Open House Festival Limited (A company limited by guarantee) Annual report and audited consolidated financial statements for the year ended 31 March 2023 Charity Registralion Number: NIC 103648 Company RegistratlOD Number: Nl 042872
Open House Festival Limited (A eompany limited by guarantee) Financial Statements Year Ended 31 March 2023 Contents Pages Charity Reference Number and Administrative Details Trustees, Report Independent Auditors. report 10- 15 Consolidated Statement of Financial Aclivities (including consolidated summary income and expenditure account) 16 Consolidated Balance Sheet 17 Parent Charitable Company Balance Sh¢¢t 18 Consolidated Statement of Cash Flows 19 Notes to the Financial Statements 20-39
Open House Festival Limited (A company limited by guarantee) Charity Reference 2nd Admini81rative Details sl Year Ended 31 March 2023 Charity Registration Number NIC 103648 Company Registration Number Nl 042872 Trustees Mr Stephen Dunlop (Chairnian) Mr David Gerard Lennon Mr Stephen Roycroft Mr Jonathan Moore Ms Sarah Jones Mr Chris M¢Cr¢ery Mr Tim Herron Ms Rachcl Edwards Mr Martin Fleetwood Registered Offic¢ The Court House 19 Quay Street Bangor BT20 SED Auditor GMCG Bclfasl Chartered Accountants and Statutory Auditors Alfred House 19 Alfred Street Belfast BT2 8EQ Bankers AIB Donegal Square North Belfast BTI 5GB
CIIAitTF.]LEfJ ACCOUNTAN'TS Open House Festival Limited (A Company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OPEN HOUSE FESTIVAL LIMITED (a compAny limited by guarantee) YEAR ENDED 31 MARCH 2023 Opinion We have audited the fiftancial statements of Open House Festival Limited (the 'parent charitable company,) and its subsidiaries (the '8roup) for thc year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities (including income and expenditure accounl). the Consolidated Balance Sheet, the Parent Charitable Company Balance Sheet, the Consolidated Statemenl of Cash Flows and notes to the financial statements. including significant ac¢ounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102 The Financial Reporling Siundard applicable in ihe UK and Republic of Jreland {United Kingdom Generally A¢¢ept¢d Accounting Practice). In our opinion th¢ financial slatements: give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 March 2023, and of the group's incoming r¢sourc¢s and application of resource& including its income and expenditu. for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted AoUntIng Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK)(ISAslUK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parenl charitable company in accordance with th¢ ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Eihical Standard, and the provisions available for small entities, in the ¢ir¢umslances set out in note 31 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden¢e we have obtained is sufficient and appropriate to provide a basis for our opinion. 10 A]fd Howe 19Alfrrd Stro liUIAsr 8KQ DX 3910 NR BEI.FAST.50 Centvry House 40 CrtceDt Bufjln PArk K.tsHuB Ff28 2GN l7 Mandevillestrttt FORTADOWN CEaigavoD BT62 3PB Tel.. +44(ok8 9031 1113 Fax.. +4410)28 9031 OTn Ttl.. +44(0)28 9260 7355 Tlax.. +44(oW 9260 i6,56 Tcl: +44(0)8 3333 2801 Fax: +44(0)483835 0293 (4rtLYcdArwnlants I111#Th4AThlitors l awlcrwJTaxAd¥lwrs I I C0rNY4reVlnuAdvkn GM¢friJW IT•thgD•meofGblLGlkthw I11(d. Ile&lkn 141059660. liBlofDiredor¥mfaithal reBtsleTed oifK¢ Rryittwedt• rtsmdudayth tlIll11lluledCartAuThElnrS{Th Irel
Open Hollse Festival Limited (A company limited by guaraDtee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted R¢stricted Funds Funds Total 2023 Note Ineome from: Donations and legacies Charitable activities Other trading activities Other 1,037 580.484 1.248.627 151,573 5,597 738,691 1,248,627 1,037 1,829,111 J51,573 5.597 TotAI income 1,987J18 Expenditure on: Raising funds Charitable Activities 106,029 545.506 106,029 845,699 718 300,193 300,193 Total expenditur¢ 651,535 951,728 Net income 10 87,156 948,434 1,035,590 Transfer between funds 67,785 (67,785) Net movemenl in funds attribulable Io ¢he charity 154.941 880,649 1,035,590 Reconciliation of funds: Tolal funds brought forward attributable to Ihe group Totvdl funds carried forward altribulable lo the group 158,548 913.888 1,072,436 313.489 1,794,537 2,108,026 All income and exp¢nditur¢ derive from continuing activities. The consolidated statement of financial activities includes all gains and losses recognised during the year. 16
