Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Trustees, report and financial statements
for the year ended 30 September 2023
Registration number: N1036935
Iyorthern Ireland Charity number: NIC103552
MeFarlan(l Arnold & Co
Chartered Accountants

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Contents
for the year ended 30 September 2023
Page
Legal aiid administrative infoli￿atIOn
Trustees, report
Auditors, report to the trustees
Statement of financial activities
io
Balance Sheet
Notes to the financial stalemenls

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Legal and administrative information
for the year ended 30 September 2023
Legal status
The company is a private limited company, limited by guaranlee, which was incorporated under the Companies
(Northei'ii li'eland) Oi-dei. 1986 under Registi'ation Number N1036935. It is also recognised as a charity by the HM
Revenue & Customs under Reference Nuinber XN 33087. The coinpany 15 a registered charity with the Charily
Commission for Northern Ireland since l O February 2016 under registration number NICI 03552.
Registralion number
N1036935
Business address
120A Melniount Road
Sion Mills
Co Tyrone
BT82 9ET
Secretary
Mr Graham Robinson {resign¢d 22 May 2024)
Mr Francis Cassidy (appointed 22 May 2024)
Trustees
Mr Francis Cassidy (appointed 17 October 2022)
Mr Nigel Collins
Mr Stephen Devine (resigned 17 May 2023)
Mi's C¢lia F¢rguson
Canon William George Irwin
Dr Kiei'an Kennedy (appointed 22 May 2024)
Ms Judith McGaffin (appointed 22 May 2024}
Mr Graham Robinson (resigned 22 May 2024)
Mi. Aiidrew Sheen
Ms Judith Walker (appointed 22 May 2024)
Mi. Andrew Wl)ite
Auditors
McFai'land Arnold & Co
8 Main Sti'eet
Newtownstewart
Omagh
Co Tyi'one
BT78 4AA
Bankers
Bank of li'eland
25 Campsie Road
Oinagh
Co Tyrone
BT79 OAE
Solicitors
Mccay Legal
l John Wesley Sti'e¢t
Sti'abane
Co Tyi'one
BT82 8RJ
Page

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Trustees, report
for the year ended 30 September 2023
The Irustees pi'esent tl)eii' i'eport and the financial statements for the year ended 30 September 2023,
Directors
Officeis of ihe conipany, known as dii'ectors for the purpos¢ of company law and trustees for the purpose of charily law,
who served during the year and up to the date of this I'eport are sel out on page l of the financial statements.
MenibeiB of the charitable coinpany guai'antee to contribute an amount not exceeding £ I to the assets of the rharitable
coinpany iii the event of winding up.
Charitable objects
Th¢ pi'incipal activities of the charitable coinpany are to presei've, prolect and improve buildings or slYuclur¢s of
paiticular beauty oi. of historic, envii'onmental, architectural, industi'ial, constriictional merit or interest in the Sion Mills
area for the public beiiefit and to i'estore, I'enovate, and conserve gardei)s, parkland, landscapes and estat¢s directly related
to sucli buildings or sti-uctui'es, and to stiinulate and educat¢ theii. intei'est therein.
Sion Mills Buildings Pi'eservation Ti'ust is a registered charity with the Charity Cominission for Northern Ii'eland since l O
February 2016, ui)der registration nuinber NIC103552.
Organisational structure
The day to day management of the charitable company is carried out and overseen by the trustees on a voluntary ba515.
The tt-ustees meet regularly to administer the chai'itable company's affairs and to make all policy decisions. In accordance
with the Articles of Association the number of trustees shall be the Herdmans Irustee and at least five and not more than
twelve other individuals. One third of the trustees are i'equired to i-etii'e each year at ihe Annual General Meeting.
Retiring trustees al'e eligible foi. re-election.
Revieiv of activities and achievements
Dui'ing the year the Trust availed of grants from Derry City and Sti'abane Dislrict Council in relation to The Hei'ilage
Aniination and Visitor Servicing Fund which covered digital coordinator costs and Inuseum costs.
The Ti'ust has a lease for the operation of Sion Stables from HEARTH. The reslaui'ant, shop and museum/¢ducation
centi-e continue to operate although the restaurant tenants vacated th¢ pi'emises in March 2022 and it was vacant until new
tenant commenced in February 2023.
The project costs for the Stables are still being finalised by HEARTH and the Ti'ust has a liability for any shortfall but this
has iiot yet been quantified. The initial amount invoiced to the Trust of £9,333 n¢t, in relation to this is included in
ci'editors under oihei. acci'uals and iio fuitliei. amoui)ts have been pi'ovided for.
Page 2

