2024-03-31-accounts - Open House Festival Limited

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OPEN HOUSE FESTIVAL LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income and endowments from: Donations and legacies 3 15,477 - Charitable activities 4 518,293 197,483 Other trading activities 5 370,922 - Other income 6 4,715 - Total income 909,407 197,483 Expenditure on: Raising funds 7 268,712 - Charitable activities 8 584,259 315,869 Total expenditure 852,971 315,869 Net income/(expenditure) 56,436 (118,386) Transfers between funds - - Net movement in funds 10 56,436 (118,386) Reconciliation of funds: Fund balances at 1 April 2023 313,489 1,794,537 Fund balances at 31 March 2024 369,925 1,676,151	Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 15,477 1,037 - 715,776 580,484 1,248,627 370,922 151,573 - 4,715 5,597 - 1,106,890 738,691 1,248,627 268,712 106,029 - 900,128 545,506 300,193 1,168,840 651,535 300,193 (61,950) 87,156 948,434 - 67,785 (67,785) (61,950) 154,941 880,649 2,108,026 158,548 913,888 2,046,076 313,489 1,794,537	Total 2023 £ 1,037 1,829,111 151,573 5,597
		1,987,318
		106,029 845,699
		951,728
		1,035,590 -
		1,035,590 1,072,436
		2,108,026

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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OPEN HOUSE FESTIVAL LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2024

Notes Fixed assets Tangible assets 14 Heritage assets 15 Current assets Stocks 18 Debtors 19 Investments 20 Cash at bank and in hand Creditors: amounts falling due within one year 21 Net current assets Total assets less current liabilities Net assets excluding pension liability The funds of the charity Restricted income funds 24 Unrestricted funds	2024 £ £ 172,272 1,538,911 1,711,183 7,279 59,519 85,000 336,949 488,747 (153,854) 334,893 2,046,076 2,046,076 1,676,151 369,925 2,046,076	2023 £ £ 155,496 1,547,685 1,703,181 8,587 70,285 - 452,724 531,596 (126,751) 404,845 2,108,026 2,108,026 1,794,537 313,489 2,108,026	2023 £ £ 155,496 1,547,685 1,703,181 8,587 70,285 - 452,724 531,596 (126,751) 404,845 2,108,026 2,108,026 1,794,537 313,489 2,108,026
			1,703,181 404,845
			2,108,026
			2,108,026
			1,794,537 313,489
			2,108,026

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 16 December 2024

Mr J Moore Mr M Fleetwood Trustee Trustee

Company registration number NI042872 (Northern Ireland)

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OPEN HOUSE FESTIVAL LIMITED

CHARITY BALANCE SHEET

AS AT 31 MARCH 2024

Notes Fixed assets Tangible assets 14 Heritage assets 15 Investments 16 Current assets Debtors 19 Investments 20 Cash at bank and in hand Creditors: amounts falling due within one year 21 Net current assets Total assets less current liabilities Net assets excluding pension liability The funds of the charity Restricted income funds 24 Unrestricted funds	2024 £ £ 172,272 1,538,911 100 1,711,283 108,167 85,000 178,437 371,604 (109,022) 262,582 1,973,865 1,973,865 1,676,151 297,714 1,973,865	2023 £ £ 155,496 1,547,685 100 1,703,281 112,880 - 368,353 481,233 (109,532) 371,701 2,074,982 2,074,982 1,794,537 280,445 2,074,982	2023 £ £ 155,496 1,547,685 100 1,703,281 112,880 - 368,353 481,233 (109,532) 371,701 2,074,982 2,074,982 1,794,537 280,445 2,074,982
			1,703,281 371,701
			2,074,982
			2,074,982
			1,794,537 280,445
			2,074,982

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 16 December 2024

Mr J Moore Mr M Fleetwood Trustee Trustee

Company registration number NI042872 (Northern Ireland)

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OPEN HOUSE FESTIVAL LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

Notes Cash flows from operating activities Cash generated from operations 31 Investing activities Purchase of tangible fixed assets Purchase of heritage assets Purchase of investments Net cash used in investing activities Net cash used in financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	2024 £ £ 34,576 (42,346) (23,005) (85,000) (150,351) - (115,775) 452,724 336,949	2023 £ £ 1,070,309 (71,365) (787,407) - (858,772) - 211,537 241,187 452,724

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Open House Festival Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is The Court House, 16 Quay Street, Bangor, Co. Down, BT20 5ED.

1.1 Accounting convention

The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

The charitable company constitutes a public entity as defined by FRS 102.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)." (effective 1 January 2019).

