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 A￿oUntIng
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
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19Alfrrd Stro
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DX 3910 NR BEI.FAST.50
Centvry House
40 Crt*ceDt 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
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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 sp￿101 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 p￿pared 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 21￿6.
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 defe￿ed. 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 inCu￿ed 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 me￿handise 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
ll￿93
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
(92￿08)
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. St￿k
Group
2023
Charity
2023
Charity
2022
Stock
8,587
8￿87
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
EX￿nditUre
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 cu￿ent 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