Open House Festival Limited (A ¢ompatty limited by guarantee) CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023 2023 Note Fixed Asseti Tan8ible &ssets Heritage assets 15 16 155,496 1,547,685 1,703,181 Current Assets Stock Dcbiors Cash at bank and in hand 18 19 20 8,587 70,286 452,723 531,596 (12&751} 404,843 Creditors: amounts falllng due wlthln one year Net current a88et8 21 Net a&8ets 26 2,108,026 ChArity Funds Restricted funds Unrestricted funds 24 23 1,794,537 313,489 Total group funds 2,10&026 These financial statements have been prep in accordance with the sp101 provisions for small companies under Part 15 of the Companies Act 2006. The financial statements on pages 16 to 39 were approved and authorised for issue by the Board of Directors on ...kffj: . and were signed on behalf of the Board of Directors by: Director Date /JK Director Date The notes on pages 20 to 39 forni part of these fllwi¢ial statements. Company Registration Number., NI 042872 17
Open House Festival Limited (A eompany Ilmlted by guarantee) PARENT CHARITABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Fixed Assets Tangible assets Heritage assets Inveslments 15 16 17 J 55,496 1,547,685 100 100.151 778,547 ,703,281 878,698 Current Assets Debtors Cash al bank and in hund 19 20 112,880 36&353 481,233 (109,532> 371,701 84.031 241,187 325,218 Credltors: Amounts falllng due *'llhln one year Net curreDt assets 21 (131,480) 193,738 Net assets 26 2,074,982 1,072,436 ChArlty Fund$ Rcstri¢tcd funds Unre8lricled funds 24 23 1.794,537 280,445 913.888 158,548 Total Charlty funds 2,074,982 1,072,436 Theqe financial statements have been prepared in accordance wilh the 8pecial provisions for small Companies under Part I S of the Cnmpanies Act 2006. The fin on. cial 8lalements on pages16 10 39 were approved and auihori8ed for i%sue by ihe Board ofDireclors nd were SigTncd on bchalf of the Board of DircLtors by.. Director Datc 23 Dlreetor Dale The notLs on pages 20 to 39 forni part of tliese financial 5tatcni¢nls. Coinpany R¢gistration Nuinber,, Nl 042872 18
Open House Festival Limited (A eompAny limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2023 2023 Nole Cash flow from operating a¢tivitie8 Iyet cash flow from operating activities Cash flow from investing activitAes Payments to acquire tangible fixed assets Payments to acquire heritage assets Net ca8h flow from investing activities 28 1,070J08 1,070J08 (71 J65) {787,407) (858,772) Net inerease in cash and $b equivalents 211,536 Cash and cash equlvalents at 1st April 2022 241,187 ¥1 Cash and eAsh equivalents at 31 MAreh 2023 452,723 Cash and cash equlvalents ¢on8ist8 of- Cash at bank and in hand 452,723 452,723 Cash and Cash equivalents at 31 March 2023 19
Open House Festival Limited {A compAny limited by guarantee) NOTES TO THE FIIYANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 Principal accounting policies Genernl informalion and basis of preparation The parent charitable company ('charitable company,), Open House Festival Limited is a charitable company limited by guarantee and not having a share capilal and is registered in Northem Ireland. The address of the registered office is given in the charity inforniation on page l of these financial statements. The charitable company was established under a Memorandum of Association which esLqblish¢d the objects and powers of the charitable company and is governed under its Articlcs of Association. The charitable company constitutes a public benefit entity as defined by FRS 102. On 15 August 2022, Ihe Charitable company fornied a group of companies and became thc parent and uliimate parent Company by acquiring 100 % of the issued ordinary share Capital of Open House Trading Ltd, a Company incorporated and rcgislered in Northern Ireland on 151h Augusl 2023. For further detai Is of the subsidiary acquired s¢¢ the fixed asset inv¢stments nole 17. The operations and principal activities of the group and parent charitable company are given on pagc 3. Stalement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Siatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kin8dom and Republic of Ireland (FRS 102), the Charities Icgislation in Northern Ireland, Companies Act 2006 and UK Generally Accep*d Practice as it applies from l January 2015. BASIS of preparatSon The financial statements are ppared on a going concern basis under the historical cost ¢onvention. The financial statements are presented in sterling which is th¢ functional currency of the 8roup and parent charitable company and rounded to the nearest £ l . Exemptions for qualifying entities under FRS 102 The parenl company satisfies th¢ criteria of being a qualifyin8 entity as defined in FRS 102. As suc dvanta8e has been taken of the following reduced disclosures available under FRS 102: (a) No cash flow stal¢m¢nt has been presented for the parent company. 20
