OpenCharities

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2025-03-31-accounts

Charity registration number NIC103648 (Northern Ireland) Company registration number NI042872

OPEN HOUSE FESTIVAL LIMITED

GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

OPEN HOUSE FESTIVAL LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr S J Dunlop Mr D G Lennon Mr S T W Roycroft Mr J Moore Ms S Jones Mr C McCreery Mr T Herron Ms R Edwards Mr M Fleetwood Ms P Abbott Charity number NIC103648 Company number NI042872 Registered office The Court House 16 Quay Street Bangor Co. Down BT20 5ED Auditor GMcG BELFAST Chartered Accountants & Statutory Auditor Alfred House 19 Alfred Street Belfast BT2 8EQ Bankers AIB 11-15 Donegall Square North Belfast BT1 5GB Cambridge & Counties Bank Charnwood Court 5B New Walk Leicester LE1 6TE

OPEN HOUSE FESTIVAL LIMITED

CONTENTS

Page
Trustees' report 1 - 8
Independent auditor's report 9 - 14
Consolidated statement of financial activities 15
Consolidated balance sheet 16
Charity balance sheet 17
Consolidated statement of cash flows 18
Notes to the financial statements 19 - 35

OPEN HOUSE FESTIVAL LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

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).

Since the group and parent charitable company qualifies as small under Section 383 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and activities

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.

Policies and objectives

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the charity commission relating to public benefit.

Activities for achieving objectives

Open House Festival promotes regeneration through arts and cultural events. It currently runs three separate strands of activity:

The vision of Open House Festival is ‘Transforming people and places 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, culture, leisure, and tourism. This will build on the city's history as a seaside holiday destination, and exploit its built heritage, its proximity to Belfast, its natural assets, and its burgeoning creative community. This also aligns with the recent Integrated Strategy by Ards and North Down Borough Council, entitled ‘Blue: Green – Creatively Connected’.

The charity seeks to create an artistic programme that has depth, breadth, and integrity: that unearths new, young and emerging talent; sheds light on the unsung heroes; celebrates world-renowned artists, and uses them to spearhead marketing campaigns, draw new audiences and generate revenue. The charity strives to paint a positive picture of Bangor to the rest of the world, through the vehicle of artistic and cultural activity, and ultimately to bring the rest of the world here to experience it for themselves.

At Open House Festival headquarters, it is the belief that the annual Festival, and the many activities that connect to it, can be a catalyst for cultural, social, and economic transformation in Bangor and throughout Northern Ireland. Specifically, Open House Festival works to:

OPEN HOUSE FESTIVAL LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and performance

Review of activities

2024/25 was a busy and successful year of events for Open House Festival.

During July and August 2024, Open House Festival delivered a full arts festival throughout Bangor city centre, including the following key elements:

Customer satisfaction ratings were at 93% – derived from more than 500 online survey responses. 95% of respondents said the festival made them feel better about Bangor, and 77% said they would have stayed at home if they hadn’t been at the event, with a further 14% who would have done something outside of Bangor.

Key indicators included:

For the first time we introduced recycling stations at all eight Picnic in the Park events in Ward Park, in partnership with Ards and North Down Borough Council. We also carried out a disability audit of our park events in conjunction with the Council Tourism Events Team, which resulted in a very successful and well used accessibility area. We also teamed up with Twickets, an ethical ticketing platform which allows customers to buy or re-sell festival tickets with confidence, at face value price or below.

There was significant positive publicity for the festival and the Court House, including two TV features on UTV Life, and an entire episode of BBC Radio Ulster's The Ticket dedicated to the Festival.

We also delivered a year-round programme of shows in Belfast and Bangor, which ranged from sold out shows such as Hawkwind and Mercury Rev in the Mandela Hall, and Hugh Cornwell and Waxahatchi in the Empire Music Hall.

During this financial year the charity completed its second full year of activity in the restored Court House venue on Bangor seafront. Acquired from the Northern Ireland Courts and Tribunal Service via Northern Ireland’s first Community Asset Transfer, this project transformed a derelict Victorian listed building into a permanent home for the charity and a year-round venue for arts and cultural activity.

