Company reglstration number: N1634769 PATHFINDER HERITAGE TRUST LIMITED (A company1Smited by guarantee not having a share capital) Report and Unaudited financial statements For the Year Ended 30 November 2023 Registration no: N1634769 Charity no: NIC107304 DOcuffl1 R£r. crY23.HZtNA4uOQr¥ Puge Tr or
PATHFINDER HERITAGE TRUST LIMITED Contents Page Trustees and advisers Trustees, Annual report 2-3 statement of Trustees Responsibilities and Declaration on Unaudited Financial Statements Independent Examiners report Statement of financial posillon Notes to the financial statements 10-16 DocuMeniR&l.' CTY33-HzfNkn520U&HQaTY P8992o120
PATHFINDER HERITAGE TRUST LIMITED Trustees and advisers Miss Carollne Connolly Company number N1634769 Charity Number NIC307304 Registered office Unil 2 M12 Business Park Portadown Craigavon BT63 5WQ Accountants Corr & Corr 2nd Floor, The Cornmill Lineside, Coalisland Dungannon Tyrone BT714LP Page 1 orMMI Rel".CTy.HzfWI.SEoH0Qly Page 3of20
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2023 Trustees, Annual report The trustees present their Trustees Annual report in accordance with Charities SORP (effective January 2015) and the unaudited financial statements of the Trust for the year ended 30 November 2023, also prepared in accordance wilh the aforementioned Statement of Recommend Practice and FRS 102. The Iruslees, who are also directors of the Charity, at the dale of this report and those who served during the financial year together with the dates of any changes are set out on Page 1. Prlnclpal Activities The Trust is eslablished for ch8ritable purposes only, specifically the preserving and developing of the history of Moygashel Mills and the Irish Linen Industry for Ihe 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 Ih8t the redevelopment of Moygashel Mills and the surrounding estate will result in a number of benefits including.. .Mainlaining the historical and architectural legacy of Moygashel Mills and ils estate through the conservation 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 community and tourists alike., •Educating people of tha historical and herltage value of Moygashel Mills and the Irish Linen Industry., .Recovering, reslorin9, preserving and exhibiting historical ilems which represent important facets of the history and heritage being explained and exhibited; .Providing opportunities for local people. especially those with direct or ancestral links lo the Linen industry, lo volunteer their services at the exhibition or in the preservation of items., .Providing a space for use by community groups to encourage social cohesion and interaction. Company Limited by Guarantee Each director undertakes to contribute to the assets of the Trust, In the event of the same being wound up while he Is a member, or wlthin one year after he ceases to be a member, for payment of debts and liabilities of the Trust contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of Ihe rights of the contributors among themselves, such amount as may be required nol 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 Do¢urnni Fel..CTY3>HZtP4A-5zoJB-HaoTV P89•4 0120
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2023 Achievements and Performance Flnancial Review The company returned net incoming resources of £NIL12022: £NIL). At 30 November 2023 the total funds of the charity amounted lo £24,536 {2022.' £24,536), comprising restricted funds of £ NIL (2022.. £ NIL), designated funds of £NIL {2022: £ NIL) and gener81 unrestricted funds of £24,536 (2022.. £24,536). Of the total funds reported above, £NIL is made-up of cash at bank and in hand, with bank debt of £NIL. The Iruslees endeavour to malntain sufficient funds to ensure that, in the evenl of a significant drop In funding. they will be able to continue the charity's current activities whSle consideration is glven 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 mlllgate exposure to the major risks. Structure Governance and Management The charity is a company limited by guarantee and is governed by ils Memorandum and Articles of Association. And was registered with the Charity Commission for Northern Ireland on 271h April 2020. Publlc Benefit In setting our objecllves and planning our activities for the year, the trustees have given careful consideration to the Charity Commission for Northern Ireland statutory guidance on public benefil to ensure that the activities have helped achi8Vé the charity purposes and provide a benefit lo the beneficiaries. The direct benefits are: The advancement of the arts, culture, heritage and science through enhanced public understanding of hislory and herilage of Ihe Ulster and Irish Linen industry, and the lifestyle of those involved with it. The advancement 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 provlsions re5aling to small companies wilhln Part 15 of the Companies Act 2006. By order of the board Miss Carollne Connolly Trustee 201h December 2023 Page 3 OocumonlRBf.. CTYJZrNA-5zB4aaTy Poge sof20
