Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Trustees, report
for the year ended 30 September 2023
The trust¢¢s present their report and the financial statements for the y¢ar ended 30 September 2023.
Directors
Officeis of the company, known as directors for the purpos¢ of company law and trustees for the purpose of charity law,
who served during the year and up to the date of this rewrt are sel out on page l of the financial statements.
Members of the charitable company guarantee to contribute an amount not exceeding £ I 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, prolect and improve buildings or structur¢s of
pailicular beauty or of historic, environmental, architectural. industrial. constructional merit or interest in the Sion Mills
area for the public benefit and to restore, renovate, and conserve gardens, parkland, landscapes and estates directly related
to such buildings or structures, and to stimulate and educat¢ their interest therein.
Sion Mills Buildings Preservation Trusl is a registered charity with the Charity Commission for Northern Ireland since l O
February 2016. under registration number NICI 03552.
Organisational structure
The day to day management of ihe charilable company is carried out and overseen by the trustees on a voluntary basis.
The trustees meet regularly to administer the charitable cOmpan￿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 required to retire each year at ihe Annual General Meeting.
Retiring trustees are eligible for re-election.
Revieiv of activities and achievement5
During the year the Trust availed of grants from Derry City and Strabane Dislrict Council in relation to The Heritage
Animation and Visitor Servicing Fund which covered digital coordinator costs and museum costs.
The TnESt has a lease for the operation of Sion Stables from HEARTH. The reslaurant, shop and museuml¢ducation
centre continue to operate although th¢ restaurant tenants vacated ihe premises 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 Trust has a liability for any shortfall but thi5
has not yet been quanlified. The initial amount invoiced to the Trust of £9,333 n¢t, in relation to this is included in
ci'editors under othei. accruals and no further amounts have been provided for.
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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 the Workspace premises from Herdmans Holdings Limited. The Ti'ust
Completed their workspace units in 2010 however the units remain unoccupied. Herdmans Holdings Limited wenl into
receivership on 29 June 2011 and the lease was then laken over by the purchaser of the pi'operty which has changed hand5
several times since. The Trust instigated legal proceedings with the new owners regarding the lease obligations and the
future of the workspace units. Following the 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 costs of the units however at a hearing on 3 February 2020, the
original jltdgement was set aside with the judge stating that a Judgment in Default should not stand and that the defendanl
should have their case heard. The pandemic ihen meant thai all matters were delayed and in the meantime ownership of
th¢ property had changed again. This was then further complicated by the death of Mr5 Margaret Loughrey in September
2021 (one of the parties to the Iransaction). 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 are advised that probate has now been finalised and the
legal team for the trustees have reached a settlement with the late Mrs LoughreYs legal team which 15 to pass title of the
property known as the Old Mill, lo the Trust, together with £50,000 in lieu of outstanding rent. The Trust have a liability
for l¢gal fees in relation to this case of £41.275 plus VAT, which is shown as expenditure in this year. At the date of this
report the tei'ms of the settlement have not been fulfilled therefore no asset or debtor has been included for this settlement.
In accordance with FRS 102 Section 16 (FRS 102 'The Financial Reporting Siandard applicable in the UK and Republic
of Ireland,), the workspace units are revalued to 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 aftermath of the
coronavirus pandemic and the cost of living crisis, will provide a challenging environment in the yeai. to come.
Reserves
Tl)e Statement of Financial Activities on page 8 of the financial statements sets out the results for the year. Th¢ pU￿oSe of
the funds are outlined in the noles to the financial statements.
Statement of trustees, responsibilities
The Trustees al'e responsible for preparing the Trustees. Report and the financial statements in accordance with applicable
law and regulations.
Company law and charity law requires the Trustees to prepare financial statements for each financial year. Under that law
the Trustees have elected to prepare the financial statements in accordance with applicable law ai)d United Kiiigdom
Accounting Standai'ds (United Kingdom Generally Accepted Accounting Practi¢¢) 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 musl not approve the financial statements unles5 they are satisfied
that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that
year. In preparing these financial statements, the Trustees are required to-
select suitable accounling policies and then apply them consist¢nily'
make judgements and estimates that are reasonable and prudetTrt'
state whether applicable accounting standards and statements 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 th¢ charity will
continue in business.
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Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Trustees, report
for the year ended 30 September 2023
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the
ompany'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 and with the Charities Act {Nl)
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 al the date of approval of these financial statements are aware:
there is no relevant audit information of which the company's auditors are unaware, and
the trustees have taken all the Steps that they ought lo have taken lo make themselv¢s aware of any relevant audit
infoimation and to establish that th¢ compangs auditors are aivare of that infonnation.
Auditors
Although the company qualifies for audit exemption the trustees require an audit to 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 Meeling.
Special provisions relating to small companies
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by
Chai'itie5 (FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,) and in accordance
with the special provision5 of Part 15 of the Companies Act 2006 relating to small companies.
Thi5 report was approved by the truste¢5 on 202+ and signed on its behalf by
Signature:
Name (in block capitals):
Trustee
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