael Graham Brendan McLarnon (Appointed 24101/2025) Registered Offiee The Mill 5-7 Conway Street Belfast BT13 2DE Independent Examiners Oara Shearer Chartered Accountants and Statutory Auditors 547 Falls Road Belfast, B Tl19AB Solicitors Delaney & Co. Solicitors 54 AndersonstowTr Road Belfast BTII 9AN Bankers Danske Bank Business Banking POBOX 183 Donegall Square West Belfast BTI 6JS CompaDy Registration Number NI 037461 Charity Commission Northern Ireland NIC 101569 Charity Registration Number XR 35921 Page I
Conway Mill Preservation Trust Limited. Trustees, Annual Report th From I" December 2023- To 30 November 2024 Charity Nic. 101569 Date registered. 27/08/2015 Back und The Conway Mill Preserrfation Trust Limited was established in 31111-1999 with the aim of preseniing, protectin& and restoring the mill complex for the benefrt of the inhabitants of Belfast and of West Belfast in particular. Its main functions are: Overseeing the restoration of Conway Mill; Ensuring that the building's heritage is preserved for future generations; Developing projects and mediums through which visitors, from near and far, can interpret the buildings and the social history of the linen industry and Belfast., Organising events and training related to local heritage preseniation; Maintaining the buildings and site and documenting all works. After an extensive refurbishment, (completed in 20111, the Mill is now one of Belfast's best preserved and most important historical buildings. It provides a unique multi-functional space, at the same time preserving the local industrial heritage and history of the area. The mill comprises: Two main blocks linked by a glass roof with an innercourtyard; car parks to the front and rearof the complex. Facilities within the Mill Complex include: Disability acss. 62 business units, theatre and arts spaces, High speed Wi-Fi connection; Service lifts; Toilet facilities; free onsite parking as well as available street parking. The Conway Mill is one of the last remaining Mill sites in Belfast, and the only one in West Belfast, which is community-owned. In economically devastated West Belfast the Trust recognises the need for local communities to maintain ownership and control of assets and resources which can be used to provide opportunities for people to become active players in the local economy and to improve their quality of life. MPT Ch rit ble o ectiv are: To preserve for the benefit of the inhabitants of Belfast and in particular of West Belfast whatever of the historical, architectural and constructural heritage may exist in and around the Conway Mill Complex in the fomi of buildings of particular beauty or historical, architectural or constructional interest.
A statement of the main ur oses as defined b the charit commission is: The advancement of environmental protection or improvement. Who do we help. Tenants Voluntary and community sector Interface communities Students Ethnic minorities Specific areas of deprivation Local residents How do we do thks? The refurbishment of the two main blocks within the Mill complex has provided great benefit5 to the area. The board of Trustees continues to work to: Tackle dereliction Facilitate business development Promote educational opportunities Develop economic opportunities Promote Tourism locally Improved health and wellbeing for the people of the area HOW DO THESE ACTIVITIES PROVIDE A BENEFI Facilitation of business develo We have 62 business units within the Mill complex. Tenants represent the following industries- _ Architecture & Design; Arts & Crafts; Community, Engineering; Hospitality; Insurance; Music, Media and Production; ICT. Tourism and Leisure: Legal. ment Affordable rental units provide essential space for busTness development and growth. The direct impact is lower employment rates locally. Our tenants are representative of a broad Belfast base. Attracting tenants from across the city raises the profile of the West Belfast neighbourhood and promotes inclusion, innovation. creativity and entrepreneurship. During the period 1st December 2023- 30 November 2024 the Conway Mill Preseryation Trust provided the following services: Promotion of educational o ortunitie Students of architecture. engineerin& history and international studies visit the Mill to explore its industrial and social history, its unique Georgian architecture as seen in the Old Block and the 'new' block representative of Edwardian design. Also, of interest is the transfer of ownership to the local community and the recent history of the Mill.
