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 Febi￿alY 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 Col￿nI$s1On for Noithern li'eland since 10
Februaiy 2016, under regisiixtion number NIC103552.
Oryanisational striicture
The day 10 day Inanagement of the charitable coinpa￿Y is ca￿led out and overseen by the t￿￿teeS 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 ReCo1￿￿er1ded 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 eXp￿ted
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 Prese￿at]￿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
cu￿ent 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 speL￿fJC 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