Open House Festival Limited (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Comtlnued) YEAR ENDED 31 MARCH 2023 Princlpal accounting policies Th¢ significant accounting policies applied in the preparation of these financial statements are set out below. Basls of collyolidation The consolidated financial stalemcnls of the group incorporate the accounts of the ¢harity and its subsidiary undertakin& all of which were prepared 10 31 March 2023. The subsidiary undertaking was consolidated from the date when control passed. The trading results of the subsidiary undertaking as shown in note 17 are consolidated on a line-by-line basis within the consolidated statement of financial activiti¢s. Intercompany transactions and balances between group companies are therefore eliminated in full. A separate statement of financial a¢tiviti¢s for the charity is not presented as pemiitted by the SORP and th¢ Companies Act 216. The n¢t incom¢ of the parent charitable company for the year ended 3151 March 2023 was £1,002,546 {2022: £709,404). Judgement$ and key Sources of estimAtlon uncertainty The following judgements including those involving eslimates have been made in the process of applying the above accounting policies that have had the most significant etTect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carying amounts of assets and liabilities within the next financial year (i) depreciation method, asset useful lives and residual values (ii) valuation of heritage asset on dat¢ acquired by the parent charitable company (deemed cost) The estimates and assumpiions are reviewed on an ongoing basis considering the current and future market conditions. Golng concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and th¢ ¢xpected level of income and expenditur¢ for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with ihe level of res¢rv¢s for the charity to be able to continue as a going concern. 21
Open House Festival Limited (A eompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conlinued) YEAR ENDED 31 MARCH 2023 PrincipAI aeeounting policies Fund accounting The charity has various types of funds for which it is responsible and which require separate disclosure. A definilion of the various types of funds is as follows: Unrestricted funds Funds which are expendable at the discretion of the Charity in furtherance of its objectives. In addition to expenditure on activities such funds may be held in order to finance capital investment and working capital. Restricted funds Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of overheads and support costs. Income recognltion All incoming resources are included in the Statement of Financial Activilies (SOFA) when the charity is legally entitled to the income after any perfornian¢¢ conditions have bKn met, Ihe amount can be measur¢d reliably and it is probable that the income will be received. For donations to be recognis¢d th¢ charity will hav¢ been notified of the amounts and the settlement date in writing. If there are conditions 8ttach¢d to the donation and this requires a level of perfonnance before entitlement can be obtained then income is deferred until those conditions ar¢ fully met or the fulfilment of those conditions is within the Gontrol of the charity and it is probable that they will be fulfilled. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Voluntary income received by way of donations and gift is credited to revenue on a receivable basis. Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset. For legacies, entitlement is the earlier of the charity being nolified of an impending dislribution or the le8a¢y bcing received. At this point income is recognised. On occaston Icgacics will be notified to the charity however it is not possible to measure the amount expected to be distribut. On ihe5e occasions. the legacy is treated as a contingent asset and disclosed. Income from government and other grants are recognised at fair value when the charity has entitlement after any perforniance condilions have been met, it is probable that the income will be received and the amount can be measur¢d reliably. If entitl¢m¢nt is not met then these amounts are deferred. Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are re¢¢ivable, unless they relate to specified future period, in which they are defeed. Grants which contribute towards specific expenditure on fixed assets are cr¢dited to the Statement of Financial Activities in full upon receipt.