OPEN HOUSE FESTIVAL LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Review of activities ( continued)

The Court House delivered a varied programme of 465 arts events, including music, comedy, film, theatre, spoken word, and visual art, showcasing 1,432 artists, and welcoming audiences of 46,818.

Highlights of the programme included:

Open House Festival continued to work with a group of Bangor central traders to drive forward a proposed Business Improvement District (BID), including chairing the BID steering group. The group continued to work closely with both Ards and North Down Borough Council and Department for Communities to pursue funding for the development phase of the BID.

The Court House joined forces with other local arts organisations to start a Creative Gathering of local artists, and then to launch Late Night Art Bangor, with studios, galleries and diverse arts spaces opening their doors free of charge to the public on the last Thursday of every month.

The organisation also became an active member of the Sustainable Giants – a borough wide cluster promoting sustainable tourism and supported by Ards & North Down Borough Council – and continued active membership of various forums including Social Enterprise NI (SENI), NI Creative Hubs network, Heritage Trust Network, Music Venues Trust, and the Borough Festivals Forum.

The Court House continued to bring significant cultural and economic benefits to Bangor, with data from more than 800 customer surveys showing:

The funding environment continued to be challenging during the financial year, with no new funding other than the Arts Council Commissioning Fund. Limited core funding continued from the National Lottery via the Arts Council, and Garfield Weston Foundation, and support for the summer festival programme from Ards and North Down Borough Council.

OPEN HOUSE FESTIVAL LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

The consolidated statement of financial activities on page 15 indicates that the group had incoming resources in the year of £1,266,469 which were more than the outgoing resources of £1,235,836, resulting in a surplus of £30,633.

The board and senior management will take action to ensure that the financial viability of the charity is maintained, and that additional sources of income are secured from funders and sponsors.

The consolidated balance sheet on page 16 shows that the group had funds of £2,076,709 as at 31 March 2025 (2024: £2,046,076). This fund balance includes the carrying value of the Court House building, which accounts for restricted funds of £1,614,323 (2024: £1,676,151); together with unrestricted funds of £462,836 (2024: £369,925), which includes designated funds of £170,000 (2024: £170,000). Unrestricted funds excluding fixed assets were £382,085 (2024: £284,221).

The parent charitable company balance sheet on page 17 shows that the charity had unrestricted funds of £364,519 (2024: £297,714) as at 31 March 2025, which includes designated funds of £170,000 (2024: £170,000). Unrestricted funds excluding fixed assets were £284,119 (2024: £211,910). The charity also had restricted funds of £1,614,323 (2024: £1,676,151), which includes fixed assets of £1,545,449 (2024: £1,625,379) relating predominantly to the Court House building.

Going concern

After making appropriate enquiries, the board of trustees has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this 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 policies.

OPEN HOUSE FESTIVAL LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Reserves policy

The results for the year are set out in the financial statements. The results of the year and the financial position were considered satisfactory by the directors who expect growth in the foreseeable future.

All general funds under the control of the charity were treated as unrestricted income funds. Restricted funds are used for specific purposes as laid down by the donor and are accounted for separately. The trustees confirm that the charity's assets are available to fulfil the obligations of the charity and that funds are not excessive given the assets, commitments and size of the charity.

It is the policy of the charity that unrestricted funds which have not been designated for specific use should be kept as reserves for the following reasons:

  1. To allow for adequate cash flow 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 that it can continue to operate, deliver services and seek alternative income sources,uninterrupted for a period of at least twelve months.

  3. To address the risk of unplanned closure, and liabilities in terms of salaries, running costs and other legal obligations.

  4. To reflect the risks and responsibility that the organisation faces in undertaking the Court House project and those associated with the long-term ownership, maintenance and management of the venue.

