Registered number: N1062681 Charity number: NIC101859 The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Trustees. Report and Financial Statements For the Year Ended 30 June 2024 The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Contents Page Reference and Admlnlstratlve Detalls of the Trus( Its Trustses and Advisers Trustees. Report Independent Auditors. Report on the Financial Statements 7-10 Statement of Financial Activlties 11 Balance Sheet 12 Statement of Cash Flows 13 Notes to the Financial Statements 14-21 The House of ViG-Ryn Trust LiTnited (A Company Limited by Guarantee) Reference and Administrative Details of the Trust. its Trustees and Advisers For the Year Ended 30 June 2024 Trustees Ms Nomia Cousins. Principal Ms Victoria Hylands Mr Stuart Cousins Mr Jonathan Black Ms Kathryn Cunningham Mr Dawd Cunningham Mr Colin Joseph Hylands Mrs Elizabeth Cousins Company registered number N1062681 Charity registered number NIC101859 Registered office Unit 5, Lrssue Industrial Estate Rathdown Walk Lisburn Co. Antrim BT28 2RF Company secretary Ms ￿￿O￿a Hylands Independent auditors Sumer Auditco Nl Limrted statutory Auditor Glendinning House 6 Murray Street Belfast Co Antrim BT16DN Bankers Danske Bank 6246 Bow Street Lisburn BT28 1YS Solicitors Maccorkell Legal and Commercial Garvey Studios 8-10 Longstone Street Lisbum BT28 1TP SUMER NORTHERN IRELANO Page 1 The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Trustees. Report For the Year Ended 30 June 2024 The Trustees present their annual report together with the audrted financial statements of the Trust for the 1 July 2023 to 30 June 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitsble company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102). Since the Trust qualifies as small under sedion 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors. Report) Regulations 2013 has been omitted. Objectlves and activities a. Policles and objectlves The Trust has two objecttves for the benefrt of the public. with its principal activty being the advancement of the Christian religion. The trust also strives to prevent, relieve. and cure sickness and ill-health of every kind (including physical injuries) and to promote heaith in anyway. b. Factors relevant to achieve objectives The Trust has a committed Board of Trustees who are passionate in delivering all the objectives of the Trust. Achlevements and perfonnance a. Review of actlvltles Over the past year we have continued to achieve many good things in temis of fulfilling our charitable aims which are, to advance the Christian faith and the relief of sickness. We continue to partner with other individuals and organisations recognised for their work and experience in these areas. We have taken instruction on both the Charities Act 2008 and the Companies Act 2006. The tTUStees have in particular considered the obligations regarding the public beneffts test of the Charities Act 2008 and can confimi that the charity meets the criteria set down therein. During the financial year the Trust had income of £3.294,813 (2023: £217,602) and expenditure of £1.513,927 (2023.. £1,154,775). During the financial year the Trust had an unrealised gain on investments of £226,282 (2023.. £25.572). At 30 June 2024 total funds of £6.451.002 were available to the Trust (2023: £4.443.854). b. Fundraising activities and income generation The Trust receives donations from related party companies and other voluntary sources. During the financial year, £3,201,175 (2023.. £850) of donations were received from related parties (related by virtue of common directors) as disclosed within Note 17 to the financial statements. Such donations allowed the Trust to maintain the level of charitable activities and to strengthen the balance sheet of the Trust for future charitable activities. SUMER NORTHERN IRELAND Page 2 The House of Vic-Ryn Trust Limited (A Company Limited by Guarantee) Trustees. Report (continued) For the Year Ended 30 June 2024 Financial review a. Going Concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable fijture. For this reason, they continue lo adopt the going Goncein ba515 in pieparing the financial 5tatement5. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy It is the policy of the Trust that reserves that have not been designated for a specific purpose should be maintained at a level equivalent to between three and six-months non-grant expenditure. The Trust considers that reserves at this level will ensure thac in the event of a significant drop in funding. they will be able to continue the Trust's current activities. At the yearend total funds available to the TNst were £6.451,002 (2023: £4,443,854) of which £6,441,002 (2023: £4,433,854) has been designated to the future establishment of a nursing home. £10,000 was retained in General Funds in line with the Trust's reserve policy. Structure, governance and management a. Constltutlon The Trust is incorporated under the Companies Act 21x16. being a Company limited by guarantee not having share capital. The Trust has been formally admitted as a charity for income tax purposes. The statutory reliets under s.505 of the Income and Corporation Taxes Act 1988 are admissible on income subject to compliance with the terms of s.505 of the act. The Trust is registered with the Charities Commission for Northern Ireland under registration number NIC101859. The Trust is governed by its Memorandum and Articles of Association