PRS Patton Rainey I Stenson Limited CHAfiTEAED ACCOUNTANts & REGISTEFtED AUDITORS REGISTERED COMPANY NUMBER: N1031773 (Northern Ireland) REGISTERED CHARITY NUMBER: 101352 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR OPEN HOUSE TRUST LIMITED Patton Rainey Stenson Limited Chartered Accountants 6 East Bridge Street Enniskillen Co. Fermanagh BT74 7BT CHARTERED ACCOUNTANTS IRELAND Chartered Tax Advisers Registered lo carry out audit work and regulate¢J lor a range ol inv&stmeni busines5 activities in the United Kingdorn by the In51ilute ol Chartered Accounlanls in Ireland
OPEN HOUSE TRUST LIMITED CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements
OPEN HOUSE TRUST LIMITED REGISTERED NUMBER: N1031773 REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the ftnancial statements of the charity for the year ended 31 December 2024. The trnstees have adopted the provisions of Accounting and Reporting by Charitie5- Statement of Recommended Practice applicable to charities preparing their accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and ailns 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 furtherance 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 publi¢ benefit. ACHIEVEMENT AND PERFORMANCE The Trustees meet quarterly during the year and at each meetino decide on the amount of grants to be made to missionary organisations and individuals. In the year ended 31 December 2024 a total of £193,500 (2023- £178,500) was distributed to missionary organisations with the largest being gifted to Stauros and this amounted to £42,000, (2023 Stauros: £42,000) FINANCIAL REVIEW Financial position The results for the year ended 31 December 2024 are set out on pages 4 and 5 of the financial statements. The total income for the year for the year ended 31 December 2024 amounted to £301,771 (2023 £292,721). The majority of the incorne in both years was rent received which amounts to £237,870 in 2024 (2023 £251,434). The main expenditure on Charitable Activities relates to the grants distributed which amounted to £193,500 in the year ended 31 December 2024 (2023 £178,500). The Charity's cash at bank increased from £287,985 at 31 December 2023 to £387,835 at 31 December 2024. Going coneern After makino appropriate enquiries. the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For thi5 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 Memorandum and Articles of Association, and constiteS 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 management and administration of the charity is the responsibility of the Trustees. All of the Trustees have served during the financial year ended 31 December 2024 and up to the date of appointment of the the financial stateTnents. In accordance with the Article5 of Association P Hewitt, K Rainey and S Williamson will retire at the forthcoming Annual General Meeting and will be eligible for re - election. Page I
OPEN HOUSE TRUST LIMITED REGISTERED NUMBER: N1031773 REPORT OF THE TRUSTEES for the Year Ended 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1031773 (Northern Ireland) Registered Charity number 101352 Registered office 6 East Bridge Street Enniskillen Femianagh B T74 7BT Trustees T Eaktns B Jones F Charters S Williamson J Johnston P Hewiit K Rainey Company Secretary J Johnston Independent Examiner Thomas Samuel Patton FCA Patton Rainey Stenson Limited Chartered Accountants 6 East Bridge Street Enniskillen Co. Fern)anagh BT74 7B T Bankers Danske Bank 24 Townhall Street Enniskillen Co. Fennanagh BT74 7BB Approved by order of the boar of trustees on 28 April 2025 and signed on its behalf by: J Johnston - Trustee Page 2
PRS Patton Rainey I Stenson Limited CHARTEREC> ACCOUNTANFS & réEGISTERED AUDITOFIS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OPEN HOUSE TRUST LIMITED I report on the accounts of the company for the year ended 31 December 2024, which are set out on pages flve 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 prepaiation of the accounts in accoTdance 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- exaTnine the accounts under Section 65 of the Charities Act - follow the procedures laid down in the general Directions given by the Charity Commission 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 exan]ined 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 Comrnission 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 coznparison of the accounts presented with those Tecords. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: l. That accounting records were not kept in accoTdance with Section 386 of the Companies Act 2006 2. That the accounts 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 preparints their accounts in accordance with the Financial Reportincr Standard applicable in the UK and Republic of Ireland 4. That there is further infornkation needed for a proper understanding of the accounts to be reached. Independent examiner's statement 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 rnember of the Instimte of Chartered Accountants in Ireland which is one of the listed bodies. I have completed my examination and have no concerns in respect of the matters (l) to (4) listed above and. in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Thomas Samuel Patton FCA Patton Rainey Stenson Limited Chartered Accountants 6 East Bridge Street Enniskillen Co. Fern]anagh B T74 7BT 28 April 2025 CHARTERED ACCOUNTANTS IRELAND Chartered Tax Advisers Aegislered to carry out audit work and regulated for a range of inve51rnent busines5 activities in the United Kingdorn by the Instiluie of Chartered Accountants in Ireland
