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 2024 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 financial statements 10-15
PATHFINDER HERITAGE TRUST LIMITED Trustees and advisers David Mahon (appointed 31.01.24) Elizabeth Mahon (appointed 31.01.24) Caroline Connelly (resigned 31.01.24) Company number N1634769 Charity Number NIC107304 Reglstered office Northern Bank House Main Street Kesh, Enniskillen BT93 ITF Accountants Roulston Jardine Chartered Accountants Fi rst Floor 3 Gallows Street Dromore BT25 IBG Page I
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2024 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 2024. also prepared in accordance wlth the aforementioned Statement of Recommend Practice and FRS 102. The trustees, who are also directors of the Charity, at the date of thls report and those who served during the financial year together wlth the dates of any changes are set out on Page l. Principal Actlvltles The Trust is established for charitable 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 beneflclal to the public and is recognised by the law of Northern Ireland as being charitable. It Is antlclpated that the redevelopment of Moygashel Mills and the surrounding estate will sUIt in a number of benefits Including: -Maintalning the historical and architectural legacy of Moygashel Mills and its 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 tourSsts allke; -Educating people of the hlstorlcal and heritage value of Moygashel Mllls and the Irish Linen Industry; -Recovering, restoring, preserving and exhiblting historical items which represent important facets of the history and heritage belng explained and exhibited; -Provldlng opportunltles for local people, especially those wlth direct or ancestral links to the Linen Industry. to 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 interartion. Company Limited by Guarantee Each dirertor undertakes to contribute to the assets of the Trust, in the event of the 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 liabllities 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 the rights of the contributors among themselves, such amount as may be requlred not exceeding £l.OQ. Trustees The Trustees who were also dlrectors of the Charity and who served during the year are listed on page l. Page 2
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2024 Achievements and Performance Financlal Review The company returned net incoming resources of £360 {2023: £NIL). At 30 November 2024 the total funds of the charity amounted to £24,896 12023: £24,536), comprising restricted funds of £ NIL12023: £ NIL), designated funds of £NIL (2023:NIL) and general unrestrirted funds of £24,89612023:£24,536). Of the total funds reported above, £NIL is made-up of cash at bank and in hand, wlth bank debt of £NIL. The trustees endeavour to maintain sufficient funds to ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current actlvities 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 mitlgate exposure to the major risks. Strurture Governance and Management The charlty is a company limlted by guarantee and is governed by Its Memorandum and Articles of Assoclation. And was regISted with the Charlty Commisslon for Northern Ireland on 27th April 2020. Publlc Benefit In Setting our objectives and planning our activities for the year, the trustees have given careful consideratlon to 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 wlth It. The advancement of education for the benefit of the local and wider communitles by providing an educational resource for chlldren and adults. The advancement of citizenship and Community development. Speclal provisions relating to small companies The above report ha5 been prepared in accordance with the special provisions relating to sm311 companies within Part 15 of the Companies Act 2006. By order of the board Mr David Mahon Trustee 17th September 2025 Page 3
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2024 Statement of Trustees Responsibilities and Declaration on Unaudited Financial Statements General Responsibilrties The Trustees are responsible for preparing the financlal statements In accordance with applicable law and regulations. Company law requires the trLJStees as the dlrectors 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 trustees 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 charlty and of the net income or eXpendItu of the charity for the perlod. In preparing these financial statements, the trustees are required to: selert suitable accountlng policies and apply them conslstently,, make Judgements estimates that are reasonable and prudent; state whether the Charities SORP (effective January 2015) in accordance with FRS102 has been followed; and prepare the financial statements on the going concern basis unless it is in appropriate to presume that the charity will continue in operation. The Trustees are spOnSible for keeping proper accounting records whlch dlsclose wlth reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the arts, 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 detection of fraud and other irregularities. Trustees. declaration on the Unaudlted Flnancial Statements In relation to the financial statements comprising the Statement of Financial Activities (incorporating an Income and Expendlture Account), the Balance Sheet, the Accounting Policies and the related notes: The trustees approve these financlal statements and confirm that they are responslble for them, Includlng selecting the appropriate accountlng policie5, applying them consistently and maklng* on a reasonable and prudent basis the judgements underlying them. They have been prepared on the going concern basis that the charity will continue in operation. The trustees confirm that they have made available to Roulston Jardine Chartered Accountants, all the charlty's accounting records and provided all the information, books and documents necessary for the compilation of the financlal statements. The trustees confirm that to the best of their knowledge and belief, the accountlng records reflect all the transartions of the charity for the year ended 30 November 2024. On 8ehalf of the board Mr Davld Mahon Trustee 17th September 2025 Page 4
