Lissan House Trust (A company limittd by 8v•rAntee not having a sh&re tapit&l} Report and Unaudited Financial Statements For the year ended 31 December 2023 Registration No: N1032848 Charity No: NIC102559 'AD57HC4H• 13106J2024 COMPANIES HOUSE A3
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Lissan House frusl Accountsfor ihe year ended 31 December 2023 Contents Trustees and advisers Trust¢es annual report Statement of Trustees Responsibilities and Declaration on Unaudited Financial Statements Independent Examiners report Statemenl of Financial Activiti¢s Balance Sheet Notes to the accounts 9-14
Lissan House Trusl Accountsfor iheyear ended 31 December 2023 Page J Trustees and advisers Trustees S Lougllrin - Chair A I Mcminn (Resigned 16 October 2023) M l Mccrystal R O'Neill (Resigned 06 November 2023) R Stewart R T Colvin D J Lennox K E Neilly (Appointed on 07 August 2023) Registered office and Principal Address Drumgrass Road Cookstown Co Tyrone BT80 9SW Company Registration number N1032848 Charity Number in Northern Ireland NIC102559 HM Revenue & Customs Charity reference XR 18252 Accountants Corr & Corr Accountants st l Floor 58 Loy Street, Cookstown Co Tyrone BT80 8PE Bankers Bank of Ireland 32 James Street Cookstown Co Tyrone BT80 8LT
Lissan House Trusl Accounlsfor ¢heyear ended 31 December 2023 Page 2 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 31 December 2023, also prepared in accordance with the aforementioned Statement of Recommend Practice and FRS 102. The trustees, who are also directors of the Charity. at the date of this report and those who served during the financial year together with the dates of any changes are set out on Page l. Principal Activities The Trust is established for charitable purposes only, specifically the preserving and developing of Lissan House and its Demesne for the benefit of the local community and beyond. Such purposes must be carried out exclusively in a manner that is beneficial to the public and is recognised by the law of Northern Ireland as being charitable. It is anticipated that the redevelopment of Lissan House and the surrounding estate will result in a number of benefits including: Maintaining the historical and architectural legacy of Lissan House 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 th¢ local community and tourists alike; Educating people of the historical and heritage value of Lissan House and its Demesn¢; Environmental and economic regeneration of a currently unexploited building and estate in the Cookstown District Council area; Promotion of Lissan House and the Estate as a high quality destination within the Mid Ulster District Council area and th¢ Sperrins ar¢4 providing a valuable catalyst for tourism regeneration in the gIon. Company Llmited 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 within one year after he ceases to be a member, for payment of debts and liabilities of the Trust contracted before he ¢SeS 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 required not exceeding £1 .00. Trustees The Trustees who were also directors of the Charity and who served during the year are listed on page l.
Lissan House Trust Accountsfor ihe year ended 31 December 2023 Page 3 Trustees, report (cont'd) Achievements and Performance Financial Review The company returned net incoming resources of £26,993 (2022: £28,325). At 31 st December 2023 the total funds of the charity amounted to £309,891 {2022: £282,898), comprising restricted funds of £ NIL (2022.. £ NIL), designated funds of £NIL (2022: £ NIL) and general unrestrict¢d funds of £309,891 (2022: £282,898). Of the total funds reported above, £67,764 is made-up of ¢h at bank and in hand, with bank d¢bt 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 activities while consideration is given to ways in which additional funds may be raised. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate ¢xposur¢ to the major risks. Structure Governance and Management The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association. Lissan House Trust registered with the Charity Commission for Northern Ireland on 23rd December 2015. Public Benefit Jn setting our objectives and planning our activities for the year, the trustees have given careful consideration 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. Speclal provisions relating to small companies The above report has been pr¢pared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. By order of the board Sharon Loughrin Trustee io¢h June 2024 Katherine Neilly Trustee ioth June 2024
Lissan House Trust Accountsfor the year ended 31 December 2023 Page 4 Statement of Trustees Responsibilities and Declaration on Unaudited Financial Statements General Responsibilities The Trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires the trustees as the directors to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charitabl¢ company law the trustees must not approve the fjnancial statements unless they are satisfied that th¢y give a true and fair view of th¢ state of affairs of the charity and of the net income or expenditure of th¢ charity for th¢ period. In pr¢paring these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently; make judgements estimates that are reasonable and prudent; state wh¢ther the Charities SORP {¢ff¢ctive January 2015) in a¢cordance with FRS102 has been followed. and prepare the financial statements on th¢ going conc¢rn basis unl¢ss it is in appropriate to presume that the charity will continue in operation. The Trustees are responsible for k¢¢ping prop¢r accounting records which disclose with reasonable accuracy at any tim¢ the financial position of th¢ 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 taking 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 Sh¢et, the Accounting Policies and the related notes.. The trustees approve thes¢ 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 underlyin8 them. They have been pr¢pared on the going concern basis that the charity will continue in operation. The tru5te¢s confim that they have made available to Corr & Corr, Chartered Accountants, all the charity's accounting records and provid¢d all the inforniation, books and documents ne¢¢ssary for the cornpilation of the financial statements. The trustees confirni that to the best of their knowledge and belief, the accounting records reflect all the transactions of the charity for the year ended 31 December 2023. On behalf of the board Sharon Lougbrin Trustee 10 June 2024 Katherine Neilly Trustee ioth June 2024
