Sion Mills Buildings Pre5ervxtion Trust {A eompany limited by giuarantee) Trustees, repurt and finanLiAI statements for the year Lndcd 30 .SLptcmbir 2025 Registration number: N1036935 Northern Ireland c.harity numbLr: NIC103552 MeFai'lAnd Ai'nold & Co Chartere(l Accountants
Sion Mi115 Buildings Preservation Trust (A company limitvd by gudr#ntLc) Conlents for the yoAr ended 30 September 2025 PaRc Legal aiid adiniiiistrative inforJnatTon Triistees, report Independent examineis, report Statement of financial activities Balynce Sheet Notes to the financial statements 9-17
Sion Mi115 Iluildings Pi'cservation Trust (A company limited by guarantee) Legal and 8dminllstrative information for thc ycar LndLd 30 Scptcmber 2025 Legal stAtus The company is a private limited company, limited by guarantee, which was incorporated linder the Coinpanies (Northei'n IrelaTJd) Order 1986 ullder Registration Nuimbcr N1036935. It is also iecognised as a ¢hai'ity by the HM Revenue & Customs linder Reference Nuinbei. XN 33087. The coimpany is a registered chttrity with thc Charity Comniission for Northci'n Iirlgiid 5iMce IQ FebialY 2016 under regists'ation nuinbcr NICI 03552. Registration niimber N1036935 Business Address 120A Melinount Road Sion Mills Co Tyrone B'f82 9ET Secretary Mr Francis Cassidy Trustees Mr Francis Cassidy Mi. Nigel Collins Mrs Celia Ferguson Caiion William (ieoi'ge I[.]n Dr Kie12n Kennedy (rtrsigned 9 April 2025) M% Rebccea K¢nn¢dy {r¢signed 9 April 2025) Ms Ainie Mccay {resigined 9 April 2025) Mr F&c11non Mccay (resigned 9 April 2025) Ms Jiidiih McGaffin (resiwied 8 ApTiI 2025} Mr Andrew Sliec Ms Juditli Walker Mr Andrew White Accountants MLFdl"land Ai'jiold & Cu 8 Maiii Street NewtOWll5tcwart Oinagh Co Tyrone BI-78 4AA Bankei Baiik of IIEland 25 Caimpsie Road Oinabh Cn Tyronc BT79 OAE Solieitors Mclceone O'Dowd Solicitois C".arlisle Tcrracc Loiidonderry Co Londonderry BT48 6JX Page I
Sion Mills Buildings Preserv#tion Trust (A company limited by guarantee} Trustees, report for the year ended 30 September 2025 The trustees present their report and thc financial stateinents for the year ended 30 gepteinbei. 2025. Diiyetots Officers of ihe coinpany, known as dii'ectors for the pui'pose of company law gnd trustee5 for the purpose of charity law, who seivcd during the year and up to thc date of tliis report are sei out on page l of (he financial stateinenis. Meinbers of the chai'itable coinpany guarantee to conti'ibute an ainoiiiit not exceeding £ I to tlie assets of tlie charitable coinpany in tlie eveiit of windiiig ilp. Charitable nhjeels The priJ)cipal activitie5 Df the chai-itdble coinpany are to preserve, protect and iinpi'ove biiildings or sliiictuies of paitiLular beauly or of histoi'ic, environjnenlal, architeclui'al, indiislrial, conslruclional inei'it or interest in the Sion Mills rea for the public benefil <ind to restoi'e. renovate, and conserve garden5. parkland, laiidscapes and eslales directly relaled to such buildings or stt'uctures. and to stiinulate and educate their inteitst thei'ein. Sion Mills Buildings PreservatiOD Trust ss a registered charity with the Charity ColnI$s1On for Noithern li'eland since 10 Februaiy 2016, under regisiixtion number NIC103552. Oryanisational striicture The day 10 day Inanagement of the charitable coinpaY is caled out and overseen by the tteeS on a voluntaTy basi5. The trustees Ineet regularly 10 administer the chdritable coinpany's affairs aiid to Inake all policy decisions. In accordance with Ihe Ai'licles of Association the nuinbei. of ti'ustees shall be the Herdindns Ii"iistee dnd at leagt five and not more than twclvc other illdividuals. One third of the irusiees are required to retire each year at the Annual General Meeting. Retiring trustees are eligible for iy-election. Review of activities 2nd aehievemeiits During the year ihe Trusi availed of graiits froni Derry City and Strabane District Council in relation to The Hei'itage Aniination and Visitor Sei'vicing Fuiid which Lovei'ed digital cooi'dina(oi' cosls and inuseuin costs. The 'friis1 has a lease for the op¢ration of Sioii Stables from HEARTH. The restaurant, shop and inuscun11education centre continued to operate throughout the full yeai.. The project costs foi. tlie Stables are Still being Iinalised by Hl.-ARTI-l aiid the-l-riisl has a liability for any shortfall biit this has not ytt been quaiitified. The initial ainount invoiced to the Ti'i15t of £9,333 Jiet, in relatioii to this is iiicluded ii) cirdi101s under oilier accruals and i)0 tiirther ainounls have been provided foi.. Page 2
