The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Statement of Cash Flows For the Year Ended 30 June 2023 2023 2022 Cash flows from operating activities Net cash used in operating activtties 1911,6011 620,979 Cash flows from investing activities Purchase of investments {Increase)IDecreas8 in DÈbtnrs Increasel (Decrease) in Creditors Net gains on investments (2,000.000) (100.000) 5,455 (25,5721 (2,324) Net cash used in investing activities (120.117) (2,002,324) Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (1,031.718) (1.381.345 3.358.880 4,740,225 Cash and cash equivalents at the end of the year 2,327,162 3,358,880 The notes on pages 13 to 21 fonn part of these financial statements Page 12 The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 30 June 2023 General infomiation The Trust is a company limited by guarantee. The members of the company are the TruSt￿S named on page 1. In the event of the Trust being wound up, the liabilty in respect of the guarantee is limited to £1 per member of the TrusL Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Chartties: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effects've 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The House of VIc-Ryn Trust Limited meets the definition of a public benefrt entity under FRS 102. Assets and liabilrties are initially recogntsed at historical cost or transaction value unless otherwise stated In the relevant accounting policy. 2.2 Going concern The Trustees of The House of VIc-Ryn Trust Limited have rerfiewed the resources available and believe that the Trust has adequate resources to continue in operational existence for the foreseeable fulure. According￿, The House of VIc-Ryn Trust Limited continue to adopt the going concern basis in preparing the financial statements. Page 13 The House of Wic-Ryn Trust Limited (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 30 June 2023 Accounting policies (continued) 2.3 Income All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income recetvable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement. the probability of receipt and the ability to estimate with sufficient accuracy the amount recetvable. Evidence of entitlement to a legacy exists when the Trust has sufficient evidÈncÈ that 2 gift has bp.en left to them (through knowledge of the existen￿ of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when rt is probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the Trust, can be reliably measured. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Where the donated good is a fixed asset, it is measured at fair value. unless it is impractical to measure this reliably. in which case the cost of the item to the donor should be used. The gain is recoqnised as income from donations and a CO￿espOndIng amount is included in the appropriate fixed asset dass and depreciated over the useful economic life in accordance with the Trust's accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Trust which is the amount it would have been wlling to pay to obtain services or facilities of equivalent econornic benefit on the open market" a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Grfi Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 Expenditure Expendlture is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probabFe that a transfer of economic beneftis will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by actmty. Expenditure on charitable activitjes is incurred on directly undertaking the actNities which further the Trust's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to condikn'ons which hw4e not been met at the year end are noted as a Commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 14 The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 30 June 2023 Accounting policies {continued) 2.5 Investments Fixed asset investments are a fomi of financial instrument and are inrtially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments. in the Statement of Financial Activrties. 2.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-tenn highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event. it is probable that a transfer of economic benefft will be required in settlement, and the amount of the settlement can be estimated ￿lIablY. Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activtties a5 a finance cost. 2.9 Flnancial instruments The Trust onty has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. Designated funds comprise unrestticted funds that have been set aside by the Tnjstees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Page 15 The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 30 June 2023 Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Donations 165,933 165,933 Unrestricted funds 2022 Total funds 2022 Donations 2.025.131 2,025,131 Other Incoming resources Unrestricted funds 2023 Total funds 2023 Other incoming resources 51,669 51,669 Unrestricted funds 2022 Total funds 2022 Other incoming resources 8,619 8,619 Analysis of grants Grants to Institutions 2023 Total funds 2023 Grants to Christian organisations Grants to medical organisations 1,033,766 114.500 1,033,766 114.500 1.148,266 1.148,266 Page 16 The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 30 June 2023 Analysis of grants (continued) Grants to Institutions 2022 Totsl funds 2022 Grants to Christian organisations Grants to medical organisations 1,370.239 37.200 1,370,239 37,200 1,407,439 1,407,439 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2023 Total 2023 Advancement of the Christian fatth Prevention and relief of 3ickne33 Govemance costs Support costs 1,033.766 114.500 6.009 500 1,033.766 114,500 6,009 500 1,154.775 1,154,775 Unre5trided funds 2022 Total 2022 Advancement of the Christian faith Prevention and relief of sickness G0Veman￿ costs 1.370,239 37.200 5,332 1.370.239 37,200 5.332 1.412,771 1,412.771 Trustees. remuneration and expenses During the year, no Trustees re￿iVed any remuneration or other beneffts (2022 - £NIL). During the year ended 30 June 2023. no Twstee expenses have been incurred (2022 - £NIL). Page 17 The House of Vic4yn Trust Limited IA Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 30 June 2023 Debtors 2023 2022 Due within one year Other debtors 100.000 100,000 Current asset investments 2023 2022 Cost or valuation At 1 July 2022 Purchase of investments Net gains on investments 2,000,000 2,000,000 25.572 At 30 June 2023 2,025,572 2.000.000 10. Creditors: Amounts falling due within one year 2023 2022 Accruals and deferred income 8,880 3,425 Page 18 The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 30 June 2023 11. Statement of funds statement of funds - current year Balance at 30 June 2023 Balance at 1 July 2022 Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Designated Funds - all funds S.345,455 217,602 {1,154,775) 25.572 4,433.854 General funds General Funds - all funds 10.000 10,000 Total Unrestricted funds 5.355.455 217.602 11,154,775) 25.572 4,443,854 Statement of funds - prior year Balance at 30 June 2022 Balance at 1 July 2021 Income Expenditure Unrestricted funds Designated funds Designated Funds- all funds 4.724.476 2,033.750 (1,412.771) 5,345,455 General funds General Funds- all funds 10.000 10,000 Total Unrestricted funds 4.734,476 2,033,750 (1.412,771) 5,355,455 Page 19 The House of viC￿yn Trust Limited {A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 30 June 2023 12. Analysis of net assets between funds Anatysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Current assets Creditors due wthin one year 4.452,734 (8.880) 4A52.734 18,880) Total 4,443,854 4,443,854 Analysis of net assets between funds - prior year Unrestricted funds 2022 Total funds 2022 Current assets Creditors due within one year 5,358,880 (3,425) 5,358,880 (3.425) Total 5,355.455 5,355,455 13. Reconciliatlon of net movement in funds to net cash flow from operating activities 2023 2022 Net incomelexpenditure for the year (as per Statement of Financial Activities) (911.601) 620,979 Adjustments for: Increasel(de¢rease) in creditors 3.975 (2.326) Net cash provided byl(used In) operating actlvities (907,626) 618,653 Page 20 The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 30 June 2023 14. Analysls of cash and cash equivalents 2023 2022 Cash in hand 2,327,162 3,358,880 Total Gash and cash equlvalents 2,327,162 3.358,880 15. Analysis of changes in net debt Other non- cash At 30 June changes 2023 At 1 July 2022 Cash flows Cash at bank and in hand Liquid investments 3.358,880 (1,031.718) 2,000,000 2.327,162 2,025,572 25,572 5.358.880 11,031.718) 25,572 4.352,734 16. Related party transactions The ultimate controlling party is the Board of Trustees. iais Group (UK) Limited is a related party by virtue of common control of the Board of Trustees. The Trust had a treasury function arrangement in place with I