Local schools, theatre companies, local artists, musicians, heritage bodies, museums, community organisations and production companies have benefitted from access to unique spaces within the complex for the purpose of exhibition, performance, workshops, film and documentary and outreach. Tackle dereliction: Development of The Attic in the Old Block of the main Mill complex; The Drying Room, the Theatre, engine rooms and boiler house. The large Attic is ideal for the development of incubation hubs for new business start-ups, we continue to explore a way forward to make this happen and are waiting on confirmation to put in new stairs. The Drying Room is still in need of development to make it a multi-functional creative space. The Theatre has been brought into line with Health and safety regulations With new double doors fitted and a really good makeover which has had great reviews. The Mill Museum is almost ready to open to tourists and the public with some consultation with the NIMC to which we are now members. Some local schools have now used the Mills history and museum as part of their class curriculum. Audits com leted include.. Ansvar Insurance Annual servicing of Lifts Fire Risk assessment Health and Safety audit. Gas boilers serviced Ecolab environmental assessment Lightening audit. Fire and emergency lights Develo economic o ortunitie The Attic of the old Mill / engine room and boiler house connected to the Mill complex has been identified for development for much needed start-up businesses. The Board of Directors are exploring the costs of renovation with a view to acquiring funding to aid this much needed development. We are very hopeful we can bring these important parts of the mill complex into use in the future.
The Drying Room is a unique, dramatic space which is a hidden gem within the Mill. The board are exploring a future funding package to bring this beautiful part of the old mill complex into use. This area is ideal for musical perfomiance, theatre, exhibition of art, installations, presentations and film. We also envisage marketing this space as a unique wedding venue for small intimate weddings. This space really has it all and will be a great asset to the Mill. The Mill Theatre is included in our marketing as a space within the Mill for weddings and other celebrations. As part of our plan to tie in with Failte Feirste Thiar and Belfast Welcome Centre we would hope to promote a package for cruise ship passengers which would encompass a brief history of the Mill, traditional Irish music, song and or dance, food and refreshments. The Theatre will attract a range of creative artists, community groups, businesses and corporations who will be able to avail of the range of packages to fit their need5. Promote Tourism locall We are developing the Mill museum / exhibition shop, the Board with help from the NIMC and others have been exploring the best way forward with this project. We are keen to make this a reality soon. Our Artists in residence will have an opportunity to exhibit and sell their works in the Museum shop and with the NIMC helping us to make the best of the resources we have at hand and tell story and experience we have of the history of linen production for the local, national and international tourist/ visitors. Staff and Board members engage with Failte Feirste Thiar and community tourism workshops which are city wide and provide great networking opportunities. Creation of new services within the Mill to meet with local and international tourism is a work in progress and we are keen to pursue this via F, Belfast Welcome Centre and Belfast City Council to link-in to planned Linen tourism trails. roved health and wellbein During this reporting period the Trust has facilitated the following groups through the use of Units and other spaces for the delivery of arts, community information services, counselling and Intervention services, Education and training. The following is a list of organisations who benefited: John Bosco ABC Food bank Aisling Awards Féile an Phobail Workforce Awards Conway Education Centre AMPS Studio
Tar Anall SIPS Conway Education Centre MENI; Private benefit: This is no private benefit. DECLARATION The trustees declare that they have approved the trustees. report above. Signed on behalf of the charitys trustees Full Name(s) Mr Andrew Martin Donnelly Position Director DATE 1410512025
