Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Trustees, report and financial statements
for the year ended 30 September 2024
Registration number: N1036935
Northern Ireland Charity number: NIC103552
McFarland Arnold & Co
Chartered Accountants

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Contenls
for the year ended 30 September 2024
Page
Legal and administrative infoiination
Trustees, report
Independent examiners, report
Slatement of financial activities
Balance Sheet
Notes to the financial statements
9-17

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Legal and administrative information
for the year ended 30 September 2024
Legal status
The company is a private liinited company) limited by guarantee, which was incorporated under the Companies
(Northern Ireland) Order 1986 undei. Registration Number N1036935. It is also recognised as a chai'ity by the HM
Revenue & Customs under Ref¢i'¢nce Number XN 33087. The company is a i'egislered charity with th¢ Charity
Commission for Northern Ii'eland since 10 February 2016 under registration number NIC103552.
Registration number
N1036935
Business address
120A Melmount Road
Sion Mills
Co Tyrone
BT82 9ET
Secretary
Mr Graham Robinson (resigned 22 May 2024)
Mr Francis Cassidy (appointed 22 May 2024)
Trustees
Mr Francis Cassidy
Mr Nigel Collins
Mrs Celia Ferguson
Canon William George Irwin
Dr Kieran Kennedy (appointed 22 May 2024. resigned 9 April 2025)
Ms Rebecca Kennedy {appointed 27 June 2024. I'esigned 9 April 2025)
Ms Amie Mccay (appointed 27 June 2024. resigned 9 April 2025)
Mr Eamon Mccay (appointed 27 June 2024. resigned 9 April 2025)
Ms Judith McGaffin (appointed 22 May 2024. resigned 8 April 2025)
Mr Graham Robinson (resigned 22 May 2024)
Mr Andrew Sheen
Ms Judith Walker (appointed 22 May 2024)
Mr AndiEw White
Accountants
McFarland Arnold & Co
8 Main Street
Newtownstewart
Oinagh
Co Tyrone
BT78 4AA
Bankers
Bank of Ireland
25 Campsie Road
Oinagh
Co Tyrone
BT79 OAE
SolAeitors
Mccay Legal
l John Wesley Street
Stt"abane
Co Tyrone
BT82 8RJ
Page I

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Trustees, report
for the year ended 30 September 2024
The trustees present th¢ii' report and Ihe financial statemenls for the year ended 30 September 2024.
Directors
otyicers of the company, known as dii'ectors for the purpos¢ of company law and trustees for the purpose of charity law,
who s¢rved during th¢ yeai. and up to the date of this I'epoit are set out on page l of the financial statements.
Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable
company in the event of winding up.
Charitable objects
The principal activities of the chai'itable company are to preserve, protect and improve buildings or structures of
particular beauty or of histoi'ic, environmental, architectural, industrial, constructional merit oi. interest in the Sion Mills
ai'ea for the public benefit and to restore, renovate, and conserve gardens, pai'kland, landscapes and estates directly related
to such buildings or structures, and to stimulate and educate their interest therein.
Sion Mills Buildings Pi'eservation Ti'ust is a registei'ed charity with Ihe Charity Conimission for Northern Ireland since l O
Februaiy 2016. undei. registration number NIC103552.
Organisational structure
The day to day management of the charitable company is carried out and overseen by the Irustees on a voluntary basis.
The trustee5 meet r¢gularly 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 ti'ustee and at least five and not more than
twelve other individuals. One third of the trustees arc requii'ed lo i'etii'e each year at the Annual Gen¢i'al Meeting.
Retiring ti'ustees are eligible for i'e-election.
Review of a¢tivities and achievements
During the year the Ti'ust availed of gi'ants from Deny City and Sirabane Districl Council in relation to The Heritage
Animation and Visitor Servicing Fund which covered digilal Coordinatoi. cosls and museum costs.
The Trust has a lease for the operation of Sion Stables froin HEARTH. The reslaurant, shop and museumleducation
cenlre continued to operate throughout the full year.
The project costs for the Stables are still being finalised by HEARTH and the Trust has a liability for any shortfall but this
has not yet been quantified. The initial amount invoiced to ihe Trust of £9,333 net, in relation lo this is included in
creditors under other accruals and no furthei. amounts have been provided for.
Page 2