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 Novernber 2023 Statement of Trustees Responsibilities and Declaration on Unaudited Financial Statements General Responsibilities The Trustees are responsible for preparing the financial statèments in accordanoe with applicable law and regulations. Company law requires the trustees as the directors lo prepare financial statements for each financial year. Under that law the Iruslees 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 trustees must nol approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of Ihe charity and of the net income or expenditure of the charity for the period. In preparing these financial stalemenls, the trustees are required to: select suitable accounting polSGies and apply them consistently. make judgements estimates that are reasonable and prudent., state whether the Charities SORP {effective January 20151 in accordance with FRS102 has been followed., and prepare the financial statemenls on the going concern basis unless il is in appropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting reoords which disclose with reasonable accuracy at any time the financial posltion of the charity and to enable them to ensure that the 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 taklng reasonable steps for the prevention and detection of fraud and other irregularities. Trustees, declaration on the Unaudited Financial Statements In relation to the financial statements comprising the Statement of Financial Activities {incorporating 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 appropriate accounting policies, applying them consistently and making, on a reasonable and prudent basis the judgements underlying them. They have been prepared on the going concern basis that the charily will continue in operation. The trustees confirm that they have made available to Corr & Corr, Chartered Accountants, all Ihe charity's accounting records and provided all the information, books and documents necessary for the compilation of the financial statements. The trustees confirm thal to the best of their knowledge and belief, the accounting records reflect all the transactions of the charity for the year ended 30 November 2023. On Behalf of the board Miss Caroline Connolly Trustee 20th December 2023 Page 4 DOCnIOI.. CTY33.HZtNA-5ZOUB-HtWY P49p64f20
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2023 Independent Examiners Report to the Board of Trustees of Pathfinder Herltage Trust Limited I have examined the financial statements of the Trust for the year ended 30 November 2023, which comprise the Slatement of Financial Activities (incorporating an income and Expenditure Accounll, the Balance Sheet. the Accounting Policies and the related notes. These financial statements have been prepared under the accountlng policies set out therein. The financial statements were not required to be audited in accordance wilh 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 of the Companies Act 2006. Our wort< has been undertaken so that we might compile the financial statements that we have been engaged lo compile, report to the charitable companls Board of Trustees that we have done so, and state those matters Ihal we have agreed to state lo them in this report and for no other purpose. To the fullest extent permitled 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 responslbilities of Irustees and examiner As explained more fully in the Statement of Trustees, Responsibilities, the trustees, who are also the directors of the charitable company, are responsible for the preparation of the Trustees, Annual report and the financial slaternents in accordan with applicable law and Accounting Standards (UK and Irelandl. The charitable company trustees conslder an audit is not requlred for this year under Chapter 3 of Part 16 of the Cornpanles Act 2006 bul that an independent examination is required under that Act. It 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 attention 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., lil) information or explanation l am entitled to under the Regulations has not been afforded to me., (iii) information contained in the financial statements is materially inconsistent with the Trusteès, Annual report for the year. Basis of independent examlner's report My examination work was undertaken in accordance with the general directions given by the regulatory aulhorilies. Such an examination includes a review of the accounting records kept by the charitable Company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in Ihe financial statements and seeking explanations from yourselves as the charitable company trustees concerning any such matters. The procedures underiaken 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 slalements. Page 5 DocumprtR&f,. CTY33.Hzfwi4ZQUB.FlQtITY PbBB7oT20