CONWAY MILL PRESERVATION TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 TRUSTEES, ANNUAL REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. Company Law requires the trustees, to prepare financial statements for each financial year. The Trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30th November 2024. The Trustees confimi that they comply with the requirements of the Charities Act (Northern Ireland) 2008 and Accounting and Reporting by Charities: Statement of Recommended Practice which applies to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the directors are required to: select suitable accounting policies and then apply them consistently- make judgements and estimates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the directors are aware: there is no relevant information of which the company's independent examiner is unaware. and the directors have taken all steps that they ought to have taken to make themselves aware of any relevant inforniation and to establish that the independent examiner is aware of that infomiation. By order of the board: JANE BURNS DIRECTOR AM)REW DOIYNELLY DtRECTOR DATE 14th May 2025 Page 7
CONWAY MILL PRESERVATION TRUST LIMITED FINANCIAL STATEMELNTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 Independent Examiner's Report to the Trustees of Conway Mill Preservation Trust Limited report to the trustee5 on my examin10n of the financial statements of Conway Mill Preservation Trnst Limited for the year ended Joth November 2024. Responsibilities and basis of report As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial staiements in accordance with the requirements of the Companies Act 2006. Having satisfied myseifthat the financial statements of the chartty are not required to be audited under Part 16 of the Companie5 Act 2006 and are eligible for independent examination. It is my responsibility to: examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008; follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 6i(9)(b) of the Charities ACL and stale whether particular matters have cotne to my attention. Basis of independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and tny examination was carried out in accordantye with the general Directions gien by the Chariry Cotnmi5sion for Northern Ireland under section 65(9){b) of the Charities ACL The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. li also includes consideration of any unusual items or disclosures in the account4 and seeking explanations from you as charity trustees Concerning any such matters. I have compleled my examination. I confirn) that no tnatters have come to my attention in connection with the examination giving me cause to believe that in any ma*rial respect= l. That ac¢ounting records were not kept in accordance with section J86 of the Companies Act 2006 - or 2. That the financial statements do not accord with those accounting records ' or 3. That the financial statements do not comply wilh the accouniing requirements of section 396 of the Companies Act 2006 other than any requirement thai the financial ststements give a true and fair view which is not a matter considered as part of an independent examination. or 4. the financial Stslements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and retx)rting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting SLdard applicable in the UK and Republic of Ireland (FRS 102) Independent examiner's statement I have completed my examination and have no concerns in respect of the matters ( l) to (4) liskd above and, in connection with following the Direction5 of the Charity Cotnmi&sion for Northern Ireland. I have found no matters at require drawing to your atlenlion. LAWRENCE SHEARER F.C.A., Senior stst0ry Auditor FOR AND ON BEHALF OF O'HA114 SHEARER, Statutory Auditor O'HARA SHEARER CHARTERED ACCOUNTANTS AND STATUTORY AUDITORS 547 Falls Road Belfast BTI 19AB Dated: 14th May 2025 Page 8
