Chartered Accountants and Registered Auditors REGISTERED COMPANY NUMBER: NI031773 (Northern Ireland) REGISTERED CHARITY NUMBER= 101352 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 FOR OPEN HOUSE TRUST LIMITED Patton Rainey aELd Associates Chartered Accountants 6 East Bridge Street Enniskillen Co. Femianagh BT74 7BT CHARTERED ACCOUNTANTS IRELAND Chartered Tax Advisers Registered to carry out audit work and regulated for a range of investment business aciivilies in th8 United Kingdom by th8 Institute of Chartered Accountants in Ireland
OPEN HOUSE TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2022 Page Report of the Trustees Independent Exatniner's Report Statement of Financial Aetivities Balance Sheet Notes to the Financial Statements
OPEN HOUSE TRUST LIMITED REGISTERED NUMBER: N1031773 REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2022 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The principal objectives of Open House Trust Limited as set out in its Articles of Association are "for the advancement of the Christian Religion and the advancement of education and medical knowledge and research" In particular the Trust was set up to make monetary gifts to Missionaries, Evangelists, Christian organisations and others engaged in any way in the propagation of the Gospel of the Lord Jesus Christ. - make monetary gifts in furtherdnce of the objects of the Trust. The Trustees seek to ensure that the Public benefit requirement is considered and Open House Trust Limited facilitates the advancement of the Christian Religion in Ireland and elsewhere and having due regard to the Charity Commission guidance on public benefit. ACHIEVEMENT AND PERFORMANCE The Trustees meet quarterly during the year and at each meeting decide on the amount of grants to be made to missionary organisations and individuals. In the year ended 31 December 2022 a total of £175,520 (2021.. £154.085) was distributed to rnissionary organisations with the largest being gifted to STAUROS and this amounted to £42.000. (2021- £J9,300) FINANCIAL REVIEW Financial positio The results for the year ended 31 December 2022 are set out on pages 4 and 5 of the financial statements. The total income for the year for the year ended 31 December 2022 amounted to £257.911 (2021 £249.782). The majority of the income in both years was rent received which aEnounts to £235,884 in 2022 (2021 £222,179). The main expenditure on Charitable Activities relates to the grants distributed which amounted to £175,520 in the year ended 31 December 2022 (2021 £154,085. The Charity's cash at bank decreased from £454,633 at 31 December 2021 to £177.706 at 31 December 2022 as the result of purchasing another propety. Going coneern After making appropriate enquiries. the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable fijture. For this reason they continue to adopt the going concern basis in preparino the financial statements. Further details regarding the adoption of the going concern can be found in the Accounting Policies. STRUCTURE, GOVERNANCE AND MANAGEMENT The charity is controlled by its governing document. a Memordndurn and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The company was incorporated on 17 December 1996 and registered with the Charity Commission for Northern Ireland on l O April 2015. Trustees The manaoement and administration of the charity is the responsibility of the Trustees. All of the TSteeS have served during the financial year ended 31 December 2022 and up to the date of appointment of the the financial slatemenls. In accordance with the Articles of Association B Jones and J Johnston will retire at the forthcoming Annual General Meeting and will be eligible for re - election.
OPEN HOUSE TRUST LIMITED REGISTERED NUMBER: N1031773 REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2022 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1031773 (Northern Ireland) Registered Charity number 101352 Registered office 6 East Bridge Street Enniskillen Fermanagh BT74 7B T Trustees T Eakins B Jones F Charters S Williamson J Johnston P Hewiit Company Secretary J Johnston Independent Examiner Thomas San]uel Patton FCA Patton Rainey and Associates Chartered Accountants 6 East Bridge Street Enniskillen Co. Fenrftanagh BT74 7BT Bankers Danske Bank 24 Townhall Street Enniskillen Co. Fermanagh BT74 7BB Page 2
OPEN HOUSE TRUST LIMITED REGISTERED NUMBER: N1031773 REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2022 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. Law applicable to charities in Northern Ireland requires the twstees to prepare financial statements for each financial year which give a true and fair view of charity and of the income and expenditure application of resources of the charity for that year. In preparing these financial statements the trustees ale required to- select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP (updated January 2015)- make judgements and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities(Accounts & Reports) Regulations (Northern Ireland) 2015. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Iegular1ties. Approved by order of the b rdof slees on 24 April 2023 and Sied on its behalf by= J Johnston - Trustee Page 3
& &/JJoa< Chartered Accounlanls and Registered Auditors INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OPEN HOUSE TRUST LIMITED I report on the accounts of tbe company for the year ended 3 l December 2022, which are set out on pages five to eleven. Respective responsibilities of charity trustees and examiner As the charity's trustees (and also the directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to= examine the accounts under Section 65 of the Charities Act - follow the procedures laid down in the general Directions given by the Charity Conmiission for Northern Ireland under Section 65(9)(b) of the Charities Act - state whether particular matters have come to my attention. Basis of the independent examiner's report I have examined your charity accounts as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Comtnission for Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in ttLe accounts. aThd seeking explanations from you as chaiity trustees concerning any such matters. My role is to state whether any material matters have come to tny attention giving me cause to believe: l. That accounting records