since its incorporation on 16 January 2007. b. Methods of appointment or election of Trustees New trustees are appointed by the board as required. c. Organisational structure and decisionwmaking policies The day-to-day responsibility for the provision of services rests with Mr J Black. who ensures that the Trust delivers the service specified and complies wtth all relevant laws and regulations. SUMER NORTHERN IRELAND Page 3 The House of Vic-Ryn Tru¥t Limited (A Company Limited by Guarantee) Trustees. Report (continued For the Year Ended 30 June 2024 Structure, governance and management (continued) d. Policles adopted for the induction and training of Trustees The Trustees are familiar wrth the practical V￿rk of the charity through their involvement with religious organisations. Additionally, new members are infomied about the charity and their prospective role in it by the existing Trustees. New members receive the relevant goveming documents, and financial reports, together with a set of policies which govem the management of the organisation. e. Related party relationships The following companies are deemed to be related parties by virtue of common control: Warmfiow Engineering Co. Limited, KVS Group (UK) Limited and KVS Properties Limrted. The Trusl continues to work in partnership with Child Evangelism Fellowship in the pursuit of its Charitable objectives. f. Risk management The Trustees have assessed the major risks to which the Trust is exposed. in particular those related to the operations and finan￿S of the Trust. and are satisfied that systems and procedures are in place to mitigate exposure lo the major risks. Plans for future periods l. To advance the Christsan faith Christian bookshop The bookshop continues to trade in the House of ITic-Ryn in partnership Y￿th The Faith Mission. We reviewed this partnership at the end of June 2021 and following discussions we were happy to mutually continue together in this arrangement. However. there is great value keeping the bookshop in the House of Vic-Ryn as it makes Christian literature readily available to people from all walks of life and it complements the T3 Conferen￿ centre. T3 Conference and Events Centre We are able to use these faGilitie5 in a very practical way to fulfil our tharit8ble objectives. There have been events to help promote the Christian faith such as generosity and compassion. to continuing partnering with some of our health focused charities to educate around health issues. 2. Relief of sickness We have continued to work together with The Friends of the Cancer Centre in the past year. Through partnershlp wtth them we have been able to help many people direGUy whose lives have unfortunately been impacted by the disease. Keeping our work with the can￿r sufferers in mind we have continued our support of the Northem Ireland Children's Cancel Fund and their respite centre in Newcastle, 'Daisy Lodge,. There still remains a desire to build a nursinglcare horne but one of the potential sites we had carried out a feasibility study on has now been leased for five years. This site still remains a longer-temi option for us and as in previous years we feel that the timing is not right to progress at this time. In summary, this has been another year of learning. As everthere are challenging issues to deal with but we have also been able to continue to assist many people in very varied and meaningful ways. SUMER NORTHERN IRELAND Page 4 The House of Vi¢4Zyn Trust Limited (A Company Limited by Guarantee) Trustees. Report (continued) For the Year Ended 30 June 2024 Members, liability The Members of the Trust guarantee to contribute an amount not exceeding £1 to the assets of the Trust in the event of winding up. ststement of Trustees. responsibilltles The Trustees {who are also the directors of the Twst for the purposes of company law) are responsible for preparing the Trustees, Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Ktngdom Generalty Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial. Under company law, the Trustees must not approve the financial Statements unless they are satisfjed that they give a true and fair view of the state of affairs of the Trust and of rts incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP (FRS 102)" make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards {FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy st any time the financial position of the Trust and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of inforniation to auditors Each of the persons who are Trustees at the time when this Trustees. Report is approved has confimied that: so far as that Trustee is avRre. there is no relevant audit infonnation of which the charitys auditors are unaware, and that Trustee has taken all the steps that ought to have been tsken as a Trustee in order to be aware of any relevant audit infomation and to establish that the chaiivs auditors are aware of that information. Auditors The auditors, Sumer Auditco Nl Limited. have indicated their willingness to continue in offi￿. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Tntstees. SUMER NORTHERN IRELAND Page 5 The House of ViG-Ryn Trust Limited (A Company Llmlted by Guarantee Trustees, Report (continued) For the Year Ended 30 June 2024 Approved by order of the members of the board of Trustees on 19 February 2025 and signed on their behalf by.. Ms Kathryn Cunnlngharn Ms Vlctorla Hylands NORTb.ERN .'REJI I,, Page 6