Open House Festival Limited (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their report and the audited financial statements of the group and the parent charilable company for the year ended 31, Mar¢h 2023. ACQUISITION OF SUBSIDIARY On 15 August 2022, the charilable company fornied a group of companies and became the parent and ultimate parent company by acquiring IOOO/o of the issued ordinary share capital of Open House Trading Ltd. a company incorporated and re8islered in Northern Ireland. Further details of the subsidiary acquired is outlined in nole 17 in the notes to the financial staicments. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charilics" (FRS 102) in preparing the annual report and financial statements of the group and parent charitable company. The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and comply with the charity's governing document. the Charities Act (Northern Ireland) 2008, Chariti¢s Acl (Northern Ireland) 2013, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006 and Accounting and Reporting by Charities: Statement of Rccommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland SORP 2019 (FRS 102). Sinc¢ th¢ group and parent chariLqble company qualifies as small under Section 383 of the Companies Act 2006, the strategic report rquid of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. TRUSTEES OF THE CHARITY The directors of the parenl charitable company are its trustees for the purposes of charity law. The terms "director" and "trustee" are used interchangeably throughout ihe financial statements. The trustees who havc serv¢d during the year were as follows: Mr Stephen Dunlop (Chairnian) Mr David Gerard Lennon Mr Stephen Roycroft Mr Nicholas Garbutt (r¢signed 15 May 2023) Mr Jonathan Moore Ms Sarah Jones Mr Chris Mccreery (appointed 18 Au8USt 2022) Mr Tim Herron (appointed l O August 2022) Ms Rachel Edwards (appointed 18 August 2022) Mr Martin Fleetwood (appointed 20 January 2023) Ms Kathryn Thom50n (resigned 30 November 2022) Mrs Joanne Timoney (resigned 30 November 2022) PUBLIC BEIYEFIT STATEMENT The Board of Open House Festival Limited ('parent charitable company,) confirni that ihey have had due regard for the guidance produced on public benefit by th¢ Charity Commission for Northern Ireland and are pleased to r¢port thai during the year the charitable company has Continued to provide public benefits through the programmes and services w¢ offer. In particular, the directors consider how planned activities will contribule to thc aims and objectives they have set out.
Open House Festival Limited (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 (Conlinued) 0CTIVEs AND ACTIVITIES Princlpal getivilies The principal activities of the group during the year were the advancement of arts. culture and heritage through the delivery of music and arts events including annual festivals and one-off concerts and events. and the operation and management of a bar and ancillary activities. A¢tivitie8 for achieving objeetives Open House Festival promotes regeneration through arts and cultural events. It currently runs three separate strands of activity. An annual arts festival in Bangor A year-round programme of events in Belfast and Ban8or Restoration of the Bangor Court House which is now Complete and venue is operating The vision of Open House Festival is"Transforniing people and pla¢¢s through arts and culture" Its current mission is to spearhead the regeneration of Bangor, repositioning it as "The Brighton of Northern Ireland" a centre for art, culturc, leisure and tourism. This will build on the lown's history as a seaside holiday destination and exploit its built hcritage, its proximity to Belfast, its natural assets and its burgeoning creative community. This also aligns with the new Integrated Strategy by Ards and North Down Borough Council, ¢ntitled "Blue: Green- Creatively Connected" The ¢haritsble company seeks to create an artisti¢ programme that has depth. breadth and integrity: that unearths new, young and emerging talents. sheds light on the unsung heroes; celebrates world-renowned artist5 and uscs them to spearhead marketin8 campaigns, draw new audiences and generat¢ revenue. The charitable company striv¢s to paint a positive picture of Bangor to the rest of the world, through the veht¢le of artistic and culiural a¢tivity and ultimately to bring the rest of th¢ world here to experience it for th¢ms¢lves. At the Open House headquarters in the newly ffnovated Court House it is the belief that the annual Festival and the many activities that connect to it, be a catalyst for cultural, social and economic transforniation in Bangor and throughout Northern