Open House Festival Limited (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conrfmued) YEAR ENDED 31 MARCH 2023 I Principal aecounting policies (conlinued) Income recognition (conlinued) Investment income is interest earned through holding cash at bank and short-terni investments e.g. bonds and short lerni deposits. Intcrcst income is recognised when receivable. Other income represents income that cannot be reported under the other analysis headings provided within the statement of financial activities. Deferred 5ncome Income is deferred when il relates to a future event and is recognised on completion of the event. Aecrued Income Income from certain evenls has been accrued as the concerned events occurred before th¢ y¢ar end. Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised wher¢ there is a legal or onstructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is ¢ategorised under the following headings: • Costs of raising funds Comprises tradin8 subsidiary's costs; Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of ils activities and services for its beneficiaries. It includes both costs thal can b¢ allocated directly to such activities and thos¢ ¢osls of an indirect nature necessary to support them. R¢v¢nu¢ expenditure is shown gross of VAT. Support costs allocation Support costs are those ihat assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll Costs. They are in¢urr¢d directly in support of expendilure on the objects of the charity. Where support costs cannot be directly attributed to particular h¢adings, they have been allocalcd to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Governance costs include the costs attributable lo th¢ charity's compliance with constitutional and .4tatutory requirements. including audit, stralegic management and trustee mcetings and reimburs¢d exp¢ns¢s. The analysis of these costs is includ¢d in note 9. 23
Open House Festival Limiited (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conrflmued) YEAR ENDED 31 MARCH 2023 Principal accounting policies (eonlinued) Employee benefits When employees have rendered service to the Charity, short-tenn employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution pension plan for the benefit of its employees. Contributions are charged to the Statement of Financial Activities as they become payable. Tangible fixed assets and depreciation Tangible fixed assets are initially recorded at cost. The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so as lo wri¢¢ off the cost of tangible fixed assets, less their eslimated residual values, over their expwt¢d useful economic lives of the assets concerned. The principal annual rates used are as follows: Furnitu and ¢quipment Court House fixtures and equipment Motor vehicles Computer equipment I 00/0 Straight line and 5(P/o reducing balance l O % straight line SOO/o reducing balance 250/0 Straight line Where the recoverable amount of a fixed assel is found to be below its net book value, the asset is written down to the recoverable figure and the loss on impairm¢nt is r¢cognised in the statement of financial activities. Herilage fixed assels and depreciation Heritage fixed assets are direct costs inCued on the building of Bangor Court House, which in the opinion of the directors meets the definition of a heritage property. Th¢ Court House was legally Iransferred to the charity in 2021 and an independent valuation was Conducted prior to transfer and this valuation is its deemed Cost. The heritage fixed asset is stated at cost (deemed cost plus further costs incurred after date transferred to charity) less accumulat¢d dcpreciation. Depreciation is calculated so as to write off the cost of the heritage fixed asscL less its estimatsd residual value. over its expected useful economic life. The principal annual rate used is as follows: Bangor Court House 20/0 Straight line Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. 24
