Company registration number: N1634769 PATHFINDER HERITAGE TRUST LIMITED (A company limited by guarantee not having a share capital) Report and Unaudited financial statements For the Year Ended 30 November 2022 Registration no: N1634769 Charity no: NIC107304
PATHFINDER HERITAGE TRUST LIMITED Contents Page Trustees and advisers Trustees, Annual report Statement of Trustees Responsibilities and Declaration on Unaudited Financial Statements Independent Examiners report Statement of financial position Notes to the finanGial statements 10-16
PATHFINDER HERITAGE TRUST LIMITED Trustees and advisers Mr Creighton William Harrison Boyd {Resigned 22 February 2023} Mr Andrew Richard John Harper {Resigned 22 February 2023} Mr Patrick Mark Creighton Heffron (Resigned 22 February 2023) (Resigned 5 July 2021) (Appointed on 1 February 2022} Mr John Douglas Jarvie Miss Caroline Connolly Company number N1634769 Charity Number NIC107304 Registered office Unit 2 M12 Business Park Portadown Craigavon BT63 5WQ Accountants Corr & Corr 2nd Floor, The Cornmill Lineside, Coalisland Dungannon Tyrone BT714LP Page 1
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2022 Trustees, Annual report The trustees present their Trustees Annual report in accordance with Charities SORP (effective January 20151 and the unaudited financial statements of the Trust for the year ended 30 November 2022, also prepared in accordanGe with the aforementioned Statement of Recommend Practice and FRS 102. The trustees, who are also directors of the Charity, at the date of this report and those who served during the financial year together with the dales of any changes are sel out on Page 1. Principal Activities The Trust is established for Gharilable purposes only, specifically the preserving and developing of the history of Moygashel Mills and the Irish Linen Industry for the benefit of the local community, schools and beyond. Such purposes must be carried out exclusively in a manner that is beneficial to the public and is recognised by the law of Northern Ireland as being charitable. It is anticipated that the redevelopment of Moygashel Mills and the surrounding estate will result in a number of benefits including.. .Maintaining the historical and architectural legacy of Moygashel Mills and ils estate through the Gonservation of the building and the commercial exploitation of the restored property., .Development of a community asset which will become an accessible area for the local Gommunity and tourists alike., .Educaling people of the historical and heritage value of Moygashel Mills and the Irish Linen Industry; .Recovering, restoring, preserving and exhibiting historical items which represent important facets of the hislory and heritage being explained and exhibited., .Providing opportunities for local people, especially those with direct or ancestral links to the Linen industry, to volunteer their services at Ihe exhibition or in the preservation of items., .Providing a space for use by community groups to encourage social Gohesion and interaction. Company Limited by Guarantee Each director undertakes lo contribute to the assets of the Trust, in the event of Ihe same being wound up while he is a member, or within one year after he ceases to be a member, for payment of debts and liabilities of the Trust contracted before he ceases lo be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required not exceeding £1.00. Trustees The Trustees who were also directors of the Charity and who served during the year are listed on page 1. Page 2
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2022 Achievements and Performance Financial Review The company returned net incoming resources of £NIL (2021.. £13,445}. At 30 November 2022 the total funds of the charity amounted lo £24,53612021.' £24,536), comprising restricted funds of £ NIL12021'. £ NIL), designated funds of £NIL {2021.' £ NIL) and general unrestricted funds of £24,536 (2021.. £24,536). Of the total funds reported above, £NIL is made-up of Gash at bank and in hand, with bank debt of £NIL. The Iruslees endeavour to maintain sufficient funds lo ensure that, in the evenl of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. structure Governance and Management The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. Lissan House Trust registered with the Charity Commission for Northern Ireland on 27th April 2020. Public Benefit In setting our objectives and planning our activities for the year, the trustees have given careful consideration lo the Charity Commission for Northern Ireland statutory guidance on public benefit to ensure that the activities have helped achieve the charity purposes and provide a benefit to the beneficiaries. The direct benefits are.. The advancement of the arts, culture, heritage and science through enhanced public understanding of history and heritage of the Ulster and Irish Linen industry, and the lifestyle of those involved with it. The advancemenl of education for the benefit of the local and wider communities by providing an educational resource for children and adults. The advancement of citizenship and Community development. Special provisions relating to small companies The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. By order of the board Miss Caroline Connolly Trustee 30th May 2023 Page 3