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Trustees, report
for the year ended 30 September 2023
In 2008, the Trust secured a 99 year lease of tl)e Workspace premises from Herdmans Holdings Limited. The Trust
¢oinpleted their woi'kspace units in 201 O howevei- the units I'emain unoccupied. Herdmans Holdings Limited went into
receive13hip on 29 June 201 l and the lease was then taken ovei. by the purchaser of the pi'operty which has changed hands
several times since. The Trust instigated legal proceedings with the new owners regai'ding the lease obligations and the
future of the woi'kspace units. Following the gi'ant of a repossession ol'der dated 20 September 2016, the Ti'ust has taken
Possession of the workspace ui)its whicli al'e in a dilapidated state. The Couit Oi'dei. also pi'ovided for the Trust to seek
enforcement of ils outstanding rent and resloi'ation costs of the units however at a hearing on 3 February 2020, the
oi'iginal judgement was set aside with tlie judge stating that a Jiidgment in Default should not stand and that the defendant
should have theii. case h¢ard. The pandemic then meant that all Inatters were delayed and in the meantime ownei'ship of
th¢ pi'operiy had changed again. This was then furiher coniplicated by the death of Mrs Margai'et Loughi'ey in September
2021 {one of the pai'ties to the transaction). The late Mrs Loughrey was sole dii'ector of her company Rey Mill Ltd and
her entire estate entered probate at the end of 2021. The Ti'ustees al'e advised that pi'obate has now been finalised and the
legal team for the trustees have reached a settl¢ment with the late Mrs Lougl)rey's legal team whi¢h 15 to pass title of the
property known as the Old Mill, to the Trust, together with £50,000 in lieu of outstanding l-ent. The Trust have a liabi lity
foi. l¢gal fees in I'elation to this case of £41,275 plus V A T, which is shown as expenditure in this year. At tl)e date of this
report the tei'ms of the settlenient have not been fulfilled Iherefoi-¢ no asset or debtor has be¢n included foi- this settlement.
In accoi'dance with FRS 102 Section 16 (FRS 102 'The Financial Repoiting Siandard applicabl¢ in the UK and Republic
of Ii'eland,), the workspace uiiits are i'evalued to fair value as set out in the notes to the financial statements.
The trustees al'e aware that the lack of free reserves, tog¢ther with the economic backdrop, the aftermath of the
coi'onavirus pandemic and the cost of living crisis, will provide a Challenging eiivironment in the yeai. to come.
Reserves
Tl)e Stateinent of Financial Activities on page 8 of the financial statements sets out the results for the year. The puiyose of
the funds are outlined in the notes to the financial statements.
Statement of trustees, responsibilities
The Trustees al'e responsible for preparing the Truste¢s' Report and the financial statements in accordance with applicable
law and regulations.
Company law and charity law i-equii'es the Ti'ustees to prepai'e financial stateinents for each financial year. Under that law
the Trustees have elected to prepai'e tlie financial statemeiits in accoi'dance with applicable law ai)d United Kingdom
Accounting Standai'ds (United Ilingdom Generally Accepted Accounting Pi'acti¢¢) including 'Accounting and Reporliiig
by Charities.. Stateinent of Recommended Practice, (FRS 102 'The Financial Repoi'ting Stai)dai-d applicable in the UK and
Republic of li-eland,). Undei. company law the Ti-ustees Inust not approve the financial statements unles5 they are Satisfied
that tliey give a true and fair view of the slate of affairs of the company and of the profit or loss of the company for thal
year. In prepai'ing these financial statenients, the Ti'ustees are I'equired to:
select suitable accounting policies and then apply them consistently,.
make judgements and estimates that are ieasonable and prudent.
state whether applicable accounting standards and statements of I'ecoiT]mended practice have beei) followed subject to
any departures disclosed and explained in the financial statements; and
prepai'e the financial slaleinents on the going conceri) basis unless it is inappropriate to presunie 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 2023
The Trustees al-e responsible for keeping adequate accounting i'ecords that are sufficient to show and ¢xplain the
oinpany's transactions and disclose with i'easonable accuracy at any time Ihe financial position of the company and
eiiable them to ensure that the financial stateinents comply wilh the Companies Act 2006 and with the Charities Act (Nl)
2008. They are also responsible for safeguai'ding the assets of the company and hence foi. taking reasonable steps for the
pi'evention and detection of fraud and other ii'regularities.
Statement of disclosui'e of information to auditors
So far as each of the ti'ust¢es in office at the date of approval of these financial statements are aware:
there is iio relevant audit information of which the company'5 auditoi's are unaware, and
the trustees have taken all the steps that they ought lo have taken lo make themselves awai'e of any relevant audit
infoimation aiid io eslablish that th¢ company's audito13 are aware of that information.
Auditors
Although the coinpany qualifies for audit exemptioii the ti'ustees i'equire an audit to be carried out. In accordance with
Section 485 of the Companies Act 2006, a resolution proposing that McFarland Arnold & Co be i'eappoinled as auditoi's
of the charity will be put to the Annual General Meeting.
Special provisions relating to small companies
This i'epoi't has been prepared in accoi'dance with the Statement of Recommended Practice: Accounting and Reporting by
Chai'itie5 (FRS 102 'The Financial Reporting Standard applicable in tlie UK and R¢public of Ireland,) and in accordance
with the special provisions of Part 15 of the Companies Act 2006 I'elating to small companies.
Thi5 reporl was appi'oved by the Irustees on .Jo 202+
and signed on its behalf by
Signature:
Name (in blocli capitals):
Trustee
Page 4