Ireland. Specifically, Open House Festival works to: promote and increase participation in arts and cultural activities provide an inlernalional platforni for local emerging artists provide a focus for the cr¢ative ¢tOr in Bangor generate income to supp)rt our programme of artistic and cultural events promote the economic 8rowth of Bangor work with oiher local partners to develop a world class arts and creative sector for Northern Ireland promote culiural and understanding and social coh¢sion, bringing ¢ommunities logeth¢r and Climinating prejudice and cultural st¢r¢otyping reate a p)sitive public perception for Northcrn Ireland. at home and abroad develop Northern Ireland as a global destination for cultural tourism. Review of activitle8 Following two years of scaled back events due to the Covid-19 pandemic, Open House activities relumed to near pre-covid levels during 2022123 with a busy and successful year of events. In June 2022, Ards and North Down Borough Council delivered a fr¢¢ two-day seafront cvent to celebrate the Queen's Platinum Jubilee. Opcn House was contracted to deliver some activities within that event including a marquee with a live music and dancing. As part of the Jubilee year ¢el¢bration& Bangor was awarded the following key elements:
Open House Festival Limited (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 (Conlinued) ACHIEVEMEIYTS AND PERFORMANCE Review of activities (conllnued) A series of 21 concerts, films, lilerary events and comedy shows in the Walled Garden at Bangor Castle, seated under a stretch tent, ranging from international artists such as Beth Orton, Paul Brady and Hothouse Flowers, to local legends Ronnie Greer, Duke Special and Shane Todd. A series of 25 fringe events including Folk on a Boat, Island Picnic, art walking tours and food events with local hospitality partners. Free concerts in Ward Park every Sunday afternoon featuring local musicians across a range of musical genS from rk to punk to folk. The return of our Seaside Revival Vintage Festival. reduced in scale as th¢ National Lottery Heritage Funded project funding had come to an end, but still very much in demand. Events included a vintage car and bike show, retro music and dance, stalls and sideshows. plus th¢ return of the Pickie to Pier Swim. A 5,000 capacity concert on McKee Clock Arena featuring Snow Patrol acoustic. to celebrate the confern)ent of the Freedom of ihe Borough on Gary Lightbody. Attendance at events was almost at full capacity and ¢ustomer satisfaction ratings were at 950/0 - derived from 1.354 online survey resw)nses. 920/0 of respondents said the festival made them feel bett¢r about Bangor and 820/0 said they would have slayed at hom¢ if they hadn't been at the event. Key indicators included.. Local economic impACt £2m Media value (AVE) £447k 58,000 people attended Open House Festival and S¢asid¢ Revival events throughout the summer 106 volunteers completed a total of 487 shifts We also delivered a year-round programme of shows in Belfast and Bangor, which ranged from Lucinda Williams in the Limelight. and Cowboy Junkies in the Mandela Hall. to Courtney Marie Andrews in Qu¢¢ns Parade Methodist Church. The Board of Open House met eight times throughout the financial year, with the Finance Sub Committee meeting twice. The Board concluded the strategic review that had been started thc prcvious year, to address the organisation's impending transition to year-round provision of services in the Court House and to look at succession planning. This included: appointing an HR consultant to review the corporate stTUCture. including Staffing levels, job descriptions and salaries. appointing VAT and lax Consultants to work with our Board and legal representative on the legal structure of the organisation. including the VAT and tax implications of th¢ Court House. resulting in the setting up of a wholly owned trading subsidiary, Open Hous¢ Trading Ltd. appointment of several new Board members with specialist skills appointment of officers to three new posts - Court House Director. Di8itsl Marketing Manager, and Finance Manager During this financial year, Open House Festival continued its mission to rcstore the fornier Court House on Bangor seafront (which it acquired in December 2020 from the Northern Ireland Courts and Tribunal Service via Northern Ireland's first Comrnunity Asset Transfer) and transforni it inlo a pernianent home for the organisation and a year-round venue for arts and cultural activity. This derelict Victorian listed building is a significant local landmark and a stark symbol of the town's recent social and cconomic decline. Its restoration will a cornerstone of the future regeneration of the town.