  5. To support future projects that would further the charitable aims and long-term sustainability of the organisation.

The reserves policy was reviewed on Monday 23 September 2024. The Board agreed that the charity's general unrestricted funds should be equal to 12 months net operating costs plus certain consequential additional costs (the Target general reserves).

Out of the charity's total unrestricted reserves at 31 March 2025, £75,000 has been designated for maintenance of the charity's key assets, including the Court House building. 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.

After taking into account these designations, the charity's general unrestricted reserves are £292,386 (2024: £199,925).

The targeted general unrestricted reserves for 2025/2026 is £503,000 (2024: £503,000). These reserves are needed to meet the working capital requirements of the charity and the trustees are confident that at this level they would be able to continue the current activities of the charity in the event of a significant drop in funding.

The present level of general unrestricted reserves available to the charity is £292,386 (2024: £199,925), therefore, falls significantly short of the target. The strategy is to continue to build reserves through planned operating surpluses. The board of the charity believes that the target can be reached within the next five years.

The board reviews this reserve policy on an ongoing basis as the organisation continues to develop and update it as appropriate.

Major risks

The Trustees have assessed the major risks to which the group and parent charitable company is exposed, in particular those related to the operations and finances of the group and parent charitable company and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Plans for future periods

The group and parent charitable company plans to continue the activities outlined above in the forthcoming years, subject to satisfactory funding arrangements.

OPEN HOUSE FESTIVAL LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

Constitution

Open House Festival Limited is a charitable company limited by guarantee and does not have a share capital. It is constituted under a a Memorandum of Association dated 24 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 charity is the advancement of public education for the benefit of the public by fostering and promoting, the improvement and development of artistic knowledge, taste, understanding and appreciation of the arts and in particular, but not exclusively, to promote and run an annual arts festival.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr S J Dunlop

Mr D G Lennon

Mr S T W Roycroft Mr J Moore Ms S Jones Mr C McCreery Mr T Herron Ms R Edwards Mr M Fleetwood Ms P Abbott

Recruitment and appointment of trustees

The strategic management of the parent charitable company is the responsibility of the board of trustees who are elected and co-opted under the terms of the Articles of Association.

Each trustee is elected to serve for a term of three years after which they must be re-elected.

OPEN HOUSE FESTIVAL LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Organisational structure

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

Kieran Gilmore, Group Director, is responsible for the day-to-day management of the charity, assisted by a management team including Alison Gordon, Sarah Kiely, Tony Parker, Scott Edgar and Blane McNab.

The board of trustees of Open House Festival met nine times throughout the financial year. The board consists of 10 members, from a variety of professional backgrounds, and is responsible for the strategic direction and policies of the charity.

The board has delegated the day to day responsibility for the charity’s operations to Kieran Gilmore and the management team.

The board has created a finance sub-committee to review this aspect of the charity’s operations in more detail. The finance sub-committee met six times during the year.

Subsidiary

The charitable company has one wholly owned subsidiary, Open House Trading Limited. The private trading company is registered in Northern Ireland (Company registration number: NI690376), and its registered office is The Court House, 16 Quay Street, Bangor, Co. Down, BT20 5ED. The principal activity of the trading company during the year was the operation and management of the Court House bars and ancillary activities including running a number of the Court House events.

Any profits the subsidiary makes are gift aided in full to the charity.

The directors who served the trading company during the year were as follows: Mr Kieran Gilmore Ms Alison Gordon Mr Tim Herron Ms Sarah Jones

Induction and training of trustees

New trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making process, the business plan and recent financial performance of the charity. They are free to discuss any issue with other directors or key employees. Trustees are encouraged to attend any appropriate external training events where these will facilitate the undertaking of their role.

OPEN HOUSE FESTIVAL LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Statement of trustees' responsibilities

The trustees, who are also the directors of Open House Festival Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and group, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

In accordance with the company's articles, a resolution proposing that GMcG BELFAST be reappointed as auditor of the company will be put at a General Meeting.