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 2023
Opinion
We have audited the financial statements of Sion Mills Buildings Presei'vation Trust for the year ended 30 Septeinber
2023 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 repoiting framewoi'k Ihat has been applied in their
prepai'ation is applicable law and United Kingdoin Accoui)ling Standards (United Kingdom Gei)ei-ally Accepted
Accounling Practice) including 'Accounting and Repoiting by Charities.. Statement of Recommended Pi-aclice, (Financial
Repoi1ii)g Standard 102 'The Financial Reporting Standard applicable in the Ul< and Republic of Ii'eland,).
In our opinion tl)e financial statements..
give a true and fair view of the state of the charitable company's affairs as at 30 September 2023 and of ihe incoming
resources and application of resources, including its income and expenditiire, for the yeai. then ended,.
have been propei'ly prepared in accoi'dance with United Kingdoin Generally Accepted Accounting Practice including
'Accounting and Reporting by Charities: Statement of Recommei)ded Pi-aclice, (Financial Reporting Standard 102 'The
Financial Repoiting Standard applicable in the UK and Republic of Ireland')-
have been pi'epai-ed in accordance wilh the I'equirem¢nts of the Companies Act 2006.
Basis for opinlon
We conducted our audit in accordance with Intei'national Standai'ds on Auditing (UK) (ISAS (UK)) and applicable law.
Our i-esponsibililies under those standards are further described in the Auditor's responsibilities foi. Ihe audit of the
financial statements section of our i-eport. We are independent of the chai'itable company in accoi'dance with th¢ ethical
requii'emeiits that al'e I'elevant 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 thes¢ requirements. We believe that the audit
evidence we have obiained is sufficient and appropriate to provide a basis for our opinion.
Material uneertainty relating to going Concern
We di'aw attention lo notes 16, 17 and 18 in the financial statements, which set out the disclosui'es regarding the
revaluation of the workspace units, the potential sl)ortfall on the Stables and the liability for legal fees incuri'ed on the
seltleinent of the case relating to the workspaoe units.
These matters indicate that Inaterial uncertainty exists that casts significant doubt on the company's ability to continue as
a going concern. Oui. opinion is not modified in respect of these matters.
Other information
The other infonnation comprises the information included in the annual report, other than the financial statenients and
our auditor's report thereon. The trustees are responsible for the other infoiThation. Our opinion on the financial
statements does not cover the othei- infoi'mation and, except to the extent otherwise explicitly stated in oiir report, we do
not express any form of assurance Conclusion thereon. In connection with our audit of the financial statements, our
responsibility is to read the othei. infoi'mation and, in doing so, considei. whether the other inforination is Inatei'ially
inconsistent with the financial staten)ents or our knowledge obtained in the audit or otherwise appeal's to be materially
misstated. If we identify such material inconsistencies oi. appai'ent material misstatements, we al'e I'equired to detei'inine
whether there is a material misstatement in the financial statements or a Inaterial misstatement of the othei. information.
If, based on the work we have perfoi'med, we conclude that thei'e 15 a material misstatement of this othei- informalion, we
are i'equii'ed to repoit that fact.
We have nothing to report in this I'egard.
Page 5

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 2023
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the woi'k und¢rtak¢n ii) the coui'se of the audit..
the infoi'mation given in the dii'ectors, I'¢port for the financial year for which the financial statements al'e prepared is
consistent with the financial slatemenls. and
the tl-U5tee's report has been prepared in accordance with applicable legal requirements.
Malters on which we are required to report by exception
In tl)e light of the knowledge and understanding of the chai'itable company and ils environment obtained in the course of
the audit, w¢ have not idenlified material misstatements in th¢ ti'uste¢s' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to
report to you if, in our opinion:_
adequate accountiiig I'ecoi'ds have iiot been kept, or retui'ns adequate for our audit hav¢ not been received from
branches not visited by us; or
the financial statements are not in a81'eement with ihe accounting recoi'd5 and returns- or
certain disclosui'es of truslees, remuneration specified by law al'e not made- oi.
we have not received all the infoi'mation and explanations we require for our audit; or
the trustees were not eiititled to prepare the financial statements in accoi-dance with the small companies regime and
take advantage of th¢ sinall companies, exemption from the requirement to prepare a slrategic report.
Responsibilities of the trustees
As explained Inore fully in th¢ statement of trustees responsibilities (set out on page 3), the trustees are responsibl¢ foi.
the pi'epai'ation of the financial slatements and for being satisfied that they give a true and fair view, and for such internal
conti'ol as the trustees determine is necessary to ¢nable the prepai'ation of financial statements that al-e fi'e¢ from matei'ial
misstateinent, whether due to fraud or ei'i'oi-.
In preparing ihe financial statements, th¢ trustees al'e responsible for assessing the charitabl¢ company's ability to
continue as a going concern, disclosing, as applicable, Inatters related to going concern and using the going concei'n basis
of accounting unless the trustees either intend to liquidate the chai'itablc company or to c¢ase operations, oi. have no
realistic alteriiative but to do so.
Auditor's responsibilities for Ihe audit of the financial statements
Our objectives al'e to obtain reasonable assurance about whether Ihe financial statements as a whole are free fi'om
Inaterial Inisslatement, whetl)ei' due to fi'aud or eri'or, and to issue an auditoi s repoit 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 material misstateinent when il exists. Misstateinents Can arise fi'om fraud or errol. and are
considered matei'ial if, individually or in the aggregate, they could i'easonably be expected to influence the ecoiiomic
d¢cisions of usei's taken on the basis of these financial stateinenls.
li'i'egularities, including fraud, are instances of non-conipliance with laws and regulations. We design procedur¢s in line
with oui. i'esponsibilities, outlii)ed above, to detect Inatei'ial misstatements in respect of irregularities, including fraud. The
extent to which our procedures are capable of detecting ilT¢gularities, including fraud 15 detailed below..
Page 6