Open House Festival Limited (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conrtnmed) YEAR ENDED 31 MARCH 2023 Principal accounting policies (conlinued) Stock Stocks are measured at the lower of cost and estimated selling price less Costs to complete and sell. Cost includes all costs of purchase, costs of conversion and oiher costs incurred in bringing the stock to its present location and condition. Debtors Y4nd creditors reeelvgble / payable withln one year DebtOTS and creditors with no stated interest rate and receivable or payable wiihin one year are recorded at transaction price. Any losses arising from impainnent are reeognised in expenditure. Trnde debtors Trade debtors are amounts due from customers for mehandise sold or s¢rvi¢e5 perfornied in the ordinary Course of business. CAsh And cagh equlvaleDts Cash and cash ¢quivalents in the stat¢m¢nt of cash flow5 comprise cash on hand and call deposits and other short-terni highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value and nornially have a maturity date of 3 months or less from the date of acquisition. Trade creditor8 Trad¢ creditors are obligations to pay goods or services ihat have been acquired in th¢ ordinary course of activities from suppliers. Tax As a charity. the company benefits from various exemptions afforded by tax legislation. It is therefore not liable to corporation tsx on income or gains fall ing due within those exemptions. Glft ald payment to parent ch4ritable company The tradin8 subsidiary pays all ils taxable profils for the reporting period to its parent charitable company under the gift aid scheme. In the trading subsidiary's financial statement% these gift aid payments are recognised as distributions to owners in equity wiihin retained earnings. At ihe reporting date there was no legal obligation in place for thc trading subsidiary to make this gift aid payment. although prior to the reporting date the board had indicated its intcntion to pay the taxable profits to the parent charitable company in respect of the r¢portin8 period. The payment is planned to be made within 9 months of the end of the reporting date. 25
Open House Festival Limited (A eompany limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS (Conllnuedj YEAR ENDED 31 MARCH 2023 Income from donations and legacies Grovp Total 2023 Unrestricted Funds Restricted Funds Donations 1,037 1,037 1,037 1,037 3. Income from charitable activities Group Tolal 2023 Unrestricted Fund8 Restricted Funds Box Office Grants and sponsorship Stall & trading income Court House income 516,003 53262 11,219 516,003 356,493 11219 945J96 303331 945J96 380.484 1248,627 1029,111 4. Jneome from tradlng 8¢tlvltles Group Total 2023 Unrestrlcled Funds Restrieled Funds Bar sales 151,573 151,373 151,573 151573 26
Open House Festival Limited (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conllnuéd) YEAR ENDED 31 MARCH 2023 5. Olher Ineome Group Total 2023 Unrestricted Funds Re8tri¢ted Fund8 Venue hire Other 4J17 1280 4J17 1280 5,597 5,597 Raising funds Group Total 2023 Unrestrfieted Restrlcted Funds Funds Trading subsidiary costs 106,029 106,029 106,029 106,029 Analysis of expenditure on charilable activities Activities undertaken direetly Group Total 2023 Support costs Festival and event activities 545,506 300,193 845,699 £95,376 of the Cosl of activities undertaken dirtttly and £204,817 of support costs were attributable to restricted funds. £425,990 of the cost of activities undertaken directly and £1 19,516 of support costs were attributable to unreslricted funds. 27
Open House Festival Limited (A company limited by guarantee) IYOTES TO THE FINANCJAL STATEMENTS (Conllnued) YEAR ENDED 31 MARCH 2023 Expenditure on charitydble Activilies Group Total 2023 Unrestrieted Restricted Funds Funds Cost direetly allocated to activities Artists Advertising and marketing Design costs Operation costs Production costs Venue costs Box office cosls Temporary staff Volunleer costs Other costs 214,731 13,991 12097 88,487 27.274 10,558 26J34 14,253 6,195 11,550 26,9(10 8,942 8,800 14,857 35,877 241,651 22,933 21J97 103J44 63,151 10,558 26J34 14253 6,195 IlJS0 425,990 95J76 521a66 Support costs Wages and salaries Rcnt Water Light and heat Repairs and renewals Telephone and internet Printing, Postage and stationery Insurance Trainiftg Advertising Travel and entertainm¢nt Office supplies Bank charges Motor running costs Computer costs Memberships and subscriptions Staff unifomis Court Hous¢ s¢t up Deprttiation Governance costs 52,S39 2,496 267 8057 7,OSO 2,098 ll93 9,056 2.659 200 1,$89 1.585 921 2,042 923 1,429 1,464 5,521 347 16.880 148?57 104 200,896 2,600 267 8,857 16J60 2,098 1,593 9,056 4,531 200 1,589 1,585 921 2,042 923 1,429 1,464 10073 34,289 22,760 9JlO 1072 5J52 33,942 5,880 119,516 204,817 324J33 545,506 300,193 845,699 28