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Trustees, report
for the year ended 30 September 2024
In 2008, the Trust secured a 99 year lease of the Workspace premises from Herdmans Holdings Limited. Tlie Trust
completed their workspace units in 201 O howevei. the units i'emain unoccupied. Herdinans Holdings Liinited went into
receivership on 29 June 2011 and the lease was then taken over by Ihe 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 woi'kspace units. Following the grant of a repossession order dated 20 September 2016, the Trust has taken
possession of th¢ workspace units which ai'¢ in a dilapidated state. The Court Order also provided for the Trust to seek
enforcement of its outstanding rent and restoration costs of the unils however at a hearing on 3 February 2020, Ihe
original judgeinent was set aside wilh the judge stating that 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 had changed again. This was then further complicated by the death of Mrs Margaret Loughrey in September
2021 (one of the parties to the transaction). The late Mrs Loughrey was sole director of her company Rey Mill Ltd and
her entii'e estate enter¢d probate at th¢ end of 2021. The Trustees are advised that probate has now been finalised and the
legal team for the trustees have reached a settlement wtth lh¢ late Mrs Loughrey's legal team which is to pass title of the
property known as the Old Mill, to the Trust, together wilh £50,000 in lieu of outstanding rent. The Trust have a liability
for legal fees in relation to this case of £41,275 plus VAT, which has been included within creditors.. amounts falling due
within one year. At the date of this report the terms of tlie 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 Standard applicable in Ihe UK and Republic
of Ir¢land'), Ihe workspace units are revalued to fair value as set out in the notes to ihe financial statements.
The trustees are aware that the lack of free reserv¢s, together with the economic backdrop) the aftermath of the
coronavirns pandemic and the cost of living crisis, will provide a challenging environment in the year to come.
Reserves
The Statem¢nt of Financial Activities on page 6 of the financial statements sets out the results for th¢ year. The purpose of
the funds are outlined in the notes to the financial statements.
Statement of trustees, responsibilities
The Trustees are responsible for prepai'ing the Trusl¢¢s' Report and the financial statemenls in accordance with applicable
law and regulations.
Company law and charity law requires the Trustees to prepare financial stateinents for each financial year. Under that law
the Trustees have elected to prepare the financial statements in accordance with applicable law and United Kingdom
Accouiiting Standards (United Kingdom Generally Accepted Accounting Practice) includtng 'Accounting and Repoiting
by Charities.. Statement of Recommended Practice, (FRS 102 'The Financial Repoiting 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 true and fair view of the state of affaii's of the company and of the profit or loss of the company for that
year. In prepai'ing these financial stateinents, the Ti'ustees are required to..
select suitable accounting policies and then apply them consistently.
make judgements and estimates that are reasonable and prudent.
state wh¢thei' applicable accounting standards and statements of recommended practice have been followed subject to
any depaitui'es disclosed and explaii)ed in the financial statements. and
prepai'e the financial statement5 on the going concern basis unless it is inappropriate to pi'esume 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 2024
The Trustees are responsible for keeping adequate accounting I'ecords that are sufficient lo show and explain the
company's transactions and disclose with reasoi)able 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 aiid hence for taking reasonable steps for the
prevention and detection of fraud and other irj'egularities.
Statement of disclosure of information to accountants
So far as each of the trustees in office at the date of approval of these financial statements are aware:
there is no relevanl accounting infonnation of which the company's accountants are unaware,
and
the ti'ustees have taken all the steps that they ought to have taken to make themselves aware of any relevant
accounting informalion and to establish that the company's accountants are aware of that inforniation.
Special provisions relating to small companies
This I'eport has been prepared in accoydance with the Statement of Recommended Practice: Accounting and Reporting by
Chai'ities (FRS 102 'Th¢ Financial Reporting Standai'd applicable in the UK and Republic of Ireland,) and in accordanc¢
with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
This report was approved by the trustees on I s T.
and signed on its behalf by
Signature:
Name (in block capitals):
Trustee
Page 4

