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 regISte￿d 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 requ1￿ment 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
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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.
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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.
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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.
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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
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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