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2024 Independent Examiners Report to the Board of Trustees of Pathfinder Heritage Trust Limited I have examlned the flnancial statements of the Tnjst for the year ended 30 November 2024, which comprise the Statement of Financial Actlvitles (incorporating an income and Expenditure Account), the Balance Sheet, the Accounting Policies and the related notes. These financial statements have been prepared under the accounting policies set out therein. The flnanclal statements were not required to be audited in accordance wlth Part 16 of the Companies Act 2006. This report is made solely to the charltable company trustees, as a body, Sn accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our work 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 state those matters that we have agreed to stste to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable Company and the charitable company's Board of Trustees, as a body, for our work, or for this report. Respectlve responsibilities of trustees and examiner As explained more fully in the Statement of Tru5tees' Responsibilitles, the trustees, who are also the directors of the charitable company, are responsible for the preparation of the Trustees, Annual report and the flnancial 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 requlred under that Act. It Is my responslbllity to: examlne 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 farts if it has come to my attention In the course of my examination work that any: (l) materlal expenditure or action appears not to be in accordance with the charitable company's trust5. (li) information or explanation I am entitled to under the Regulatlons has not been afforded to me- (ill) Information contained in the financial statements is materially inconsistent with the Tnjstees, Annual report for the year. Basis of independent examiner's report My examinatlon work was undertaken in accordance with the general directions given by the regulatory uthorities. Such an examination Includes a review of the accounting records kept by the charitable Company and a comparison of the flnancial statements presented with those records. It also includes conslderatlon of any unusual Item5 or disclosures In the financial statements and seeklng explanations from yourselves as the charltable company trustees concemlng any such matters. The procedures undertaken do not provlde all the evidence that would be required in an audlt and consequently I do not express an audit oplnion on the view given by the financial statements. Page 5
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2024 Independent examiner's statement Iri connection with my examinatlon work, no matter has come to my attention: which gives me reasonable cause to believe that in any material respert 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 prlnclples set out in the Charities SORP and which comply with the requirements of section 396 of the Companies Act 2006 other than the requ1ment to give a true and fair view have not been met- or to whlch, In my oplnlon, attention should be drawn in order to enable a proper understanding of the financial Statements to be reached. Alan Roulston FCA Roulston Jardine Chartered Accountants 17th September 2025 Page 6
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2024 Income statement Unrestricted Restricted Funds Funds Total Total 2024 2024 2024 2023 Incoming Resources Activities for Generating funds Investment Income Total Incoming Resources Resources Expended Net Incoming Resources avallable for Charitable Application Resources Expended on Charitable Activities Cost of Charitable Activities 360.00 Total Resources Expended Gross Transfer between funds 360.00 Surplus/{Deficit) for the year 360.00 Net movement in funds for the year Reconciliation of funds 360.00 360.00 Balance brought forward 24,536 24,536 24,536 Balance carried forward 24,896 24 896 24 536 Page 7
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2024 2024 2023 Note Fixed assets Tangible assets 24,896 24,896 Creditors: amounts falllng due withln one year -360 Net current liabilities -360 Total assets less current liabilities Net assets 24.896 Capital and reserves Proflt and loss account 24,536 General Fund (Unrestricted) 24,896 24,536 These financial statement5 have been prepared In accordance with the special provisions relatlng to small Companies within Part 15 of the Companies Act 2006. Page 8
PATHFINDER HERITAGE TRUST LIMITED Year ended 30 November 2024 For the flnanclal year ended 30 November 2024 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 responslbllSty 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 affalrs 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 the requirements of Sertions 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charttable company. Approved by the board and authortsed for issue on the 28th August 2025 and signed on its behalf by: Mr Davld Mahon Tnjstee 17th September 2025 The notes on pages 10 to 15 form part of these accounts. Page 9
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements Year ended 30 November 2024 Notes to the accounts l. Principal accounting policies Basls of preparatlon The financlal statements have been prepared under the historical c05t 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 Ereland (FRS102) (effective l January 2015) (Charlties SORP (FRS102)), the Flnancial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. General informatlon and basls of preparatlon Pathfinder Heritage Trust Limited is a company limited by guarantee incorporated in Northern Ireland under the United Kingdom Companies Act. The address of the reglstered office Is given on page l. The principal activity of the company is the preserving and developlng of Moygashel Mllls and the surrounding estate for the benefit of the local community and beyond. The accounts have been prepared in accordance wlth appllcable accountlng standards. A summary of the more mportant pollcies, whlch have been applied consistently, is set out below. The accounts are prepared In sterllng which is the functional currency