The financial statements are prepared in sterling, which is the functional currency of the group and parent charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Basis of consolidation

The consolidated financial statements of the group incorporate the accounts of Open House Festival Limited and its subsidiary undertaking, all of which were prepared to 31 March 2024.

The subsidiary undertaking was consolidated from the date when control passed. The trading results of the subsidiary undertaking are consolidated on a line-by-line basis within the consolidated statement of financial activities. Intercompany transactions and balances between group companies are therefore eliminated in full.

The charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Statement of Financial Activities.

The parent charitable company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the reduced disclosures available under FRS 102 in that no cash flow statement has been presented for the parent charitable company.

The net expenditure of the parent charitable company for the year ended 31 March 2024 was £101,117 (2023: net income of £1,002,546).

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Unrestricted reserves of £75,000 have been designated for the maintenance of the charity's key asset, including the Court House building.

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies (Continued)

Unrestricted funds of £95,000 has been designated for expenditure on the Court House Phase II.

These designations reflect the charity's obligations and responsibilities as the owner of a Listed Heritage Asset which was acquired under a Community Asset Transfer to maintain that asset.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.5 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income is deferred when it relates to a future event and is recognised on completion of the event.

Income from certain events has been accrued as the concerned events occurred before the year end.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Costs of raising funds comprises the trading subsidiary's costs.

Governance costs include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustee meetings and reimbursed expenses.

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies (Continued)

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture and equipment 10% straight line and 50% reducing balance Court House fixtures and equipment 10% straight line Computers 25% straight line Motor vehicles 50% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Heritage assets

Heritage fixed assets are direct costs incurred on the building of Bangor Court House, which in the opinion of the directors meets the definition of a heritage property. The Court House was legally transferred 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 accumulated depreciation.

Depreciation is calculated so as to write off the cost of the heritage fixed asset, less its estimated residual value, over its expected useful economic life. The principal annual rate used is as follows:

Bangor Court House - 2% straight line

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.11 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies (Continued)

1.12 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.13 Taxation

The charity is exempt from income tax and capital gains tax to the extent that its income and gains are applied for charitable purposes. No tax charge has arisen in the year.

1.14 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.15 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16 Fixed asset investment

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment loss.

A subsidiary is an entity controlled by the parent charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies (Continued)

1.17 Current asset investment

Current asset investments are short term investments with a maturity term of no greater than one year. They include bonds. They are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses.

1.18 Gift aid payment to parent charitable company

The trading subsidiary pays all its taxable profits for the reporting period to its parent charitable company under the gift aid scheme. In the trading subsidiary's financial statements, these gift aid payments are recognised as distributions to owners in equity within retained earnings.

At the reporting date there was no legal obligation in place for the trading subsidiary to make this gift aid payment. The payment of the taxable profits to the parent charitable company in respect of the reporting period is planned to be made within nine months of the end of the reporting date.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Restricted and Unrestricted Funds

Judgements are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The directors consider it appropriate to allocate these funds based on interpretation of donations received.

Key sources of estimation uncertainty

Fixed Assets

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.

Heritage asset

The deemed cost of the heritage which was the valuation of the heritage asset on the date it was acquired by the parent charitable company inherently involves estimation uncertainty.

Debtors

Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation uncertainty.

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Income from donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Donations and gifts	15,477	1,037

4 Income from charitable activities

Unrestricted Restricted funds funds 2024 2024 £ £ Charitable activities Box Office 453,026 - Grants and sponsorship 61,692 197,483 Stall and trading income 3,575 - Court House income - - 518,293 197,483	Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 453,026 516,003 - 259,175 53,262 303,231 3,575 11,219 - - - 945,396 715,776 580,484 1,248,627	Total 2023 £ 516,003 356,493 11,219 945,396
		1,829,111

5 Income from other trading activities

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Bar sales	370,922	151,573

6 Other income

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Other income	626	-
Venue hire	3,679	4,317
Other	410	1,280
	4,715	5,597

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Expenditure on raising funds

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Trading costs
Trading costs	169,373	65,021
Staff costs	99,339	41,008
	268,712	106,029

8 Expenditure on charitable activities

	Charitable	Charitable
	activities	activities
	2024	2023
	£	£
Direct costs
Artists	298,594	241,651
Advertising and marketing	14,377	22,933
Design costs	-	21,397
Operation costs	77,826	103,344
Production costs	34,840	63,151
Venue costs	13,446	10,558
Box office costs	21,031	26,334
Temporary staff	12,032	14,253
Volunteer costs	8,122	6,195
Other costs	3,111	11,550
	483,379	521,366
Share of support and governance costs (see note 9)
Support	408,534	301,573
Governance	8,215	22,760
	900,128	845,699
Analysis by fund
Unrestricted funds	584,259	545,506
Restricted funds	315,869	300,193
	900,128	845,699