Open House Festival Limiited (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conrfnued) YEAR ENDED 31 MARCH 2023 Governance costs Group 2023 Note Auditor's remuneration (including expenses and b¢n¢fits in kind) Trustee remuneration Truslee expenses Legal and professional fees 12 13 13 4,080 18,680 22,760 10. Net income for the year Group 2023 This is Stated after ehArgfjng Fees payable to the group's current auditor for audit of the accounts Depreciation of tangible fixed assets - owned assets Depreciation of heritage fixed assets 5,080 16,020 18269 I l. Audilor's remuneration The auditor's remuneration for the current auditor, GMCG Belfast, amounts to an audit f¢¢ of 4,080. and other s¢rvic¢s of £ 1,000 includ¢d within the cost of raising funds, for the preparation of the trading subsidiary's financial statements. The auditor's remuneration for the pr¢vious auditor, Hamilton Morris Waugh Limited. amounts to an audit fee of £3,840 and other services of £Nil. 12. Dlrectors, and key manggement personnel remunerAtion and expenses The total amount of remuneration and benefits received by key management in the year was £103,894. The charity considers its key management personnel comprise the Board of Directors and The Senior Management team. During th¢ year, the director5 received remuneration of £Nil (2022: £Nil} and reimburs¢d expenses of £Nil. 29
Open House Festival Limited (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conllnued) YEAR ENDED 31 MARCH 2023 13. Slaff costs and employee beDefils The total staff costs and employees. ben¢fit5 was as follows: Group 2023 Wages and salaries Social security Defined contribution pension cosls 209250 17,411 15243 241,904 Wages and salaries include Group 2023 Allocated to: Rasing funds Festival and event activities 41,008 200,896 241,904 Particulars of employees: The average number of employees during the year, was as follows: Group 2023 No 15 Staff m¢mb¢rs 15 No employees received total employee benefils (excluding employer pension costs) of more than £60,000. 14. Taxalion The charity is a registered charity, and as such is entitled to certain tax exemptions on income and pmfits froTn investments, and surpluses on any trading activities carried out in the furtherance of the charity's primary objectives. if these profits and surpluses are applied solely for charitable purposes. Thc charity is registered for VAT for the purpose of the capital goods schemc and rcvenue expenditur¢ is shown gross of V AT. 30
Open House Festival Limited {A company limited by guarantee) IYOTES TO THE FINANCIAL STATEMENTS {Conllnued) YEAR ENDED 31 MARCH 2023 IS. Tangible assets Group nd ¢harity Furniture Court House and Fixtures & equipment Equipment Motor Computer vehi¢les equipment Tolal Cost At l April 2022 Additions 108,478 29,795 4,000 5,240 3,964 9,204 117,718 71,365 37,606 37,606 At 31 March 2023 138,273 4,000 189,083 AeeumulAted depreciation At l April 2022 Charge for the year 8.327 13,282 4,000 5,240 898 17,567 16,020 1.840 At 31 Mareb 2023 21,609 1,840 4,000 6,138 33,587 Net book amount At 31 March 2023 116,664 35,766 3,066 155,496 At 31 March 2022 100,151 100,151 31
Open House Festival Limited (A eompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conllnued) YEAR ENDED 31 MARCH 2023 16. Herilage assets Group and ¢harity Bangor Court House Tolal Cost At l April 2022 Additions 778,547 787,407 1,565,954 1,565,954 778.547 787,407 At 31 March 2023 Accumulated depreciation At l April 2022 Charge for the year 18,269 18,269 At 31 March 2023 18269 18269 Net book amount At 31 Mar¢h 2023 1,547,685 1,547,685 Al 31 March 2022 778,547 778, 547 Summary of trvansaetions for group and eh8rity Tolal 2023 2022 2021 2020 2019 Purchases and addltlon8 Bangor Court Flouse 1565,954 787,407 520,379 192,549 30,330 35.289 Disposals Bangor Court House Total I J65.954 787,407 520,379 192,549 30,330 35,289 32