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 2023
n identifying and assessing i'isks of n)aterial misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we coiisidered the following..
the nature of the industiy and sector, control environment amd business perfoi'mance.
results of oui. enquii'i¢s of manageinent about their own idenlification and assessment of the i-isks of irregularities.
any matters we identified having obtained from managemeiit whether they were aware of any instances of non-
compliance and whether they have knowledge of any actual, suspe¢t¢d or alleged fi'aud; and
th¢ matters discussed among the audit engagement team regarding how and where fraud might occur in the financial
statements and any potential indicatoi's of fraud.
As a I'esult of these procedures, we identified the greatest potential for fraud in the areas in which management is
required to exercise significant judgement. In comnion with all audits under ISAS (UK), we al'e also required to perfoi'm
specific pi'ocedures to respond to lh¢ risk of management override.
We also obtained an understanding of the legal and i'egulatoiy fi'amewoi'k that the charitable company operates in,
focusing on provisions of those laws and regulations that had a direct effect on the detemiination of material amounts and
disclosui'es in the financial statements. In addilion, we considered provisions of other laws and regulations that do not
have a dii'ect effect on the financial statements but compliance witl) which may be fundamental to the chai'itable
company's ability to operate or to avoid a mal¢rial penalty. These included data proteclion, employinent, environmenlal
and health and safety regulations.
As a result of pei'fonning the above, we identified Ihe potential for inanagement oveiTide of the controls as a key audit
matter related to the potential risk of fraud. Our pi'ocedure5 to respond lo the risk5 identified included the following:
reviewing the financial stateinent disclosures and testing to supporting documentation to assess compliance with
provisions of rel¢vant law5 and regulations described as having a dii'ect effect on the financial stal¢ments'
enquii'ing of management concei'ning actual and potential litigation and claiiT)S'
perfoi'ining analytical pi'ocedures to identify any unusual or unexpected relationships that may indicate risks of material
misslatement due to fi'aud.
reading miiiutes of meetings of those charged with govei'nance; and
in addressing the I'isk of fi'aud ihrough manag¢ment override of controls, testing the appropriateness of journal entries
and other adjustinents; assessing whether the judgements made in making accounting estimates al'e indicative of a
potential bias; and evaluating the business I'ationale of any significant Iransactions that are unusual or outside the noi'mal
course of business.
We also conimunicated i'elevant identified laws and regulations and potential fraud risks to all engagein¢nt team
Inembers and remained alert to any indications of fi'aud or non-compliance with laws and regulations throughout the
audit.
A furtlier description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting
Council's website al www.frc.org.uk. This description foi'ms part of our audiloi s I'eport.
We have undertakeii Ihe audit in accordance with the requirements of Auditii)g Pi'a¢li¢es Boai'd's {APB's) Ethical
Stai)dards for AuditoiE; including APB Ethical Standai'ds - Provisions Available for Small Entities as stated below..
In common with many othei. businesses of the charitable company siz¢ and nature we as auditoi's assist the charitable
company with the preparation of the financial statements. and
We provide tax advice to the charitable rompany as and when required, and where necessary, will represent the
charitable company at tax tribunals.
Page 7

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 2023
Purpose of our audit work and to Ivhom we oive our responsibilities
This report is made solely to the charitable coinpany's membei's, as a body, in accordance with the Companie5 Act 2006.
Our audit work has been undertaken so that we might stale lo the charitable company's niemb¢rs those Inalters we are
requii'ed to state to them in an auditor's report and foi. no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone othei- than the charity and the chai'ity's membei's as a body, for oui. audit woi'k,
for Ihis report, or for the opinions we liave formed.
Mrs Kate MeFarland (senior statutory allditor)
For and on behalf of Mevarland Arnold & Co
Chartered Accountants & Statutory Auditors
Dated:
McFarland Arnold & Co
Chartered Accountants
8 Main Street
Newtownstewart
Omagh
BT78 4AA
Page 8