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2022 statement of Trustees Responsibilities and Declaration on Unaudited Financial Statements General Responsibilities The Trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires the trustees as the directors to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charitable company law the Iruslees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for the period. In preparing these financial stalements, the trustees are required lo.. select suitable accounting policies and apply them consistently., make judgements estimates that are reasonable and prudent stale whether the Charities SORP (effective January 2015) in accordance with FRS102 has been followed; and prepare the financial slatements on the going concern basis unless it is in appropriate lo presume that the Gharity will continue in operation. The Truslees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that Ihe financial statements comply with the acts, and all Regulations to be construed as one with that Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and deleclion of fraud and other irregularities. Trustees, declaration on the Unaudited Financial Statements In relation lo the financial stalements comprising the Statement of Financial Activities lincorporaling an Income and Expenditure Account), the Balance Sheet, the Accounting Policies and the related notes.. The trustees approve these financial statements and confirm that they are responsible for them, including selecting the appropriale accounting policies, applying them Gonsislently and making, on a reasonable and prudent basis the judgements underlying them. They have been prepared on the going concern basis that the charity will conlinue in operation. The trustees confirm thal Ihey have m8de available to Corr & Corr, Chartered Accountants, all the charity's accounting records and provided all the information, books and documents necessary for the compilation of the financial statements. The trustees confirm that to the best of their knowledge and belief, the accounting records reflect all the transactions of the charity for the year ended 30 November 2022. On Behalf of the board Miss Caroline Connolly Trustee 301h May 2023 Page 4
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2022 Independent Examiners Report to the Board of Trustees of Lissan House I have examined the financi31 statements of the Trust for the year ended 30 November 2022, which comprise the Statement of Financial Activities (incorporating an income and Expenditure Account), the Balance Sheel, the Accounting Policies and the related notes. These financial statements have been prepared under the accounting policies set out therein. The financial statements were not required to be audited in accordance with Part 16 of the Companies Act 2006. This report is made solely to the charitable company trustees, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Ourwork has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the charitable company's Board of Trustees that we have done so, and stale those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable Company and the charitable company's Board of Trustees, as a body, for our work, or for this report. Respective responsibilities of trustees and examiner As explained more fully in the Statement of Trustees, Responsibilities, the Iruslees, who are also the directors of the charitable Gompany, are responsible for the preparation of the Trustees, Annual report and Ihe financial statements in accordance with applicable law and Accounting Standards (UK and Ireland). The charitable company trustees consider an audit is not required for this year under Chapter 3 of Part 16 of the Companies Act 2006 but that an independent examination is required under Ihat Act. 11 is my responsibility to.. examine the financial statements under Chapter 3 of Part 16 of the Companies Act 2006 and the Regulations thereunder., follow the procedures laid down by the regulatory authorities., and state the facts if it has come to my atlenlion in the course of my examination work that any.. {1) material expenditure or action appears not to be in accordance with the charitable company's trusts; (li) information or explanation l am entitled to under the Regulations has not been afforded to me., lili) information contained in the financial statements is materially inconsistent with the Trustees, Annual report for the year. Basis of independent examinerfs report My examination work was undertaken in accordance with the general directions given by the regulatory authorities. Such an examination includes a review of the accounting reGord8 kept by the charitable Company and a Gomparison of the financial slatemenls presented with those records. It also includes consideration of any unusual items or disclosures in the f inancial statements and seeking explanations from yourselves as the charitable company trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements. Page 5
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2022 Independent examiner's statement In Gonnection with my examination work, no matter has come to my attention.. which gives me reasonable cause lo believe that in any material respect the requirements to keep proper accounting records and to prepare accounts which accord with the accounting records and are in accordance with the methods and principles sel out in the Charities SORP and which comply with the requirements of section 396 of the Companies Act 2006 other than the requirement to give a true and fair view have not been met., or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. Corr & Corr Chartered Accountants 30th May 2023 Page 6
