Company reglstration number: N1040588 Charity number: 104989 LISMULLIN EDUCATIONAL FOUNDATION Nl LIMITED Company limited by guarantee UNAUDITED FINANCIAL STATEMENTS 30 APRIL 2024
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Contents Page Directors and other information Directors report Accountants report Income and expenditure account Balance sheet Notes to the financial statements 7-11
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Directors Peter Cosgrove Berta Cunha Paul Harman William Kiely Seamus McKeague Nicholas McKenna Christopher Noonan Leo O'Reilly Liam Sammon Ronan Scullion Prados Marta Secretary Paul Harman Company number N1040588 Reglstered offlca 104 Malone Road Belfast BT9 5HP Accountants 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 accountants Page 1
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED COMPANY LIMITED BY GUARANTEE DIRECTORS REPORT FOR THE YEAR ENDED 30 APRIL 2024 The directors present their report and the unaudited financial statements of the company for the year ended 30 April 2024. Principal activity The principal activity of the company during the year continued to be the advancement of religion and education in accordance with Christian principles and ideals for public benefit. During the year, the company promoted activities at Dunraven (104 Malone Road, 8elfast} and Eglantine (27 Eglantine Avenue, Belfast) including ethical leadership seminars, scripture study, faith development lectures, family enrichment activities, and evenings of spiritual recollection, as well as activities at Lismullin Conference Centre including seminars on farming, ethical leadership, family, history, and literature. as well as retreats and courses in theology, together with courses on cooking, healthy eating and homemaking at the Lismullin School of Culinary and Home Arts. Directors The directors who served the company during the year were as follows.. Peter Cosgrove Berta Cunha Paul Harman William Kiely SeamLSS McKeague Nicholas McKenna Christopher Noonan Leo O'Reilly Liam Sammon Ronan Scullion Prados Marta Small company provislons This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. This report was approved by the board of directors on 30 November 2024 and signed on behalf of the board by Seamus McKeague Director kelly & o'neill Itd, chartered accountants Page 2
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 2024 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 2024 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 ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the board of directors of Lismullin Educational Foundation (Nll Limited, as a body, in accordance with the terms of our engagement 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 Lismullin 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 Educational Foundation (Nl) Limited and its board of directors as a body for our work or for this report. It is your duty to ensure that Lismullin 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, liabilities, financial position and profit of Lismullin Educational Foundation {Nl) Limited. You consider that Lismullin Educational Foundation (Nl) Limited is exempt from the statutory 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 INI) 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 statutory financial statements. gdb f 114 Kelly and O'Neill Ltd Chartered Accountants 15e Molesworth Street Cookstown Co. Tyrone B T80 8NX 30 November 2024 kelly & o'neill Itd, chartered accountants Page 3
LISMULLIN EDUCATIONAL FOUNDATION INI) LIMITED COMPANY LIMITED BY GUARANTEE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 Income Cost of sales Administrative expenses 115,162 88,795 (56,349) (127,822) Operating profitllloss) 58,813 (39,027) Profitl(loss) before taxation 558,813 {39,027) Tax on profiU(loss) Profiulloss) for the financial year and total comprehensive income 58,813 139,027) Retained earnings at the start of the year Retained earnings at the end of the year 1,265,834 1,304,861 1,324,647 1,265,834 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 £28,194 for the loa denominated in euros. The balance still to be repaid at the year-end is É829,150.32. The loan is interest-free unsecured, and has no fixed repayment terms. Actual gains or losses will only be determined when repayments ar made. The notes on pages 7 to 11 form part of these financial statements. kelly & o'neill Itd, chartered accountants Page 4
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET 30 APRIL 2024 2024 2023 Note Fixed assets Tangible assets 1,789,903 1,795,686 1,789,903 1,795,686 Currant assets Debtors Cash at bank and in hand 16,847 229,041 33,028 353,325 245,888 386,353 Credltor3: amounts falling due withln one year (3,133) (5,278> Net Current assets 242,755 381,075 Total ass•ts less current Ilabilltles 2,032,658 2,176,761 Credltor8'. amounts falllng due after moro than one year Net a88ets (708,011) (910,9271 1,324,647 1,265,834 Capital and reservos Profit and loss account 1,324,647 1,265,834 Shareholders funds 1,324,647 1,265,834 For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors responsibilities- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act 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 companies, regime and in accordanGe with Section 1A of FRS 102 'The Financlal Reporting Standard applicable in the UK and Republic of Ireland,. The notes on pages 7 to 11 fomi part of these financial statamonts. kelly & o'neill Itd, chartered accountants Page 5