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Statement of financial activities (incorporating the income and expenditure account)
for the year ended 30 September 2023
Unresti'icted Restricted
funds
funds
2023
Total
2022
Total
Notes
Incoming resources
Incoming resoui'ces from generating funds..
Grant income
Other incoming resources
10,678
10,678
28,715
16.586
17,484
28,715
Total incoming resources
28,715
10,678
39,393
34,070
Resources expended
Hei'itage Animation project
Museum expenses
Computer costs
Rent
Rates and water l-ates
Electricity and gas
Repairs and maintenance
Bad debts
Subscriptions
Insurance
Telephone
Accountancy fees
Audilors, remuneration
Legal and professional fees
Depreciation & impairment
Revaluation of investm¢nt property
CFI loan interest
Bank Charges
Sundry expenses
3,056
11,400
180
1,000
383
6,318
6,080
3,056
11,400
180
1,000
383
6,318
6,080
6,600
4,122
1,000
610
9,093
1,132
4,036
73
370
487
1,300
1,650
463
342
789
,325
,700
41,275
463
342
789
1,325
1,700
41.275
14
1,061,917
703
87
407
1,567
37
451
1,567
37
451
Total resources expended
76,377
76,377
,093,601
Net incoming resources
before transfers
Ti'ansfers between funds
(47,662)
10.689
10,678
(10,689)
(36,984) (1,059,531)
Net movement in funds for the year
(36,973)
( 11) (36,984) (1,059,531)
Total funds brought fonvard
{62,598)
300,054
237,456
1,296,987
Total funds carried fonvard
(99,571)
300,043
200,472
237,456
The notes on pages I I to 19 form an integral parl of these financial statements
Page 9

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Balance Sheet
as at 30 September 2023
2023
2022
Notes
Fixed assets
Tangible assets
Investments
300,043
250
300,054
250
300,293
300,304
Current assets
Debtoi's
Cash at bank and in hand
10
2,872
10,984
2,022
3,908
13,856
5,930
Ci'editors: amouiits falliiig
due ivithin one yeai.
(66,164)
(23,293)
Net current liabilities
(52,308)
(17,363)
Total assets less current
liabilities
Creditors: amounts falling due
after more than one year
247,985
282,941
12
{47.513)
(45,485)
Net assets
200,472
237,456
Funds
Restricted income funds
Unresti'icled income funds
13
300,043
(99,571)
300,054
(62,598)
Total funds
200,472
237,456
The company is registered as a private limited company in Northern Ireland under Registration Number Nl 036935,
The financial statements al'e prepared in accordance with Stateinent of Recommended Pi'actice.. Accounting and
Repoi'ting by Chai'ilies (FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,) and
in accordance with the special pi'ovisions of Pai't 15 of the Compani¢s Act 2006 relaling to small enliti¢s.
The financial statements were approved by the Board on lLJ,E 2DiLk and signed on ils behalf by
Signature:
Name (ID block capitals):
bjllifc
Trustee
Trustee
The notes oil pages I I to 19 form an integral part of these finaneial statements
Page 10

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the finaneial statements
for the year ended 30 September 2023
General information
The conipany is a private limited Company, liinited by guai'anlee, whicl) was incorpoi'ated under the Companies
(Northei-n Ireland) Order 1986 undei. Registi'atioii Number N1036935. It is also I'ecognised as a chai'ity by the
HM Revenue & Custoins under Reference Number XN 33087. The company is a registered charity with the
Cl)ai'ity Commission for Northeim Ireland sii)ce l O Febi'uary 2016 undei- registration number NIC103552. The
address of the registered O￿l¢e is 120A Melmount Road, Sion Mils, Co Tyrone, BT82 9ET.
Statement of compliance
Tliese finaiicial statements have been prepared in compliance with Accounting and Reporting by Charities:
Statement of Recommended Pi'actice (FRS 102, 'The Fiiiancial Repoiting Standard applicable in the UK and the
Republic of Ireland,) and in accoi'dance with the Companies Act 2006.
Accounting policies
Basis of preparatioii
The financial statements al'e prepared undei. the historical cost convention and in accordance witl) Accounting
and Reporting by Charities: Statenient of Recominended Practice (FRS 102, 'The Financial Repoiting Standard
applicable in the UK and the Republic of Irelaiid,)
The charity has taken advantage of the exemption in FRS 102 Section IA from the requirement to produce a
cashflow statement because it is a small charity.
The presentation currency of these financial statements is sterliiig.
3.2. Incoming resources
All incoming i'esources are included in the statement of financial activities when the charity is entitled to Ihe
income and ihe amouiit can be quantified with i'easonable accuracy. The following specific policies al'e applied to
particular categories of income:
Voluntary income is received by way of gi'ants, donations and gifts and is included in full in the statement of
financial activities when receivable. Grants where entitlem¢nt is not conditional on the delivery of a specific
perfonnance by the charity, are recogni5ed when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included al the value to the charily wl)ere this can be quantified. The value of
sei'vices provided by volunteers has not been included.
Gifts donated for i'esale ai'¢ included as incoining resources within activities for generating funds when they are
sold.
Include here any personal guarantees given by direcloi's in respect of bori'owings by the reporting entity
3.3. Resources expended
Expenditui-e is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which
cannot be fully recovered and is reported as part of the expenditure to wl)ich it relates.
Chai'itable expenditure coinprises those costs incuiTed by the charity in the delivery of its activities aiid sei'vices
for its beneficiai'ies. It includes both costs that can be allocated directly to sucli activities and those costs of an
indirect nature necessary to support them.
Pagell

