``` REGISTERED COMPANY NUMBER: NI030352 (Northern Ireland) REGISTERED CHARITY NUMBER: 101219 ``` ``` Report of the Trustees and ``` ``` Financial Statements ``` ``` for the Year Ended 31 March 2024 ``` ## **`for`** ``` PRIME CUT PRODUCTIONS LTD ``` ``` M.B.McGrady & Co Chartered Accountants Statutory Auditors Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH ``` ``` PRIME CUT PRODUCTIONS LTD ``` ``` Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024 ``` ||**`Page`**| |---|---| |**`Reference and Administrative Details`**|`1`| |**`Report of the Trustees`**|`2 to 11`| |**`Report of the Independent Auditors`**|`12 to 15`| |**`Statement of Financial Activities`**|`16`| |**`Balance Sheet`**|`17`| |**`Cash Flow Statement`**|`18`| |**`Notes to the Cash Flow Statement`**|`19`| |**`Notes to the Financial Statements`**|`20 to 27`| |**`Detailed Statement of Financial Activities`**|`28 to 29`| ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Reference and Administrative Details FOR THE YEAR ENDED 31 MARCH 2024`** ``` TRUSTEESE Magill L Doherty (resigned 28/8/2024) K Teahan J O'Hagan D Murphy S A Hayles S A Fitzsimmons P Talbot (appointed 17/10/2023) REGISTERED OFFICEUnit 5 - The Refinery 8 Maxwell Street Belfast BT12 5FB ``` ``` REGISTERED COMPANY NUMBER NI030352 (Northern Ireland) ``` ``` REGISTERED CHARITY NUMBER 101219 AUDITORSM.B.McGrady & Co Chartered Accountants Statutory Auditors Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH ``` ``` 1 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024`** ``` ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,present their report with the financialstatementsof the charityfor the year ended 31 March2024.The trusteeshave adopted theprovisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicable to charitiespreparingtheiraccountsin accordancewiththe FinancialReportingStandardapplicablein the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Objectives and aims Background:`** ``` BasedinBelfast,PrimeCutProductionsisoneofNorthernIreland'sleadingindependenttheatre companies. Establishedin1992,ithasoverthelast31yearsproducedsomeoftheislandofIreland'smostmemorable and thought-provoking theatre. Our work is split into three distinct categories: ``` ## `Prime Cut delivers under three main strands:` **`CREATE; INNOVATE`** `and` **`PARTICIPATE.`** ## **`CREATE:`** ``` Producing excellent performance and writing from Northern Ireland for an international audience ``` ## **`INNOVATE`** `:` ``` DrivingthedevelopmentofNorthernIrishPerformingArtistsbyprovidingthefinestprofessionals training, mentorships and opportunities. ``` ## **`PARTICIPATE:`** ``` Providinga creativeresourcepromotingautonomyand artisticself-expressionfor communitiesacross Northern Ireland with trust and collaboration at its heart. ``` ## **`Prime Cut's Mission:`** ``` To create artisticallyengaging experiences for artists, audiences and participants.We will continue to build on our local and international reputation for making excellent, socially relevant art and work with integrity and trust. ``` ## **`Prime Cut's Vision:`** ``` Todeliveraprogrammethatnotonlyembracesitsfoundingambitionofproducingthefinest international theatrefor/in Belfastthat is innovative,inclusive,artist-led,and impactful,with a meaningfulartist development and community engagement at its heart while spotlighting Belfast as a cultural hub for artistic excellence. ``` ``` 2 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024`** ## **`OBJECTIVES AND ACTIVITIES`** ## **`Significant activities`** ``` In2023-24ourProgrammewastherecipientofthreeinternationalawardsincludingBest Production (Revival)attheUKTheatreAwardsforTheBeautyQueenofLeenane,FirstFinalistatthe Popcorn Awards 23 and Best Theatre Script at the Irish Writer's Guild Awards for Ciara Elizabeth Smyth's Lie Low. ``` ``` CREATE: ``` ``` The Beauty Queen of Leenane by Martin McDonagh ``` ``` "Sometimes I dream.......of anything! Of anything. Other than this." ``` ``` The Beauty Queen of Leenane tells the darkly comic tale of Maureen Folan, a woman in her early forties who lives alone,and Magher manipulativeageingmother.Mag'sinterferencein Maureen'sfirstand potentiallylast loving relationship sets in motion a train of events that is as gothically funny as it is horrific. ``` ``` PrimeCut'sproductionofTheBeautyQueenofLeenaneplayedtooutstandingaudienceandcritical response overa 5 weekrun attheLyricTheatre,Belfastandwasthe winnerof the BestProduction(Revival)atthe 2023 UK Theatre Awards. ``` ``` The Stage: **** ``` ``` https://www.thestage.co.uk/reviews/the-beauty-queen-of-leenane-review-lyric-theatre-belfast-martin-mcdonag h-ger-ryan-nicky-harley ``` ``` "DirectorEmmaJordanisuncannilyinsightfulandsure-footedinhershapingofthishard-edgedrevivalof the first play in McDonagh's Connemara trilogy. ``` ## **`British Theatre Guide`** ``` https://www.britishtheatreguide.info/reviews/the-beauty-quee-lyric-theatre-22019 ``` ``` "A masterly display of Irish theatre at its best" ``` ## **`Northern Ireland World`** ``` https://www.northernirelandworld.com/arts-and-culture/theatre-and-stage/review-the-beauty-queen-of-leena ne-will-haunt-you-long-after-you-leave-the-lyrictheatre-4177608 ``` ``` "With magnificentperformancesfrom all four cast members in an hauntinglyatmosphericsetting, this is one play you really don't want to miss" ``` ## **`The Irish News`** ``` https://www.irishnews.com/arts/stage/2023/06/03/news/review_the_awful_beauty_of_martin_mcdonagh_s_th - e_beauty_queen_of_leenane3319109/ ``` ``` "NickyHarley,inastunningperformance…GerRyanasMagisalsofive-star…..brilliantlyactedby Caolan Byrne… Emma Jordan's direction shines." ``` ## **`Alan In Belfast`** ``` http://alaninbelfast.blogspot.com/2023/06/the-beauty-queen-of-leenane-planting.html ``` ``` "DirectorEmmaJordantakesMcDonagh'srecipeandboilstheingredientsup intoa bubblingpotof evil Galway stew." ``` ## **`No More Workhorse`** ``` https://nomoreworkhorse.com/2023/06/01/the-beauty-queen-of-leenane-lyric-theatre-review/ ``` ``` 3 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ``` Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 ``` ## **`OBJECTIVES AND ACTIVITIES`** ``` "a thrilling theatrical experience that is macabrely funny, horrifyingly grim and superbly played." ``` ## **`Cast`** `:` ``` Mag : Ger Ryan Maureen : Nicky Harley Pato: Caolan Byrne Ray: Marti Breen ``` ## **`Creative Team:`** ``` Director : Emma Jordan Set & Lighting Designer : Ciaran Bagnall Sound Designer & Composition : Neil Martin Costume Designer : Enda Kenny Movement Director : Paula O Reilly Fight Director: Philip Rafferty Assistant Director : Ross Fitzpatrick ``` ## **`Lie Low by Ciara Elizabeth Smyth`** ``` Faye'safraid.She'snotsleeping,shedoesn'ttrustducksandallshe'shadtoeatthisweekisaboxofdry Rice Krispies.Desperateto shakeher insomnia,Fayeenliststhe helpof her brother,Naoise,to try a form of exposure therapy. But Naoise has a devastating secret that's about to explode. ``` ``` LieLowistheaward-winning,criticallyacclaimeddark,funnyandsurrealnewplaybyCiaraElizabeth Smyth. PlayingtosoldoutaudiencesatDublin'sAbbeyTheatre(2023)Traverse2aspartoftheCulture Ireland Showcase,for EdinburghFestivals(2023)Belfast'sLyricTheatre and DublinFringe (2022),it has been variously describedby criticsas "a masterclass""the standoutperformance""grippingentertainment"and "breathtakingly