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Support costs allocated to activities

Staff costs Depreciation Rent and water Light and heat Repairs, renewals and computer costs Telephone and internet Printing, postage, stationery and office supplies Insurance Advertising and training Motor expenses, travel and entertainment Court House set up Other expenses Governance costs Analysed between: Charitable activities 10 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable to the charity's auditor: - for the audit of the charity's financial statements - for other assurance services Depreciation of owned tangible fixed assets Depreciation of heritage assets	2024 £ 272,547 57,349 1,286 16,520 20,164 2,706 3,035 13,364 526 4,141 2,100 14,796 8,215 416,749 416,749 2024 £ 4,400 1,000 25,570 31,779	2023 £ 200,896 34,289 2,867 8,857 17,283 2,098 3,178 9,056 4,731 3,631 10,873 3,814 22,760
		324,333
		324,333
		2023 £ 3,080 1,000 16,020 18,269

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

12 Employees

The average monthly number of employees during the year was:

2024	2023
Number	Number
21	15

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

12 Employees (Continued) Employment costs Wages and salaries Social security costs Other pension costs There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows: Aggregate compensation There were no other transactions with related parties requiring disclosure.	2024 £ 330,249 23,583 18,054 371,886 2024 £ 106,193	2023 £ 209,250 17,411 15,243
		241,904
		2023 £ 103,894

13 Taxation

The charity is exempt from income tax and capital gains tax to the extent that its income and gains are applied for charitable purposes. No tax charge has arisen in the year.

14 Tangible fixed assets

Furniture and equipment Court House fixtures and equipment Computers Group and charity £ £ £ Cost At 1 April 2023 138,273 37,606 9,204 Additions 1,189 40,308 849 At 31 March 2024 139,462 77,914 10,053 Depreciation and impairment At 1 April 2023 21,609 1,840 6,138 Depreciation charged in the year 13,174 11,387 1,009 At 31 March 2024 34,783 13,227 7,147 Carrying amount At 31 March 2024 104,679 64,687 2,906 At 31 March 2023 116,664 35,766 3,066	Motor vehicles £ 4,000 - 4,000 4,000 - 4,000 - -	Total £ 189,083 42,346
		231,429
		33,587 25,570
		59,157
		172,272
		155,496

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

15 Heritage assets Group and charity Cost At 1 April 2023 Purchases At 31 March 2024 Depreciation and impairment At 1 April 2023 Depreciation At 31 March 2024 At 31 March 2024 At 31 March 2023 Summary of transactions Purchases and additions Bangor Court House Disposals Bangor Court House Total 16 Fixed asset investments Charity Cost or valuation At 1 April 2023 & 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023	2024 £ 23,005 - 23,005	2023 £ 787,407 - 787,407	2022 £ 520,379 - 520,379	Bangor Court House £ 1,565,954 23,005 1,588,959 18,269 31,779 50,048 1,538,911 1,547,685 2021 2020 £ £ 192,549 30,330 - - 192,549 30,330 Other investments £ 100 100 100

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Fixed asset investments (Continued)

All fixed asset investments are held in the UK.

17 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 18 Stocks Group Finished goods and goods for resale 19 Debtors Amounts falling due within one year: Group Trade debtors Other debtors Prepayments and accrued income Charity Trade debtors Amounts owed by fellow group undertakings Other debtors Prepayments and accrued income 20 Current asset investments Group and charity Unlisted investments	2024 £ 85,000 2024 £ 7,279 2024 £ 798 5,733 52,988 59,519 798 49,900 11,566 45,903 108,167 2024 £ 85,000	2023 £ -
		2023 £ 8,587
		2023 £ 4,861 6,779 58,645
		70,285
		4,359 32,400 25,887 50,234
		112,880
		2023 £ -

During the year, £85,000 was invested in a 1 year fixed term bond with a maturity date of 20 January 2025 and an interest rate of 5.20% per annum.

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21 Creditors: amounts falling due within one year Notes Group Other taxation and social security Deferred income 22 Trade creditors Other creditors Accruals and deferred income Charity Other taxation and social security Deferred income 22 Trade creditors Other creditors Accruals and deferred income 22 Deferred income Other deferred income Deferred income is included in the financial statements as follows: Deferred income is included within: Current liabilities Movements in the year: Deferred income at 1 April 2023 Released from previous periods Resources deferred in the year Deferred income at 31 March 2024	2024 £ 37,188 73,853 31,132 1,616 10,065 153,854 5,910 73,853 19,259 1,135 8,865 109,022 2024 £ 73,853 2024 £ 73,853 82,712 (82,712) 73,853 73,853	2023 £ 6,377 82,712 31,220 1,362 5,080 126,751 5,782 82,712 15,842 1,116 4,080 109,532 2023 £ 82,712 2023 £ 82,712 63,463 (63,463) 82,712 82,712

Income of £73,853 (2023: £82,712) has been deferred for the group and parent charitable company as it relates to box office income for future events and unredeemed gift vouchers.