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2023
3.4. Tangible fixed assets and depreciation
Tangible fixed assets costing more than £500 are capilalised and included al their purchase costs, together with
any incidental expenses of acquisitioii.
Depreciation is pi'ovided at rates calculated to wi'it¢ off the cost less residual value of each asset over its expected
useful life, as follows:
Investment properties
Fixtures, fittings
and equipment
Straight line over the life of the lease
200/0 I'educing balance
No depreciation is chai'ged until th¢ assets are brought into use by the company.
The carrying values of tangible fixed assets are i'eviewed annually foi- impaii'ment. if events oi. changes in
circumstances indicat¢ the carrying value may not be i'ecovei-able.
Fund accounting
Unresti-icted funds I'elate to general funds which are available for use at the disci'etion of the Irustees in
furthei'ance of the general objectives of the Chai'ity and which have not b¢en designated for other purposes.
Restricted funds are funds which ar¢ to be used in accordance with specific restrictions imposed by donors or
which have been raised by ihe charity foi. particular purposes. The cost of raising and administering such fund5
are charged against the specific fund. The aim and us¢ of ¢a¢h i'estt-irted fund is set out in the notes to tlie
fii)ancial slatements.
3.6 Taxation
The conipany is registered as a charity for tax pU￿oseS undei. reference number XN 33087.
As a chai-ity, Sion Mills Buildings Pi'eservation Trust is exempi from tax on income and gains falling within
Section 505 of tlie Taxes Act 1988 01. Section 256 of ihe Taxation of Chai'geable Gains Act 1992 to the extent
that these are applied to its charitable objects. No tax charges have therefoi'e arisen for the company for the year
ended 30 September 2023.
Impairment
A i'eview foi. indicatoi's of impairment is carried out at each I'eporting date, with the recoverable amount being
estimated wliere such indicators exist. Whei'e Ihe carrying value exceeds the i-ecovei'able amount, the asset 15
impaired accordingly. Pi'ioi- Impain￿entS al'e also I'eviewed for possible itversal at each I'eporting date.
When it is not possible lo estimate the I'ecoverable ainount of an individual asset, an estimate is made of the
recovei'able amount of tlie cash-genei'ating unit to which the asset belong5. The ca5h-generating unit is the
smallest identifiable group of assets that includes the asset and generates cash inflows that al'e largely
independent of ihe cash inflows fi'om other assets or groups of assets.
Page 12

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2023
Financial instruments
A financial asset or a financi81 liability is recognised only when the company becomes a paity to the contractual
provisions of the instrument.
Basic financial inslruments are initially recognised at the ti'ansaclion price, unless Ihe arrangement constitutes a
fiiiancing Iransaction, where it is recognised at the pi'esent value of the future payments discounted at a market
rate of intei'est for a similar debt instruinent.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amoitised cost are reviewed for objective evidence of iinpairment at
the eiid of each reporting date. If there is objective evidence of iinpairn)ent, an impairment loss is recognised in
profit oi. loss iminediately.
For all equity instruments I'egardless of significance, and other financial assets that are individually significant,
these are assessed individually foi. impairment. Olhej. financial assets or either assessed iiidividually or grouped
on the basis of similar credit risk chai-acteristics.
Any reversals of impaii'ment are recognised in profit oi. loss iinmediately, to the extent Ihat the revei'sal does not
result in a carrying amount of the financial asset that exceeds whal the carrying amount would hav¢ been had the
impairment not previously been I'ecognised.
Grant income
Restrlcled
funds
2023
2022
Deri'y City & Strabane District Counci
Ulster Garden Villages
10,678
10,678
11,977
4,609
10.678
10,678
16,586
Other incoming resources
Unrestrieted
fuiids
2023
Total
2022
Total
Sundi'y income
Donatioiis
Rental income- River Mourne Guides
Rental Income- Hidden Pearl
Rental Incom¢ - Sika by Niall
52
15,230
3,166
52
15,230
3,166
258
5,462
3,153
8,611
10,267
10,267
28,715
28,715
17,484
Page 13