Siun Mi115 Buildings Preservation I'ru5t {A company limited by guarantee) Trustee8' report for the year end¢d 30 September 2025 In 2008, Ilie Trust secured d 99 year lease of the Woi'kspace preiiiises froin Herdmdns Holdiiigs Liinited. The Trust coinpleted Ilieii. woi'kspace units in 2010 hvwevei. Ihe w)itS Teinain URO¢Lupied. Herdinaiis Holdinkis Liinited went into receivership on 29 June 201 l and the lease was then Idken over by the pui'chaser of Ihe propei'Ly which has changed handg several times since. The Trust instigated legal pi'gceedin&is with tlie new ownei's regai'ding the lease obligatioiis and the futuie of thc woi'kspace units. Following the gran( of a repossession ordei. daied 20 Septembei. 2016, the Tnist has taken possession of ihe workspace units which are in a dilapid8ted state. The Court Order al%0 pi'ovided for the Trust to seek ¢nforcemeiit of its outstandii)g l'ent ai)d restoration costs of the iinits however at a heal'ing on 3 febru2Ty 2020, the original jiidgeiment was set asidc with th¢ judge stating that a Jiidginent in D¢fault shTruld not stand and that the defcndant sliould liave tlieir case heard. 'I'he pandeinic then meant th47t all Inatters were delayed and in tlie Ineantiine ownership of tlie prupei'ly had changed again. I'his was then fiirther coinplicat¢d by the death of Mrs Mai'gaiet l.oughrey in Septeinber 2021 lojie of the partie5 lo the transaction). The late Mi's Loughiey was sole directoi. ot her coinpany Rey Mill Lid and hei" entire estate entered probate at the end of 2021. The .1 I'ustees are advised iliat piDbate has now been finalised aiid the legal team foi. the trustee5 have reaLhed ti setilement with Ihe late Mrs Loughrey's legal teatn whiLh 15 to pass Litle of the property known as the Old Mill, to the Trust. together with £50,000 ill lieu of outstanding rent. The Trusi have a liability for legal fees in ielation to this ca5c of £53,880 inL VAT, whiLh has been includcd within crcdTtOTS.' amoullt fallillg due within one year. At rhe date of this report the terins of tlie settleinent have not been fulfilled Iheirfore no asset or debtor has been included for thi5 settleTncnt. Ncaotiations continue with various pai'lics ¢xplorEng options to secur¢ a way foTward for the Trust. In accoi'dance with FRS 102 Section 16 (FRS 102 'The Financial Repoiting Standard applicable in the UK and Republic of Ireland,), the workspace units are I'evalued to fair value as set ou( in the notes 10 the fInancial statemenis. The trustees are aware that the latk of fice reserves, together with the economsc backdrop, will PTovidc a ehallenging ¢nvironment in the year to coine. The trustee5 Still consider that it is appi'oprEale for the financial statements to be prepared on a going concern basi5. ReseTves The %tatcincnt of financial Activities on page 6 of the financial statements sets out the results for the year. The pui'pose of thc fiinds arc outlin¢d in the notes to the financEal statements. Statenient vf trustees, responslbililies Tlie I rii%tces are responsible for piepai'ing the'fti]5tees' Report and the financial statements in accordance with applicable law alld regiilations. Coinpany law and charity law iequii'es the Trustees to prepare financial stateinents foi each financial year. Under that law the Trustees have elected to prepare the fiiiai)cial stateineiits in accoi'dance with applicable law and United Kiiigdom AccouDtsn¥ Stdnddrds (United Kingdoin Generally Accepted Accounling Praciice) including 'Aecounling and Reporting by Chai'ities.. Statemeiit of Recoinmeiided Piactice, IFRS 102 'The Financial Repgrting Standai'd applicable in the UK and Rcpublic of Ireland'}. Under coinpany law the Trustees Inust not appi'ove ihe financial statements unless they are satisfied tliat they give a true and fair view of the state of affairs of thc coimpally and of the profit or of the coinpaiiy for that y¢aT. In preparing these financial statements. the Tiustees are iequircd to: select suitable accounting policies and then apply them consistently., Inpke judgeinents and estimates that are reasonable and prudent,. state whether dpplitable accounting srandards and stateinents of recoinmended piactice have been followed subject to any departures disclosed and explaiiied in the financial 5tateJnents,' and Page 3
