Company reglstration number: N1040588 Charlty number: 104989 LISMULLIN EDUCATIONAL FOUNDATION Nl LIMITED Company limited by guarantee UNAUDITED FINANCIA STATEMENTS 30
LISMULLIN EDUCATIONAL FOUNDATION {NI) LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Contents Page Directors and other information Dir8Ctors r8POrt Accountants raport Income and expenditur8 account Balance sheet Notes to the financial statements kelly & o'neill Itd, chartered accountants Page 1
LISMULLIN EDUCATIONAL FOUNDATION (NI> LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 Company Information Dlrectors Peler Cosgrov8 Berta Cunha Paul Harman William Kiely S8amus McKeague Nicholas McKenna Chrlslopher Noonan Leo O'Reilly Liam Sammon Ronan Scullion Marla Prados Secretary Paul Harman Company number N1040588 Registsrod offlco 104 Malone Road Belfast BT9 5HP Accountant8 Kelly and O'Neill Ltd 15e Molesworth Street Cookstown Co. Tyrone BT80 8NX Bankers First Trust Bank 35 University Road Belfast BT7 1ND kelly & o'neill Itd, chartered accountsnts Page 2
LISMULLIN EDUCATIONAL FOUNDATION {NI) LIMITED COMPANY LIMITED BY GUARANTEE DIRECTORS REPORT FOR THE YEAR ENDED 30 APRIL 2023 The directors present their report and the unaudited financial statem6nts of the company for the year ended 30 April 2023. Principal aclivity The princlpal activity of the company during the year contlnued to b& Iha advancemenl of religion and education in accordance with Christian principles and ideals for public benefit. During Ihe year, the company promoted activities at Dunraven 1104 Malone Road. Belfast) and Eglantine {27 Eglantin6 Avenue, Belfast) including ethical leadership seminars, scripture study, faith development lectures, family enrichment activities, and evenings of spiritual racolleclion, as well as activities al Lismullin Conference Centre including seminars on farming, 61hical leadership, family, history, and Ilterature, as well as retreats and courses in theology, together wlth courses on cooking, healthy eating and homemaklng at the Llsmullin School of Culinary and Home Arts. Directors The direclors who served Ihe company during Ihe year were as follows., Peter Cosgrove Berta Cunha Paul Harman William Kiely Seamus McKeagu8 Nicholas McKenna Christopher Noonan Leo O'Reilly Liam Sammon Ronan Scullion Marla Prados Small company provisions This report has been prepared in accordance wlth the provSslons applicable to companies entitled to the small companies exemption. Thls report was approved by the board of directors on 25 November 2023 and slgned on behalf of the board by: Ki, CodN,o. Seamus McKeague Dlrector kelly & o'neill Itd, chartered accountants Page 3
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED COMPANY LIMITED BY GUARANTEE REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED FOR THE YEAR ENDED 30 APRIL 2023 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lismullin Educational Foundation {Nl) Limited for the year ended 30 April 2023 which comprise the Income and expenditure account, Balance sheet and related notes from the company's accounting records and from Information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its 8thlcal and other professional r8qulrements which ar8 detailed at www.charteredaccountants.le, This report Is made solely to the board of dlrectors of Lismullln Educational Foundatlon (Nl) Limited, as body, in accordance with the terms of our engaggment letter dated 13 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Lismullin Educational Foundation (Nl) Limited and state those matters that we have agreed to state to the board of directors of Lismullln Educational Foundation (Nl) Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lismullin Educatlonal Foundation INI) Limited and its board of directors a5 a body for our work or for this report. It Is your duty to ensure that Lismullln Educational Foundation (Nl} Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabillties, rinanclal position and 105s of Lismullin Educational Foundation (Nl) Limited. You consider that Lismullin Educational Foundation (Nll Limited is exempl from the slatulory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Lismullin Educational Foundation (Nl} Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not. therefore, express any opinion on the slatulory financial stalemenls. IlÉdJ 4 Lknu Lkl Kelly and O'Nelll Ltd Chartered Accountants 15e Molesworth Street Cookstown Co. Tyrone BT80 8NX 25 November 2023 kelly & o'neill Itd, chartered accountants Page 4