Lissan House Trust Accountsfor the year ended 31 December 2023 Page 5 Independent Examiners Report to the Board of Trustees of Lissan House I have examined the financial statements of the Trust for the year ended 31 December 2023. which comprise the Statement of Financial Activities (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 financial ststements were not required to be audit¢d in accordance with Part 16 of the Companies Act 2006. This report is made solely to the charitable company trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our work has been undertaken so that we might compile the financial statements that we have be¢n 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 state to them in this report and for no other purpose, To the fullest extent permitted by law, we do not accept or assum¢ responsibility to anyone other than the charitable Company and the Charitable company's Board of Trust¢¢s, as a body, for our work. or for this report. Respective responsibilities of trustees and examiner As explained more fully in the Statement of Trustees, Responsibililies, the trustees, who are also the dire¢tors of the charitable company, are responsible for the preparation of the Trustees, Annual report and the financial statements in accordanc¢ with applicable law and Accounting Standards (UK and Ireland). The charilable company trustees consider an audit is not required for this y¢ar under Chapter 3 of Part 16 of the Companies Act 2006 but 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 th¢r¢under' follow the procedures laid down by the regulatory authorities. and state the facts if it has come to my attention in the cours¢ of my examination work that any: (i) material expenditure or action appears not to be in accordance with the charitable company's trusts. (li) information or explanation l am entitled to under the Regulations has not been afforded to me, (iii) information contained in the financial statements is materially inconsistent with the Trustees, Annual rcport for the year. Basis of independent examlner's report My examination work was undertaken in accordance with the general directions given by the regulatory authorities. Such an examination includes a review of the accounting 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 the financial statements and seeking explanations from yourselves as the charitable company trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.
Lissan House Trusl Accounlsfor ihe year ended 31 December 2023 Page 6 Independent examiner's statement In connection with my examination work, no matter has come to my attention: which gives me reasonable cause to 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 arxordanc¢ with the methods and principles set out in the Charities SORP and which comply with the requirements of section 396 of the Companies Act 2006 other than the requirement to give a true and fair view have not been met. or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial Stalements to be reached. Corr & Corr Chartered Accountants Cookstown io¢h June 2024
Lissan House Trwt Accounlsfor Iheyear ended 31 December 2023 Page 7 Statement of Financial Activities Income statement Unrestricted Restricted Funds Funds Total Total Ineoming Resources 2023 2023 2023 2022 Incoming Resources Activities for Generating funds Investment Incomc 52,026 52.026 49.452 Total Incoming Resource8 Resources Expended Net Incomlng Resources available for Cbaritable Application 52,026 52,026 49,452 Resources Expended on Charitable Activities Cost of Charitable Activities Total Resources Expended Gross Transfer between funds Surplusl(Deficit) for the year 25,033 26,993 Net movement in funds for tbe year 28 25 Reconciliation of funds Balance brought forward Balance carrled forward 282 898 309 891 282 898 309 891 254 573 282 898
Lissan House frusl Accounls or ihe year ended 31 December 2023 Page 8 Balance sheet Notes 2023 2022 Fixed assets Tangible fixed assets 245 939 245 939 Current assets Debtors Cash and cash equivalents 3,758 4,272 35 81 Creditors: amounts falling due within one year Net Current Ydssets/(liabilitieg) Total assets less current liabilities 309 891 282 898 Creditor8: amounts falling due After more than one year Net assets 309 891 282 898 Funds Restricted Trust Funds Unrestricted designated Funds General Fund (unrestricted) 13 309 891 282 898 Thes¢ financial statements have been prepared in accordance with the special provisions relating to small Compani¢s within Part 15 of the Companies Act 2006. For the financial year, ended 31 December 2023 the charitable company was entitled to exemption from audit under Section 477 of the Companies Act 2006; and no notic¢ has been deposited under Section 476, The trustees acknowledge their responsibility for ensuring that the charitable company k¢eps accounting records which Comply with Section 3 86 and for preparing financial statements which give a true and fair view of th¢ state of affairs of the charitable company as at the end of thc financial year and of its profit and loss for the financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statemenls, so far as applicable to the charitable company. Approved by the board and authorised for issue on the i oth June 2024 and si8ned on its behalf by: Aan ShAron Loughrin Tni$tè.p. ioth June 2024 Katherine Neilly Ti'usttt ioth June 2024 The notes on pages 9 to 14 forni part of these accounts.