LISMULLIN EDUCATIONAL FOUNDATION (NI) LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET (CONTINUED) 30 APRIL 2024 These financial statements were approved by the board of directors and authorised for issue on 30 November 2024, and are signed on behalf of the board by.. Seamus McKeagu• Director Company registratlon number: N1040588 The notes on pages 7 to 11 form part of these financial statements. kelly & o'neill Itd, chartered accountants Page 6
LISMULLIN EDUCATIONAL FOUNDATION (NII LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 General Information The company is a private company limited by shares, registered in Nothern Ireland. The address of the registered office is 104 Malone Road, Belfast, BT9 5HP. Statement of compliance These financial statements have been prepad in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Accountlng policies Ba818 of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial ststements are prepared in sterling, which is the functional currency of the entity. Turnover Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods},' the amount of revenue can be measured reliably,. it is probable that the associated economic benefits will flow to the entity., and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Tanglble assets Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. kelly & o'neill Itd, chartered accountants Page 7
LISMULLIN EDUCATIONAL FOUNDATION {NI) LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows-. Long leasehold propety Fittings fixtures and equipment Not currently depreciated 10/ reducing balance If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. Impairment A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and gerserates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. kelly & o'neill 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 2024 Flnancial instruments A financial asset or a financial liability is recognised only when the company becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market 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 traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each 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 characteristics. Any reversals of impairment are recognised 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 carrying amount would have been had the impairment not previously been recognised. Llmlted by guarantee The company is limited by guarantee and does not have a share capital. Each memberfs guarantee is limited to £1. Profluloss b6fora taxatlon Profiuloss before taxation is ststed after chargingl(crediting}: 2024 2023 Depreciation of tangible assets 5,782 6,424 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 2024 Tangible assets Long Fixtures, leasehold fittings and property equipment Total Cost At 1 May 2023 and 30 April 2024 1,737,867 107,924 1,845,791 Depreciation At 1 May 2023 Charge for the year 50,106 5,782 50,106 5,782 At 30 April 2024 55,888 55,888 Carrylng amount At 30 April 2024 1,737,867 52,036 1,789,903 At 30 April 2023 1,737,867 57,818 1,795,685 Debtors 2024 2023 Other debtors 16,847 33,028 Creditors: amounts falling due within one year 2024 2023 Other creditors 3,133 5,278 Creditors: amounts falling due after more than one year 2024 2023 Other creditors 708,011 910,927 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 2024 10. Foreign currency loan The profit and loss shows a foreign currency adjustment for the loan of £28.194. The balance still to be repaid at the year end is É829,150.32, 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 AIPRIL 2024 The following pages do not fom part of the statutory accounts.
LISMULLIN EDUCATIONAL FOUNDATION {NI) LIMITED DETAILED INCOME STATEMENT YEAR ENDED 30 APRIL 2024 2024 2023 Income Fundraising Profit I Ilossl on exchange Other income 60,984 28.194 25,984 70,135 18,660 115,162 88,795 Gross profit 115,162 88,795 Gr088 proflt percentaga 100.00 100.ovo Overhead8 Administratlve expenses Rates Other office costs Insurance Light and heat Repairs and maintenance Service charge payable Printing, postage and stationery Telephone Event costs Legal and professional Accountancy fees Bank charges Profit I Ilossl on exchange General expenses Depreciation of tangible assets 3,737 4,146 275 7,731 8,570 10,391 6,421 7,840 15,617 3,190 19 562 7,417 3,387 828 575 38 7,540 3,280 774 442 77,727 974 5,782 6,424 56,349 127,822 Operating profiU{Ioss 58,813 139,027) Operating profltlllossl percentago 51.10 ProflU(loss) beforg taxatlon 58.813 (39,027) kelly & o'neill Itd, chartered accountants Page 13