Small companies exemption

In preparing this report, the directors have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Mr J Moore Trustee

Mr M Fleetwood Trustee

8 December 2025

OPEN HOUSE FESTIVAL LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPEN HOUSE FESTIVAL LIMITED

Opinion

We have audited the financial statements of Open House Festival Limited (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the charity balance sheet, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

OPEN HOUSE FESTIVAL LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OPEN HOUSE FESTIVAL LIMITED

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

OPEN HOUSE FESTIVAL LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OPEN HOUSE FESTIVAL LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

OPEN HOUSE FESTIVAL LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OPEN HOUSE FESTIVAL LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

· Any matters we identified having obtained and reviewed the group’s documentation of their policies and procedures relating to:

· The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the group and parent charitable company for fraud and identified the greatest potential for fraud in income recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the group and parent charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

OPEN HOUSE FESTIVAL LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OPEN HOUSE FESTIVAL LIMITED

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

OPEN HOUSE FESTIVAL LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF OPEN HOUSE FESTIVAL LIMITED

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Nigel Moore FCA (Senior Statutory Auditor) for and on behalf of GMcG BELFAST

8 December 2025

Chartered Accountants Statutory Auditor

Chartered Accountants & Statutory Auditor

Alfred House 19 Alfred Street Belfast BT2 8EQ

OPEN HOUSE FESTIVAL LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
2
6,894
-
Charitable activities
4
575,239
235,438
Other trading activities
5
434,954
-
Investments
6
7,618
-
Other income
7
6,326
-
Total income
1,031,031
235,438
Expenditure on:
Raising funds
8
311,424
-
Charitable activities
9
627,146
297,266
Total expenditure
938,570
297,266
Net income/(expenditure) and
movement in funds
92,461
(61,828)
Reconciliation of funds:
Fund balances at 1 April 2024
369,925
1,676,151
Fund balances at 31 March
2025
462,386
1,614,323		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
6,894
15,477
-
810,677
518,293
197,483
434,954
370,922
-
7,618
-
-
6,326
4,715
-
1,266,469
909,407
197,483
311,424
268,712
-
924,412
584,259
315,869
1,235,836
852,971
315,869
30,633
56,436
(118,386)
2,046,076
313,489
1,794,537
2,076,709
369,925
1,676,151		 Total
2024
£
15,477
715,776
370,922
-
4,715
1,106,890
268,712
900,128
1,168,840
(61,950)
2,108,026
2,046,076

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

OPEN HOUSE FESTIVAL LIMITED

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
15
Heritage assets
16
Current assets
Stocks
19
Debtors
20
Investments
21
Cash at bank and in hand
Creditors: amounts falling due within
one year
22
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the charity
Restricted income funds
25
Unrestricted funds
26		 2025
£
£
159,185
1,466,565
1,625,750
7,843
99,818
89,444
331,776
528,881
(77,922)
450,959
2,076,709
2,076,709
1,614,323
462,386
2,076,709		 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		 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
1,711,183
334,893
2,046,076
2,046,076
1,676,151
369,925
2,046,076

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 8 December 2025

Mr J Moore Mr M Fleetwood Trustee Trustee

Company registration number NI042872 (Northern Ireland)

OPEN HOUSE FESTIVAL LIMITED

CHARITY BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
15
Heritage assets
16
Investments
17
Current assets
Debtors
20
Investments
21
Cash at bank and in hand
Creditors: amounts falling due within
one year
22
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the charity
Restricted income funds
25
Unrestricted funds
26		 2025
£
£
159,184
1,466,565
100
1,625,849
85,926
89,444
248,716
424,086
(71,093)
352,993
1,978,842
1,978,842
1,614,323
364,519
1,978,842		 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		 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
1,711,283
262,582
1,973,865
1,973,865
1,676,151
297,714
1,973,865

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 8 December 2025

Mr J Moore Mr M Fleetwood Trustee Trustee

Company registration number NI042872 (Northern Ireland)

OPEN HOUSE FESTIVAL LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
32
Investing activities
Purchase of tangible fixed assets
Purchase of heritage assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
(9,406)
-
(89,444)
85,000
7,618		 £
1,059
(6,232)
-
(5,173)
336,949
331,776		 2024
£
£
34,576
(42,346)
(23,005)
(85,000)
-
-
(150,351)
-
(115,775)
452,724
336,949

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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).