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2023 Independent examiner's statement In connection with my examination work, no matter has come lo 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 AGI 2006 other than the requirement to give a true and falr view have not been met. or to which, in my opinion, attention should be drawn in order to enable 8 proper understanding of the financial statements to be reached. Corr & Corr Chartered Accountants 201h December 2023 Page 6 DtMIRll.. CTY33.HZFMA6zou&bfooTY P)gB8of20
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2023 Income statement Unrestricted Restricted Funds Funds Total Total Incoming Resources 2023 2023 2023 2022 Incoming Resources Activities for Generating f unds 63 Investment Income Total Incoming Resources 63 Resources Expended Net Incomlng Resources avallable for Charitable Application 63 Resources Expended on Charitable Activities Cost of Charitable Activities 63 Total Resources Expended 63 Gros5 Transfer between funds Surplus/lDeficlt) for the year NIL NIL NIL Net movement in funds for the year NIL NIL NIL Reconciliation of funds Balance brought forward 24,536 24,536 24,536 Balance carried forward 24,536 24,536 24,536 00MniR9f.. CTY33.H27NA-5ZOU&HQ¢J7Y P8Do9oT2ts
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 Novernber 2023 2023 2022 Note Fixed assets Tangible assets 24,896 24,896 24,896 24,896 Creditors: amounts falling due within one year (360) (360) Net current liabilities {360) (360) Total assets less current liabilities 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 Do¢thyÈThtR81.CTY23.HzrNAQOU&HTY P8g• 100120
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2023 For Ihe financlal year ended 30 November 2023 the charitable company was entitled to exemption from audit under Section 477 of the Companies Act 2006-, and no notice has bèan 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 statements which give a true and fair view of the state of affairs of the charltable 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 whioh othemise comply with the requirements of the Companies Act 2006 relating to finanoial statements, so far as applicable to the charilable Company. Approved by the board and authorised for issue on the 20th December 2023 and signed on its behalf by.. Miss Caroline Connolly Trustee 20th December 2023 The notes on pages 10 to16 form part of these accounts. Page 9 DucumpnlRèl..CTY33-HzfNA-SZOU8-HaorY 11 of20
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements Year ended 30 November 2023 Notes to the accounts l. Principal accounting policie5 Basis of preparation The f inancial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006 and Part 8 of the Charities Act (Northern Ireland) 2008. They also comply with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffective l January 20151 (Charities SORP {FRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and the Charities (Accounts and Reports) Regulations (Northern I relandl 2015. General information and basis of preparation Pathfinder Heritage Trust Limited is a company limited by guarantee incorporated In Northern Ireland under the U nited Kingdom Companies Act. The address of the registered office 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 benefit of the local community and beyond. The accounts have been prepared in accordance with applicable accounting standard5. A summary ofthe more i mportant policles, which 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 5ma11 charitable com pany. Incoming Resource5 Voluntary income or capital is included in the Statement of Financial Activitles when the charitable company is legally entitled to it, its flnancial value can be quantified with reasonable certainty and there is reasonable certai nty 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 resources 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 f undraising activities. Non-staff costs not attributed to one category of activity are allocated or apportioned pro-rata to the staffing of the relevant service. Finance, HR, IT and administrative staff costs are directly attributable to individual activities by objective. Governance costs are those associated with constitutional and statutory requirements. Page 10 DocuMertRBI. crvJ3.>12TNA-520u&FDr)TY 12of20
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements {continuedl Year ended 30 November 2023 1. Principal accounting policies Icont'd) Tanglble flxed assets Fixed assets are slated at their purchase cost, together with any incidental oosls of acquisition, less accumulated depreclatlon. Depreciation is calculated so as lo write off the costs of tangible fixed assels. less their estimated residual values, over the expected useful economic lives of the assets concerned. Impairment of non-financial assets The company assesses al each reporting dale 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 lo estimate the recoverab18 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 ils fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to ils recoverable amount through an impainnent 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 impaim)enl loss have ceased to apply. Government grants Grants that relate lo 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 lo the profit and loss account in the sama year as the related expenditure is incurred. Income Income represents donations, grants and other income received during the year. Bank interest receivable Bank interest is recognised in the revenue account on a receipts basis. Repairs and renewals These are oharged 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 they are incurred. Page11 O¢¢um$ntRaf,. CTY334lZtNA420U>HaorY 13of20