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2023
Net outgoing resources for the year
2023
2022
Net outgoing i'esources is stated after charging..
Depreciation and other ainounls wi'itten off tangible fixed assets
Auditors, remuneration
14
1.650
1,700
Employees
Number of employees
The average monthly nuinbers of employe¢s (including the trustees) during the year.
2023
Number
2022
Number
Auditors, remuneration
2023
2022
Audilors, remuneration audit of the financial statements
1,700
1,650
Page 14

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2023
Fixtures,
Investment fittings and
property equipment
Tangible fixed assets
Total
Cost or valuation
At l October 2022 and
At 30 Septeinber 2023
300,000
3,832
303,832
Depreciation
At l Octobei. 2022
Charge for the year
3,778
3,778
At 30 September 2023
3,789
3,789
Net book values
At 30 September 2023
At 30 September 2022
300,000
43
300,043
300,000
54
300,054
The investment property which is unoccupied and is now in a dilapidated state because of the ¢ii'cumstanc¢s set
out iii Note 16, was revalued to fair value by an independent valuei. on I I September 2023 and impairment was
recoi'ded in the financial statements for the yeai. ended 30 Septeinber 2022.
Capital grants shown as reslricted funds which were previously being released in line witli depreciation policy
over the 99 years teiTh of the lease are i)ow released in line with the i-evaluation of the investment propeity.
10.
Debtors
2023
2022
Prepayments and acci'ued income
2,872
3,008
2,872
3,008
11.
Creditors: amounts falling due
iyithin one year
2023
2022
CFI Loan (see note 12)
Other accruals aiid deferred income
360
65,804
,068
22,225
66,164
23,293
Page 15

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2023
12.
Creditors: amounts falling due
after more than one year
2023
2022
CFI Loan
Loan fi-om Trustees
25,984
21,529
23,956
21,529
47,513
45,485
Loans
R¢payable in one year or less, or on demand (Note I l )
Repayable between two and five years
Repayable in five years or inoi'e
360
22,971
24,542
1,068
25,802
19,683
47,873
46,553
Due to financial difficulty, CFI (formerly UCIT) loan repayments previously had been deferred, however in 2017
the Ti'ust had made an agreeinent lo pay £140 pei. nionth to cover interest charged and a contribution lowai'ds
loan repaynieiit. Repayinents to CFI ceased on 20 June 2022 aiid have not yet i'ecommenced.
The loans from the Truste¢s will be repaid when the cashflows become availabl¢, but not within th¢ n¢xt tw¢lve
months.
13.
Analysis of net assets between funds
Unrestricted Restricted
funds
fund5
Total
fuJid5
Fund balances at 30 September 2023 as repr¢sent¢d by..
Tangible fixed assets
Investment assets
Cuii'ent assets
Current liabililies
Long-term liabilities
300,043
300,043
250
13,856
(66,164)
(47,513)
250
13.856
(66,164)
(47,513)
(99,571)
300,043
200,472
Reslricled funds i'elate to grants receivable in respect of capital expenditui'e and grants receivable in advance for
a specific pui'pose or for future I'unning costs of the company and ils activities.
Page 16

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the fAnaneial statements
for the year ended 30 September 2023
At
At
October 2022 Incoming Outgoing Transfers 30 September 2023
14.
Unrestricted funds
General fund
(62,598)
28,715
(76,377)
10,689
(99,571)
(62,598)
28,715
(76,377)
10,689
(99,571)
Pllrpose of unrestricted funds
Unrestricted funds relate to general funds which are available for use at the disci'etion of the trustees in furtherance of
the general objectives of the chai'ity and which have not been designated for other purposes.
15.
Restricted funds
AÉ l October Ineoming Traiisfers At 30 September
2022
2023
Long leasehold property
Derry City & Strabane District Council
300,054
(I i)
(10,678)
300,043
10,678
300,054
10,678
(10,689)
300,043
Purpose of restricted funds
Restricted funds are funds which are to be used in accordaiice with specifsc restrictions imposed by donors or whicli have
been raised by the charity for pai1icular purposes. The cost of I'aising and administering such funds are charged against
the specific fund.
Restricted funds mainly I'elate to the costs of building restoration and purchasing equipment for the Ti'ust. A number of
grants were received towai'ds the project and clauses are retlecled in the letlers of offer from the major funding bodies
restricting the disposal of buildings and equipment. Grants have be¢n released in line with the revaluation of the
investment property.
Page 17