LISMULLIN EDUCATIONAL FOUNDATION (NI> LIMITED COMPANY LIMITED BY GUARANTEE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2023 2023 2022 Not8 Income Administrative 8xpenses 88,795 (50,095> 401,279 151,083) Op8ratlng surplus 38,700 350,196 Profit l (loss) on exthange 177,727) 62,370 Surplus before taxatlon {39,027) 412,566 Tax on surplus Surplus for the flnanclal year and total comprehenslve Income {39,027) 412,566 Retained eamlngs at the start of the year 1,304,861 892,295 Retained eaming8 at the end of the yaar 1,265,834 1,304,861 All the activities of the company are from continuing operations. The "Profit l (loss} on exchange" above shows the cost of a foreign currency adjustment of £77,727 for the loan denominated in euros. The balance still to be repaid at the year-end is É1,029,150. The loan is int8resl-free, unsecured, and has no fixed repayment terms. Actual gains or losses will only be determined when repayrnents are made. kelly & o'neill Itd, chartered accountants Page 5
LISMULLIN EDUCATIONAL FOUNDATION (NI} LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET 30 APRIL 2023 2023 2022 Note Flxed assets Tanglble assets 6 1,795,686 1,802,111 1,795,686 1,802,111 Current assets Debtors Cash at bank and In hand 33,028 353,325 63,002 275,300 386,353 338,302 Credltors: amounts falling due withln one year (5,278) (2,352} Net current assets 381,075 335,950 Total assets less current Ilabllltlos 2,176,761 2,138,061 Crèditors: amounts falllng dua after more than one year (910,927) 1833,200} Net assets 1,265,834 1,304,861 Capltal and reserves Profit and loss account 1.265,834 1,304,861 Members funds 1,265,834 1,304,861 For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors responsibilities: The memb8rs have not required the company to obtaln an audit of its financlal statem8nts for the year in question in accordance with section 476. The dir8Ctors acknowledge their responslbilities for complying with the requlrements of the Acl with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small Gompanles, regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard appllcable in the UK and Republic of Ireland,. kelly & okneill Itd, chartered accountants Page 6
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET (CONTINUED) 30 APRIL 2023 These financial statements were approved by the board of dlrectors and authorlsed for issue on 25 November 2023, and are signed on behalf of the board by.. Seamus McKeague Dlre¢tor Company registratlon number: N1040588 kelly & o'neill Itd, charterod accountants Page 7
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 General Informatlon The company Is a private company limlted by guarantee, registered in Nothern Ireland. The address of the registered office is 104 Malone Road, Belfast, BT9 5HP. Statement of compllance These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Flnancial Reportlng Standard appllcable In the UK and Republlc of Ireland,. The Triennlal review 2017 amendments to the standard have been early adopted, AoUntIng pollcles Bas1$ of preparatlon The financial statements have been prepared on the historical cost basis, as modifled by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Turnover Turnover is m8asured at the falr value of the conslderatlon recelved or recelvable for goods supplled and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant rlsks and rewards of ownership have transferred to the buyer (usually on despatch of the goods),. the amount of revenue can be measured rellably,. it is probable that the assoclaled economlc beneflts will flow to the entity., and the costs incurrgd or to be incurred In respect of the transactions can be measured rellably. Tanglble assets Tangible assets are initially recorded at cost, and ar8 subsequently stated at cost18ss any accumulat8d dapreclatlon and impalrrnent losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluallon less any subsoqu8nt accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrylng amount of an asset as a result of a revaluation, Is recognised In other comprehensive income and accumulated in capital and reserves, excepl to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss, A decreasè in th8 carrying amount of an asset as a result of revalualion is recognised in other comprehensive Incom8 to the extent of any previously recognisgd revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation galns accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. kelly & o'nelll Itd, chartered accountants Page 8