intense". ``` ``` *****TheArtsDesk:"CharlotteMcCurryisbreathtakingly intense" https://theartsdesk.com/theatre/edinburgh-fringe-2023-reviews-heaven-lie-low-after-act? fbclid=IwAR2DKoEKj1VEmI5HzcEXiaR8T2RO0QlouRAeyUk-qrrY_-FCiIEwo1nd4YM ``` ``` *****TheIrishTimes"Outstanding" https://www.irishtimes.com/culture/stage/review/2023/07/19/lie-low-this-outstanding-irish-play-deserves-t o-set-edinburgh-festival-fringe-alight/ ``` ``` ****The Scotsman: https://www.scotsman.com/whats-on/arts-and-entertainment/edinburgh-festival-fringe-theatre- musicals-opera-reviews-wiesenthal-lie-low-nobodys-talking-about-jamie-june-the-impresario-peephole-426693 0 ``` ``` ****TheGuardian: "anabsurdistapproachto themesof sexualconsentand falsememory,it shifts disarmingly from spiky humour to tense confrontation. We're not in Narnia now" https://www.theguardian.com/stage/2023/jul/21/lie-low-review-abbey-theatre-dublin ``` ``` ****TheBritishTheatreGuide:"afunny,darkdreamwrittendeftlybyCiaraElizabethSmythand creatively directed by Oisin Kearney" https://www.britishtheatreguide.info/reviews/lie-low- ``` ``` traverse-theatr-22257?fbclid=IwAR0naP_H4DqRxScc9eMvlN10lX8XbI5pMdrIGz6HFcj7XhX_YmSEvoemWaM ``` ``` ****TheTelegraph:https://www.telegraph.co.uk/theatre/what-to-see/edinburgh-fringe-2023- theatre-reviews-plays-shows/?fbclid=IwAR0B7i2QSyLb_V39AorUzC_62bzb4C-gu8kEctpJLD6iJLY9Q0M-k7kK4Qs ``` ``` 4 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ``` Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 ``` ## **`OBJECTIVES AND ACTIVITIES`** ``` ****FestMagazine:"LieLowisatthesametimefunny,surrealanddeeply unsettling" https://www.festmag.com/edinburgh/theatre/review-lie-low ``` ``` **** The Skinny: "Lie Low is a fitting testament to the existentialcontortionsdemanded of survivorswho dare to ask for help" https://www.theskinny.co.uk/festivals/edinburgh-fringe/theatre/lie-low-traverse-theatre?fbclid=IwAR1Rz4dlR IWx44BK7M913LKp51G1B1XYsy6UHsJXlxp4mIZcvCw6QCQk97U ``` ``` Blimey: ``` ## **`****`** ``` ****Corr https://corrblimey.uk/2023/08/08/lie-low-traverse-theatre/?fbclid=IwAR0B7i2QSyLb_V39AorUzC_62bzb4C-gu 8kEctpJLD6iJLY9Q0M-k7kK4Qs ``` ``` ****BroadwayWorld: "McCurrygives an exceptionalperformanceas Faye,playingup to the comedic elements of the script brilliantly and also utterly heart-wrenching." https://www.broadwayworld.com/scotland/article/EDINBURGH-2023-Review-LIE-LOW-Traverse-Theatre-202 30807?fbclid=IwAR0BCt8jOmJESB15u9kRdsZX3G9FUa5LBhBmiTS7-TQ5J9VNbxemPtMFDAg ``` ## **`The National:`** ``` https://www.thenational.scot/culture/23749508.edinburgh-fringe-round-classic-dance-jerry-sadowitz/ ``` ``` Faye: Charlotte McCurry Naoise : Michael Patrick Duckman/Naoise: Thomas Finnegan Doctor: Rory Nolan ``` ## **`Creative Team`** `:` ``` Director : Oisin Kearney Set & Lighting Designer : Ciaran Bagnall Sound Designer & Composition : Denis Clohessy Movement Director : Paula O Reilly Fight Director: Philip Rafferty Assistant Director : Ross Fitzpatrick ``` ## **`Removed by Fionnuala Kennedy: Dream-Big Festival Adelaide Awards and Nominations:`** ``` Fionnuala Kennedy: Winner of the Irish Writers Guild Awards Best Theatre Script 2021 Creative Communities Award: Arts & Business NI Awards 2021 ``` ``` Written by FionnualaKennedy,Removedis a funny,moving and shockinginsightinto the experiencesof a young mansharinghisstoryoflivingwithinthestatecaresystem.ToldfromAdam'sperspective,yetbasedon the varyingexperiencesof many young people in Northern Ireland'ssocialcare system,the narrativeis informed via ups and downs, the hard-hitting, affecting and funny experiences. ``` ``` Prime Cut firstproducedthe World Premiereof the playat the Young At Art BelfastChildren'sFestivalin March 2019.FromthereitwasselectedtoplayattheMontenegrinInternationalTheatreFestival,Dublin Theatre Festival,BaboroChildren'sFestivalGalway,aNorthernIrishTourandsubsequentlyIPAYShowcase in Philadelphiain January 2020. Prior to the Pandemic it was scheduledto play at the Traverse Theatre for a full run attheEdinburghFringeinAugust2020followedbyanIslandofIrelandTour.Throughsupportfrom Culture IrelandabrandnewhybriddigitalversionwassubsequentlymadeandthisplayedatTraverse3Online for Edinburgh Festival2020 to huge criticalacclaimas well as Culture Ireland SEODA InternationalShowcase (March 21)andImaginateChildren'sFestival(May2021).ItwasalsopresentedaspartoftheSolasNuaPrime Cut Showcase in Washington DC in November 21. In January-February2023, Removed toured to sold out audiences at The MAC Belfast,Centre CulturelIrlandais,Paris,The Bozar,Brussels,Zaal3 for STET, The Hague and Adelaide's DreamBig Children's Festival in May 2023. ``` ``` 5 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ``` Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Reviews:`** ## **`Glam Magazine (Adelaide) *****`** ``` "Thisisaplaythatshouldbemandatoryviewingforanyoneinvolvedinstatebasedcareandthecare and developmentof youngpeopledealingwith the traumaof being removedfrom their familyenvironment.The fact thatayoungadultaudienceremainedengrossedinthispieceforthedurationoftheshowtellsusthey are challenged,and have an empatheticresponse,to O'Donnell'sbrilliantportrayalof Adam. It soundsrelentless, but O'DonnellandEmmaJordon,thedirector,havefoundauniqueandaccessiblejourneyforthebrillianttext of Fionnuala Kennedy." https://glamadelaide.com.au/dreambig-review-removed/ ``` ## **`The Irish Times****`** ``` "CiaranBagnall'ssetevokesthesnippetsofAdam'slifethatexistashazymemories.Adynamicaudio visual displayprojectedacrossageometricsetsituatesAdam'sstoryasexistingeverywhereand nowhere simultaneously.This production does what it aims to do well: represent the stories of those who don't often get to beheardanddosowithintegrityand grit." https://www.irishtimes.com/culture/stage/removed-review-children-on-the-edge-told-with-integrity-and-grit-1 .4046269?fbclid=IwAR0h82aLFG4Bi9MbpAwDLqHl4U1D3y0Nf1Ulvw2rPyK17jyykAbP8cAXliM ``` ## **`BritishTheatre.com ****`** ``` "ThemonologueisbeautifullyperformedbyConorO'Donnell,ahighlysensitiveperformance,making Adam likeablefrom the start, and he hits the right notes of vulnerabilityand defiance,anxiety and hope, and excitement andguilt…Thepieceworkssowell,however,becausedirectorEmmaJordanalsoeditsthestreamingvery well, there is a strong rhythm to it" ``` ``` https://britishtheatre.com/review-removed-traverse-festival-online/ ``` ## **`British Theatre Guide ****`** ``` FionnualaKennedy brilliantlygets into the head of Conor O'Donnell'sAdam, a Northern Irish lad with more than hisfairshareoftroubles…viewerswillbeengrossedbythissectionthatconcludesofastrong,well-acted piece which benefits not only from clever directionby Emma Jordan but also subtly placed,atmosphericvideos created by Conan McIvor. ``` ``` https://www.britishtheatreguide.info/reviews/removed-traverse-3-19336?fbclid=IwAR209vqJmiHHMrEMyIooV k7Xfi78qqjONVxOo8QA_5xsIUKGjESmxZBOex8 ``` ## **`Edinburgh Elements`** ``` Thisplaycouldsoeasilyhavebeenonelongroundofclichés,butKennedyskilfullyavoidsthisandactor Conor O'Donnellhasjusttherightamountofordinarinessabouthischaracterisationtoconvincetheviewerthey are watching real testimony. https://2ndfrombottom.wordpress.com/2020/08/26/edinburgh-elements-online-review/?fbclid=IwAR3l3DFDz 4T50OBNQ8syBvfoAbpaSwC84jD3ON4mCG_kTiEXivxI2Zp-_7U ``` |**`Cast: Live`**|`Cast: Digital`| |---|---| |`Connor O Donnell: Adam`|`Conor O Donnell: Adam`| |**`Creative Team: Live`**|**`Creative Team: Digital`**| |`Emma Jordan & Fionnuala Kennedy: Director`|`Emma Jordan: Director`| |`Fionnuala Kennedy: Playwright`|`Fionnuala Kennedy: Playwright`| |`Ciaran Bagnall: Set Designer`|`Ciaran Bagnall: Director of Photography`| |`Paul Keogan: Lighting Designer`|`Sam O Mahoney: Editor`| |`Conor Mitchell: Sound Design`|`Conor Mitchell: Sound Design`| |`Conan McIvor: AV Designer`|`Conan McIvor: AV Designer & Camera`| |`Ronan McManus Production Manager`|`Callum Janes: Sound Recording`| |`Ashley Smyth: Stage Manager`|| ## **`INNOVATE:`** ``` 6 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ``` Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 ``` ## **`OBJECTIVES AND ACTIVITIES`** ``` Throughsupportfrom the Arts Councilof NorthernIrelandand the JerwoodFoundationwe were ableto deliver an outstanding Artistic Development Programme. ``` ``` -TwonewRevealArtists,MichaelMcEvoyandEmilyForanaswellasanewAssociateProducer Ronan McManus were appointed in addition to existing Reveal Artists Dominic Montague and Katie Richardson. ``` ``` -IncreasedthistoincludeplaywrightCiaraElizabethSmyththroughArtsCouncilNI's Commissioning Programme. ``` ``` -Supported RevealArtist Katie Richardsonin a series of developmentsfor Mirror Mirror at the RevealSpace in April 23. ``` ``` - Supported Reveal Artist Michael McEvoy in a series of VR developments at the Reveal Space in April 23 ``` ``` - Secured a Residency Award for Reveal Artist Michael McEvoy at the Tyrone Guthrie Centre, Annamakerrig. ``` ``` -ExecutiveProducerUnaNicEoinattendedEdinburghFringeandFestivalatavarietyofnetworking events around our co-presentation of Lie Low throughout August. ``` ``` -From August 2023 partnered with Ulster Universityto develop and deliver a ground breaking project that will marry animation and traditional set making design to create a new visual theatre model. ``` ``` -FreeArtistTraininginVRandARtheatremakingtechniquesdeliveredto12independentartists in collaboration with Bru Theatre, Galway at Reveal Space in September ``` ``` -IInNovemberArtisticDirectorEmmaJordan,ExecutiveProducerUnaNicEoinandRevealArtists Katie Richardson, Ronan McManus and Dominic Montague attended IETM Campus at Kosovo Theatre Festival. ``` ``` -LieLowwasselectedoutof100applicantsacrosstheislandofIrelandtofeatureattheCulture Ireland sponsored event Meet The Irish at Irish Arts Centre, New York in January 2024 ``` ``` -Delivered a week-long development of the animation tech for use in Aurora in Belfast Festival2024 at The MAC in March, collaborating with Ulster University ``` ## **`In PARTICIPATE we have successfully delivered to 665 participants including:`** ``` Well Read is an arts engagement theatre reading project developedfor service users of secure mental health and addictioncentres.Bringingtogethera team of 10 artistfacilitatorsand in partnershipwith The Northern Trust it was rolled out in 5 centres across Northern Ireland throughout2023-24 with extension funding sourced from the Trust and the D'Oyly Carte Trust to carry out further delivery in 2024-25 ``` ``` Re-Mix: Workshopped,developed,rehearsed and delivered Re-Mix in partnershipwith Ulster University's Games andAnimationDepartmenttofourSchoolsacrossBelfast)toapprox.440P7pupils.Re-Mix received overwhelming praise from students ad teachers alike, with repeated requests for more work of this nature. A final evaluationiscurrentlybeingcompiledalongwithadocumentaryoftheprocessandthesewillbeprovided to ACNI once received. In the meantime, some examples of feedback from teachers are included below: ``` ``` "Thisprojecthasbeengreatforthechildreninbuildinguptheirconfidenceandalotofthemhavebeenable to speakoutalotmoreandsayhowtheyarefeelingandmaybehowtheywouldcommunicatewithafriend if somethinghappened.I100percentwouldrecommendthisforotherschoolsasit'sbeengreatforthemto play outside and communicate with other groups in their class. They really love it. ." ``` ``` "Ithoughtitwasabsolutelyfantastic,justthesetupalonewhenwecameintotheclassroomwasamazing. I couldn'tbelieveyoucoulddothatinsuchasmallspace.Ithoughttheprojectexploreddiversityina successful way and I would promote this within the school again." ``` ## **`Conclusion:`** ``` In conclusion2023-24 has been a highly successfulyear for Prime Cut Productions.Not only have we been able to producesomewonderfulworkthatreceivedbothawardsandcriticalacclaim,wewereabletoaccess new platformson theAbbeyandTraversestagesaswellasAdelaideandNewYork,buildingaudiencesfor our work andraisingawarenessofourbrand.Wegottoworkwithanamazingrangeofartists,consolidating already existing relationshipsas well as forming new ones with artists from a wide range of disciplinesand ages. We were abletocreatenewrelationships,newnetworksandtakeadvantageofopportunitiestocollaborateinwork that has truly taken us out of our comfort zone and it has been an outstanding experience. ``` ``` 7 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024`** ## **`OBJECTIVES AND ACTIVITIES`** ``` But it was not without its challenges.Losing our CRGF funding for the Ensemble Project was a heavy blow and one that resulted in a reduction of hours for two Core staff members. It created stress on an already stretched capacity and althoughwe were still able to deliver a wide reachingand impactfuloutreachprogramme, its impact was not small. ``` ``` It has been a highlysuccessfulyear but not without cost. It took nerve and determination.We couldn'thave done it without our funders whose investmentand belief in and commitmentto the companywere second to none. We couldn't have done it without our artists, who kept the faith and whose resilience in the face of such adversity was unreal.Wecouldn'thavedoneitwithoutthedeterminationandcommitmentofourcorestaff,who worked ceaselesslyto make it all real, and we most certainlycouldn'thave done it without our colleaguesacrossthe arts, inBelfastandfarbeyondaswellasouraudiences,whosesupport,commitmentandkindnesscannever be overstated. ``` ``` Thank you to you all. ``` ## **`Key achievements in 2023-24:`** ## **`- The Beauty Queen of Leenane at the Lyric Theatre - Winner Best Production (Revival) UK Theatre Awards`** ``` -Lie Low in co-productionwith Ciara ElizabethSmyth at the Abbey TheatreandTraverseTheatre for EdinburghFringe - Winner First FinalistPopcornAwardsand Best TheatreScript:Irish Writers Guild Awards ``` ## **`- Partnership with Ulster University towards creating groundbreaking set animation model for Aurora`** - **`New two-year cycle of Reveal underway.`** - **`Hugely successful delivery of Re-Mix to schools across Belfast.`** - **`Ongoing success and expansion of Well Read.`** ## **`FINANCIAL REVIEW`** ## **`Reserves policy`** ``` Thecharityhassetapolicyofbuildingreservestoalevelthatequatesto25%ofannual administration overheads, a target that was exceeded in 2023/24.This policy has been implemented as part of the organisation's risk reduction strategy and would be utilised in the event of a future shortfall in funding. ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document`** ``` Thecharityisacompanylimitedbyguarantee.ThecompanywasestablishedunderaMemorandum of AssociationwhichestablishedtheobjectsandpowersofthecompanyandisgovernedbyitsArticles of Association. ``` ``` 8 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ``` Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024 ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees Trustee Selection Methods:`** ``` Trustees are identified in the first instance on the basis of the needs and requirements of the operation. Prime Cut ProductionsaimtohaveaconsistentlydiverseBoardthathasawideskillrangepertinenttothe successful drivingforwardof the operation.Gapsin thisset are constantlymonitoredand when one is identified, measures aretakentorecruitnewmemberstomitigateagainstthis.WithinthecurrentBoardtheskillsrange includes Governance,FundraisingExpertise,Financial,Marketing,Artistic(inparticularDramaexpertise)and Best PracticeinYouthandCommunityWork.Theseskillsareutilisedtowardsthesuccessfulrunningofthe core organisationensuringthatour practicecomplieswith and is up to datewith currentlegislation,appropriate and transparentfinancialproceduresthatarestrictlyadheredto,ongoingsuccessfulfundraisingtoensure the sustainabilityoftheorganisation,artisticexcellencewithinourprojectandpoliciesandprocedureswithin our Outreachworkthatcomplyfullywithcurrentlegislationwhenworkingwithyoungpeopleand disadvantaged people. ``` ``` OnjoiningtheorganisationallnewBoardMembersareprovidedwithaBoardPackcontaininghistoryof the organisation,synopsisofOrganisationStructure,CompanyPoliciesandProcedures,contactdetailsforall other Board Members and Staff and Corporate/Business Plans for the organisation. ``` ``` 9 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024`** ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Current Core Management & Governance`** ``` Prime Cut is currentlygoverned by a diverse and experienced Board of 8 Directors,each of whom bring specialist skills and experience to the organisation. In 2023-24 these were: ``` ``` Edel Magill: Business Owner (Chair) ``` ``` Lesley Doherty: Media Relations Officer, Belfast City Council (Secretary) Kerry Teahan: Solicitor (Treasurer) Stephanie Fitzsimons: Chartered Accountant, Corporate Finance Advisory (jtreasuerer) Darren Murphy: Playwright Jacqueline O Hagan: Arts Manager: Eastside Arts Festival Sophie Hayles: CEO Crescent Arts Centre Patrick Talbot: Independent Producer (appointed October 2023) ``` ``` Prime Cut employs 3 x full time employees and 2 x part-time employees. In 2022-23 they were: ``` ``` Emma Jordan: Artistic Director Una NicEoin: Executive Producer Bobbi Rai Purdy: Outreach Manager Ronan McManus: Associate Producer Lorraine McBrearty: Finance & Administration Officer ``` ## **`Risk, Policies & Procedures`** ``` Riskassessmentsareundertakenannuallyforallprojectactivityforthecomingyearandadditional on-site assessmentsundertakenatvenueswhereourworkwillbeproduced.Riskisfurthermitigatedthrough the provision of a set of Company Policies and Procedures that include: ``` - `Heath & Safety Policy` - `Equal Opportunities Policy` - `Children and Vulnerable Adults Protection Policy & Procedures` - `Disciplinary Procedures` - `Grievance Procedures` - `Harassment Procedures` - `Code of Conduct when working with Children & Young People` - `Environmental Policy` - `Finance Policy & Procedures` - `Annual Leave Policy` - `Parental Leave Policy` - `Sickness Leave Policy` - `Staff Development Policy` - `Recruitment Policy` ## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES`** ``` Thetrustees(whoarealsothedirectorsofPrimeCutProductionsLtdforthepurposesofcompanylaw) are responsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewith applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ``` ``` 10 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024`** ## **`STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued`** ``` Companylawrequiresthetrusteesto preparefinancialstatementsfor eachfinancialyearwhichgivea true and fairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplication of resources,includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparing those financial statements, the trustees are required to ``` - `select suitable accounting policies and then apply them consistently;` - `observe the methods and principles in the Charity SORP;` - `make judgements and estimates that are reasonable and prudent;` - `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.` ``` Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracy at anytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthe financial statementscomplywiththeCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsof the charitablecompanyandhencefortakingreasonablestepsforthepreventionanddetectionoffraudand other irregularities. ``` ``` In so far as the trustees are aware: ``` - `there is no relevant audit information of which the charitable company's auditors are unaware; and` - `the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.` ## **`AUDITORS`** ``` Theauditors,M.B.McGrady&Co,willbeproposedforre-appointmentattheforthcomingAnnual General Meeting. ``` ``` Approved by order of the board of trustees on ............................................. and signed on its behalf by: ``` ``` ........................................................................................ ``` ``` E Magill - Trustee ``` ``` 11 ``` ``` Report of the Independent Auditors to the Members of Prime Cut Productions Ltd ``` ## **`Opinion`** ``` WehaveauditedthefinancialstatementsofPrimeCutProductionsLtd(the'charitablecompany')forthe year ended31March2024whichcomprisetheStatementofFinancialActivities,theBalanceSheet,theCash Flow Statementandnotestothefinancialstatements,includingasummaryofsignificantaccountingpolicies. The financialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUnited Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). ``` - `In our opinion the financial statements:` - `give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;` - `have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and` - `have been prepared in accordance with the requirements of the Companies Act 2006.` ## **`Basis for opinion`** ``` We conductedour audit in accordancewith InternationalStandardson Auditing(UK) (ISAs(UK))and applicable law. Our responsibilitiesunder those standards are further described in the Auditors' responsibilitiesfor the audit ofthefinancialstatementssectionofourreport.Weareindependentofthecharitablecompanyin accordance withtheethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,including the FRC'sEthicalStandard,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewith these requirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovide a basis for our opinion. ``` ## **`Conclusions relating to going concern`** ``` Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasis of accounting in the preparation of the financial statements is appropriate. ``` ``` Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sability to continueasagoingconcernforaperiodofatleasttwelvemonthsfromwhenthefinancialstatements are authorised for issue. ``` ``` Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedin the relevant sections of this report. ``` ## **`Other information`** ``` The trustees are responsiblefor the other information.The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. ``` ``` Our opinion on the financialstatementsdoes not cover the other informationand, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. ``` ``` In connectionwith our audit of the financialstatements,our responsibilityis to read the other information and, in doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesriseto a materialmisstatementinthefinancialstatementsthemselves.If,basedontheworkwehaveperformed, we concludethatthere is a materialmisstatementof thisother information,we are requiredto report thatfact. 