Lissan House Trusl Accounlsfor Iheyear ended 31 December 2023 Page 9 Notes to the accounts l. Principal accounting policies Basis ofpreparalion The financial stat¢m¢nts hav¢ b¢¢n pr¢pared under th¢ historical cost convention and in accordance with the Companies Act 2006 and Part 8 of the Charities Act (TrJorth¢rn 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 Rcpublic of Ireland (FRSI 02) (cffective l January 2015)- (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Jreland (FRS 102), the Companies Act 2006 and the Charities (Accounts and R¢ports) Regulations (Northern Ireland) 2015. General informalion and basls ofprep4ralion Lissan Hous¢ Trust is a Company limited by guarantee incorporated in Northern Ireland under the United 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 Lissan House and its Demesne for the benefit of the local community and beyond. The accounts have been prepared in accordance with applicable accounting standards, A summary of the more important policies, which have been applied consistently, is set out below. The accounts are prepared in sterling which is the fun¢tional currency of the company. Cashflow slalemenl The charitable 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 orcapital is included in the Statement of Financial Activities when the charitable company is legally entitled to it. its financial value can be quantified with reasonable certainty and there is reasonable certainty of its ultimate receipt. Entitlement to legacies is considered established when the charitable company has been notified of a distribution to be made by the executors. Income received in advance of due perforniance 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 ar¢ accounted for on an accruals basis. Charitable activities include costs of services and grants, support costs and depreciation on related assets. Costs of generating funds similarly include fundraising activities. Non-staff costs not attributed to one category of activity are allocated or apportioned pro-rata to the staffing of the relevant servi¢¢. Finance. HR, IT and adm inistrative staff costs are directly attributable to individual activities by objective. Governance costs are those associated with constitutional and statutory requirements.
Lissan House Trusl Accounls or iheyear ended 31 December 2023 Page 10 Notes to the accounts (cont'd) l. Principal accounting policies (contgd) rangiblefL¥ed assets Fixed assets are stated at their purchase cost, together with any incidental costs of acquisition, l¢ss accumulated depreciation. Depreciation is calculated so as to write off the costs of tangible fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. Impairmenl ofnon-financial assels The company assesses at each reporting date whether an asset may be impaired, If any such indication exists the company estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates, th¢ recoverabl¢ amount of the cash generating unit to which the asset belongs. The recoverable amount of an asset or cash generating unit is the higher of its fair value less costs to sell and its value in use. If th¢ r¢¢overabl¢ 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 impainnent in the profit and loss a¢¢ount. An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairnient loss have ceased to apply. Governmen(8ranls Grants that relate to specific capital expenditure are treated as deferred income which is then credited to the profit and loss account over the related asset's useful life. Revenue grants are credited to the profjt and loss account in the same year as the related expenditure is incurred. Income Income represents donations, grants and other income re1Ved by th¢ Trust during th¢ year. Bank interesl receivable Bank interest is recognised in the revenue account on a receipts basis. Repairs and renewals These are charged to r¢v¢nue in the year in which the expenditure is incued. Shorl lerm employee benefits Short tenn employee benefits are recogni5ed as an expense in the period in which they are incurred.
Lissan House Trust Accounlsfor theyear ended 31 December 2023 Page 11 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 I, the directors are required to make judgements, estimates and assumptions about the carying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates ar¢ recognised in th¢ period in which the estimate 15 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. Criticaljudgemenls in applying the coryany's occounting policies During the current and preceding financial years th¢ directors b¢lieve they have not made any critical judgements in the process of applying the company's accounting policies that have a si8nifi¢ant effect on the amounts recognised in the accounts. Key sources of esilmalion uncerlalnty During the current and preceding financial years the directors believe there are not any key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the can7ing amounts of assets and liabilities within the next financial year. Deferred Tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differenees are temporary differences between the company's taxable income and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences ar¢ expected to reverse, based on tax rates and laws that have been enacted or substantively ¢na¢t¢d by the balance sheet dat¢. Coing concerD The company made a profit of £26,993 during the year ended 31 December 2023, and at that date, the company's assets exceeded its liabilities by £309.891. The trustees, after making enquiries. have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in the preparation of the accounts.