Sion Mill.5 Buildings Priscrvation Trust (A company limited by guarantee) Trustees, report for the year ended 30 September 2025 PTepdie the fink)ncial slateinenls 011 the going concern basis unless it is inappropriate to pr¢sumt that the charity will continue in busiiiess. The Trustees al'e responsible for keeping adequatc aceountintr recnrds that aTC %uffitieiit to sliow and explain the coinpany's tran5aCtion.s and di8c105C Wltli reason1( ble accuracy at any time the financial position of the compaiiy and enable Iheit) to ensure that the financial 8tat¢tnents comply with the Companies Act 2006 and with the ChaTilies Act {Nll 2008. I'liey are also i'esponsible foT safeguai'ding the assets of the company and hence foi. taking Teasonable slcps foi. the pi-evention and deteclion ol. fi'aud and other irregulai'ities. Statement of disclosure of informativn to accountgnts So far as each of the Irustees in otTice at the date of approval of these financial staleinent5 aiE aware.. there is no relevant accounting infonnation of which the coinpany's accountants are unawair, and the trustees have iaken all the steps that tliey ought to have taken to make theinselves aware of any relevant accounting inforination and to establish that the cojnpany's acLounldnis ai"e awa uf ihal inforn)ation. Special provisivns rel#tiiig to Small companies This report has been pjrpai'ed in accordance with the Statemei)t of Re¢omn)ended Practice.. Accounting and Reporting by Charities IFRS 102 'The Fin&ill¢idl Reporting Standard applicable in the UK and Republic of Ireland,) and in accoTdance with the special provisioiis of Pait 15 of the Coinpanie5 Act 2006 I'elating to SJl)iill comp(Inies. Thi5 repoii was approved by the trustees on 201 2nd signed on its behalf by Signatui'e: Naine (in bloeli capita15): LJWIITC Trustee PHge 4
Sion Mills Buildings PreseiwAtion Trust (A company limited by guarantee) Independent examiner's report on thc unaudited fin2neial statement.s to the trustecs uf .Sion Mills Buildings PrL5ervation I'rust for tlie year elided 30 September 2025 We report on the financial statements of Sion Mills Building8 Preservation Trust for the year ended 30 September 2025 whicl) are set out on pages I to 17. Respective i.o8ponsibilities of trllstees and examiner As described in tl)e staleinent of ii'iislee5' iesponsibilities the company'5 li-lislees (who al80 act as dii'cctoys foi. the cliaritable a¢tivit1¢5 of Sion Mills Buildings PI'eserv<ltion Trust) are responsible toi. the prei)ai-atioi) of thc fin8NCsal Statements in accordance with the Cvmpanies Act 2006 and with the Chai'itle5 Act {Noi1hern Ireland) 2008. It 15 our responsibility to',- examine the financial siateinents under seciion65 of the Charities Act follow the pi'ocedures laid down in the gcneral Directions given by thc Commission under section 65(9)(b) of the Cliaritie5 Act stale whether particular matters have come io our attentioll. Basis of independent examiiier's report Wc have examined your charity financial statements as requi]Td under gection 65 of the Charilies A¢t and our exaimination wa.s carried out in accordance with the general Directions given by tlie Charity CoininissEon for Northern Ircland under section 65(91{b) of the (:haTlties Act. Our examination included a review of the accouiiting recoTds kept by the cliarity and a coinparison of the financial stateillent% pi'esented with those record5. It also included consideration of any unusual iteins or disclosures in the financial statements, and seeking cxplanaiions from you as charity trustees conceming any such tnatters. Our role is to slate whether any material matters have Coine to oui. attention giviiig us cause to believt.. l. That accouiiting iecords were not kept in accordance with scction 63 of the Charities Act 2. That the financiul statements do not accord with ihose accounting i'ecojxls 3. That the financial stateinents do not coinply with the accounting requirements of the Charities Aci 4. Th&t there is furthei. infomiatiun needed for a propel. underslanding of the financial stateinents to be iEaclied. Independent examiner's statement We liave Loinpleted our exaininalion and have no concei'ns in respect of the matter8 1 l) to (4) listed above and, in Lonnection with following the Directions of the Charity Coinmission for Noithern Ireland, we have found no Inattcis that require drawing to your attention. Chartered A¢eountAI)ts Date: Jiid e McFarlai)d Arnold & Co Chartered Accountants 8 Main Street NewtownsteTrv2rt Om#%h BT78 4AA Page 5