Sion Ivlills Buildings Preservation Trust
(A Company limited by guarantee)
Independent examiner's report on the unaudited financial statements to the trustees of
Sion Mills Buildings Preservation Trust for the year ended 30 September 2024
We repoit on the financial staten)ents of Sion Mills Buildings Preservation Trust for the year ended 30 September 2024
which are set out on pages I to 17.
Respeclive responsibilities of trustees and examiner
As described in the statement of trustees, i'esponsibilities the company's trustees (who also act as directors for lh¢
charitable activities of Sion Mills Buildings Pi'eservation Trust) are i-esponsible for the preparalion of the financial
statements in accordance with the Companies Act 2006 and with the Charities Act (Northern Ii'eland) 2008.
It is our responsibility to:_
examin¢ the financial statements under secti01165 of ihe Charities Act
follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of ihe
Charities Act
state whether particular matters have come to our attenlion.
Basis of independent examiner's report
We have examined your chai'ity financial statements as required under section 65 of the Charities Act and our
examination was cari'ied out in accordance with the general Directions given by the Charity Commission foi. Northern
Rreland under section 65(9}(b) of the Charities Act. Our examination included a review of the accounting records kept by
the charity and a comparison of the financial statements presented with those records. It also included consideration of
any unusual items or disclosures in the financial statements, and seeking explanations from you as Charity trustees
concerning any such matters.
Our role is to state whether any matei'ial matters have come to our attention giving us cause to believe..
l. That accounttng records were not kept in accordance with section 63 of the Chai'ities Act
2. That the financial statements do not accord with those accounting records
3. That ihe financial statements do not comply with the accounting I'equirements of the Charities Act
4. That there is further information n¢¢ded for a propel. understanding of the financial statem¢nts to be r¢ached.
Independent examiner's statement
We have completed our examination and have no concerns in respect of the malters (l) to {4) listed above and, in
connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that
require drawing to your attention.
LdkQ
Chartered Aceountants
Date: l
McFarland Arnold & Co
Chartered Accountants
8 Main Street
Neivtownstewart
Omagh
BT78 4AA
Page 5

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 2024
Unrestrieted Restricted
funds
funds
2024
Total
2023
Total
Noɢs
Incoming resources
Incoming resource5 from generating funds..
Grant incoine
oihei. incoming resources
5,210
5,210
20,245
10,678
28,715
20,245
Total incoming resources
20,245
5,210
25,455
39,393
Resources expended
Hei'ilage Animation project
Museum expenses
Computer costs
Rent
Rates and water rates
Eleclricity and gas
RepaiiB and maintenance
Subs¢i'iption5
Insurance
Telephone
Accounlancy fees
Auditors, iemuneration
Legal and professional fees
Deprecialion & impairinent
CFI loan interest
Interest on overdue taxation
Bank charges
Sundry expenses
2,450
960
180
1,000
763
10,168
3,511
313
342
890
2,430
2,450
960
180
1,000
763
10,168
3,511
313
342
890
2,430
3,056
11,400
180
1,000
383
6,318
6,080
463
342
789
1,325
1,700
41,275
1,992
1,992
1,567
96
550
96
550
37
451
Total resources expended
25,659
25,659
76,377
Net incoming resources
before transfers
Transfei's between funds
(5,414)
305,219
5,210
(305,219)
(204)
(36,984)
Net movement in funds for the year
299,805
(300,009)
(204)
(36,984)
Total funds brought forward
(99,571)
300,043
200,472
237,456
Total funds carried fonvard
200,234
34
200,268
200,472
The notes on pages 9 to 17 form an inlegral part of these financial stalements
Page 6

