## **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.
- 13 -
## **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)
- 14 -
## **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)
- 15 -
## **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|
|---|---|---|
- 16 -
**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.
- 17 -
## **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.
- 18 -
## **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.
- 19 -
## **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.
- 20 -
## **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.
- 21 -
## **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|
- 22 -
## **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|
- 23 -
## **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|
- 24 -
## **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|
- 25 -
## **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|
|---|---|---|---|---|
- 26 -
## **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.
- 27 -
## **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.
- 28 -
## **OPEN HOUSE FESTIVAL LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
|**23**|**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|
- 29 -
## **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.
- 30 -
## **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 -