Sion Mills Building5 Preservation I"i'u8t (A company liinitcd by guarantee) Statement thf fin#ncial IlLtAvitiets (incorporating the ine(>m¢ and expenditure 8ccount) for the year en(led 30 September 2025 Unrestricted Restricted funds funds 2025 Total 2024 Total Notes Incoming resources Incuining iesourLes from geneTating funds.. Grant inconie OtheT incoining resources 1,796 1,796 22,419 5,210 20.245 22.419 Total iiicoming Iwsources 22,419 1,796 24,215 25,455 Resources expen(led Heritage Aniinc1tion project Miiseiiiii expenses Coinputer costs Rcnt Rates and watei. rates Electricity and gas Repaii's and inainteIiance Subscription5 In%ui'ance Telephone Atcountancy fees DepTe¢iation & iinpainnent CFI loan interc8t Interest on overdue taxation Bank chai'ges Siindiy expenses Legal fees Bad d¢bts 2,450 960 180 1,000 763 10,168 3,511 313 342 890 2,430 180 1,000 552 180 1,000 552 2,065 134 342 (536) 3,035 228 2,065 134 342 {536) 3,035 228 1,992 84 83 9,818 4,157 84 83 9,818 4,157 96 550 Total resources expeDdetl 36,209 36,209 25,659 Net incoming resourees betore transfej 'ri'ansfers between funds {13.790) 1,803 1,796 {1,803) 111,994) (204) Net movemeii¢ in funds ft'oi. the year (11,987) (7) 111.994) 12041 Total funds brought fornyai'd 200,234 34 200.268 200,472 Tot¥1 funds ¢arried forivaixl 188,247 27 188,274 200,268 The notes on pagcs 9 to 17 form an integral part of these financihl.slatements Page 6
Sion Mills Building5 Preservation Trust (A company limited by guai'#ntee) Balanee.Sheet as at 3U Septeinber 2025 2025 2024 Note5 Fixed assets Tangible dssets Investinents 301,009 250 300,034 250 301,259 300,284 Curi'ent assets Debtoi's Casli at bank and in hand 10,989 804 6,638 6,086 11,793 12,724 Creditors: xmounts falling due ivithin year 10 (72.992) {62,905) Net eurrcnt liabilyties (61,199) 150.181) Total assets le35 current liabilities Creditors: amoiints falling diie After more than one year 240,060 250,103 (51,786} {49,835) Net assets 188,274 200.268 Funds RestrEcled incoine funds Uniestricted income ndS 12 27 188,247 34 200,234 I'olal fuiids 188,274 200,268 The company is regisiered as a private lijnited company in Northern Ireland under Registration Number Nl 036935. The trustco% stateinents required by Aiticle 257B(4) are shown un the following page which fojjns part of this Balance Sheet. The notes on pmgpes 9 lo 17 furm an integi'al part of these fjnancial $1gtement5 Page 7
Sion Mi115 Buildings Preservatioii Trust (A company limited by gu#ranteL) Balance Sheet (eontinued) Trustees, statement.8 required by Section 474 (2) and (3) for the year ended 30 September 2025 In approving these finaiicial slaiemenis as trustees of the coinpany we hereby confinn.. (8) that for the year slated above the coinpany was enlitled to the exemption LunfLrred by Section 477 of the Companie5 Act 2006 Ib) that no notice has been deposited at the registcied office of the company piirsiiant to Stction 476 of the Companie5 Aci 2006 rcqucsting that an audit be conducted for ihe year ended 30 8epteinber 2025 and {c} that we acknowledge oiii. I'esponsibilities ft>r'. ( l ) ensuring that the company keep5 accounting rccords which comply with Section 386 of the Companies Act 2006, aiid (2) preparing financial slateinents which give a triie and fair view af the state of affairs of the coinpany as at the end of the financial year and of its Surplu oi. deficit for the year th¢n cnded in accoi'dancc with the requirements of Section 393 of the Coinpalli¢5 Act 2006 and which oiherwise comply with the provisions of the C.ompanie5 Act 2006 relating to fivancial stateinenls, $0 far a5 applicable to the charitablc company. ThcEe finan¢ial stateinents are prepared iii accordancc with the %tateinent of Kecominended Practice.. Acc(Funting and Reporting by Charities (FRS 102 'Th¢ financial Repoiling Slandai'd applicable iii tlie UK and Republic of Iieland,) and in accordance with the special pi'ovisions of Part 15 of the Coinpanies Act 2006 appliLÉible lo collipanies subject to the Sinall coiknpat)ies regiine. The financial slaieinenls were approved by th¢ Board on Xl and signed on its behalf by Si¥naturc: Naine (in bloek cgpitals).. 'rrustee Trustee Thc notes on pagc5 9 to 17 form integral p81.1 of these financial statements Page ¥