Sion Mills Buildings Preservation Trust
(A colnpany limited by guarantee)
Balance Sheet
as at 30 September 2024
2024
2023
Notes
Fixed assels
Tangible assets
Investments
300,034
250
300,043
250
300,284
300,293
Current assets
Debtors
Cash at bank and in hand
6,638
6,086
2,872
10.984
12,724
13,856
Creditors: amounts falling
due within one year
10
(62,905)
(66,164)
Net current liabilitRes
(50,181)
(52,308)
Total assets less current
liabilities
Creditors: amounts falling due
after more than one year
250,103
247,985
(49,835)
(47,513)
Net assets
200,268
200,472
Funds
Restricted income fvnds
Unrestricted income funds
12
34
200,234
300,043
(99,571)
Total funds
200,268
200.472
The company is registered as a private limited company in Northern Ireland undei. Registration Number Nl 036935.
The trustees statements i'equired by Article 257B(4) are shown on the following page which fornis part of this Balance
Sheet.
The notes on pages 9 to 17 form an integral part of these finaneial statements
Page 7

Sion Mills Buildings Preservation Trust
(A eompany limited by guarantee)
Balance Sheet (continued)
Trustees, statements required by Section 475 (2) and (3)
for the year ended 30 September 2024
In approving these financial statements as trustees of the company we hereby confirm..
(a} that for the year stated above the company was entitled to the exempiion conferred by Section 477 of the Companies
Act 2006 '
(b) that no notice has been deposited at the registei'ed office of the company pursuant to Section 476 of the Companies
Act 2006 requesting that an audit be conducted for the year ended 30 Sepiemb¢r 2024 and
(c) that we acknowledge our responsibilities for:
(l ) ensuring that the company keeps accounting recoi'ds which comply with Section 386 of the Companies Act 2006, and
(2) preparing financial statements which give a true and fair view of the state of affaii's of the company as at the end of
the financial yeai. and of its surplus oi. deficit for the year then ended in accordance with the i'equirements of Section 393
of the Companies Act 2006 and which othei'wise comply with the provisions of the Companies Act 2006 relating to
financial statements, so fai. as applicable to the charitable company.
These finaiicial statements are prepared in accordance with the Stateinent of Recommended Practice.. Accounting and
Reporting by Charities (FRS 102 'Th¢ Financial Repoiting Slandard applicable in the UK and Republic of Ireland,) and
in accordance with the special provisions of Pait 15 of the Companies Act 2006 applicable to companies subject to the
small companies regime.
The financial statements were approved by the Board on i?
and signed on its behalf by
Signature:
Name (in block capitals):
Trustee
Trustee
The notes on pages 9 to 17 form an integral part of these fiiianeial statemenls
Page 8

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2024
General information
The company is a private limited Company, limited by guai'antee, which was incorporated under the Companies
(Northei'n Ireland) Order 1986 undei- Registration Number N1036935. It is also i'ecognised as a charity by the
HM Revenue & Custom5 under Reference Number XN 33087. The company is a registered charity with the
Charity Commission for Northern Ir¢land since 10 Februai'y 2016 under r¢gisti'ation number NIC103552. The
address of the registered office is 120A Melmount Road, Sion Mils, Co Tyrone, BT82 9ET.
Statement of compliance
These financial statements have been prepared in complianre with Accounting and Reporting by Charities:
Statement of Recommended Practice (FRS 102, 'The Financial Reporting Standard applicable in the UK and the
Republic of Ireland,) and in accordance with the Companies Act 2006.
Accounting policies
3.1. Basis of preparation
The financial statements are prepared under the histoi'ical cost convention and in accordance with Accounting
and Reporting by Charities.. Statement of Recommended Practice (FRS 102, 'The Financial Reporting Standard
applicable in the UK and the Republic of Ireland,)
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 slalements is sterling.
3.2. Incoming resourees
All incoming resources are included in the statement of financial activities when the charity is enlitled to the
income and the amount can be quantified with reasonable accuracy. The following specific policies ar¢ applied to
particular ¢ategoi-ies of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of
financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific
perforniance by the charity, ar¢ recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities al'e included at the value to ihe charity where this can be quantified. The value of
sei'vices provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are
sold.
3.3. Resoui'ces expended
Expenditui-e is I'ecognised 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 which it relales.
Charitable expenditure compi'ises those costs incurred by the charity in the delivery of its activities and services
for its beneficiaries. It includes both costs that can be allocated dii'ectly to such activities and those costs of an
indirect natui-e necessary to support them.
Page 9