CONWAY MILL PRESERVATION TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 STATEMENT OF ACCOUNTING POLICIES Accounting Convention and Basis of Accounting The financial statetnents have been prepared under the historical cost convention. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard which applies in the UK and Republic of Ireland (FRS 102) (elfective l January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Going Concern At the time of approving the financial statements, the trustees, have a 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. Income Recognition Income is recognised when the Charity has entitlement to the funds, any perforniance conditions attached to the item(s) of income have been meL it is probable that the income will be received and the amount can be measured reliably. Interest Receivable Interest on funds held is included when receivable and the amount can be measured reliably. this is normally upon notification of the interest paid or payable by the Bank. Resources Expended All expenditure is accounted for on an accruals basis and is classified under headings that aggregate all costs related to the category. Fundraising costs include the costs of advertising, producing publications, printing and mailing fundraising material, and staff costs in these areas. Costs of charitable activities include direct expenditure incurred through operational activities. Governance costs represent the costs associated with the governance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. Fixed Assets All tangible fixed assets are recorded at cost. Page 9
CONWAY MILL PRESERVATION TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 STATEMEwf OF ACCOUNTING POLICIES Continued Depreciation Depreciation is calculated to write off the cost of fixed assets over their estimated useful lives at the following rates: Land and Buildings Computer Equipment Plant and Equipment 00/0 residual value 20 % straight line 20 % straight line Repairs and Renewals All repairs and renewals are written off as incurred Pension Costs The charity does not currently operate a pension scheme. Debtors and Prepayments Trade debtors and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any trade discounts due. Financial Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Foreign Currencies Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the net movement in funds. Page 10
CONWAY MILL PRESERVATION TRUST LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 STATEMENT OF ACCOUNTING POLICIES Conlinued Fund Accounting Unrestricted funds are general funds that are available for use at the Tntee$, discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside by the trustees out of unrestricted funds for specific future purposes. Restricted funds are those given for use in a particular area or for specific purposes, the use of which is restricted to that ar¢a or purpose. The income received from funders depends on the charity meeting detailed criteria on expenses plans. Grants given under such conditions are also given subject to them being obtained for in connection with the furtherance of the charity's aims and objectives. Such income can be repayable to the funder if such expenses plans and criteria are not met. Such income is only deferred when the donor specifies that the grdnvdonation must only be used in future accounting periods. or the donor has imposed conditions which must be met before the chartty has unconditional entitlement. Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific perforniance conditions is recognised as earned as the related goods/services are provided. Grant income included in this category provides funding to support perforniance activities and is recognised where there is entitlemenl certainty of receipt and the amount can be measured with suffjcient reliability. Ittcome is deferred when: fees/perfonnance related grants are received in advance of the perforniancelevent to which they relate. Reserves Policy Unrestricted funds are needed to provide funds which can be applied to specific projects to enable these projects to be undertaken at short notice and to cover the running costs of the Charity for a limited period, should there be a significant shortfall in projected income. Pagell
CONI Il'A Tr. II IILL PRESERI'.4TION TRIIST LIMITED STATEIIEINT OF FIYI plNCI.IL Acfii'iTIES the tncome 4nd ex FOR THE I'E.IR ENDED 30TH NOI'EIIBER 2024 incor oratin enditure account Unrtstrieted Restrieted Endownment FuDds Funds TOTAL 21124 TOTAL 2023 NOTES INCOfvIE AND ENDOIVNI¥IENTS FRONI: Donations and legacies Income from investments Income from charitable activitie5 In¢om¢ from other trading activities 144 204.577 80 204.242 199,374 5,203 TOTAL INCOlE AND ENDOWNI%lENTS 199,518 5,203 2114,721 204,322 EXPENDITURE ON: Expenditure on raising funds Expenditure on charitable activiti&8 Otlier expenditure Net gainslllosses) on investments 171,364 171,364 164,027 TOTAL RESOURCES EXPENDED 171,364 171.364 164.027 NET INCOiWtEI(E.XPENDITIIRE} 28,154 5203 33,357 40,295 Transfers between funds 32811,115 (3280,115) NET IWIOVEIWIEKf IN FUNDS 3J08269 (3,274,912) 33,357 40,295 RECONCILIATiof4 OF FUNDS TOTAL FUNDS BROIIGHT FORWARD 500 3.280.115 3.280.615 3.240,320 TOTAL FUNDS CARRIED FORIVARD 3J08.769 53113 3,313,972 3,280,615 The Statement of Financial A¢tivitie5 include5 all gaiJLS and 1055es in the yt4r and therefore StatemeDt of Total R¢cogThis¢d Gains and Losses has not beets prtpared All of the above relate to continuing aetivities The iciompallyiDg x(touMliBg poliw Ind the fonll pArt ofthest fJth8nti*l stlfrThcDts Page 12
