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 prepa￿d 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