Sion Mills Buildings Preservation Trust (A company limited by gllArantee) Notes to the finaneial statements for the y¢ar ended 30 September 2025 Gelleral informatioii 'l-he coinpany 15 a private liinited compaiiy, limited by guaidiitee, which was incorporated undei. Ihe Companies (Noi1hern Ireland) Ol'der 1986 under Reg)isti'atioii Niiinber N1036935. It IS dlso recognised as a charity by the HM Revenue & Custo&ns iindei. Reference Number XN 33087. The coinpally is a registered charity with the Charily coniinis5ioii ft)r Noi'ihern Ireland since 10 FebTyary 2016 under registiation number NICI 03552. 'fhe address of the Je&YisteTed office is 120A Melmount Road, Sion Mils, Co Tyrone. B T82 9ET. StatemeTEt of compliance These finanLial stateinenis hdvg been prepared in coinpliance with AccouT]ting and Rcporting by Chariti¢s- Stateinent of ReCo1er1ded Practice (FRS 102, 'Thc Financial Rcponing Sland8Td applicable in the UK and the Republic of Ireland,) and in accordance wsth the Coinpanies Act 2006. AceountinE policies Basis of preparation The financial stateiiients are prepaied uiider the histoi'ical cos1 convention and in accordance wEth Accounting and Reporting by Chai'ilie5'. Statement of Recoininended Practice (FRS 102, 'The FinaiJcial Reporting Standai'd applicable in the UK ld tlie Republic of Ireland.) The charity has takell advantage of thc excmption in FRS 102 Section IA from the requii"ement to produce a cashflow %tatcinent because it is a small charity. I'he presentation Currency of these financial statements is sterling. Ineoming i'esources All incoming resoiirces are included in the statcinent of financial activitie5 wlien the cliarity is entitled tv the incoine and the amount can be qualltificd with reasonable accuracy. 'I'he followiiig specific policies al'e applied to particulai. cat¢gories of income.. Voluntary income is received by way of grants, donatlOll8 and gifts and is included in full in thc .%tateinent of financial activities when i'eceivablc. Cirants where entitlcinent is not conditional on the delivery of a specific performance by the Charity. are recognised when thc chai'ity becomes unconditionk)Ily entitled to the gi'ant. Donated seTvices and facilities ale included at the value to the charity where this can be quantifjed. The value of services provided by voluntee15 has not been included. Gifts donated for resale are included as incojning resources within activitie5 for generating fijnds when they are sold. Rosourees expended Expenditiii'e Teco&)iiised on an accrual basis as a liabiliry is incurred. F,xpenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditurc to which it relates. Charitable expenditure comprises those c95ts incunrd by the charity in tl)e delivery of its activilies and sej'vices for it5 beneficiai'ie5. It includes both costs that can be allocated dii'ectly to such activities and those costs of an indirect nature necessary to 5UPPOTt thetn. Pagc 9
,Sion Mills Buildings Preservation Trust (A company limited by guarantee) Notes to the financixl statements for the year endcd 30 Septcmber 2025 3.4. Tangible fixed a.ssets and depreciation Tangible fixed asset8 costTrng Inoi'e than £500 are Capitalised aiid incliided at their purchase Losls, together with any incidcntal expenses of acquisition. Depreciation is providcd at rates calculated to write off thc cost less I'esidual value of each asset over its eXpted useful Sife, as follows.. FixtuiEs, fit(ing% and e9UIPTncnt 20Yo IEdu¢ing balance No depreciation is charged un(il Ihe assets are brought into Use by the coinpany. The carrying values of iangible fixed assets are reviewed anniially for iinpairmenl, if events or changes in eirLUtnstances indicate the ¢arrying value Indy not be recovei?ble. 3.5. Fund accounting Unre5trict¢d fuiid5 relate to general funds which aiE available for use ai the discretion of thc trustees in furtherance of the gene171 objeLtives of the chai'ily and whicli have not been designated for othei. purposes. Restrieted funds are funds which are to be used in accordance with specific iestrictions iinposed by donors or which have been I'aised by the charity for particulaT PUIVQS¢5. The cost of raising aiid administsring such funds are charged against the specific nd. The aim and use of each restri¢ted fund is set out in the notes 10 the rinancial %tatementS. 