Open House Festival Limited (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Con¢inuedJ YEAR ENDED 31 MARCH 2023 17. Investments Group The group had no investments during the year (2022.. £Nil). Charity Shares in group undertakings Co81 At i¥¢ April 2022 Additions 100 At 31" March 2023 100 Impairment At I" Aprll 2022 and 31" March 2023 Carrying amount At 31. March 2023 100 At 3111 March 2022 Percentage Class of of shares shar¢ hcld Country of incorporation Subsidiary undertakings Principal activity Operation and Open House Trdding Ltd Ordinary Northern Ireland management of a bar On 15, Au8llSt 2022. the charitable company set up a wholly owned trading subsidiary to account for the operation and rnanagement of a bar and ancillary activities within the Court House building. The company number is N16903 76 and the registered office address is The Court House, 16 Quay Street, Bangor, Co Down, BT20 5ED. These consolidated financial statemenls include the results of the subsidiary. The trading results of the subsidiary are summarised below.. 1000 1Slh August 2022 to 31" March 2023 Turnover Cost of sales 151.573 (9208) 59,065 Gross proflt Administration expenses Opernting profit (26,021) 33,044 Profit before tax Tax on profit Profit for the financial period and iotal eomprehensive income 33,044 33,044 33
Open House Festival Limited (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS fconfvnued) YEAR ENDED 31 MARCH 2023 17. Knvestments (conlinued) The expenditure of the trading subsidiary, as recorded in the consolidated stalement of financial activities is analysed as follows: 2023 Cost of sales Administration expenses 92J08 13021 106,029 The assets and liabilities of the trading subsidiary before consolidation were: 2023 Current assets Current liabilities 102,099 {68,955) 33,144 Total net assets Called up share capital Profit and loss account 100 33,044 33,144 Tothl shareholder's funds 18. Stk Group 2023 Charity 2023 Charity 2022 Stock 8,587 887 19. Debtors Group 2023 Charity Charity 2023 2022 Trade debtors Prepayments and accrued income VAT receivable Amounts owed by group undertakings Other debtors 4861 58ffj46 4J59 50234 19J36 32,400 6,S51 63,991 20,040 6,779 70286 112,880 84,031 34
Open House Festival Limited (A eompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conllnued) YEAR ENDED 31 MARCH 2023 20. Cash and cash equivalents Group 2023 Charity 2023 Charity 2022 Cash at bank 452,723 368J53 241.187 452,723 368J53 241,187 21. Credilors: amounts falling due withln one year Group 2023 Charity 2023 Charity 2022 Trade creditors Accruals and deferred income Other laxalion and social security Oth¢r creditors 31320 87,792 6J77 lJ62 15042 86,792 5,782 245 88,460 2,741 40,034 131,480 126,751 109J32 Included in accruals and deferrcd income forth¢ group and charity is £82,712 (2022: £63,463) relating to box office income for future events and unrcdccmcd gift vouchers. 22. Contlngencies A clawback security agreement is in place with the Department of Justice with respect to ihe Heritage Asset under which the asset is charged as security and in th¢ occurrence of a defined event any monies may be repaid to the Department in respect of the deemed value of ihe asset acquired. The asset cannot be disposed of without the written consent of the Department of Justice. The group and charitable company has a contingent liability to repay other grants received if the company fails to comply with certain conditions stipulated in the letter of offcr and terms and conditions of contract undcr which the grants were paid. The directors do not expect any claims lo be made in this respect. 35
Open House Festival Limited (A company limited by guaranlee) NOTES TO THE FINAIYCIAL STATEMENTS (Conllnued) YEAR ENDED 31 MARCH 2023 23. Fund reconciliation UnrestricÉed funds Balance at April 2022 Balance at 31 March 2023 Income Expenditure Transfers Group Unrestricted Capital Revenue 28,910 38,875 28,910 284579 158,548 738,691 (651,535) 158,548 738,691 (651,535) 67,785 313,489 Unrestrteted funds Balance at l April 2022 Balance al 31 Mareh 2023 In¢om¢ Expenditure Transfers Charlty Unrestricted Capital Revenue 28,910 38,875 28,910 231,535 158,548 158,548 599,618 (545.506) 599,618 (545,506) 67,785 280,445 Balanc¢ at Balance at 31 March 2022 Income EXnditUre Transfers Charity 2021 Unrestricted Capital Revenue 135,194 296.442 (273,088) 158.548 135.194 296,442 (273.088) 158,548 36