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Retirement benefit schemes
	2024	2023
Defined contribution schemes	£	£
Charge to profit or loss in respect of defined contribution schemes	18,054	15,243

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

24 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Previous year:	At 1 April 2023 Incoming resources Resources expended £ £ £ 1,794,537 197,483 (315,869) At 1 April 2022 Incoming resources Resources expended £ £ £ 913,888 1,248,627 (300,193)	Transfers At 31 March 2024 £ £ - 1,676,151 Transfers At 31 March 2023 £ £ (67,785) 1,794,537

Restricted funds include: funds relating to the renovation of the Court House which has been classified as a heritage asset; certain fixed assets which have been funded by the National Heritage fund and other funders; and funds received from various funders for salaries and specific activities.

25 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Court House and Festival Maintenance Fund Court House Phase II General funds	At 1 April 2023 Incoming resources Resources expended £ £ £ - - - - - - 313,489 909,407 (852,971) 313,489 909,407 (852,971)	Transfers At 31 March 2024 £ £ 75,000 75,000 95,000 95,000 (170,000) 199,925 - 369,925	Transfers At 31 March 2024 £ £ 75,000 75,000 95,000 95,000 (170,000) 199,925 - 369,925
			369,925

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

25 Unrestricted funds (Continued)

Previous year:	At 1 April	Incoming	Resources	Transfers	At 31 March
	2022	resources	expended		2023
	£	£	£	£	£
General funds	158,548	738,691	(651,535)	67,785	313,489

£75,000 has been designated for maintenance of the charity's key assets, including the Court House building and a further £95,000 has been designated for expenditure on the Court House Phase II. These designations reflect the charity's obligations and responsibilities as the owner of a Listed Heritage Asset which was acquired under a Community Asset Transfer to maintain that asset.

26 Analysis of net assets between funds

Unrestricted Restricted funds funds 2024 2024 £ £ At 31 March 2024: Tangible assets 34,826 137,446 Heritage assets 50,878 1,488,033 Current assets/(liabilities) 284,221 50,672 369,925 1,676,151 Unrestricted Restricted funds funds 2023 2023 £ £ At 31 March 2023: Tangible assets 241 155,255 Heritage assets 28,911 1,518,774 Current assets/(liabilities) 284,337 120,508 313,489 1,794,537	Total 2024 £ 172,272 1,538,911 334,893
	2,046,076
	Total 2023 £ 155,496 1,547,685 404,845
	2,108,026

27 Fund descriptions

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.

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OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

28 Financial commitments, guarantees and contingent liabilities

A clawback security agreement is in place with the Department of Justice with respect to the Heritage Asset under which the asset is charged as security and in the occurrence of a defined event any monies may be repaid to the Department in respect of the deemed value of the 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 offer and terms and conditions of contract under which the grants were paid. The directors do not expect any claims to be made in this respect.

29 Related party transactions

There were no related party transactions during the year (2023 - £nil).

30 Subsidiaries

Details of the charity's subsidiaries at 31 March 2024 are as follows:

	Name of undertaking	Registered	Nature of business	Nature of business	Class of	% Held	% Held
		office			shares held Direct		Indirect
	Open House Trading Ltd	Northern Ireland	Operation and management of		Ordinary 100.00
			a bar
	The aggregate capital and reserves and the result for the year of subsidiaries				was as follows:
	Name of undertaking	Profit/(Loss)		Capital and
				Reserves
		£		£
	Open House Trading Ltd	72,211		72,311
31	Cash generated from operations				2024		2023
					£		£
	(Deficit)/surpus for the year				(61,950)	1,035,590
	Adjustments for:
	Depreciation and impairment	of tangible fixed assets			57,349		34,289
	Movements in working capital:
	Decrease/(increase) in stocks				1,308		(8,587)
	Decrease in debtors				10,766		13,746
	Increase/(decrease) in creditors				35,962		(23,978)
	(Decrease)/increase in deferred income				(8,859)		19,249
	Cash generated from operations				34,576	1,070,309

31 -

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

32 Analysis of changes in net funds

The charity had no material debt during the year.

32 -