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