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 the audit: ``` - `the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and` - `the Report of the Trustees has been prepared in accordance with applicable legal requirements.` ``` 12 ``` ``` Report of the Independent Auditors to the Members of Prime Cut Productions Ltd ``` ## **`Matters on which we are required to report by exception`** ``` Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedin the course of the audit, we have not identified material misstatements in the Report of the Trustees. ``` ``` We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: ``` - `adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or` - `the financial statements are not in agreement with the accounting records and returns; or` - `certain disclosures of trustees' remuneration specified by law are not made; or` - `we have not received all the information and explanations we require for our audit; or` - `the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.` ## **`Responsibilities of trustees`** ``` As explainedmore fullyin the Statementof Trustees'Responsibilities,the trustees(who are alsothe directors of thecharitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationofthe financial statementsand for being satisfiedthat they give a true and fair view, and for such internalcontrol as the trustees determine is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud or error. ``` ``` In preparingthefinancialstatements,thetrusteesare responsiblefor assessingthe charitablecompany's ability tocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthe going concernbasisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyorto cease operations, or have no realistic alternative but to do so. ``` ``` 13 ``` ``` Report of the Independent Auditors to the Members of Prime Cut Productions Ltd ``` ## **`Our responsibilities for the audit of the financial statements`** ``` Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholeare free from material misstatement,whether due to fraud or error, and to issue a Report of the Independent Auditors that includesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatan audit conductedin accordancewith ISAs (UK) will always detect a material misstatementwhen it exists. Misstatements canarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,they could reasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthese financial statements. ``` ``` The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ``` ``` Irregularities,includingfraud,are instancesof non-compliancewith lawsand regulations.We design procedures inlinewithourresponsibilities,outlinedabove,todetectmaterialmisstatementsinrespectof irregularities, includingfraud.Theextenttowhichourproceduresarecapableofdetectingirregularities,includingfraud is detailed below: ``` ``` Inassessinganddetectingirregularitiessuchasfraudandnon-compliancewithlawsandregulations we considered the following: ``` ``` -themattersdiscussedamongtheauditengagementteamandanyotherrelevantprofessionalsregarding how and where fraud might occur in the financial statements and any potential indicators of fraud; ``` ``` - the nature of the industry and any laws and regulations applicable to the company and the industry; ``` ``` - the company's own assessment of the risk of fraud and other irregularities; ``` ``` - company's policies and procedures in relation to: ``` ``` -howtheyidentifyandcomplywithallrelevantlawsandregulationsandwhethertheyareawareof any non-compliance ``` ``` - how they detect and respond to risks of fraud and their knowledge of any actual, suspected or alleged fraud; ``` ``` - control environment within the company and how this mitigates risks of fraud and instances of ``` ``` - non-compliance with laws and regulations; ``` ``` Asaresultoftheseprocedures,weconsideredtheopportunitiesandincentivesthatmayexistwithin the organisationforfraudandidentifiedthegreatestpotentialforfraudinrelationtoassetvaluations.In common withallauditsunderISAs(UK),wearealsorequiredtoperformspecificprocedurestorespondtotherisk of management override. ``` ``` Inresponsetotheriskofmaterialmisstatementthroughirregularitiesandnon-compliancewithlaws and regulations, we designed procedures which included, but were not limited to: ``` ``` - ensuringthe engagementteam had the appropriateknowledgeand expertisein order to be able to identify and recognise any instances of fraud or non-compliance with laws and regulations; ``` ``` -weidentifiedthelawsandregulationsapplicabletothecompanythroughdiscussionswithdirectors and management and from our knowledge and experience of the sector; ``` ``` - ensuring the audit was carried out with a level of professional scepticism; ``` ``` Inresponsetotheriskofirregularitiesandnon-compliancewithlawsandregulations,wedesigned procedures which included, but were not limited to: ``` ``` - enquiring of management concerns of actual and potential litigation and claims; ``` ``` - agreeing the financialstatementdisclosuresto underlyingsupportingdocumentationto assesscompliance with relevant laws and regulations; ``` ``` - reviewing correspondence with HMRC and other relevant regulators and the company's legal advisors. ``` ``` To address the risk of fraud through management bias and override of controls, we: ``` - `Verify the existence of employees;` ``` 14 ``` ``` Report of the Independent Auditors to the Members of Prime Cut Productions Ltd ``` - `perform analytical procedures to identify any unusual or unexpected relationships that may indicate risks of` - `material misstatement due to fraud;` - `obtain an understanding of provisions eg recoverability of debtors;` - `test the appropriateness of journal entries and other adjustments` - `assess whether the judgements made in making accounting estimates are indicative of a potential bias and` - `evaluate the business rationale of any significant transactions that are unusual or outside the normal course of` - `business.` ``` We alsocommunicatedrelevantidentifiedlaws and regulationsand potentialfraud risks to all engagement team membersandsignificantcomponentauditteams,andremainedalerttoanyindicationsoffraud or noncompliance with laws and regulations throughout the audit. ``` ``` Thereareinherentlimitationsinourauditproceduresdescribedabove.Themoreremovedthatlaws and regulationsarefromfinancialtransactions,thelesslikelyitisthatwewouldbecomeawareof non-compliance. Auditing standardsalso limit the audit procedures required to identify non-compliancewith laws and regulations toenquiryofthedirectorsandothermanagementandtheinspectionofregulatoryandlegalcorrespondence, if any. ``` ``` Materialmisstatementsthatariseduetofraudcanbehardertodetectthanthosethatarisefromerroras they may involve deliberate concealment or collusion. ``` ``` Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial Reporting Council'swebsite at www.frc.org.uk/auditorsresponsibilities.This descriptionforms part of our Report of the Independent Auditors. ``` ## **`Use of our report`** ``` This report is made solelyto the charitablecompany'smembers,as a body, in accordancewith Chapter3 of Part 16oftheCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothe charitable company'smembersthosematterswearerequiredtostatetotheminanauditors'reportandforno other purpose.To the fullestextentpermittedby law,we do not acceptor assumeresponsibilityto anyoneother than thecharitablecompanyandthecharitablecompany'smembersasa body,for our auditwork,for thisreport, or for the opinions we have formed. ``` ``` Seamus McLernon (Senior Statutory Auditor) for and on behalf of M.B.McGrady & Co Chartered Accountants Statutory Auditors Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH ``` ``` Date: ............................................. ``` ``` 15 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024`** |**`Unrestricted`**
