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,
A￿oUntIng 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