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2024
3.4. Tangible fixed assets and depreciation
Tangible fixed assets cosling more tlian £500 are capilalised and included at their purchase costs, together with
any incidental expenses of acquisition.
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected
useful life, as follows:
Fixtures, fittiiigs
and equipment
200/0 reducing balance
No depreciation is charged until the assets are brought into use by the company.
The carrying values of tangible fixed assets are r¢viewed annually for impairment, if events or changes in
circumstanc¢s indicate the can'ying value may not be recovei'able.
3.5. Fund accounting
Unrestricted funds relate to general funds which are available for use at the discretion of the truslees in
furtherance of Ihe general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or
which have been raised by the charity for paiticular purposes. The cost of raising and administering such funds
are charged againsi ihe specific ￿nd. Tlie aim and use of each restri¢t¢d fund is set out in the notes to the
financial statements.
3.6 Taxation
The company is registered as a charity for tax purposes under reference nuinber XN 33087.
As a cl)arity. Sion Mills Buildiiigs Preservation Trust is exempt from tax on income and gains falling wiihin
Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to ihe extent
that these al'e applied to ils charitable obj¢¢ts. No lax charges have therefoi'e arisen for the company for the year
ended 30 September 2024.
Impairment
A review for indicators of impairment is can'ied out at each reporting date, with the i'ecoverable amount being
eslimated whei'e such indicators exist. Where the canying value exceeds the i'ecoverable amount, the asset is
impaired accordingly. Prior impairments are also reviewed for possible reversal at each i-epoiting date.
When it is not possible to estiinate the i'ecoverable amount of an individual asset, an estimate is made of ihe
recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the
smallest identifiable group of assets that includes the asset and generates cash inflows that are largely
independ¢nt of the cash inflows from othei. ass¢ts or gi'oups of assets.
Page 10

Sion Mills Buildings Preservation Trust
(A conipany limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2024
Financial instruments
A financial assel or a financial liability is recognised only wl)en the company become5 a party lo the contractual
provisions of the instrument.
Basic financial instruments are initially recognised at the ti'ansaction price, unless the arrangement constitute5 a
financing transaction, where it is recognised at the present value of the future payments discounted at a Inarket
rate of interest for a similai. debt instt-ltment.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective ¢vid¢nce of impairnient at
the end of each I'eporting date. If there is objeclive evidence of impairment, an impairment loss is recognised in
profit or loss immediately.
For all equity instruments I'¢gai'dless of significance, and other financial assets that are individually significant,
these are assessed individually for impaiment. Other financial assets or either assessed individually or grouped
on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in pi'ofit or loss immediately, to the extent that the reversal does not
result in a carrying amount of the financial asset that exceeds what the carrying amouiit would have been had the
impainnent nol pi'¢viously been i'ecognised.
Crant income
Restricted
funds
2024
2023
Derry City & Strabane District Council
5,210
5,210
10,678
5,210
5,210
10,678
Other incoming resources
Unrestricted
funds
2024
Total
2023
Total
Sundry income
Donations
Rental income- River Mourne Guides
Rental Income - Stka by Niall
Rental Income - Maiy D's Restaui'anls Ltd
175
403
3,200
15,467
1,000
175
403
3,200
15,467
1,000
52
15,230
3,166
10,267
20,245
20,245
28,715
Pagell

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2024
Net outgoing resources for the year
2024
2023
Nel outgoing resources is staled after charging..
Depreciation and other amounts written off iangible fixed assets
Auditors, remunei'ation
1,700
Employees
Number of employees
The average monthly numbers of employees (including the ti'uste¢s) during the year.
2024
Number
2023
Number
12
Page 12