3.6 Txxntion The company is r¢gisteTed as a charity for tax purposes undci. rtfeitnce nuinber XN 33087. As a charity, Sion Mills Buildings Preservation Tiust is exeinpt from tax on inLome and gains falling within Section 505 af thc Taxes Act 1988 or soction 256 uf the Taxa(ion of Chargeable Gai115 Act 1992 to the exteiit that these ale applied to its charitable objects. No tax charges have tlieiefoie ai'isen for the coinpany for the yeai. ended 30 Septetnber 2025. Impairment A revicw for indiLators of iinpaiiinent is Lai'ried out at ed¢h I'eporling date. with the recoverable ainount being estimaied wheie such indicatols exist. Where tlie caTrying value exceed5 the i"ecoverable ainvunl, the asset is iinpaired accordingly. Pi'ioi. iinpairments are also reviewed for possible reversal at each reportinby ddte. When it is not possible to estimate the recoverable ainount of an individual asset, an estiinate is tnade of the recoverable aniount of the cash-generating unit to which the asset belongs. The cash-generating unit is the sinalle5t identifiable group of as%cts that includcs th¢ asset and generates cash inflows that al'e largely indepetideiit of the cash inllows from othei. a5SCts or groups of a.88els. Page 10
Sion Mills Buildiiig5 Preseat]n Trust (A company limited by guarantee) Notes to the financial statements f()r the y¢ar ended .10 S'eptember 2025 Financial instruments A financial asset or a fjiiancial liability is recokjnised only when the coinpany be¢oines a party to the contractual provisions of the instruinent. Basic financial instruinenls are initially iecogiiiscd at the transaction price, Iinless thc aTTangeincnt constitutes a rinancing tsan.%aclion, wherc it is recognised at thc present valuc of tlie futUTe payments discounted at a Inarket I'at¢ of intcrcst for a similar debt instriiincnt. Dcbt instruments are subsequently Inea511red at ainojlised cost. Tr inaiicial assets. that are mea5UiEd at cost oi. ainortised cost aiE reviewed for objective evidence of iinpainnent at the end of eaLh reporting date. If theie is objeLtive evidenLe of iIiipairm¢nt, an iinpairinent loss is reLugni5¢d in profit oi. loss iiijinedialely. For all equity instruments regardless of significance, aiid other financial assets that are individually significant, th¢e are assessed individually for impaiiinent. Other financial ass¢ts or eithcr assessed individually or grouped on the basis of siillilar credit risk characteristics. Any reversals of impairment are recogniscd in prafit oi. loss iminediately, to the extejit that the I'eversal does not result in a carrying ainoiint of the finanLial a5S¢t that exceeds what the cariyiiig ainount would have been had the impairinent not previously been recognised. Gi?nt income RE5tritted funds 2025 2024 Dery City & Strabane DistTlCt Council 1,796 1,796 5,210 1,796 ,796 5,210 Other incoming resources Unre51ri¢ted runds 2025 Total 2024 Totul Sundry incoine Donations Rei)tal incoine - RiveT Mourne Guides Rental Income - Sika by Niall Rental Incoinc - Mary D's Restaurants l.td 1,280 5,809 3,227 1,280 5.809 3.227 175 403 3.200 15,467 1,000 12,103 12,103 22,419 22,419 20,245 Pagell
Sion Mills 13uilding8 Pr&8crvation Trust (A Lompany limited by guarantee) Notes to the financial statements for thc year ended 30 September 2025 Net outgolng resources foi. the year 2025 2024 Net oiitgoiiig I'esources is staled after chai'ging.. Depreciation and other amounts written off tangibl¢ fixed dSsets 228 Employees Number oft'employees The average Inonthly nuinbers of ¢Jnployee5 (including the ti'usteesl dui'ing the year. 2025 Null]ber 2024 Niimber 12 Page 12
Sion Mills Buildin%8 Pre.$ervAtiDn Trust (A company limited by guaraiitee) Notes to the financial statements for thc ycxr ended 30 September 2025 Fixtures, Inve5lfflent fittiiigs and property equipment Tajigible fixed assets Total Cost or valuation At l October 2024 Additions 300,aOO 3,832 1,203 303,832 1,203 At 30 £eptembei' 2025 300,000 5,035 305,035 Depreciatlon Ai l Octobei. 2024 Charge for the year 3,798 228 3,798 228 At 30 Scpteinber 2025 4,026 4,026 Net book values At 30 Septeinber 2025 300,000 1,009 301.009 At 30 Septeinber 2024 300,000 34 300,034 The investment piDpety which is unocciipied and is now in a dilapidated slate because of the circuJn5tan¢es set out in Note 15, was revalued to fair value by an independent valuei. oj) 13 Januai'y 2025. Capital grants in relation to the inveslinent propety. shown as restricted nds, which were pi'evioiisly being released iii line wilh depretiaiion policy over the 99 y¢a]B term of the lease have now been relcascd in full in the yeai. ended 30 Septeinber 2024. Debtoj's 2025 2024 Prepayments And accrued income 10,989 6,638 io. Creditnrs: amounts falling due iYithiN one year 2025 2024 Other ac¢rua15 and deferred illCOTne 72,992 62,905 Page 13