CONWAY MILL PRESERVATION TRUST LIMITED BALANCE SHEET AS AT 30TH NOVEMBER 2024 2024 2023 NOTES FIXED ASSETS Tangible assets 3,603,610 3,604,575 CURRENT ASSETS Debtors and prepayments Cash at bank Cash on deposit Cash in hand 10 28,936 58,872 10,293 2,038 100,139 23,089 70,875 9,697 1,015 104,676 Creditors: amounts falling due within one year (25,426) (28,615) NET CURRENT ASSETSI(LIABILITIES) 74,713 76,061 TOTAL ASSETS LESS CURRENT ASSETSI( LIABILITIES } 3,678,323 3,680,636 Creditors: amounts falling due after more than one year 12 (364,351) (400,021) NET ASSETS/(LIABILITIES) 3,313,972 3,280,615 FUNDS: ENDOWNMENT FUNDS UNRESTRICTED INCOME FUNDS 13114 3 J08,769 500 RESTRICTED INCOME FUNDS 13115 5203 3280,115 3J13,972 3,280,615 These financial statements were approved by the Trustees on 14th May 2025 and are signed on their behalf by: ANDREW DONNELL DIRECTOR JANE BURNS DIREcfoR DATE 14th May 2025 The accompanying accounting policies and Dotts form part of these financial statements Page 13
CONWAY MILL PRESERVATION TRUST LIMITED NOTES TO THE FIP4.4NCIAL STATEI¥IENTS FOR THE Tr'EAR EINDED 30TH NOVEIMBER 2024 I. DONATIONS AND LEGACIES Unrestricted Restricled Fund5 Funds Unrestrieted Restricted Funds Funds 2024 2023 Donations Legaci¢s 2. INCOME FROM INVESTMENTS Unrestricted Restrieted Fllnds Funds Unrestricted Restrieted Funds Funds 2024 2023 Income from UK listed investments In¢ome from cash 80 80 144 80 80 3. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted Funds Fund5 Unrestricted Restricted Funds Funds 2024 2023 Rent and service charges receivable Conway Street Community Enlerpriscs Projcct Limited Arts Council Nl National Heritage Fund 199,374 199,374 204,242 204,242 5.203 5,203 199,374 5.203 204.577 204,242 204.242 4. INCOME FROM OTHER TRADING ACTIVITIES Unrestricted Restricted Funds Funds Unrestricted Restrif ted Funds Fllnds 2024 2023 Fundraising Room hire Page 14
CONWAY MILL PRESERVATION TRUST LIMITED NOTES TO THE FIN.4NCIAL STATEII IENTS FOR THE YEAR ENDED 30TH NOVEIMBER 2024 S. EXPENDITURE ON 114ISING FUNDS Unrestrieted Restricted Funds Funds Unrestricted Restricted Funds Funds 2024 2023 Protnotional and fundraising costs 6. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Unrtstricted Restricted Funds Funds 2024 2023 Wages and salaries (See Note 8) Social security costs (See Note 8) Repairs and ol¢e maintenance Printing, postage, 51ationery and advertising Conway Street CoNllnunity Enterprises Projeci Limited Sundry expenses 17.386 188 7,750 502 17.386 188 7,750 502 10.692 150 13,000 1,080 10,692 150 13.000 1,080 25826 25.826 24,922 24,922 Support Costs Governance costs Light and heat Telephone and internet Propcty rates Water rates Insurance Accountancy ftts Other professional fees Subscriptions and licence5 Depreciation Loan interest Bank interest and charges 73.301 73,301 75.397 75,397 4,324 14,722 12,474 2,090 4,302 447 965 32.684 229 4,324 14.722 12,474 2.090 4,302 447 965 32.684 229 11,713 12.162 1,910 2,796 26 965 33.901 235 11,713 12,162 1,910 2.796 26 965 33,901 235 145538 145538 IJ9,105 139.IOS TOTAL EXPENDITURE ON CHARITABLE ACTIVITIES 171J64 171J64 164.027 164,027 Pw15
CONWAY MILL PRESERVATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 7. NET (OUTGOING)I INCOMING RESOURCES FOR THE YEAR This is stated after chargingl(crediting) 2024 2023 Independent examiners remuneration Depreciation 2,090 965 1,910 965 8. SALARY COSTS AIYD EMOLUMENTS 2024 2023 Total staff costs were as follows: Wages and salaries - key management personnel Wages and salaries - other staff Staff pension costs Employer social security costs - key management personnel Employer social security costs - other staff Employer social security costs - Employment Allowance The average monthly number of employees during the year was as follows: 2024 Number 2023 Number No employees had emoluments in excess of £60,000 (2023: £Nil) Trustees, remuneratlOD and benefits There was no trustees, remuneration or other benefits for the year ended 30th November 2024. (2023: £Nil) Trustees, Expenses There were no trustees, expenses paid for the year ended 30th November 2024. (2023: £Nil) Page 16
