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
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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
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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
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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.
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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
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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
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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.
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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
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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.
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PATHFINDER HERITAGE TRUST LIMITED
The following pages do not form part of the statutory accounts.
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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
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