Registered number:
Charity number:
(A Company Limited by Guarantee)
For the Year Ended
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Contents
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Reference and Administrative Details of the Trust, its Trustees and Advisers
For the Year Ended 30 June 2024
Page 1
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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 audited 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 charitable 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 section 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.
Objectives and activities
a. Policies and objectives
The Trust has two objectives for the benefit of the public, with its principal activity 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 health in anyway.
b. Factors relevant to achieve objectives
Achievements and performance
a. Review of activities
Over the past year we have continued to achieve many good things in terms 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 trustees have in particular considered the obligations regarding the public benefits test of the Charities Act 2008 and can confirm 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 £226,262 (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.
Page 2
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Financial review
a. Going concern
b. Reserves policy
At the year-end total funds available to the Trust 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. Constitution
The Trust is incorporated under the Companies Act 2006, 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 reliefs 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
c. Organisational structure and decision-making policies
d. Policies adopted for the induction and training of Trustees
Page 3
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Structure, governance and management (continued)
e. Related party relationships
f. Risk management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
Christian bookshop The bookshop continues to trade in the House of Vic-Ryn in partnership with 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 conference centre. T3 Conference and Events Centre We are able to use these facilities in a very practical way to fulfil our charitable 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 partnership with them we have been able to help many people directly whose lives have unfortunately been impacted by the disease. Keeping our work with the cancer sufferers in mind we have continued our support of the Northern Ireland Children's Cancer Fund and their respite centre in Newcastle, 'Daisy Lodge'. There still remains a desire to build a nursing/care home 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-term 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 ever there are challenging issues to deal with but we have also been able to continue to assist many people in very varied and meaningful ways.
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.
Page 4
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Statement of Trustees' responsibilities
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
∙so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
∙that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Sumer Auditco NI Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees on
Page 5
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of The House of Vic-Ryn Trust Limited
We have audited the financial statements of The House of Vic-Ryn Trust Limited (the 'trust') for the year ended
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 6
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of The House of Vic-Ryn Trust Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' Report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Trustees' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
Page 7
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of The House of Vic-Ryn Trust Limited (continued)
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Charitable Company and the industry in which they operate, and considered the risk of acts by the Charitable Company that were contrary to applicable laws and regulations, including fraud. We considered the opportunities and incentives that may exist within the Company for fraud and identified the greatest potential for fraud in the following areas: management override of controls and fraud risk relating to income. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit procedures included: enquiries of management about their own identification and assessment of risks of irregularities, testing the design and implementation of controls relating to the risks, sample testing of journals posted during the year, income cut off testing and agreeing income to underlying supporting third party documentation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of The House of Vic-Ryn Trust Limited (continued)
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
Glendinning House
6 Murray Street
Belfast
Co Antrim
BT1 6DN
Sumer Auditco NI Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account)
For the Year Ended 30 June 2024
Page 10
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Registered number: NI062681
Balance Sheet
As at 30 June 2024
The financial statements were approved and authorised for issue by the Trustees on
Page 11
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Statement of Cash Flows
For the Year Ended 30 June 2024
Page 12
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 30 June 2024
The Trust is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to £1 per member of the Trust.
2.Accounting policies
The Trustees of The House of Vic-Ryn Trust Limited have reviewed the resources available and believe that the Trust has adequate resources to continue in operational existence for the foreseeable future. Accordingly, The House of Vic-Ryn Trust Limited continue to adopt the going concern basis in preparing the financial statements.
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 receivable can be measured reliably.
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.
Page 13
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 30 June 2024
2.Accounting policies (continued)
Page 14
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 30 June 2024
Page 15
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 30 June 2024
Page 16
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 30 June 2024
Page 17
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 30 June 2024
Page 18
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 30 June 2024
Page 19
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The House of Vic-Ryn Trust Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 30 June 2024
During the June 2024 Trustee meeting the Board committed to paying three donations totalling £48,750 in July 2024.
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