CONWAY MILL PRESERVATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 9. TANGIBLE FIXED ASSETS Land and Computer Plant & Buildings Equipment Equipment Total COST As at I st December 2023 3,603.455 3,375 1,451 3,608,281 Additions Disposals As at 30th November 2024 3,603.455 3,375 1,451 3,608,281 DEPRECIATION As at I st December 2023 2,700 1,006 3,706 Charge for year Eliminated on disposal 675 290 965 As at 30th November 2024 3,375 1,296 4,671 Net book value 2024 3,603,455 155 3,603,610 Net book value 2023 3,603,455 675 445 3,604,575 The land and buildings, stated at cosL relate to the Conway Mill Complex situated al The Mill, 5-7 Conway Street, Belfast, BT13 2DE. According to the terms of a Letter of Offer issued by the Department of Enterprise, Trade and Investment on 18th septeMr 2009, the Department's five year Control Period expired on 16th June 2016 being the fifth anniversary of receipt of all pre-completion conditions. With effect from 16th June 2016 therefore, the Conway Mill Preservation Trust workspace development project is no longer bound by the Department's Letter of Offer. Legal Charge A legal charge was taken out on the property on 20th January 2012, as the Control Period expired on 16th June 2016 it will be necessary for Conway Mill Preservation Trust Limited to have a formal "Deed of Release" drawn up and issued to the Department of Enterprise, Trade and Investment for execution in order to clear this charge from the title deeds. The directors, have arranged with the charitys solicitor to draw up a fomial Deed of Release for approval of, and execution by the Department of Enterprise, Trade and Investment. The Charity's solicitors have now confirmed in December 2023 that registration of the Deed of Release in the Registry of Deeds is now complete and the charges in relation to the Department for Communities, Department for the Economy and International Fund for Ireland have been registered as satisfied at Companles House. Page 17
CONWAY MILL PRESERVATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Debtors Prepayments 15,909 21,062 2,027 28,936 23,089 11. CREDITORS: AMouKfs FALLING DUE WITHIN ONE YEAR 2024 2023 Social security costs and other taxes Accrued expenses Loan - The Architectural Heritage Fund li,641 11,785 14,469 14,146 25,426 28,615 12. CREDITORS: AMOUNTS FALLING DUE AFfER ONE YEAR 2024 2023 Loan - The Architectural Heritage Fund Danske Bank Bounce Back Loan 344,089 20,262 371,571 28,450 J64.J51 400,021 This loan relates to a mortgage deed Crealed 7th Novetnber 2008 between Conway Mill Preservation Trust Limited and The Architectural Heritage Fund. The principal SUTn was £500,000. 13. MOVEMENT IN FUNDS Opening Net Movement Balance in Funds Transfer5 between Funds 2024 2023 Unrestricted Income Funds General fund 500 28,154 3,280,115 3,308,769 500 500 28,154 3280,115 3,J08.769 500 Opening Net Movement B21anee in Funds Transfers between Funds 2024 2023 Restri¢ted Income Funds Building fund 3280,115 520i (3,280,115) 5,203 3280,115 i.280.115 (i,280,115) 5,203 3,280,115 Page 18
CONWAY MILL PRESERVATION TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH NOVEMBER 2024 14. UNRESTRICTED INCOME FUNDS 2024 2023 Balance at 1st December 2023 500 500 Incoming resources for the year Resources expended for the year Transfers between funds 199,518 (171,364) 3,280,115 Balance at 30th November 2024 3,308,769 500 15. RESTIUCTED IIYCOME FUI¥DS 2024 2023 Balance at 1st December 2023 3,280,115 3,239,820 Incoming resources for the year Resources expended for the year Transfers between funds 5,203 204,322 (164,027) (3,280,115) Balance at 30th November 2024 5,203 3,280,115 16. LEGAL STATUS Conway Mill Preservation Trust Limited is a Company Limited by Guarantee. Each member has agreed to contribute £ l in the event of a compulsory winding up. Conway Mill Preservation Trust Limited is a recognised Charity within the definition of Section 360{3) Income and Corporation Taxes Act 1970 by the Commissioners of the Inland Revenue. Conway Mill Preservation Trust Limited is a Charity registered with The Charity Commission for Northern Ireland Charity Number 101569. Date of Registration 27th August 2015. Page 19