Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Independent auditors, report to the members of Sion Mills Buildings Preservation Trust
for the year ended 30 September 2022
Opinion
We have audited the financial statements of Sion Mills Buildings Preservation Trust for the year ended 30 September
2022 which comprise the Statement of financial activities, the balance sheet and notes to the financial statements,
including a summary of significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted
Accounting Practice) including 'Accounting and Reporting by Charities: Statement of Recommended Practice, (Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,).
In our opinion the financial statements:
give a true and fair view of the state of the charitable compan￿5 affairs as at 30 September 2022 and of the incoming
resources and application of resources, including its income and expenditure. for the year then ended.
have been properly prepared in accordance with United Kingdom Generdlly Accepted Accounting Practice including
'Accounting and Reporting by Charities= Statement of Recommended Practice, (Financial Reporting Standai'd 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland,).
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Int¢rnational Siandards on Auditing (UK) (ISAS (UK)) and applicable law.
Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the
financial statements section of our report. We are independent of the charitable company in accordance with the ethical
r¢quir¢ments that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard,
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is Sufficient and appropriate lo provide a basis for our opinion.
Material uncertainty relating to going concern
We draw attention to notes 16, 17 and 18 in Ihe financial slalements, which set out the disclosures regarding the
revaluation of the workspace units and with the potential shortfall on the Stables.
These matters indicate that material uncertainty exists that casts significant doubt on the company's ability to continue as
a going concern. Our opinion is not modified in respect of these matters.
Other information
Th¢ other infomiation comprises the inforniation included in the annual report, other than the financial statements and
our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial
statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do
not express any forni of assurance conclusion thereon. In connection wilh our audit of the financial statements, our
responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation is materially
inconsistent with the financial slatements or our knowledge obtained in the audit or olhenvise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misslalements. we ar¢ required io determine
whether there is a material misstatement in the financial statements or a material misstatement of the other inforniation.
If, based on the work we have performed. we conclude that ihere is a material misstatement of this other information, we
are required to report that fact.
We have nothing to report in this regard.
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Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Independent auditors, report to the members of Sion Mills Buildings Preservation Trust
for the year ended 30 September 2022
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the directors, report for the financial year for which th¢ financial statements are prepared is
consistent with the financial statements- aT]d
the trustee's i'eport has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exeeplion
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of
the audit, we have not idenlified material misstatements in the trustees, report.
We have nothing to report in respect of the following malters in relation to which the Companies Act 2006 requires us to
report to you if, in our opinion:_
adequate accounting records have not been kept, or returns adequale for our audit have not been received from
branches not visited by us. or
the financial statements are not in agreement with the accounting records and returns. or
certain disclosures of truslees, remuneration specified by law are not made; or
we have not received all ihe inforniation and explanations we require for our audit- or
Ihe trustees were not entitled to prepare the financial statements in accordance with the small coinpanies regime and
tak¢ advantage of the small companies, exemption from the r¢quiremenl lo prepare a slrategic report.
Responsibilities of the Irustees
As explained more fully in th¢ statement of trustees responsibilities (set out on page 3), the truslees are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal
control as the trustees delermine is necessary to enable the preparalion of financial statements that are free froin material
misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable companVs ability to
continue as a going concern, disclosing, as applicable. matters related to going Concern and using the going concern basis
of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no
realistic alternative but to do so.
Auditor's responsibilitRes for the audit of the financial statements
Our objectives are lo obtain reasonable assurance about wheiher the financial statements as a whole are free from
material mi55tatement, wheiher due lo fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS
(UK) will always detect a malerial misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregale. they could reasonably be expected to influence the economic
decisions of users taken on Ihe basis of these financial stalementS.
A further description of our responsibilities for the audit of the financial stafemen15 15 located on the Financial Reporting
Council's website at www.frc.org.uk. This description fomis part of our auditovs report.
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Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Independent auditors, report to the members of Sion Mills Buildings Preservation Trust
for the year ended 30 September 2022
We have undertaken the audit Én accordance with the requirements of Auditing Practices Board's {APB's) Ethical
Standards for Auditors. including APB Ethical Siandards - Provisions Available for Small Entities as stated below-
In common with many other businesses of the charitable company size and nature we as auditors assist the chayitable
company with the preparation of the financial statements- and
We provide tax advice to ihe charitable company as and when required, and where necessary, will represent ihe
charitable company at tax tribunals.
Purpose of our audit work and to whom we oive our responsibilities
This report is mad¢ solely to the charitable compan￿5 members, as a body, in accordance with the Companies Act 2006.
Our audit work has been undertaken so that we might state to th¢ charitable company's members those matters we are
required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other ihan ihe charity and the charity's members as a body, for our audit work,
for this report. or for the opinions we have fornied.
Mrs Kate McFarland (senior statutory auditor)
For and on behalf of McFarland Arnold & Co
Chartered Accountant5 & Statutory Auditors
Dated: //K .fe/
Jo.?.
McFarland Arnold & Co
Chartered Accounlants
8 Main Street
Newtownstewart
Omagh
BT78 4AA
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