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2023
16.
Capital commitments
In 2008, the Trust secui'ed a 99 year lease of the Workspace preinises fi'om Herdmai)s Holdings Limited. The
Trust completed their woi'kspace units in 2010 however the units remain unoccupied. Herdinans Holdings
Limited went inlo receivei'ship on 29 Julie 201 l and the lease was then taken ovei. by tlie piirchaser of the
pi'opei'ly which has changed hands sevei'al times since. The Ti'ust ii)stigated legal pi'oceedings with the new
owners regai'ding the lease obligations and the futui'e of the workspace UE]its. Following the grant of a
repossession order dated 20 September 2016, the Ti'ust has laken possession of the woi'kspace units which are in
a dilapidated slate. The Couit Order also pi'ovided for the Trust to seek enfoi'cement of its outstanding rent and
restoration costs of the units however at a heal'ing on 3 Febi-uary 2020, the oi'iginal judgement was set aside with
the judge stating that a Judginent in Default should not stand and that the defendant should have theii. case heai'd.
The pandemic then Ineant that all matters wei'e delayed and in the meantime ownership of the pi'operty had
changed again. This was tl)en fuiiher complicated by the death of Mrs Mai'garet Louglii'ey in Sepiembei. 2021
(one of the parlies lo the transaction). The late Mrs Loughrey was sole dii-ector of her company Rey Mill Ltd aiid
her entire estate entei'ed pi'obate at tlie end of 2021. The Truslees are advised that probate has now been finalised
and the legal tean) for the trustees have reached a settlement with tl)e late Mrs Loughrey's legal team which is to
pass title of the property known as the Old Mill. to tl)e Trust, logether with £50,000 in lieu of outstanding rent.
The Trust have a liability for legal fees in i'elation to this case of £41,275 plus VAT, which is shown as
expenditui'e in ihis year. At the date of this I'eport the terms of the settlement have not been fulfill¢d therefoi'e no
asset or debior has been included for this s¢t¢lement.
In accoi'dance with FRS 102 Section 16 (FRS 102 'The Fiiiancial Reporting Standard applicable in the UK and
Republic of li'¢land'), the workspace units have beeii I'evalued to fail. value as set oul in Not¢ 9 to the financial
statements.
The trustees anticipate that funding can be secui'ed to i-estore the woi'kspace units into useable premis¢s.
The Trust and HEARTH wei'e in paitiiership for the restoi'ation of the Stables. Part funding was obtained for tliis
project from the Departinent of Agriculture and Rural Developinent (DARD) undei. ARC Rural Development
Grant, thei'efore DARD have registered a chai-ge over the pi'opeity with Compaiiies House. The Trust secured a
25 year lease from HEARTH Revolving Fund commencing on l Decembei. 2013 for the Stables at 120A
Melmount Road, Sion Mills al a l'ent of £1,000 per annuin. At 30 September 2023, commitments undei. this lease
remain at £16,000. The pi'oject costs are still being finalised by HEARTH and the Trust has a liability for any
shoitfall but this has not yet been quantified. The initial amount invoiced to the Ti'ust of £9,333 n¢t is included in
creditoi's undei. othei. accruals and no further amounts have been provided for.
Page 18

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Iyotes to the financial statements
for the year ended 30 September 2023
17.
Material uncertainty relating to going concern
Disclosures relating to the senlement of the case I'egai'diiig the workspace units are set out in Note 16. The write
off of the debtoi. for the rent of the workspace units in the year ended 30 Sepiembei. 2019, previously ii)cluded in
the financial statements at an amount of £94,839, together witli Ihe i-evaluation of the investment propei'ty it) the
year ended 30 September 2022 and Ihe liability for legal fees leaves the Trust with negative I'eserves on
unreslricted funds. The Balance She¢t i-emains positive and the trustees believe Iliat, with tl)e continued support of
their main creditors (Mccay Legal and CFI forinerly UCIT), the ti'ustees and funders (HEARTH) that the ti'ust
will be able to meel its obligations foi. the foi'eseeable future.
The Trustees anticipate that funding can be secured to restore ihe workspace units into useable premises.
The ti'ustees al'e awai'e that tl)e lack of free I'eserves, together with the econoinic backdrop, the aftei'math of the
coronavirus pandemic and the cost of livii)g ci'isis, will provide a challenging environment in the year to coine.
The ti'ustees still consider that it is appi-opi'iate for the financial statements to be prepared on a going concern
basis.
18.
Transactions with trustees
The trustees attend Ineetings and cany out the business of the company on a voluntary basis.
During the yeai. the Irust purchased goods and services from Irustees and theii. close family membei's totalling
£3,350 (2022 - £6,600).
Creditoi's, amounts falling due after mol'e than one year, includes loans from foul. trustees lotalling £21,529
(2022- £21,529), to be repaid when the Company has sufficient funds to do so.
19.
Company limited by guarantee
Sion Mills Buildiiigs Presei'vation Trust is a company liinited by guai'antee and accordii)gly does not have a share
capital.
Every inember of the company undertakes to contribute such aniount as may be required nol exceeding £1 lo the
assets of the charitabl¢ coinpany in the event of its being wound up while he or she is a member, or withii) one
yeai. after lie oi. she ceases to be a Inember.
20.
Charity Commission for Northern Ireland
Sion Mills Buildings Pi'esei'valion Ti'ust is a regislered charity wilh the Chai'ity Coinmission foi. Noithern
Ireland since 10 Februai'y 2016, under registi'ation number NIC103552.
Page 19