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2022 Income statement Unrestricted Restricted Funds Funds Total Total Incoming Resources 2022 2022 2022 2021 Incoming Resources Activities for Generating fund5 63 63 13,639 Investment Income Total Incoming Resources 63 63 13,639 Resources Expended Net Incoming Resources available for Charitable Application 63 63 13,639 Resources Expended on Charitable Activities Cost of Charitable Activities 63 63 194 Total Resources Expended 63 63 194 Gross Transfer between funds Surplus/{Deficit} for the year NIL NIL 13,445 Net movement in funds for the vear NIL NIL 13,445 Reconciliation of funds Balance brought forward 24,536 24,536 11,091 Balance carried fonNard 24,536 24,536 24,536
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2022 2022 2021 Note Fixed assets Tangible assets 24,896 24,896 24,896 24,896 Creditors.. amounts falling due within one year (360) {3601 Net current liabilitie5 {360) (360) Total assets less current Siabilities 24,536 24,536 Net assets 24,536 24,536 Capital and reserves Profit and loss account 24,536 24,536 General Fund (Unrestricted) 24,536 24,536 These financial statements have been prepared in accordance with the special provisions relating to small Companies within Part 15 of the Companies Act 2006. Page 8
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2022 For the financial year ended 30 November 2022 the charitable company was entitled to exemption from audit under Section 477 of the Companies Act 2006,. and no notice has been deposited under Section 476. The trustees acknowledge their responsibility for ensuring that the charitable company keeps accounting records which Comply with Section 386 and for preparing financial slalements whiGh give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its profit and loss for the financial year in accordance with Ihe requirements of Sections 394 and 395 and which otheNise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. Approved by the board and authorised for issue on the 30th May 2023 and signed on its behalf by.. Miss Caroline Connolly Trustee 301h May 2023 The notes on pages 10 to16 form part of these accounts. Page 9
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements Year ended 30 November 2022 Notes to the accounts l. Principal accounting policies Basis of preparation The financial statements have been prepared under the historical cost convention and in accordance with the Companie5 Act 2006 and Part 8 of the Charlties Act (Northern Irelandl 2008. They also comply with the Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 20151 (Charities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and the Charities IAccounts and Reports) Regulations (Northern Ireland) 2015, General information t7nd basiTS of preparation Pathfinder Heritage Trust Llm ited is a company limited by guarantee incorporated in Northern Ireland under the U nited Kingdom Companies Act. The address of the reglstered off ice is given on page l. The principal activity of the company is the preserving and developing of Moygashel Mills and the surrounding estate for the benef it of the local community and beyond. The accounts have been prepared in accordance with applicable accounting standards. A Summary of the more important policies, wh ich have been applied consistently, is set out below. The accounts are prepared in sterling which is the functional currency of the company. Cash flow statement The charitable company has availed of the exemption in FRS 102 from the requirement to produce a cash flow statement because it is classif led as a small charitable company. Incoming Resources Voluntary income or capital is included in the Statement of Financial Activities when the charitable company is legally entitled to it, its financial value can be quantifled with reasonable certainty and there is reasonable certainty of its ultimate receipt. Entitlement to legacies is considered established when the charitable company has been notified of a distribution to be made by the executors. Income received In advance of due performance under a contract is accounted for as deferred income until earned. Grants for activities are recognised as income when the related conditions for legal entitlement have been met. All other income is accounted for on an accruals basis. Resources Expended All resou rces expended are accounted for on an accruals basis. Charitable activities include costs of services and grants, support costs and depreciation on related assets. Costs of generating funds similarly include fundraising activities. Non-staff costs not attributed to one category of activity are allocated or a pportioned pro-rata to the staffing of the relevant seNice. Finance, HR, IT and administrative staff costs are directly attributable to individual activities by objective. Governance costs are those associated with constitutional and statutory requirement5. Page 10
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (continued) Year ended 30 November 2022 1. Principal accounting policies {cont'd) Tangible fixed assets Fixed assets are stated at their purchase cosl, together with any incidental costs of aGqUlSition, less accumulated depreciation. Depreciation is calculated so as to write off the costs of tangible fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. Impairment of non-financial assets The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates. the recoverable amount of the cash generating unit to which the asset belongs. The recoverable amount of an asset or cash generating unit is the higher of its fair value less costs to sell and its value in use. If Ihe recoverable amounl is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in the profit and loss account. An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply. Government grants Grants that relate to specific capital expenditure are treated as deferred income which is then credited to the profil and loss account over the related asset's useful life. Revenue grants are credited to the profit and loss account in the same year as the related expenditure is incurred. Income Income represents donations, grants and olher income received by the Trust during the year. Bank interest receivable Bank interest is recognised in the revenue account on a receipts basis. Repairs and renewals These are charged to revenue in the year in which the expenditure is incurred. Short term employee benefits Short term employee benefits are recognised as an expense in the period in which Ihey are incurred. Page 11