Sion Mills Buil(lings Vreservation Trust (A company limited by guarantee) Notes to the financial 5t&tem¢nt$ for the year ended 30.Septembir 2025 Creditors: amounts f#llin2 due after more than one y¢aY 2025 2024 CFI Loan Loan froin Tiustecs 30,257 21,529 28,306 21,529 51,786 49,835 Loans Repayable in one yeai. nr le85, or on deinand Repaydble belween two dnd five year5 Rcpayable in five years or more 21,529 30,257 21,529 28,306 51,786 49.835 Due to financial difficulty, CFI Iforinerly ucir) 108ll rcpayrncnts previoiisly had been deferred. however in 2017 the Ti'ust had made an agreement to pay £140 per month tu bvvvr inlLr¥bt ulJ¥rgL,d aiid a Luii(i'ibulivii ttswai'ds loan repaymeiit. Repayinents to CTr I c¢ased on 20 June 2022 and have not yet recoinmenced. The loans from the Trustees will be repaid when the casht]ows becoine available, but not within the next twelve months. 12. Analysis of net assets behveen ft'unds Unrestricted Restricted fuiids runds Tolgl rund$ Fund balances at 30 September 2025 as iEpresented by.. Taiigible fjxed asset5 Investinent assets Curi'ent assets cuent liabilities Long-tcrm liabElities 300,982 250 11,793 (72,992) 151.786) 27 301.009 250 11,793 172,992} (51,786) 188,247 27 188,274 Restricted tunds relate tts gi'ants rec¢ivable in respect of capital expenditiire and grants receivable in advaiice for a specific purpose or for futUTe runnEng costs of the company and its activities. Page 14
Sion Mi115 Buildings Pre.8ervAtion Trust (A company lÉmited by guarantee) Notes to the financial statements fi)r the year ¢nd¢d 30 September 2025 At At l October 2024 Incoming Outgoing Tr4nsfevs 30 September 2025 13. Unresti'ic(ed luiids Gencral fund 200,234 22,419 (36,209) 1.803 188,247 200,234 22.419 (36,209) 1,803 188.247 Pui'pose of unrei+triLted funds Unresh'icted funds relate to general funds which are available fnr use at the discretion of thc b'ustees in furtherance of the general objectives of the charity and which have not been designated foT Other purposes. 14. Restricted fuiids Al l Octobtr 2024 Inconling Transfers At 30 Septefflb¥r 2025 Long leasehold propety Derry City & Strabane District Countil 34 {7} (1,796) 27 1,796 34 1,796 (1,803} 27 Purpose of restricteil fiinds Resti'icted fiinds aTe funds whi¢h are to be used i]1 accordance with speLfJC restrictions iinposed by donors or which have been iaised by the charity foi. pai'iicular putposes. The cost of I'aising and admini8tering such funds are Charged against the specific fund. Resrric(ed funds Inainly rclate tn the costs of building restoration and pUrCha]Ng equipinent foi. the Trust. A Iiuinber of grants were received towai'd8 the project and clauses are ietlectcd in the letters of offer froin the tnajor funding bodies restricting the disposal of buildings and ¢quipment. Grants in relation to the investsnent propeTty have been released in full in the year ended 30 Septeinber 2024. Pag¢ 15
Sion Mills Buildings Preservation Trust (A comi)any limited by gFuarantee} Notes to the financial statement for the year ended 30 Septembcr 2025 15. C#pitAI commitments In 2008, the 'frust sccured a 99 ycai. lease of the Wtsrkspace premises from Herdinans Holdings LiTnited. Tht 'I'TI15t completed their woi'kspacc units in 2010 however the units reinain unocciipicd. Herdinans Holdings Liiiiited went into Teceiyership on 29 June 201 l and the lease Wc1S then tak¢n over by the purchascr of thc property which lias chaiiged hand5 Several tiimes since. Th¢ Ti'iist instigated legal i)roceedii)gs wilh ihe new ownei'5 IEgFai'diiig tlie lease obligatioiis and tlie futiii'e of the workspace units. Follnwing the gi'ant of rep05session ordei. daled 20 Sepleinb¢r 2016, Ihe Trust has taken possession of the workspace units which al'e in a dilapidated state. The Court Order also provided for the Trust lo seek enforceinent of its outstanding rent and Testurdtion cosis of the units how¢ver at a hearing on 3 February 2020, Ilic original judgemtjit was set aside with Ihe judge %tating tliat a Judgtnent in Default should not stand and ihat the defendant slioiild hav¢ their case hEaJ'd. The pandemic tl)en Ineant that all miiiiei's were delayed and in the meantiin¥ ownership of ilie pruperty had chang¢d again. 