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (continued) Year ended 30 November 2023 Notes to the accounts (cont'd) Critical accounting judgements and key sources of estimation uncertainty In the application of the company's accounting policies, which are described in note 1, Ihe 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 historlcal experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or In the 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 judgements in the process of applying the company's accounting policies that 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 thal have a significant risk of causing a material adjustment to Ihe carrying amounts of assets and liabilities within the next financial year. Deferred Tax Deferred tax is recognised in respect of all liming differences that have originaled but not reversed al the balance sheet dale where transactions or events have occurred al that date that will result in an obligation to pay more lax in the future, or a right to pay less tax in the future. Timing differences are temporary differences b8tween the company's taxable income and ils results as slated in the financial statements. Deferred tax is measured on an undiscounled basis at the tax rates that are anticipated to apply in the periods in which the liming differences are expected to reverse, based on tax rates and laws that have been enacted or subslanlively enacted by the balance sheet dale. 3. Going concern The company made a profit of £NIL during the year ended 30 November 2023, and at that date. 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 conllnue in operational exlstence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of the accounts. Page12 DocumBniw. cry3z[wA.sz0U.Hq0y '. Pa9È 14 of2D
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (continued) Year ended 30 November 2023 Notes to the accounts Icont'dl 4. Interest payable and similar charges 2023 2022 Bank interest payable 63 5. Employees and remuneration Total Staff Gosts comprise.. 2023 2022 Wages and salaries NIL NIL Pension Costs NIL NIL NIL NIL The Trustees did not receive any remuneration during the year. The average number of employees during the year was NIL - {2022.' NIL). 6. Taxatlon 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 18x on income and gains falling withln Section 5050 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Acl 1992 to the 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 2023. Page 13 CTYJ>HifNA-520U&H(KITY Pagp 15of20
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (continued) Year ended 30 November 2023 Tangible fixed assets Heritage Assets Total Cost At 1 Deoember 2022 24,896 24,896 At 30 November 2023 24,896 24,896 Depreciation At 1 December 2022 and 30 November 2023 Carrying amount At 30 November 2023 24,896 24,896 At 30 November 2022 24,896 24,896 Creditors: amounts falling due within one year 2023 2022 Trade creditors Accruals and deferred income 360 360 360 360 Creditors: Amounts falling due after more than one year 2023 2022 Other Creditors NIL NIL Bank Loans NIL NIL NIL NIL Page 14 Dwumynip81.. CTY33*1ZTNA-52oUBQ0Ty 180120
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (continued) Year ended 30 November 2023 10. Analysis of Net Assets by Fund The Total Nel Assets in the currenl and prior period related to the general fund (unrestricted). 11. Analysis of Movements on Funds Bal Incoming Resource Inter-fund Bal 01 Dec 2022 Resource Expended Transfers 30 Nov 2023 Restricted Income Restricted Unrestricted Income Unrestricted 24,536 24,536 Total Funds 24,536 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 deflclt on the revenue account. Page 15 DacumoThtRgf.. CTYJ>HzfNA4zouBdao PsyD 170120
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (continued) Year ended 30 November 2023 14. Capital commitments At the balance sheet date, the company had entered into contracts for future capital expenditure amounting to.. 2023 2022 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 DttuMertR$f..¢TYJ3-HZtNknSZOUWQ¢)TY P8oA 1eo120
PATHFINDER HERITAGE TRUST LIMITED The following pages do not form part of the statutory accounts. lGu£I Rel".CTY33.HZFNA.SZOU&HgtsIY Pag9 190120
PATHFINDER HERITAGE TRUST LIMITED Detailed income statement Year ended 30 November 2023 2023 2022 Turnover Income 63 63 Gross profit 63 Overheads Admlnistrative expenses Accountancy fees Bank charges (63) {63) Surplus l {Deficit) on ordinary activities before taxation Taxation Surplus l {Deficit) for year ODcumontRBI.. CTy33-HzfNA-SZOUQQlV P499204120