Open House Festival Limited (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 {Conllnued) ACHIEVEMENTS AND PERFORMANCE (conlinued) Review of Aetivities (conlinued) Following a major fundraising campaign, Open House raised £2m from a range of sources, including the National Lottery Heritage Fund. Department for Communities and Garficld Weston Foundation. Following a full tender process overseen by CPD, construction works were caled out by Leo Matheson Limiled. completed in August 2022. with the project coming in on budget. A significant amounl of work was done to prepare for the opening of the new venue, including: Obtaining of licences for perforniances and for the sale of liquor Recruitment and training of a leam of bar. security and event staff Development of a wide range of policies and procedures to ensure the safe and effextive running of the venu¢ The Court House opened its doors on 20 October 2022. and began dclivering a varied programme of arts events. including music, Comedy, film, theatre, spoken word, and visual art. By the end of March 2022. in just stx months, the venue had delivered more than 160 events, showcasing 450 artists, and welcoming audiences of more than 15,000. Highlights of the programme included: hosting the popular political panel show BBC Any Questions? a series of heritage events including talks and free tours of the building as part of Heritag¢ week a tour of the building for a local visually impaired support group establishing regular events for specialist audiences, such as our Tonic Classic Film Club, Saturday afternoon Irish traditional music sessions, and Friday night jazz sessions. themed series such Cinematic North Film F¢stival for local female film makers, and a ten-day comedy festival A disco for adults with learning disabilities in partnership with Mencap and Ban8or Gateway Staff training programme including Emer8ency First Aid, Fire Warden Training, learning disability awarcncss training. accessible nights out wilh Gig Buddies Belfast and sexual harassment awareness in licensed premises deliv¢d by thc Good Night Out Campaign. FINANCIAL REVIEW Finanelal review The group's and parent charitable company's results fortheyearended 31$1 March 2023 and their financial position at 31, March 2023 are set out in pag¢s 16 to 18 in the financial statements. The Consolidated Stalement of Financial Activities on pa8e 16 indicates that the group had incom ing resources for the year of £1,987,318 which includes restricted income relatin8 to the Court House Project of £861,868. Unrestricted income for the year totalled £738,691 against outgoings of £651,535 resulting in a surplus for the year of £87.156. Thc Board and senior management will take action to ensure that the financial viability of the group and haritable company is maintained and that additional sources of income are s¢our¢d from funders and sponsors. The Consolidated Balance Sheet on pag¢ 17 shows that th¢ group had a fund surplus of £2,108.026 as at 31 March 2023. This includes restricted funds of £1,794,537.
Open House Festival Limited (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 (Conllnued) FINANCIAL REVIEW (conlinued) The Parent Charitable Company Balance Sheet on page 18 shows at 31 March 2023, the parent charitable company has unrestricted funds caled forward of £280,445 (2022: £158,548) which includes fixed assets of £29,252 (2022: £Nil) and restricted funds rrIed forward of £1,794,537 (2022: £913,888) which include5 fixed assets of £1,674,Q29 (2022: £878,110). Reserves policy The group's and parent charitable company's resulis for the year ended 31 Sl March 2023 and their financial position at 3 ISI March 2023 were ¢onsid¢red satisfactory by the directors who ¢xp¢ct growth in the foreseeable futurc. All general funds under the ¢ontrol of the group and parent charitable company were treated as unrestricted income funds. Restricted funds are used for sppxific purposes as laid down by the donor and are accounted for separately. The trustees confim) that the group and parent charitable company's assets are available and adequate to fulfil the obligations of ihe group and parent charitable company and that funds are not excessive given the assets, commitmenls and size of ihc group and parent charilable company. It is the polTCy of the Charity that unrestrict¢d funds which have not been designated for specific use should be kept as res¢rv¢s for the following reasons: l. To allow for adequal¢ cashflow for the organisation and ease any pinch points, particularly as most funding is claimed retrospectively. 2. To address the risk of reduced income in the event of adverse trading circumstances, such as Covid- 19, in order than that it can continue to operale. deliver services and seek alternative income source8 uninterrupted for a period of at least twelve months. 3. To address th¢ risk of unplanned closure, and liabilities in temis of 5alari¢s, running costs and other legal obligations. 4. To create a fund for ongoin8 repairs and maintenance of th¢ Court House as well as to cover ihe increased core costs for the Charity. The Board reviewed the Reserves Policy in December 2022 and agreed that the organisation should aim to build reserves equivalent to twelve months core operating costs. Fr¢¢ reserves - equivalent of one year's core operating costs for Open House Festival and one year's core operating costs for the Court House. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the group and parent charitabl¢ company has adequate resources to continue in operational existence for the foresccablc future. For thi5 reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Poli¢i¢s.