were not kept in accordance with Section 386 of the Companies Act 2006 2. That the a¢couThts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's ststetnent Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can conf that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in Ireland which is one of the listed bodies. I have completed my exaEnination and have no concerns in respect of the matters (l) to (4) listed above an(t in cotmection with following the Directions of the Charity Conunission for Northern IrelaniL I have found no matters that require drawing to your attention. -)/• Thomas Samuel Patton FCA Patton Rainey and Associates Chartered Accountants 6 East Bridge Street Enniskillen Co. Fern]anagh BT74 7BT 24 April 2023 CHARTERED ACCOUNTANTS IRELAND Chartered Tax Advisers Registered to carry oul audit work and regulated lor a range ol investment business activities In the Uniied Kingdom by the In5tilule ol CharterecS Accountants in Ireland
OPEN HOUSE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 DECEMBER 2022 31.12.22 Total funds 31.12.21 Total funds Unrestricted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 12,419 9,000 21,419 26,574 Investment income 236,492 236,492 223,208 Total 248,911 9,000 257.911 249,782 EXPENDITURE ON Charitable activities Charitable 170,452 9,000 179,452 158,003 NET INCOME 78,459 78,459 91,779 RECONCILIATION OF FUNDS Total funds brought forward 2,398,835 2J98,835 2,307,056 TOTAL FUNDS CARRIED FORWARD 2,477,294 2,477,294 2,398.835 The notes forn) part of these financial statements Page 5
OPEN HOUSE TRUST LIMITED EGISTERED NUMBER: N1031773 BALANCE SHEET 31 DECEMBER 2022 31.12.22 Total funds 3l.12.21 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Investment property 2,439,413 2,439,413 2,084,644 CURRENT ASSETS Debtors Cash at bank 6,358 177,706 6,358 177,706 5.991 454,633 184,064 184,064 460.624 CREDITORS Amounts falling due within one year (146,183) (146,183) (146,433) NET CURRENT ASSETS 37,881 37,881 314,191 TOTAL ASSETS LESS CURRENT LIABILITIES 2,477,294 2,477,294 2.398,835 NET ASSETS 2,477,294 2.477,294 2,398,835 FUNDS Unrestricted funds 2.477.294 2,398.835 TOTAL FUNDS 2,477,294 2,398.835 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022. The members have not requtred the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for {a) ensurints that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at ihe end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the charitable company. (b) These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 24 April 2023 and were signed on its behalf by: J Johnston - Trustee The notes fomi part of these financial statements Page 6
OPEN HOUSE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2022 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds. it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Investment property Investment property is shown in the financial staternents at cost which the Trustees consider to be fair value. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity- Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Going concern The trustees of Open House Trust Limited have reviewed the resources available and believe that the Charity has adequate resources to contiThue an operdtional existence for the foreseeable future. Accordingly Open House Trust Limited continued to adopt the going concern basis in preparing the financial statements. INVESTMENT INCOME 31.12.22 3l.12.21 Rents received Deposit account interest Other interest 235,884 608 222,179 1.005 24 236.492 223,208 Page 7 continued...
OPEN HOUSE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2022 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2022 nor for the year ended 31 Decetnber 2021. INVESTMENT PROPERTY FAIR VALUE At l January 2022 Additions 2,084.644 354.769 At 31 December 2022 2,439,413 NET BOOK VALUE At 31 December 2022 2,439,413 At 31 December 2021 2,084.644 The Investment Propety is stated at cost which the Trustee5 consider to be fair value. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.22 31.12.21 Trade debtors 6J58 5,991 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.22 31.12.21 Loans (see note 7) VAT Accruals and defeed income loo,000 7,217 38,966 loo,000 7,467 38,966 146,183 146,433 Page 8 continued...
OPEN HOUSE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2022 LOANS An analysis of the maturity of loans is given below- 31.12.22 31.12.21 Amounts falling due within one year on demand: Bank loans loo,000 loo,000 MOVEMENT IN FUNDS Net movement in funds At 31.12.22 At 1.1.22 Unrestricted funds Generdl fimd 2J98,835 78,459 2,477,294 TOTAL FUNDS 2,398,835 78,459 2,477,294 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrieted funds General nd 248,911 (170,452) 78,459 Restricted funds Ardbarron Trust 9.000 (9,000) TOTAL FUNDS 257,911 (179,452) 78,459 Comparatives for movement in funds Net movement in funds At 31.12.21 At 1.1.21 Unrestricted funds General fund 2,307,056 91,779 2,398,835 TOTAL FUNDS 2,307,056 91,779 2,398,835 Page 9 continued...
OPEN HOUSE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2022 MOVEMENT IN FUNDS- continued Comparative net movement in funds. included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds Generdl fund 229,782 (138,003) 91,779 Restricted funds GEM Grant Ardbarron Trust 12,000 8,000 (12,000) (8,000) 20,000 (20,000) TOTAL FUNDS 249,782 (158,003) 91,779 A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.12.22 At 1.1.21 Unrestrieted funds General fund 2,307,056 170,238 2,477,294 TOTAL FUNDS 2.307,056 170,238 2,477,294 A cuent year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows= Incoming resources Resources expended Movement in funds Unrestricted funds General fund 478,693 (308,455) 170,238 Restricted funds GEM Grant Ardbarron Trust 12.000 17,000 (12,000) (17.000) 29,000 (29,000) TOTAL FUNDS 507,693 (337,455) 170,238 Page 10 continued...
OPEN HOUSE TRUST LIMITED NOTBS TO THE FINANCIAL STATEMENTS- Continued for the Year Ended 31 DECEMBER 2022 RELATED PARTY DISCLOSURES There were no related party trdnsactions for the year ended 31 December 2022. io. COMPANY LIMITED BY GUARANTEE The company is incorporated under the Companies Act 2006, as a Company Limited by guarantee and not having any share capital. The company registration number is Nl 031773. The liability of the members is limited to £10 each.