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 Depreclatlon Depreciation is calculated so as to writa off tha cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Long leasehold property Fitlings fixtures and equipment Not currently depreciated 10% reducing balance If there Is an indlcatlon that there has been a slgnificant change in depreclatlon rate, useful Ilfe or residual value of tangible assets, the depreciation Ss revised prospectively lo reflect the new 8s1imates, Impalrment A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such Indicalors exisl. Where the Carrying value exceeds the recovèrable amount, the asset is impaired accordingly. Prior impairments ar8 also reviewed for possible reversal at each reportlng date. When it is not possible to estimat8 th8 r8coverable amount of an individual asset, an eslimale is made of the recoverable amount of the cash-generating unil to which the asset belongs. The cash-generaling unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Flnanclal Instruments A financial asset or a financial liability is recognlsed only when the company becomes a party lo the contractual provisions of the instrument. Basic financial instruments are initially recognised al the transaction price, unless the arrangement conslitules a financing Iransaclion, where it is recognised at the present value of the future payments discounted at a mark81 rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly trad8d or their fair value Can otherwisé ba measured reliably, the Investment is subsequently measur8d at fair valua with changes in fair value recognised in profit or loss. All other such Investments are subsequently measured at cost less impairmenl. Other financial instruments, including derivatives, ar8 initially recognised at falr v81ue, unless paymént for an asset is deferred beyond normal business terms or fln8nced at 8 rale of interest that is not a market rate, in which case the asset is measured at Ihe present valu6 of Ihe future payments discounted at a market rate of interest for a similar d8bt instrument. other financial instruments are subsequently measured at falr value, with any changes recognised in profit or loss. with the exception of hedging instruments in a designated h8dging relationship. Financial assets that are measured at Cost or amortiS8d Cost are reviewed for obJe¢tive evidence of impairment at Ihe end of eaGh reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk chara¢leristics. Any reversals of impaiment are r8cognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carying amount would have been had the impainnent noi prevlously been recognised. kelly & o'neill Itd, chartered accountants Page 9
LISMULLIN EDUCATIONAL FOUNDATION (NI} LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 Llmlt8d by guarantee The company is limited by guarantee and does not have a share capltsl. Each member's guarantee is limit6d to £1. Surplus before taxation Surplus before taxation is stated after chargingl(cr6diting): 2023 2022 Depreclatlon of tanglble assets 6,424 11,336 Tanglble assets Long Flxtures, leasehold fittings and property equipment Total Cost At 1 May 2022 Additions 1,737,868 11) 107,924 1,845,792 (1) At 30 April 2023 1,737,867 107,924 1,845,791 Depreclatlon At 1 May 2022 Charge for Ihe year 43,681 6,424 43,681 6,424 At 30 Aprll 2023 50,105 50,105 Carrylng amount At 30 April 2023 1.737,867 57,819 1,795,686 At 30 April 2022 1,737,868 64,243 1,802.111 Debtors 2023 2022 Other debtors 33,028 63,002 kelly & o'neill Itd, chartered accountants Page 10
LISMULLIN EDUCATIONAL FOUNDATION (NI} LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2023 Creditors: amounts falllng due wlthln one year 2023 2022 Other creditors 5,278 2,352 Credltors: amounts falllng due after more than one year 2023 2022 Other creditors 910.927 833,200 10. Foreign currèncy loan The profit and loss shows a foreign currency adjustment for the loan of £77,727 this results in an inilal surplus of £38,700 being shown as a deficit of £39,027. the balance still to be repaid at the year end Is É1,029,150, the loan is interest free, unsecured and has no fixed repayment terms. kelly & o'neill Itd, chartered accountants Page 11
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023 The following pages do not fonn part of the statutory accounts. k8lly& o'nelll Itd, chartered accountants Page 12
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED DETAILED INCOME STATEMENT YEAR ENDED 30 APRIL 2023 2023 2022 Income Fundraising Tax Relief Other income 70,135 322,824 61,305 17,150 18,660 88,795 401,279 Gross surplus 88,795 401,279 Gross surplus percentage Overheads Adminlstratlve oxpenses Rates Other office costs Insurance Light and heat R8pairs and maintanance Printing, postage and stationery Teletthcffie Event costs Legal and professional Accountancy fees Bank charges General expenses Depreciation of tangible assets Gainlloss on disposal of tangible assets 4,146 275 7,731 8,570 10,391 38 3,979 2,876 4,578 3,370 10,198 25 66 4,785 3,191 675 508 496 11,336 5,000 7,540 3,280 774 442 484 6,424 50,095 51,083 Opératlng surplus 38,700 350,196 Profil I (loss) on forelgn exchange 77,727 (62,370) kelly & o'neill Itd, chartered accountants Page 13