Sion Mills Buildings Preservation Trust (A company limited by guarantee) Trustees, report for the year ended 30 September 2022 The trustees presenl their report and the financial stalements for the year ended 30 Sept¢mber 2022. Directors Officers of the company, known as directors for the Purpose of company law and trustees for th¢ purpose of charity law, who sei'ved during the year and up to ihe date of this report are set out on page l of the financial stateinenls. Members of the charitable company guarantee to contribute an amount not exc¢eding £1 to the assets of the charitable company in the event of winding up. Charitable objects The principal activities of the charitable Company are to preserve. protect and Improve buildings or structures of particular beauty or of historic, environmental, architectural, induslrial, con5truclional merit or interest in the Sion Mills area for the public benefit and to restore, renovate. and conserv¢ gardens, parkland. landscapes and estates dii'ecily Telated to such buildings or structures, and to stimulate and educal¢ their inlere5t Iherein. Sion Mills Buildings Preservation Trust is a registered charity with the Charity Commission for Northern Ireland since l O February 2016, under regislration number NICI 03552. Organisational structure The day to day management of the charitable company is carried out and overs¢en by the trustees on a voluntary basis. The trustees meet regularly to administer the charitable company's affairs and to make all policy decisions. In accordance with ihe Articles of Association the number of trustees shall be the Herdman5 trustee and at least five and not more than twelve other individuals. One third of fhe trustees are required to retire each year at the Annual General Meeting. Retiring truste¢s are eligible for re-election. Revieiv of activities and achievements During the year the Trust availed of a grant from Derry City and Strabane District Council in relation to The Heritage Animation and Visitor Servicing Fund which covered digital coordinator costs, museum story telling, interactive screen content and a programme of talks. Also during this year Ulsler Garden Villages Limited confirmed that their loan to the Trust was converted to a grant and no repayment would be required. The Trust has a lease for ihe operation of Sion Stables from HEARTH. The restaurant, shop and museumleducation c¢ntre continue to operate although the restaurant tenants i'acated the premises in March 2022 and it was vacant until new tenants commenced in February 2023. The project costs for the Slable5 are still being finalised by HEARTH and the Trust has a liability for any shortfall but ihis has not yet been quantified. The initial amount invoiced to the Trusl of £9,333 net, in relation to this 15 included in creditors under other accruals and no further amounts have been provided for. Page 2
Sion Mills BuAldings Preservation Trust (A company limited by guarantee) Trustees, report for the year ended 30 September 2022 The Trust completed their workspace unils in 201 O however the units remain unoccupied. Herdmans Holdings Limited went into receivei'ship on 29 June 201 l and the lease was then laken over by the purchaser of the property which has changed hands several times since. The Trust instigated legal proceedings with the new owners regarding the lease obligations and the future of the workspace unils. Following ihe grant of a repossession order dated 20 September 2016, the Trust has taken possession of the workspace units which are in a dilapidated state. The Court Order also provided for the Trust to seek enforcement of its outstanding rent and restoration cost5 of the unit5 however at a hearing on 3 February 2020, the original judgement was set aslde with the judge stating ihat a Judgment in Default should not stand and that the defendant should have their case heard. The pandemic then meant that all matters were delayed and in the meantime ownership of the property is in the process of changing again. This is now further complicated by the death of Mrs Margaret Loughrey in September 2021 (one of the parties to th¢ transaction). The late Mrs Loughrey was sole director of her company Rey Mill Ltd and her entire estate entered probate at the end of 2021. The Trustees were led to b¢lieve that probate would be satisfied around Easler 2023 but. to dale, this has not happened. The legal team of the trustees are in ongoing discussions with the late Mrs Loughrey's legal team in anticipalion of negotiated agreement on the way fonvard. In accordance with FRS 102 Section 16 (FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,), the workspace units have been revalued lo fair value as set out in the notes to the financial statements. The trustees are aware that the lack of free reserves, together with the economic backdrop, the afterniath of the coronavirus pandemic and the cosl of living crisis, will provide a challenging environment in the year to come. Reserves Th¢ Statement of Financial Activities on page 8 of the financial statements sets out the results for the year. Th¢ purpose of the funds are outlined in the noles to ihe financial stalements. Statement of trustees, responsibilitie5 The Ti'uste¢s are responsible for preparing th¢ Trustees, Report and the financial statements in accordance with applicable law and r¢gulations. Company law and charity law requtres the Trustees lo prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial stat¢m¢nts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including 'Accounting and Reporting by Charities.. Statement of Recommended Practice, (FRS 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland,). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a Irue and fair view of the state of affairs of the company and of the profit or loss of the company for that yeai.. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and then apply them consistently. mak¢ judgements and estimates that are reasonable and prudent. state wheth¢r applicable accounting standards and stal¢ments of recommended practice have been followed subject to any departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. Page 3
Sion Mills Buildings Preservation Trust (A company limited by guarantee) Trustees, report for the year ended 30 September 2022 The Trustees are responsible for keeping adequate accounting records that are sufficienl 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 slat¢ments comply with the Companies ACÉ 2006 and with the Charities Act (NI) 2008. 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. Statement of disclosure of information to auditors So far as each of the trustees in office at the date of approval of these financial statements are aware.. there is no relevant audit inforniation of which the compangs auditors are unaware. and the trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the company's audito are aware of that information. Auditors Although the company qualifies for audit exemption the trustees require an audit lo be carried out. In accordance with Section 485 of the Companies Act 2006. a resolution proposing that McFarland Arnold & Co be reappointed as auditors of the charity will be put to the Annual General Meeting. Speeial provislons relating to small companies This report has been prepared in accordance with the Siatement of Recommended Practice: Accounting and Reporting by Charities (FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,) and in accordance with the special provisions of Part 15 of the Companies Act 2006 relating io small companies. This report was approved by the trustees on /¢ _%?tt &é.- a)9.3 and signed on its behalfby Signature: Name (in block eapita15): Trustee Page 4