**`Unrestricted`**
**`Restricted`**
**`funds`**
**`Funds`**
**`Funds`**
**`Notes`**
**`£`**
**`£`**
**`£`**
**`INCOME AND ENDOWMENTS`**
**`FROM`**
`Donations and legacies`
`2`
**`-`**
**`-`**
**`185,132`**
**`Charitable activities`**
`4`
`Charitable activities`
**`-`**
**`174,400`**
**`133,184`**
`Investment income`
`3`
**`-`**
**`178`**
**`-`**
**`Total`**
**`-`**
**`174,578`**
**`318,316`**
**`EXPENDITURE ON`**
**`Charitable activities`**
`5`
`Expenditure on charitable`
`activities`
**`-`**
**`5,275`**
**`500,335`**
**`NET`**
**`INCOME/(EXPENDITURE)`**
**`-`**
**`169,303`**
**`(182,019)`**
**`Transfers between funds`**
`16`
**`-`**
**`(141,978)`**
**`141,978`**
**`Net movement in funds`**
**`-`**
**`27,325`**
**`(40,041)`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`-`**
**`103,965`**
**`132,385`**
**`TOTAL FUNDS CARRIED`**
**`FORWARD`**
**`-`**
**`131,290`**
**`92,344`**|**`31/3/24`**
**`31/3/23`**
**`Total`**
**`Total`**
**`funds`**
**`funds`**
**`£`**
**`£`**
**`185,132`**
`202,634`
**`307,584`**
`365,990`
**`178`**
`38`
**`492,894`**
`568,662`
**`505,610`**
`466,175`
**`(12,716)`**
`102,487`
**`-`**
`-`
**`(12,716)`**
`102,487`
**`236,350`**
`133,863`
**`223,634`**
`236,350`|**`31/3/24`**
**`31/3/23`**
**`Total`**
**`Total`**
**`funds`**
**`funds`**
**`£`**
**`£`**
**`185,132`**
`202,634`
**`307,584`**
`365,990`
**`178`**
`38`
**`492,894`**
`568,662`
**`505,610`**
`466,175`
**`(12,716)`**
`102,487`
**`-`**
`-`
**`(12,716)`**
`102,487`
**`236,350`**
`133,863`
**`223,634`**
`236,350`| |---|---|---| |||`568,662`| |||`466,175`| |||`102,487`
`-`| |||`102,487`
`133,863`| |||`236,350`| ``` The notes form part of these financial statements ``` ``` 16 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Balance Sheet 31 MARCH 2024`** |**`Notes`**
**`FIXED ASSETS`**
`Tangible assets`
`12`
**`CURRENT ASSETS`**
`Debtors`
`13`
`Cash at bank and in hand`
**`CREDITORS`**
`Amounts falling due within one year`
`14`
**`NET CURRENT ASSETS`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`NET ASSETS`**
**`FUNDS`**
`16`
`Unrestricted funds`
`Restricted funds`
**`TOTAL FUNDS`**|**`31/3/24`**
**`£`**
**`34,645`**
**`83,841`**
**`121,454`**
**`205,295`**
**`(16,306)`**
**`188,989`**
**`223,634`**
**`223,634`**
**`131,290`**
**`92,344`**
**`223,634`**|**`31/3/23`**
**`£`**
`41,015`
`97,538`
`116,074`
`213,612`
`(18,277)`
`195,335`
`236,350`
`236,350`
`103,965`
`132,385`
`236,350`| |---|---|---| ``` Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable companies subject to the small companies regime. ``` ``` ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on ............................................. and were signed on its behalf by: ``` ``` ............................................. E Magill - Trustee ``` ``` ............................................. S A Fitzsimmons - Trustee ``` ``` The notes form part of these financial statements ``` ``` 17 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Cash Flow Statement`** ## **`FOR THE YEAR ENDED 31 MARCH 2024`** |**`Notes`**
**`Cash flows from operating activities`**
`Cash generated from operations`
`1`
`Finance costs paid`
`Tax paid`
`Net cash provided by operating activities`
**`Cash flows from investing activities`**
`Purchase of tangible fixed assets`
`Interest received`
`Net cash provided by/(used in) investing activities`
**`Change in cash and cash equivalents in`**
**`the reporting period`**
**`Cash and cash equivalents at the`**
**`beginning of the reporting period`**
**`Cash and cash equivalents at the end of`**
**`the reporting period`**|**`31/3/24`**
**`£`**
**`3,970`**
**`(92)`**
**`1,324`**
**`5,202`**
**`-`**
**`178`**
**`178`**
**`5,380`**
**`116,074`**
**`121,454`**|**`31/3/23`**
**`£`**
`50,402`
`(168)`
`7,531`
`57,765`
`(8,322)`
`38`
`(8,284)`
`49,481`
`66,593`
`116,074`| |---|---|---| ``` The notes form part of these financial statements ``` ``` 18 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024`** ## **`1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES`** |**`Net (expenditure)/income for the reporting period (as per the`**
**`Statement of Financial Activities)`**
**`Adjustments for:`**
`Depreciation charges`
`Interest received`
`Finance costs`
`Decrease/(increase) in debtors`
`Decrease in creditors`
**`Net cash provided by operations`**|**`31/3/24`**
**`£`**
**`(12,716)`**
**`6,370`**
**`(178)`**
**`92`**
**`15,192`**
**`(4,790)`**
**`3,970`**|**`31/3/23`**
**`£`**
`102,487`
`9,561`
`(38)`
`168`
`(44,785)`
`(16,991)`
`50,402`| |---|---|---| ## **`2. ANALYSIS OF CHANGES IN NET FUNDS`** ||**`At 1/4/23`**|**`Cash flow`**|**`At 31/3/24`**| |---|---|---|---| ||**`£`**|**`£`**|**`£`**| |**`Net cash`**|||| |`Cash at bank and in hand`|**`116,074`**|**`5,380`**|**`121,454`**| ||**`116,074`**|**`5,380`**|**`121,454`**| |**`Total`**|**`116,074`**|**`5,380`**|**`121,454`**| ``` The notes form part of these financial statements ``` ``` 19 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ``` Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024 ``` ## **`1. ACCOUNTING POLICIES`** ## **`Basis of preparing the financial statements`** ``` Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102, have beenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities: StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordance with theFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective 1 January2019)',FinancialReportingStandard102 'TheFinancialReportingStandardapplicablein the UK and Republicof Ireland'and the CompaniesAct 2006. The financialstatementshave been prepared under the historical cost convention. ``` ## **`Income`** ``` AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementto the funds, it is probable that the income will be received and the amount can be measured reliably. ``` ## **`Expenditure`** ``` Liabilitiesare recognisedasexpenditureassoonasthereis a legalor constructiveobligation committing thecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequired in settlementand the amount of the obligationcan be measuredreliably.Expenditureis accountedfor on an accrualsbasis and has been classifiedunder headings that aggregate all cost related to the category. Where costscannotbe directlyattributedto particularheadingstheyhavebeen allocatedto activitieson a basis consistent with the use of resources. ``` ## **`Tangible fixed assets`** ``` All fixed assets are initially recorded at cost. ``` ## **`Depreciation`** ``` Depreciationis calculatedso as to write off the cost of an asset,less its