'fhis was then Ajrrher complicatcd by thc death of Mi's Mai'garet Louglirey in September 2021 {one of the parties lo the transactinn). The lare Mi's Loughrey was sole diTCCtor of her Lompany Rey Mill Ltd and her entii'e estate entered probate al the end of 2021. The 'fnJstees are advised that probate has now been finaliscd and the legal leain for the ti'ustees have l'eached a settlement with the late Mrs Loughrels legal ieain which is to pass title of the pJN)pety known as tlie Old Mill, to the 'frust, together with £50,000 in licu of outstanding rcnt. The Trust have a liability for legal fees in ielalion lo this casc of £53,880 inc V A'l., which is included within creditors.. amounts due within one year. At the dale of this report the tei'ms of the %ettleincJit have not been fulfilled therefore no asset or d¢btoE' has beeii included foi. this settlement. Negotiations continue with various parties exploring options to secure a way forward for the Trnst. In accordancc with FRS 102 Section 16 IFRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,), the workspaee units have been revalued to faii. value ds set out in Note 8 to the financia ststcin¢iit5. The Trust and HEARTH were in pailneTship for the restoration of the Stabl¢s. I'art fui)dinB was obtaincd for this projeLI fi'oin the Deparljnent vf Agriculiurc and Rural Development IDARDI undei. ARC Rural DcYclopin¢nt Grdtit, therefore DARD have i'egistered a chargse over the pi'opeity witli Coinpanies I louse. 'fhe 'l'ru5t secured a 25 year lease fi'oin HEARTH Revolving Pund cojnjnencing on l DeLeJnber 2013 foi. the Stabl¢% at 120A Melinoiint Road. Sion Mills at a rent of £1,000 pei. annuin. At 30 SepteinbeT 2025, coininitinents undei" this lease remain at £16,000. The project costs are still being finali5ed by HEARTH and the Trust has a liability foi. any hortfall bul this has not yet bccn qU<iniified. The initial ainouiit invoiced tu the Trust of £9,333 net is included in creditors undeT Other #ct2uals and no further amounts have been provided for. 16. Material uncertainty relating to going coJ)cer Disclosures I"ela(ing to the settlement of the case re&)ai'ding the woi'kspace units al'e sel Out in Ni Ote 15. The liability for legal fee5 leaves the Trust with cashflow i55ues. The Balance Sheet I'einains posilive and Ilie trustees belicve that, with the coDtinucd support of rheir Inoin creditois (Mccay Leg<il and CFI foiinerly UCIT), the truste¢s and fiinder5 (FIF.ARTH) and with negotiations ongoing, the ttust will be able to meet its obli&Tatiun5 foi. the foreseeable futur¢. The trustees are aware that the lack of fvce rcserves, together with the economic backdrop. will provide a ¢hallenging enviJ'on]nent in the ycar to coine. The tl'U5tees still consider that it 15 appi'opriate for the financial statejnents to be prepared on a going concern basis. Pagt 16
Sion Mills Buildings Preserv4Trtion Trust {A company limited by guarantee) Notes to the financial slatements for the ylar Lndcd 30 September 2025 17. Transactions Ivith trustLes The Irustees attend Ineetings and carry out the busine8% nf the company on a voluntary basis. Dui'in& the year the trust purchased goods and sei'vices fi'on) Irusiees and theii. close family meinbers totalling £2,444 (2024 £3.410). Creditors, amoiints fallillg duc after more than oiie ycar, incliides loans fi'oin ft>ur tl'U5tees totalling £21,529 (2024 £21,529). to bc repaid when the coinpany ha5 sufficient lldS to do so. 18. Company limited by guarantee Sion Mills Buildiiig5 Preservation Trust is a company limited by guarantee and accordingly does not have a share capital. very Ineimber of the company undertakes to contribute such amount as may be reqiiii'ed not exceeding £1 to the assets of the charitable ¢oinpany in the event of its being woiind lip while he or slie is a member, oi. within one year after he or 51ie ceases to be a Ine17]bei'. 19. Charity Commission for Noithei-n Ireland Sion Mills Buildings Preservation TINst is (I regi51eTed charity with the Charity Co[niSSion for Noiihern Ireland since 10 Febriiary 2016, undeT iegistratlOD nuinbei. NIC103552. Pagc 17