Open House Festival Limited (A company limited by guarantee) IYOTES TO THE FINANCIAL STATEMEIYTS (Conlinued) YEAR ENDED 31 MARCH 2023 24. Restricted funds Balance at 31 March 2022 BAlanee at 31 March 2023 Group and eharlty Movement in funds Outgoing Incoming Transfers Restricted funds Capital Revenue 878,110 35,778 913.888 861,868 386,759 1,248,627 (33,942) (32,007) (266,251) (35,778) (300,193) (67,785) 1,674,029 120,508 1,794,537 Capital restricted funds relate to ihe renovation of the Court House which has been classed as a Heritage asset along with certain fixed assets which has been fundd by the National Heritage fund and other funders. Revenue funds relate to funding received from various fund¢rs for salaries and specific activities. A transfer of funds has been made from restricted funds to unrestricted funds in respect of reallocation of funds relating to prior y¢ars. Balance at 31 March 2021 Balan¢¢ at 31 March 2022 Charity Movement in funds Outgoing Transfer out Incoming Restricted funds Capital Revenue 227,838 650,272 163.729 878,110 35,778 913,888 (127,951) {127.951) 227,838 814,001 25. Fund dexriplions a) Unrestricted funds Funds which are expendable at the discretion of the Charity in furtheran¢e of its objective5. In addition to expenditure on activities such funds may be held in orderto finance capital investment and working capital. b) R¢strict¢d funds Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is Charged to the fund, together with a fair allocation of overheads and support costs. 37
Open House Festival Limited (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conlinued) YEAR ENDED 31 MARCH 2023 26. Analy$i8 of net assets between funds Group 2023 Total Unrestricted funds Restricted funds Fixed assets Cash and other current assets Current liabilities 29,152 411,088 (126,751) 313.489 1,674.029 120,508 1,703,181 531396 (126,751) Total 1,794,537 2,108,026 Charity 2023 Total Unrestricted funds R¢stricted funds Fixed assets Cash and other current assets Current liabilities 29,252 360.725 (109,532) 280,455 1,674,029 120,508 1,703281 481,233 (109,532) 2,074,982 Total 1,794,537 Charity 2022 Total Unrestricted funds R¢stricted funds Fixed assets Cash and current assets Other cuent liabilities 588 289,440 (131.480) 878,110 35,778 878,698 325.218 (131,480) Total 158.548 913,888 1,072,436 27. Pension The group operates a defined contribution scheme for its employees. The assets of th¢ scheme are held separately from those of the group in an independently adm inistered fund. The pension cost charge represents contribulions payable by the group to the fund and amounted to £15.243. The amount of pension costs accrued at the year end amounted to £875. 38
Open House Festival Limited (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS (Conllnued) YEAR ENDED 31 MARCH 2023 28. Reconciliation of net income to net cash flow from operating aclivitSes Group 2023 Net income for year 1.035,590 Depreciation and impaimient of tangible fixed assets Increase in stock Decrease in debtors (Decrease) in creditors Net cash flow from operating a¢tiviti¢s 34,289 (8,587) 13,745 (4,729) 1,070J08 29. Financfjal commilmenl No contracts had been placed for future capital ¢xp¢nditure at the balan¢¢ sheet date. 30. LegAI Status of charlty Open House Festival Limited is a company limited by guarantee and does not have a share capital. It is governed by a Memorandum and Articles of Association and the liability of members is limited to an amount not exceedin8 £1 . 31. Ethical Standards In common with many other organi5ations of our size and nature. we use our auditors to prep8re and assist in the preparation of the financial statements. 32. Related party transactions There were no related party transactions during the year (2022: £Nil). 39