Return the saucepan to the stovetop over medium-high heat. Add the chicken broth and bring it to a boil. Shape the chilled matzo batter into 16 balls and add them to the broth. Reduce the heat to simmer, cover and cook for 55 to 60 minutes, or until the matzo balls are tender.
Add the vegetable mixture to the chicken stock and matzo balls, along with the fava beans and peas and simmer until heated through.
If using defrosted frozen lima beans, add them first to the soup and let them simmer for 5 minutes or until tender, then add the other vegetables. Season with salt and pepper to taste, ladle into bowls and garnish with chopped fresh dill.