estimatedresidualvalue,over the useful economic life of that asset as follows: ``` ``` Leasehold improvements - 10% straight line ``` ``` Fixtures and fittings - 15% reducing balance ``` ## **`Taxation`** ``` The charity is exempt from corporation tax on its charitable activities. ``` ## **`Fund accounting`** ``` The company has various types of funds for which it is responsibleand which require separate disclosure. Definitions of the various types of funds are as follows; ``` ## **`(a) Restricted Funds`** ``` Grants,donationsandotherincomereceivedwhichareearmarkedbythefunderordonorfor specific purposes. Such purposes are within the overall aims of the charity. ``` ## **`(b) Unrestricted Funds`** ``` Fundswhichareexpendableatthediscretionofthetrusteesforthegeneralpurposesofthe charity. Transfers from unrestrictedto restrictedfunds are made to cover the remaining costs incurred for specific projects which have not been met from other restricted monies. ``` ## **`Pension costs and other post-retirement benefits`** ``` Thecharitablecompanyoperatesadefinedcontributionpensionscheme.Contributionspayableto the charitablecompany'spensionschemeare chargedto the Statementof FinancialActivitiesin the period to which they relate. ``` ``` continued... ``` ``` 20 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024`** |**`2.`**
**`DONATIONS AND LEGACIES`**
`Grants`
`Grants received, included in the above, are as follows:`
`ACNI Annual Funding`
`Belfast City Council`
**`3.`**
**`INVESTMENT INCOME`**
`Bank interest receivable`
**`4.`**
**`INCOME FROM CHARITABLE ACTIVITIES`**
**`Activity`**
`Programming`
`Charitable activities`
`Box Office income`
`Charitable activities`
`Other income`
`Charitable activities`
`Box Office Guarantees`
`Charitable activities`|**`31/3/24`**
**`£`**
**`185,132`**
**`31/3/24`**
**`£`**
**`155,432`**
**`29,700`**
**`185,132`**
**`31/3/24`**
**`£`**
**`178`**
**`31/3/24`**
**`£`**
**`133,184`**
**`110,039`**
**`31,861`**
**`32,500`**
**`307,584`**|**`31/3/23`**
**`£`**
`202,634`| |---|---|---| |||**`31/3/23`**
**`£`**
`172,934`
`29,700`| |||`202,634`| |||**`31/3/23`**
**`£`**
`38`
**`31/3/23`**
**`£`**
`281,608`
`23,777`
`32,863`
`27,742`| |||`365,990`| ``` Incomefromcharitableactivitiesof£133,184comprisesDormantFundsNI£28,500,Jerwood Arts £30,000,CultureIreland£35,210,ACNIArtsandOlderPeople£8,200,ACNIDigitalEvolution £10,000, ACNICommissionninggrant £9,176,NorthernTrust £5,950,UlsterUniversity£2,900,BelfastCity Council £2,160, TEO Good Relations Fund £788, Theatre & Dance NI £300. ``` ``` continued... ``` ``` 21 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024`** |**`5.`**
**`CHARITABLE ACTIVITIES COSTS`**
`Expenditure on charitable activities`
**`6.`**
**`SUPPORT COSTS`**
`Expenditure on charitable activities`
**`7.`**
**`NET INCOME/(EXPENDITURE)`**
`Net income/(expenditure) is stated after charging/(crediting):`
`Auditors' remuneration`
`Depreciation - owned assets`|**`Direct`**
**`Costs`**
**`£`**
**`283,570`**

**`Other`**
**`£`**
**`216,290`**|**`Support`**
**`costs (see`**
**`note 6)`**
**`£`**
**`222,040`**
**`Governance`**
**`costs`**
**`£`**
**`5,750`**
**`31/3/24`**
**`£`**
**`5,750`**
**`6,370`**|**`Totals`**
**`£`**
**`505,610`**| |---|---|---|---| ||||**`Totals`**
**`£`**
**`222,040`**
**`31/3/23`**
**`£`**
`5,750`
`9,561`| ## **`8. TRUSTEES' REMUNERATION AND BENEFITS`** ``` There were no trustees'remunerationor other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. ``` ## **`Trustees' expenses`** ``` Therewerenotrustees'expensespaidfortheyearended31March2024norfortheyear ended 31 March 2023. ``` ``` continued... ``` ``` 22 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024`** ## **`9. KEY MANAGEMENT PERSONNEL`** |`Wages and salaries`
`Social security costs`
`Other pension costs`
`The average monthly number of employees during the year was as follows:`
`Administrative staff`|**`31/3/24`**
**`£`**
**`161,190`**
**`10,132`**
**`4,820`**
**`176,142`**
**`31/3/24`**
**`6`**|**`31/3/23`**
**`£`**
`150,670`
`9,569`
`4,415`| |---|---|---| |||`164,654`| |||**`31/3/23`**
`6`| ``` No employees received emoluments in excess of £60,000. ``` ``` Keymanagementpersonnelincludeallpersonsthathaveauthorityandresponsibilityfor planning, directingandcontrollingtheactivitiesofthecharity.Thetotalconsiderationpaidtokey management personnelforservicesprovidedto thecharity,includingemployersnationalinsurancecontributions was £95,084 (2023: £85,307). ``` ## **`10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`** |**`Unrestricted`**
**`Unrestricted`**
**`funds`**
**`Funds`**
**`£`**
**`£`**
**`INCOME AND ENDOWMENTS FROM`**
`Donations and legacies`
`-`
`1`
**`Charitable activities`**
`Charitable activities`
`-`
`84,382`
`Investment income`
`-`
`38`
**`Total`**
`-`
`84,421`
**`EXPENDITURE ON`**
**`Charitable activities`**
`Expenditure on charitable activities`
`-`
`17,559`
**`NET INCOME`**
`-`
`66,862`
**`Transfers between funds`**
`-`
`(65,958)`
**`Net movement in funds`**
`-`
`904`
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
`-`
`103,062`|**`Restricted`**
**`Funds`**
**`£`**
`202,633`
`281,608`
`-`
`484,241`
`448,616`
`35,625`
`65,958`
`101,583`
`30,801`|**`Total`**
**`funds`**
**`£`**
`202,634`
`365,990`
`38`| |---|---|---| |||`568,662`| |||`466,175`| |||`102,487`
`-`| |||`102,487`
`133,863`| ``` continued... ``` ``` 23 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ``` Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 ``` ## **`10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`** |**`Unrestricted`**
**`Unrestricted`**
**`funds`**
**`Funds`**
**`£`**
**`£`**
**`TOTAL FUNDS CARRIED FORWARD`**
`-`
`103,966`|**`Restricted`**
**`Funds`**
**`£`**
`132,384`|**`Total`**
**`funds`**
**`£`**| |---|---|---| |||`236,350`| ## **`11. FUND TRANSFERS`** ``` Unrestrictedfundsincludefundingthatthecharityreceiveswhichisexpendableatthediscretionof the directorsfor the generalpurposesof the charity.In addition,thesefundsmay be heldin order to finance capital investment and working capital. ``` ``` Transfersfromunrestrictedfundstorestrictedfundsaremadetocoverthecostsincurredfor specific projects which have not been met from other restricted monies. ``` ## **`12. TANGIBLE FIXED ASSETS`** |**`TANGIBLE FIXED ASSETS`**||||| |---|---|---|---|---| ||||**`Fixtures,`**|| ||**`Leasehold`**||**`fittings`**|| ||**`improvements `**||**`& equipment`**|**`Totals`**| ||**`£`**||**`£`**|**`£`**| |**`COST`**||||| |`At 1 April 2023 and 31 March 2024`|**`5,440`**||**`81,219`**|**`86,659`**| |**`DEPRECIATION`**||||| |`At 1 April 2023`|**`3,264`**||**`42,380`**|**`45,644`**| |`Charge for year`||**`544`**|**`5,826`**|**`6,370`**| |`At 31 March 2024`|**`3,808`**||**`48,206`**|**`52,014`**| |**`NET BOOK VALUE`**||||| |`At 31 March 2024`|**`1,632`**||**`33,013`**|**`34,645`**| |`At 31 March 2023`|`2,176`||`38,839`|`41,015`| |**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**||||| ||||**`31/3/24`**|**`31/3/23`**| ||||**`£`**|**`£`**| |`Trade debtors`|||**`45,552`**|`57,423`| |`Tax repayment due`|||**`31,361`**|`32,685`| |`VAT`|||**`3,100`**|`4,126`| |`Prepayments and accrued income`|||**`3,828`**|`3,304`| ||||**`83,841`**|`97,538`| ## **`13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** ``` Included within Trade Debtors of £45,552 is; ``` ``` ACNIAnnualFundingProgramme£19,646,ACNIDigitalEvolution,£5,000,ACNIArts&Older People £12,200, ACNI Commissioning Grant £4,588, Culture Ireland £4,117. ``` ``` continued... ``` ``` 24 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024`** ## **`14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`** |`Social security and other taxes`
`VAT`