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2024
Fixture5,
Investment fittings and
property equipment
Tangible fixed assets
Total
Cost or valuation
At l Octobei. 2023 and
At 30 September 2024
300,000
3,832
303,832
Depreciation
At l October 2023
Charge for the year
3,789
3,789
At 30 September 2024
3.798
3,798
Net book values
At 30 September 2024
300,000
34
300,034
At 30 September 2023
300,000
43
300,043
The investment property which is unoccupied and is now in a dilapidated state becaus¢ of the circumstanres set
out in Note 15, was revalued to fair value by an independent valuer on 13 January 2025.
Capital grants in relation to the investment properly, shown as I'estricted funds, which were previously being
I'eleased in line with depreciation policy over the 99 years term of the lease have now been released in full in the
year ended 30 September 2024.
Debtors
2024
2023
Prepayments and accrued incomc
6,638
2,872
6,638
2,872
10.
Creditors: amounts falling due
within one year
2024
2023
CFI Loan (see note I l )
Other accruals and deferred income
360
65,804
62,905
62,905
66,164
Page 13

Slon Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2024
11,
Creditors: amounts falling due
after more than one year
2024
2023
CFI Loan
Loan from Trustees
28.306
21,529
25,984
21,529
49,835
47,513
Loans
Repayable in one year or less, or on demand (Note 10)
Repayabl¢ between two and five years
Repayable in five years or more
360
22,971
24,542
21,529
28,306
49,835
47,873
Due to financial difficulty, CFI (fomierly UCIT) loan repaymeiits pi'eviously had been deferred, however in 2017
the Trust had made an agreement to pay £140 per month lo cover interest charged and a contribution towards
loan repaymenl. Repayments to CFI ceased on 20 June 2022 and have not yet recommei)ced.
The loans from the Trustees will be repaid when the cashflows become available, but not within th¢ next twelve
months.
12,
Analysis of net assets between funds
Unrestricted Restricted
funds
funds
Total
funds
Fund balances at 30 September 2024 as represented by..
Tangible fixed assets
Investment assets
Cun'ent assets
Cun'ent liabililies
Long-term liabilities
300,000
250
12,724
(62,905)
(49,835)
34
300,034
250
12,724
(62,905)
(49,835)
200,234
34
200,268
Restricted funds relate to grants receivable in r¢spect of capital expenditure and granls receivable in advance for
a specific purpose or for future running cost5 of the company and its activities.
Page 14

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the fjnancial statements
for the year ended 30 September 2024
At
At
l October 2023 Incoming Outgoing Transfers 30 September 2024
13,
Unrestricted funds
General fund
(99,571)
20,245
(25,659)
305,219
200,234
(99,571)
20,245
(25,659)
305.219
200,234
Purpose of unrestricted fund5
Unrestricted funds relatc to general funds which are available for use at the discretion of the truste¢s in furtherance of
the general objectives of the chai'ity and which have not been designated for othei. puiyoses.
14.
Restricted funds
At l October 2023 Incoming Transfers At 30 September 2024
Long leasehold property
Derry City & Slrabane District Council
300,043
(300,009)
(5,210)
34
5,210
300,043
5,210
(305,219)
34
Purpose of restricted funds
Restricted funds are funds which are to be used in accordance with specific reslrictions imposed by donors or which
have been raised by the charity for particular purpos¢s. The cost of raising and adminislering such funds are
charged against the specific fund.
Restricted funds mainly relate to the costs of building restoration and purchasing equipment for the T￿St. A number
of grants were received towards the project aiid clauses are reflected in the letters of offer froin Ihe major funding
bodies restricting the disposal of buildings and equipment. Grants in relation to the inveslment propelty have been
released in full in the year ended 30 September 2024.
Page 15