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 2025.

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 with 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 by 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 income of the parent charitable company for the year ended 31 March 2025 was £4,977 (2024: net expenditure of £101,117).

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 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.

1.3 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.

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

1.4 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.

1.5 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.

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (Continued)

1.6 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.

1.7 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

1.8 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).

1.9 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.

1.10 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.

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (Continued)

1.11 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.

1.12 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.

1.13 Employee benefits

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

1.14 Retirement benefits

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

1.15 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.

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies (Continued)

1.16 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.

1.17 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 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Donations and gifts 6,894 15,477

3 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.

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

3 Critical accounting estimates and judgements (Continued)

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.

4 Income from charitable activities

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Charitable activities
Sale of goods
517,479
-
Performance related
grants
50,000
235,438
Ancillary trading income
7,760
-
575,239
235,438		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
517,479
453,026
-
285,438
61,692
197,483
7,760
3,575
-
810,677
518,293
197,483		 Total
2024
£
453,026
259,175
3,575
715,776

5 Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 434,954 370,922
6 Income from investments
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 7,618 -

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Other income

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 4,537 626
Rental Income 1,597 3,679
Book Sales 192 410
6,326 4,715

8 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Trading costs
Operating trading company 186,165 169,373
Staff costs 125,259 99,339
311,424 268,712

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9 Expenditure on charitable activities

Charitable Charitable
activities activities
2025 2024
£ £
Direct costs
Artist costs 323,940 298,594
Advertising and marketing 9,579 14,377
Operation costs 71,829 77,826
Production costs 36,605 34,840
Venue costs 11,042 13,446
Box Office costs 34,092 21,031
Temporary staff 22,054 12,032
Volunteer costs 9,670 8,122
Court House set up costs 1,359 3,111
520,170 483,379
Share of support and governance costs (see note 10)
Support 398,370 408,534
Governance 5,872 8,215
924,412 900,128
Analysis by fund
Unrestricted funds 627,146 584,259
Restricted funds 297,266 315,869
924,412 900,128

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 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		 2025
£
251,534
54,272
1,520
13,866
23,027
3,194
2,778
29,737
1,665
3,441
-
13,336
5,872
404,242
404,242		 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

11 Trustees

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

12 Net movement in funds 2025 2024
£ £
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 5,088 4,400
- for other assurance services - 1,000
Depreciation of owned tangible fixed assets 22,493 25,570
Depreciation of heritage assets 31,779 18,269

13 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
19 21

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

13
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.		 2025
£
336,509
23,066
17,218
376,793
2025
£
93,022		 2024
£
330,249
23,583
18,054
371,886
2024
£
106,193

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

15 Tangible fixed assets

Furniture and
equipment
Court House
fixtures and
equipment
Computers
Group and charity
£
£
£
Cost
At 1 April 2024
139,462
77,914
10,053
Additions
-
9,406
-
At 31 March 2025
139,462
87,320
10,053
Depreciation and impairment
At 1 April 2024
34,784
13,227
7,146
Depreciation charged in the year
13,176
8,114
1,203
At 31 March 2025
47,960
21,341
8,349
Carrying amount
At 31 March 2025
91,502
65,979
1,704
At 31 March 2024
104,679
64,687
2,906		 Motor
vehicles
£
4,000
-
4,000
4,000
-
4,000
-
-		 Total
£
231,429
9,406
240,835
59,157
22,493
81,650
159,185
172,272