`Other creditors`
`Accruals and deferred income`
**`ANALYSIS OF NET ASSETS BETWEEN FUNDS`**
**`Unrestricted`**
**`Unrestricted`**
**`funds`**
**`Funds`**
**`£`**
**`£`**
`Fixed assets`
**`-`**
**`41,087`**
`Current assets`
**`-`**
**`174,494`**
`Current liabilities`
**`-`**
**`(84,291)`**
**`-`**
**`131,290`**
**`MOVEMENT IN FUNDS`**
**`At 1/4/23`**
**`£`**
**`Unrestricted funds`**
`Unrestricted fund`
**`103,965`**
**`Restricted funds`**
`Core`
**`-`**
`ADP`
**`45,377`**
`Participate`
**`60,093`**
`Removed`
**`-`**
`BQOL`
**`26,915`**
`Lie Low`
**`-`**
`Aurora`
**`-`**
`Pillowman`
**`-`**
**`132,385`**
**`TOTAL FUNDS`**
**`236,350`**|**`Restricted`**
**`Funds`**
**`£`**
**`(6,442)`**
**`30,801`**
**`67,985`**
**`92,344`**
**`Net`**
**`movement`**
**`in funds`**
**`£`**
**`169,303`**
**`(42,372)`**
**`14,854`**
**`(23,406)`**
**`(7,778)`**
**`(77,743)`**
**`(40,187)`**
**`3,153`**
**`(8,540)`**
**`(182,019)`**
**`(12,716)`**|**`31/3/24`**
**`£`**
**`3,611`**
**`2,819`**
**`400`**
**`9,476`**
**`16,306`**
**`31/3/24`**
**`Total`**
**`funds`**
**`£`**
**`34,645`**
**`205,295`**
**`(16,306)`**
**`223,634`**
**`Transfers`**
**`between`**
**`funds`**
**`£`**
**`(141,978)`**
**`42,372`**
**`-`**
**`(7,727)`**
**`7,778`**
**`50,828`**
**`40,187`**
**`-`**
**`8,540`**
**`141,978`**
**`-`**|**`31/3/23`**
**`£`**
`3,861`
`-`
`2,727`
`11,689`
`18,277`
**`31/3/23`**
**`Total`**
**`funds`**
**`£`**
`41,015`
`213,612`
`(18,277)`
`236,350`
**`At`**
**`31/3/24`**
**`£`**
**`131,290`**
**`-`**
**`60,231`**
**`28,960`**
**`-`**
**`-`**
**`-`**
**`3,153`**
**`-`**
**`92,344`**
**`223,634`**| |---|---|---|---| ## **`15. ANALYSIS OF NET ASSETS BETWEEN FUNDS`** ## **`16. MOVEMENT IN FUNDS`** ``` continued... ``` ``` 25 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ``` Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 ``` ## **`16. MOVEMENT IN FUNDS - continued`** ``` Net movement in funds, included in the above are as follows: ``` |**`Unrestricted funds`**
`Unrestricted fund`
**`Restricted funds`**
`Core`
`ADP`
`Participate`
`Removed`
`BQOL`
`Lie Low`
`Aurora`
`Pillowman`
**`TOTAL FUNDS`**
**`Comparatives for movement in funds`**
**`Unrestricted funds`**
`Unrestricted fund`
`Designated`
**`Restricted funds`**
`Core`
`ADP`
`Participate`
`East Belfast Boy`
`The Border Game`
`X'ntigone`
`BQOL`
`International Touring`
**`TOTAL FUNDS`**|**`At 1/4/22`**
**`£`**
`94,767`
`8,295`
`103,062`
`-`
`20,408`
`10,000`
`393`
`-`
`-`
`-`
`-`
`30,801`
`133,863`|**`Incoming`**
**`resources`**
**`£`**
**`174,578`**
**`185,150`**
**`52,547`**
**`28,583`**
**`6,665`**
**`-`**
**`25,251`**
**`10,120`**
**`10,000`**
**`318,316`**
**`492,894`**
**`Net`**
**`movement`**
**`in funds`**
**`£`**
`75,156`
`(8,295)`
`66,861`
`(13,458)`
`26,969`
`49,093`
`(393)`
`(21,827)`
`(7,555)`
`26,915`
`(24,118)`
`35,626`
`102,487`|**`Resources`**

**`expended`**
**`£`**
**`(5,275)`**
**`(227,522)`**
**`(37,693)`**
**`(51,989)`**
**`(14,443)`**
**`(77,743)`**
**`(65,438)`**
**`(6,967)`**
**`(18,540)`**
**`(500,335)`**
**`(505,610)`**
**`Transfers`**
**`between`**
**`funds`**
**`£`**
`(65,958)`
`-`
`(65,958)`
`13,458`
`(2,000)`
`1,000`
`-`
`21,827`
`7,555`
`-`
`24,118`
`65,958`
`-`|**`Movement`**
**`in funds`**
**`£`**
**`169,303`**
**`(42,372)`**
**`14,854`**
**`(23,406)`**
**`(7,778)`**
**`(77,743)`**
**`(40,187)`**
**`3,153`**
**`(8,540)`**
**`(182,019)`**
**`(12,716)`**
**`At`**
**`31/3/23`**
**`£`**
`103,965`
`-`
`103,965`
`-`
`45,377`
`60,093`
`-`
`-`
`-`
`26,915`
`-`
`132,385`
`236,350`| |---|---|---|---|---| ``` continued... ``` ``` 26 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ``` Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024 ``` ## **`16. MOVEMENT IN FUNDS - continued`** ``` Comparative net movement in funds, included in the above are as follows: ``` |**`Unrestricted funds`**
`Unrestricted fund`
`Designated`
**`Restricted funds`**
`Core`
`ADP`
`Participate`
`East Belfast Boy`
`The Border Game`
`X'ntigone`
`BQOL`
`International Touring`
**`TOTAL FUNDS`**|**`Incoming`**
**`resources`**
**`£`**
`84,421`
`-`
`84,421`
`208,856`
`46,678`
`105,935`
`-`
`71,096`
`-`
`40,000`
`11,676`
`484,241`
`568,662`|**`Resources`**
**`Movement`**
**`expended`**
**`in funds`**
**`£`**
**`£`**
`(9,265)`
`75,156`
`(8,295)`
`(8,295)`
`(17,560)`
`66,861`
`(222,314)`
`(13,458)`
`(19,709)`
`26,969`
`(56,842)`
`49,093`
`(393)`
`(393)`
`(92,923)`
`(21,827)`
`(7,555)`
`(7,555)`
`(13,085)`
`26,915`
`(35,794)`
`(24,118)`
`(448,615)`
`35,626`
`(466,175)`
`102,487`| |---|---|---| ## **`17. RELATED PARTY DISCLOSURES`** ``` There were no related party transactions for the year ended 31 March 2024. ``` ## **`18. COMPANY LIMITED BY GUARANTEE`** ``` The charity is a company limited by guarantee without any share capital. ``` ``` 27 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024`** ||**`31/3/24`**|**`31/3/23`**| |---|---|---| ||**`£`**|**`£`**| |**`INCOME AND ENDOWMENTS`**||| |**`Donations and legacies`**||| |`Grants`|**`185,132`**|`202,634`| |**`Investment income`**||| |`Bank interest receivable`|**`178`**|`38`| |**`Charitable activities`**||| |`Programming`|**`133,184`**|`281,608`| |`Box Office income`|**`110,039`**|`23,777`| |`Other income`|**`31,861`**|`32,863`| |`Box Office Guarantees`|**`32,500`**|`27,742`| ||**`307,584`**|`365,990`| |**`Total incoming resources`**|**`492,894`**|`568,662`| |**`EXPENDITURE`**||| |**`Charitable activities`**||| |`Project fees`|**`183,038`**|`132,007`| |`Publicity and marketing`|**`16,402`**|`10,265`| |`Production costs and fees`|**`26,507`**|`50,626`| |`Travel, accommodation and subsistence`|**`57,386`**|`40,515`| |`Set build`|**`237`**|`13,767`| ||**`283,570`**|`247,180`| |**`Support costs`**||| |**`Other`**||| |`Establishment wages and salaries`|**`161,190`**|`150,670`| |`Employer's NIC`|**`10,132`**|`9,569`| |`Pensions`|**`4,820`**|`4,415`| |`Insurance`|**`3,493`**|`3,243`| |`Light and heat`|**`1,209`**|`546`| |`Telephone`|**`2,798`**|`2,896`| |`Postage and stationery`|**`394`**|`947`| |`Rent`|**`13,300`**|`11,499`| |`Repairs and maintenance`|**`100`**|`3,186`| |`Publicity, marketing and advertising`|**`-`**|`300`| |`IT Support`|**`1,565`**|`1,765`| |`Travel, research and development`|**`3,593`**|`3,299`| |`General expenses`|**`3,768`**|`6,465`| |`Carried forward`|**`206,362`**|`198,800`| ``` This page does not form part of the statutory financial statements ``` ``` 28 ``` ``` PRIME CUT PRODUCTIONS LTD ``` ## **`Detailed Statement of Financial Activities FOR THE YEAR ENDED 31 MARCH 2024`** ||**`31/3/24`**|**`31/3/23`**| |---|---|---| ||**`£`**|**`£`**| |**`Other`**||| |`Brought forward`|**`206,362`**|`198,800`| |`Subscriptions`|**`2,166`**|`2,866`| |`Accountancy fees`|**`1,300`**|`1,850`| |`Depreciation of tangible fixed assets`|**`6,370`**|`9,561`| |`Bank fees and charges`|**`92`**|`168`| ||**`216,290`**|`213,245`| |**`Governance costs`**||| |`Auditors' remuneration`|**`5,750`**|`5,750`| |`Total resources expended`|**`505,610`**|`466,175`| |**`Net (expenditure)/income`**|**`(12,716)`**|`102,487`| ``` This page does not form part of the statutory financial statements ``` ``` 29 ```