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements {continuedl Year ended 30 November 2022 Notes to the accounts (cont'd) Critical accounting judgements and key sources of estimation uncertainty In the application of Ihe Gompany's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to aGcounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in Ihe period of the revision and future periods if the revision affects both current and future periods. Criticaljudgements in applying the company's accounting policies During the current and preceding financial years the directors believe they have not made any critical judgemenls in the process of applying the company's accounting policies thal have a significant effect on the amounts recognised in the accounts. Key sources of estimation uncertainty During the current and preceding financial years the directors believe there are not any key sources of estimation uncertainty that have a Significant risk of Gausing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Deferred Tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more lax in the future, or a right to pay less lax in the future. Timing differences are temporary differences between the company's taxable income and its results as slated in the financial statements. Deferred tax is measured on an undiscounted basis at Ihe tax rates that are anticipated to apply in the periods in which the timing differences are expected lo reverse, based on tax rates and laws that have been enaGled or substantively enacted by the balance sheet date. 3. Going concern The company made a profit of £NIL during the year ended 30 November 2022, and at that dale, the company's assets exceeded its liabilities by £24,536. The trustees, after making enquiries, have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of the accounts. Page 12
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (continued) Year ended 30 November 2022 Notes to the accounts {cont'd> 4. Interest payable and similar charges 2022 2021 Bank interest payable 63 74 5. Employees and remuneration Total Staff costs comprise.. 2021 2020 Wages and salaries NIL NIL Pension costs NIL NIL NIL NIL The Truslees did not receive any remuneration during the year. The average number of employees during the year was NIL-12021'. NIL). 6. Taxation Pathfinder Heritage Trust Limited is registered as a charity for taxation purposes under reference NIC107304. As a charitable company, Pathfinder Heritage Trust Limited is exempl from tax on income and gains falling within Section 5050 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to Ihe extent that these are applied to its charitable objects. No tax charges have therefore arisen for the charitable company for the year ended 30 November 2022. Page 13
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (continued) Year ended 30 November 2022 Tangible fixed assets Heritage Assets Total Cost At 1 December 2021 24,896 24,896 At 30 November 2022 24,896 24,896 Depreciation At 1 December 2021 and 30 November 2022 Carrying amount At 30 November 2022 24,896 24,896 At 30 November 2021 24,896 24,896 Creditors: amounts falling due within one year 2022 2021 Trade creditors Accruals and deferred income 360 360 360 360 Creditors: Amounts falling due after more than one year 2022 2021 Other Creditors NIL NIL Bank Loans NIL NIL NIL NIL Page 14
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (continued) Year ended 30 November 2022 10. Analysis of Net Assets by Fund The Total Nel Assets in the current and prior period related to the general fund (unrestricted). 11. Analysis of Movements on Funds Bal Incoming Resource Inter-fund Bal 01 Dec 2021 Resource Expended Transfers 30 Nov 2022 Restricted Income Reslricted Unrestricted Income Unrestricted 24,536 63 (63) 24,536 Total Funds 24,536 63 (631 24,536 12. Status The charitable company is limited by guarantee not having a share capital. 13. Funds The retained earnings reserve represents cumulative surplus or deficit on the revenue account. Page 15
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements {contlnued) Year ended 30 November 2022 14. Capital commitments At the balance sheet date the company had entered into contracts for future capital expendilure amounting to.. 2022 2021 Contracted for but not provided in the accounts 15. Post Balance Sheet Events There have been no significant events affecting the Charity since the year-end. 16. Related Party Transactions There were no related party transactions in the current or prior period. Page 16
PATHFINDER HERITAGE TRUST LIMITED The following pages do not form part of the statutory accounts.
PATHFINDER HERITAGE TRUST LIMITED Detailed income statement Year ended 30 November 2022 2022 2021 Turnover Income 63 13,639 63 13,639 Gross profit 63 13,639 Overheads Admlnistrative expenses Accountancy fees (120} Bank charge5 (63) (74) {631 {1941 Surplus l (Deficit) on ordinary activities before taxation 13,445 Taxation Surplus l (Deficit} for year 13,445