of the company. Cash flow statement The charltable company has availed of the exemption in FRS 102 from the requirement to produce a cash flow statement because it is classified as a small charitable company. Incoming Resources Voluntary Income or capltal Is Included in the Statement of Financial Activities when the charitable company is legally entitled to it, its financial value can be quantlfled with reasonable certainty and there is reasonable certalnty of Its ultimate receipt. Entitlernent to legacies is considered established when the charitable company has been notifled 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 servlces and grants, support cost5 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 apportloned pro-rata to the staffing of the relevant service. Flnance, HR, IT and administrative staff costs are directly attributable to indlvldual artlvltles by objective. Governance costs are those associated with constitutlonal and statutory requirements. Page 10
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (contlnued) Year ended 30 November 2024 l. Principal accounting policies (cont'd) Tangible fixed assets Fixed assets are stated at their purchase cost, together with any incidental costs of acquisition, less accumulated depreclatlon. Depreclatlon is calculated so as to write off the costs of tangible fixed assets, less their estlmated resldual values, over the expected useful economic lives of the assets concerned. Impairment of non-financial a$$et$ The company assesses at each reportlng 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 whlch the asset belongs. The recoverable amount of an asset or cash generating unit is the higher of Its fair value le55 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 its recoverable amount through an Impalrment 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 profit and 1055 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 other Income recelved during the year. Bank interest recelvable Bank interest is recognised in the revenue account on a receipts basis. Repairs and renewals These are charged to revenue In the year In whlch the expendlture is Incurred. Short term employee benefits Short term employee benefits are recognised as an expense in the period in which they are incurred. Page 11
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statement$ (contlnued) Year ended 30 November 2024 Notes to the accounts (cont'd) Critical accounting Judgements and key sources of estimation uncertainty In the applicatlon of the company's accounting policies, which are described in note I, 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 fartors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoSng basis. Revlsions 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. Critical judgemtnts 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 source5 of estimation uncertalnty that have a slgniflcant rlsk of causlng a materlal adjustment to the carrylng amounts of assets and liabllities wlthln the next financial year. 2. Deferred Tax Deferred tax Is recognlsed In respect of all tlmlng differences that have orlglnated but not reversed at the balan sheet date where transactions or events have occurred at that date that will result in an obligation to pay mo tax in the future. or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable income and its results as stated in the financial statements. Deferred tax is measured on an undi5counted basi5 at the tax rates that are anticlpated to apply In the periods In which the tlming differences are expetted to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 3. Golng concern The company made a profit of £NIL during the year ended 30 November 2024. and at that date. the company's assets exceeded its liabilities by £24,896. The trustees, after maklng 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 golng concern basis In the preparation of the accounts. Page 12
PATHFINDER HERITAGE TRUST LIMITED Notes to the flnanclal statements (continued) Year ended 30 November 2024 Notes to the accounts (cont'd) 4. Interest payable and similar charges 2024 2023 Bank interest payable 5. Employees and remuneratlon Total Staff costs comprise: 2024 2023 Wages and salaries Pension costs The Trustees did not receive any remuneration durlng the year. The average number of employees during the year was NIL - {2023.' NIL). 6. Taxatlon Pathfinder Heritage Trust Llmlted is registered as a charity for taxation purposes under reference NIC107304. As a charitable company, Pathfinder Heritage Trust Limited is exempt from tax on income and gains falling within Section 5050 of the Taxe5 Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 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 2024. Page 13
PATHFINDER HERITAGE TRUST LIMITED Notes to the financlal statements {continued} Year ended 30 November 2024 7. Tanglble flxed asset$ Heritage Assets Total Cost At l December 2023 At 30 November 2024 24,896 Depreciatlon At l December 2023 and 30 November 2024 Carrying amount At 30 November 2024 At 30 November 2023 24,896 24,896 24,896 24,896 8. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income 360 360 9. Creditors: Amounts falling due after more than one year 2024 2023 Other Creditors Bank Loans Page 14
PATHFINDER HERITAGE TRUST LIMITED Notes to the financial statements (continued) Year ended 30 November 2024 10. Analysis of Net Assets by Fund The Total Net Assets in the current and prior period related to the general fund (unrestricted)- 11. Analysis of Movements on Funds Bal Incoming Resource 01 Dec 2023 Resource Expended Inter-fund Transfers Bal 30 Nov 2024 RestrKrted Income Restricted Unrestricted Income Unrestricted 360 Total Funds 360 12. Status The charitable company is Ilmited by guarantee not having a share capital. 13. Funds The retained earnings reserve represents cumulatlve surplus or deficit on the revenue account. 14. Cap5tal commitments At the balance sheet date, the company had entered into contracts for future capital expenditure amountlng to,, 2024 2023 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 Transactlons There were no related party transactions In the current or prior period. Page 15