Open House Festival Limited (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 (Conlinuedj STRUCTURE, GOVERNANCE AND MANAGEMENT Constltutlon Open House Festival Limited is a charitable company limited by guarantee and does not have a share capital. It is constituted under a Memorandum of Association daied 24th September 2019 and is a registered charity (number NIC103648 with the Charity Commission Northern Ireland and number XT32992 with HMRC). The principal object of the company is the advancement of public education for the benefit of the publ ic by foslering and promotin& the improvem¢nl and development of artistic knowledge. taste. understanding and appreciation of the arts and in particular but not exclusively lo promote and run an annual arts festival. Method ofappointment or eleclion of Trustees The management of ihe parent charitable company is the resnSIbIlity of the Trustees who are elected and co-opted under the ternis of the Articles of Association. Policies adopled for Ihe induclion and training of Tni8tees New directors are briefed on their legal obligations under charity and company law, Ihe content of the Memorandum and Articles of Association, the committee and decision-making process, the business plan and recent financial perforniance of the ¢harity. They are free to discuss any issue with other directors or key employees. Directors are encouraged to atlend any appropriat¢ external training events where these will facilitate the undertaking of their rol¢. A committee meeting is held approximately 8 times per year and attended by the management committee and key employees. Organisational slructure and decision-making The parent charitable company was ¢stablish¢d under a M¢morandum of Association which established the objects and powers of the charity and is governed under its Articl of Association. Kieran Gilmore is responsible for the day-t¢>day management of the charity. assisted by a core team of siaff including Alison Gordon, Rachael Campbell-Palm¢r, Sarah Kiely and Tony Parker. Subsldiary eompany The charitsble company acquired l OO•/rJ of the issued ordinary share capital of Open House Trading Ltd ('tradin8 company,) on its incorporalion on 15th August 2022. The privat¢ trading company is registered in Northern Ireland (Company registration number.. N1690376). and its register¢d office address is Th¢ Court Flouse, 16 Quay Street, Bangor. Co. Down, BT20 5ED. The principal activity of the trading Company during the period was the operation and management of a bar and ancillary activitics. The directors who served the trading company during the period was as follows.. Mr Kieran Gilmore Ms Alison Gordon Mr Tim Herron Ms Sarah Jones (appointed 15 Au8USt 2022) (appointed 15 August 2022) {appointed 15 August 2022) (appointed 15 August 2022) Risk management The Trustees have assessed the major risks to which the group and parent charitable company is exposed, in particular those related io the operations and finances of the group and parent ¢haritable company and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks
Open House Festival Limited (A company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 (Conlinued) STRUCTURE, GOVERNANCE AND MANAGEMENT (¢onlinued) Future developments The group and parent charitable company plans to continue th¢ activities outlined above in the forthcoming years, subject to satisfaclory funding arrang¢m¢nts. In addition, we will look for opw)rtunities to continue lo grow the size of ihe arts and Cultural activity space at the Court House by, for example, looking at the provision of an ouidoor stage area. STATEMENT OF DIRECTORS. RESPONSIBILITIES The trustees (who are also the dir¢clors of Open House Festival Limited for the purposes of company law) are responsible for preparing the Dircctors, Report And ihc financial statcments in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the dir¢¢tors to prepare financial statements for each financial year which give a trne and fair view of the state of affairs of ihe group and charitable company and of the incoming resourccs and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements. the dircctors are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP 2019 (FRS 102); • make judgements and accounting eslimates thal ar¢ reasonable and prudent. stat¢ whether appl icable 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 ihe charitable Company will continue to operate. The dir¢¢tors ar¢ r¢sponsible for keeping adequate accounting records that are sufficient to show and explain the group's transactions and disclose with reasonable accuracy at any time the fjnaneial position of the group and enable them to ensure that the financial statements comply with the Companies Act 2006, Charities Act (Northern Ireland) 2008 and Charities Act (Northern Ireland) 2013 and The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. They are also responsibl¢ for safeguarding the assels of the charitable company and hence for tsking reasonable stcps for the prevention and detection of fraud and other irregularities. Di$¢losure of Inform8tion to Auditors So far as each of the directors in office at the date of approval of these financial statemenls is aware: there is no relevant audit infonnation of which the charitable company's auditors are unaware. and they have taken all the steps that ihey ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the group and charitable company's auditors are aware of that inforn)ation. Small companies, exemption This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006
Open House Festival Limited (A company limited bv guarantee) REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 {ConlinMed) STATEMEI%T OF DIRECTORS. RESPONSIBILITIES (cvHlinued) Independent Audltors GMCG Bclf&st hav¢ indicated thcir willingncss lo rcmain in olTicc a rcwlution for thctr rc-clcction will bc proposed at Ihe forthcoming Annual General Meeting. R¢gis*red otTice: The Court Housc 19 Quay Strc¢t Bangor Signed by Order of the Board BT20 SED Mr Ste Truqtee heii Dunlop