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial statements
for the year ended 30 September 2024
15.
Capital commitments
In 2008, Ihe Trust secured a 99 year lease of the Workspace premises from Herdmans Holdings Limit¢d. The
Trust Completed their workspace units in 2010 however Éhe iinits remain unoccupied. Herdmans Holdings
Limited went into receivership on 29 Jun¢ 2011 and the lease was Ihen taken over by the pui'chasei. of the
property which has changed hands several tiines since. The Ti'ust instigated legal proceedings with the new
owners I'egarding the lease obligations and the future of the workspace units. Following ihe grant of a
repossession order dated 20 September 2016, the Ti'ust has taken possession of the workspace units which are in
a dilapidated state. The Couit Order also provided foi. the Trust to seek enforcement of its outstanding rent and
restoration costs of the units howevei. at a hearing on 3 February 2020, the original judgement was set aside wilh
the judge stating that 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 Ineantime ownership of the propeity had
changed again. This was then further complicated by Ihe death of Mrs Margaret Loughrey in Septembei. 2021
(one of the paities to the transaction). The late Mrs Loughi'ey was sole dii'ector 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 Loughrey's legal ieam which is to
pass title of the property kiiown as the Old Mill, to the Tivst, together with £50,000 in lieu of outslanding rent.
The Ti'ust have a liability for legal fees in relation to this case of £41,275 plus V A T, which is included within
creditors.. amounls due within one yeai.. At the date of this repoit the terms of the setilem¢nt have not been
fulfilled therefoi'e no asset or debtor has been included for this settlement.
In accordance with FRS 102 Section 16 (FRS 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ir¢land'), the woi'kspace units have been revalued to fair value as sel out in Note 8 to the financial
statements.
The trustees anticipate that funding can be Secured io restore the workspace units into useable premises.
The Trust and HEARTH were in parlnei'ship for the restoration of Ihe Stables. Pait funding was obtained for this
project from the Departinent of Agi'iculture and Rural Developmenl (DARD) under ARC Rural Development
Gi'ant, Ihei'efore DARD have registered a charge over the property with Companies House. The Trust secured a
25 year lease from HEARTH Revolving Fund commencing on l December 2013 for the Stables at 120A
Melmount Road, Sion Mills at a rent of £1,000 per annum. At 30 September 2024, commilments under this lease
remain at £16,000. The project costs are still being finalised by HEARTH and the Trust has a liability foi. any
shoitfall bul this has not yet been quantified. The initial amount invoiced to the Trust of £9,333 net is included in
creditoi's under other accruals and no further ainounts have been pi'ovided foi..
Page 16

Sion Mills Buildings Preservation Trust
(A company limited by guarantee)
Notes to the financial staten)ents
for the year ended 30 September 2024
16.
Material uncertainty relating to going concern
Disclosures relating to the settlemeiit of the case regarding the workspace units are sel oul in Note 15. The write
off of the debtor for the rent of the workspace units in the year ended 30 September 2019, previously included in
the financial statements at an amount of £94,839, together wilh the revaluation of the investment pi'op¢rty in the
year ended 30 September 2022 and the liability foi. legal fees leaves the Trust with iiegative reserves on
unresti'icted funds. The Balance Sheet I'emains positive and the trustees believe that, with the Continued suppoit of
their main ci'editors (Mccay Legal and CFI form¢i-ly UCIT), the ti'ustees and funders (HEARTH) that the trust
will be able lo meet its obligations for Ihe foreseeable futui'e.
The Trustees anticipate that funding can be secured to restore the workspace units into useable premises.
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 year to come.
The trustees still consider tl)at it is appropriate for the financial stat¢ments to be prepared on a going concern
basis.
17.
TransactRons with trustees
The trustees attend Ineetings and caii'y out the business of ihc company on a voluntary basis.
During the year the ti'ust purchased goods and services from trustees and their clos¢ fainily members totalling
£3,410 (2023 - £3,350).
Creditors, amounts falling due after more than one year, includes loan5 from four truste¢s totalling £21,529
(2023 £21,529), to be repaid when the compaiiy has sufficient funds to do so.
18.
Company limited by guarantee
Sion Mills Buildings Preservation Trust is a company limited by guarantee and accordingly does not have a share
capital.
Every member of the company undertakes to contribut¢ such amount as may b¢ required not exceeding £ I to the
assets of the charilable company in tlie event of ils being wound up while he or she is a niember, or within one
year after he or she ceases to be a member.
19.
Charity Commission for Northern Ireland
Sion Mills Buildings Preservation Ti'ust is a registered charity with the Charity Colnmission for Northern
Ireland since l O February 2016, under registration number NIC103552.
Page 17