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2024-03-31-annual-return

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

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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.

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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/

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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

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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.

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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:

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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.

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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

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.

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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.

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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:

STATEMENT OF TRUSTEES' RESPONSIBILITIES

Thetrustees(whoarealsothedirectorsofPrimeCutProductionsLtdforthepurposesofcompanylaw) are
responsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewith applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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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

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracy at
anytimethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthe financial
statementscomplywiththeCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsof the
charitablecompanyandhencefortakingreasonablestepsforthepreventionanddetectionoffraudand other
irregularities.

In so far as the trustees are aware:

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).

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:

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:

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:

14

Report of the Independent Auditors to the Members of
Prime Cut Productions Ltd

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