Lissan House Trus¢ Accounlsfor iheyear ended 31 December 2023 Page 12 Notes to the accounts (cont'd) 4. Interest payable and similar charges 2023 2022 Bank interest payable NIL S. Employees and remuneration Total Staff costs compris¢: 2023 2022 Wages and salaries NIL NIL Pension costs N]L NIL The Trustees did not r¢¢¢ive any r¢mun¢ration durin8 the year. The average number of employees during the year was NTL - (2022: NIL). 6. Taxation Lissan House Trust is registered as a ¢harity for taxation purposes under reference NtC102559. As a charstable company, Lissan House Trust is exempt from tax on income and gains falling within Section 5050 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to it5 charitable objects. No tax charges have thefore arisen for the charitable company for the year ended 31 December 2023. 7. Tahgible fixed assets Freehold land and buildings Fixtures and rittings Total Cost As at l January 2023 Additions As at 31 December 2023 Grants reeeived: Freehold property 34,494 211.445 245,939 211445 245 939 As at l January 2023 and at 31 December 2023 Cost after capltal grant 34,494 211445 245 939 Depreciation As at l January 2023 and at 31 December 2023 Net book value As at December 2023 34.494 211445 245 939 As at December 2022 34,494 211,445 245 939
Lissan House Trus¢ Accountsfor Ihe year ended 31 December 2023 Page 13 Notes to the accounts (cont'd) 8. Creditors: Amounts falling due withAn one year 2023 2022 Bank Loans & Overdrafts Other taxes and social security Trade Creditors 2,260 2,910 2,400 7,570 294 Accruals 2,400 2,694 9. Creditors: Amounts falling due after more than one year 2023 2022 Other Creditors NIL NIL Bank Loans NIL NIL NIL 10. Analysis of Net Assets by Fund The Total Net Assets in the current and prior period related to th¢ general fund (unrestri¢ted). 11. ADalysi$ of Movements on Funds Bal Inter- 01 Jan Ineoming Resource fund 2023 Resource Expended Transf¢rs Bal 31 Dec 2023 Reslrieled Ineome Restricted Unrestricted Ineome Unrestricted 282 898 52,026 309 891 Total Funds 282,898 309 891
Lissan House Trxyt Accounls ear ended 31 December 2023 Page 14 Notes to the accounts (cont'd) 12. Status The charitable company is limited by guarantee not having a share capiL11. Each member undertakes to contribute to the assets of the Trust, in the event of the same being wound up while they are a member, or within one year after they cease 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 adjustm¢nt of the rights of the ¢ontributors among themselves such amount as may be required not exceeding £1.00. 13. Funds The retained earnings reserve represents cumulative surplus or deficit on the revenu¢ account. 14. Capital commltments At the balance sheet date, the company had entered into contracts for future capitsl expenditure amounting to: 2023 2022 Contracted for but not provided in the accounts 15. Contingent liabilities There is a contingent liability to repay certain grants received under the terms of letters of offer from various agencies, if the company fails to comply with certain temis and conditions. In the opinion of the directors, the tenns of the letters of offer have been Complied with and no105s Is expected. The company has no other Contingent liabilities at the current or prior year ends. 16. Post Balance Sheet Events There have be¢n no significant events affecting th¢ Charity since th¢ year-end. 17. Related Party Transactions There were no related party transactions in the current or prior period.
Lissan House Trust (A company limited by guarantee not having 4 5h*re capital) Supplementary Information Relating to the Financial Statements For the year ended 31 December 2023
Lissan House Trusl Supplemenlary Informalionfor the year ended 31 Deeember 2023 Operating Statement Operating statement Notes 2023 2022 Income Donations Interest received Entrance and tour fees Land income Venue hire Event income Retail and catering sales Group Tours Rent {Wall¢d Garden) Log & book sales Grants received Capital receipt from sale of land 4,513 5.561 304 13,337 22,484 6,121 1,613 14,911 2J03 10,022 4000 967 300 15,042 Expenses Wages Insurance Management services Light and heat Maint¢nanc¢ and upkeep Printing and stationery Advertising Event costs Telephone Legal and professional fees VAT payable Accountancy Bank charges and interest Miscellaneous expenses Service charges General Expenses Hire of Equipment Subscriptions Computer Bureau Costs 9,415 8,545 1,536 6,347 1,476 2,926 330 250 1,712 1,075 2,807 lJ90 3,20S 258 1,608 229 89 29 270 757 927 290 654 25,033 Surplus I (Deficit) on ordinary activities before taxatlOD 26,993 28,325 TYdXAtion Surplus l (Deficit) for year 28 26 993 25