OPEN HOUSE TRUST LIMITED STA TEMENT OF FINANCIAL ACTIVITIES ror the Year Ended 31 DECEMBER 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fimd Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3,858 55,000 58,858 40,690 Investment income 242,913 242,913 252,031 Total 246,771 55,000 301,771 292,721 EXPENDITURE ON Charitable activities Charitable 149,093 55,000 204,093 183,047 NET INCOME 97,678 97,678 109,674 RECONCILIATION OF FUNDS Total fimds brought fonvard 2,586,968 2,586,968 2,477,294 TOTAL FUNDS CARRIED FORWARD 2,684,646 2,684,646 2,586,968 The notes fonn part of these fmancial statements Pxlog 4
OPEN HOUSE TRUST LIMITED REGISTERED NUMBER: N1031773 BALANCE SHEET 31 DECEMBER 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Investment propety 2,439,413 2,439,413 2,439.413 CURRENT ASSETS Debtors Cash at bank 14.401 387,835 14,401 387,835 6,003 287.985 402,236 402,236 293,988 CREDITORS Amounts falling due within one year (157,003) (157,003) (146,433) NET CURRENT ASSETS 245,233 245,233 147,555 TOTAL ASSETS LESS CURRENT LIABILITIES 2,684,646 2,684,646 2.586,968 NET ASSETS 2,684,646 2,684,646 2,586,968 FUNDS Unrestricted funds 2,684,646 2,586,968 TOTAL FUNDS 2,684,646 2,586,968 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The mernbers have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring 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 the end of each financial year and of its surplus or deficit for each fanCIal 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 fmancial 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 srnall companies regime. The financial statements were a signed on its behalf by: proved by the Board of Trustees and authorised for issue on 28 April 2025 and were J Johnston- Trustee The notes fonn part of these financial statements Page 5
OPEN HOUSE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefEt entity under FRSI 02, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparincv their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. The fancial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the Charity has entitlernent to the flds, it is probable that the incorne 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 Committkng 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 fmancial statements at cost which the Trustees consider to be fair value. Taxation The charity is exempt from cooration 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 fund5 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 Testricted purposes. Going concern The trustees of Open House Trust Limited have reviewed the resources available and believe that the Charity has adequate resources to continue an operational existence for the foreseeable future. Accordingly Open House Trust Limited continued to adopt the going concern basis in preparing the fmancial statements. VESTMENT INCOME 31.12.24 31.12.23 Rents received Deposit account interest 237,870 5,043 251,434 597 242,913 252.031 Page 6 continued...
OPEN HOUSE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for Éhe Year Ended 31 DECEMBER 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. INVESTMENT PROPERTY FAIR VALUE At l January 2024 and 31 December 2024 2,439,413 NET BOOK VALUE At 31 December 2024 2,439,413 At 31 December 2023 2,439,413 The Investment Property is stated at cost which the Trustees consider to be fair value. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Trade debtors 14,401 6.003 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other loans (see note 7) VAT Accruals and deferred income loo,000 33,965 23,038 loo,000 7,467 38,966 157,003 146.433 LOANS An analysis of the maturity of loans is given below: 31.12.24 31.12.23 Amounts falling due within one year on demand: Other loans loo,000 loo.000 Page 7 continued...
OPEN HOUSE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS - eontinued for the Year Ended 31 DECEMBER 2024 MOVEMENT IN FUNDS Net movement in fimds At 31.12.24 At 1.1.24 Unrestricted funds General fund 2,586,968 97,678 2,684,646 TOTAL FUNDS 2,586,968 97,678 2,684,646 Net movement Én funds, included in the above are as follows: Incoming resources Resources expended Movement in fimds Unrestricted funds General fund 246,771 (149,093) 97,678 Restricted funds Trusts 55,000 (55,000) TOTAL FUNDS 301,771 (204,093) 97,678 Comparatives for movement in funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 2,477,294 109.674 2.586,968 TOTAL FUNDS 2,477,294 109,674 2,586,968 Comparative net movement in nds, included in the above are as follows: Incoming resowces Resow¢es expended Movement in funds Unrestricted funds General fund 257,221 (147,547) 109,674 Restrieted funds Tnlsts 35,500 (35,500) TOTAL FUNDS 292,721 (183.047) 109,674 Page 8 continued...
OPEN HOUSE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 DECEMBER 2024 MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.12.24 At 1.1.23 Unrestricted funds General fund 2,477,294 207,352 2,684,646 TOTAL FUNDS 2.477,294 207.352 2,684,646 A current 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 503,992 (296,640) 207,352 Restricted funds Trusts 90,500 (90,500) TOTAL FUNDS 594,492 (387,140) 207,352 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. io. COMPANY LIMITED BY GUARANTEE The cornpany 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 15 limited to £10 each. Page 9