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16
Heritage assets
Group and charity
Cost
At 1 April 2024
Adjustment for recoverable VAT
At 31 March 2025
Depreciation and impairment
At 1 April 2024
Depreciation
At 31 March 2025
At 31 March 2025
At 31 March 2024
Summary of transactions
Purchases and additions
Bangor Court House
Disposals
Bangor Court House
Adjustment for recoverable VAT
Bangor Court House
Total		 2025
£
-
-
(40,566)
(40,566)		 2024
£
23,005
-
-
23,005		 2023
£
787,407
-
-
787,407		 Bangor Court
House
£
1,588,959
(40,566)
1,548,393
50,048
31,780
81,828
1,466,565
1,538,911
2022
2021
£
£
520,379
192,549
-
-
-
-
520,379
192,549

17 Fixed asset investments

Other
investments
£
Charity
Cost or valuation
At 1 April 2024 & 31 March 2025 100
Carrying amount
At 31 March 2025 100
At 31 March 2024 100

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 Fixed asset investments (Continued)

All fixed asset investments are held in the UK.

18
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
19
Stocks
Group
Finished goods and goods for resale
20
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
21
Current asset investments
Group and charity
Unlisted investments		 2025
£
89,444
2025
£
7,843
2025
£
922
53,407
45,489
99,818
758
-
39,757
45,411
85,926
2025
£
89,444		 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

During the year, £89,444 was invested in a 1 year bond with a maturity date of 20 January 2026 and an interest rate of 4.40%. (2024: £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).

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

22
Creditors: amounts falling due within one year
Notes
Group
Other taxation and social security
Deferred income
23
Trade creditors
Other creditors
Accruals and deferred income
Charity
Other taxation and social security
Deferred income
23
Trade creditors
Other creditors
Accruals and deferred income
23
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 2024
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2025		 2025
£
14,736
31,490
16,113
1,184
14,399
77,922
13,871
31,490
6,695
762
11,137
71,093
2025
£
31,490
2025
£
31,490
73,853
(73,853)
31,490
31,490		 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

Income of £31,490 (2024: £73,853) has been deferred for the group and parent charitable company as it relates to box office income for future events and unredeemed gift vouchers.

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

24 Retirement benefit schemes
2025 2024
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 17,218 18,054

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.

25 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
2024
Incoming
resources
Resources
expended
At 31 March
2025
£
£
£
£
1,676,151
235,438
(297,266)
1,614,323
At 1 April
2023
Incoming
resources
Resources
expended
At 31 March
2024
£
£
£
£
1,794,537
197,483
(315,869)
1,676,151

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.

26 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
2024
Incoming
resources
Resources
expended
£
£
£
75,000
-
-
95,000
-
-
199,925
1,031,031
(938,570)
369,925
1,031,031
(938,570)		 Transfers
At 31 March
2025
£
£
-
75,000
-
95,000
-
292,386
-
462,386		 Transfers
At 31 March
2025
£
£
-
75,000
-
95,000
-
292,386
-
462,386
462,386

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

26 Unrestricted funds (Continued)

Previous year:
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

£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.

27 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 March 2025:
Tangible assets
30,463
128,722
Heritage assets
49,838
1,416,727
Current assets/(liabilities)
382,085
68,874
462,386
1,614,323
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		 Total
2025
£
159,185
1,466,565
450,959
2,076,709
Total
2024
£
172,272
1,538,911
334,893
2,046,076

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

28 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.

29 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.

30 Related party transactions

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

31 Subsidiaries

Details of the charity's subsidiaries at 31 March 2025 are as follows:

Name of undertaking Registered Nature of business Class of % 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 97,867 97,967

OPEN HOUSE FESTIVAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

32 Cash generated from operations 2025 2024
£ £
Surplus/(deficit) for the year 30,633 (61,950)
Adjustments for:
Investment income recognised in statement of financial activities (7,618) -
Depreciation and impairment of tangible fixed assets 54,272 57,349
Movements in working capital:
(Increase)/decrease in stocks (564) 1,308
Decrease in debtors 268 10,766
(Decrease)/increase in creditors (33,569) 35,962
(Decrease) in deferred income (42,363) (8,859)
Cash generated from operations 1,059 34,576

33 Analysis of changes in net funds

The charity had no material debt during the year.