REGISTERED COMPANY NUMBER: N1030352 (Northern Ireland) REGISTERED CHARITY NUMBER: 101219 Report of the Trustees and Flnancial Statements for the Year Ended 31 March 2025 for Prlme Cut Productions Ltd M.B.McGrady & Co Chartered Accountants Statutory Auditors Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrirn BT9 6GH Prime Cut Productions Ltd Contents of the Financlal Statements for the Year Ended 31 March 2025 Page Reference and Administrative Details Report of the Trustees 2 to 10 Reportof the Independent Auditors 11 to 14 Statement of Financial Activltles 15 Balance Sheet 16 Cash Flow Statement 17 Notes to the Cash Flow Statement 18 Notes to the Financial Statements 19 to 26 Detailed Statement of Financial Activities 27 to 28 Prime CutProductions Ltd Reference and Administrative Details for the Year Ended 31 March 2025 TRUSTEES E Magill L Doherty [resigned 28/8/2024) K Teahan l O'Hagan D Murphy S A Hayles S A Fittsimons P Talbot (resigned 815/2025) H Odling-smee (appointed 6/1112024) REGISTERED OFFICE Unit 5- The Refinery 8 Maxwell Street Belfast BT12 5FB REGISTERED COMPANY NUMBER N1030352 (Northern Ireland) REGISTERED CHARITY NUMBER 101219 AUDITORS M.B.McGrady & Co Chartered Accountants Statutoiy Auditors Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH Prime Cut Productions Ltd Report of the Trustees for the Year Ended 31 March 2025 The ti'ustees who al'e also directors of the charity for the pui'poses of the Companies Act 2006, present theii. report with the financial statements of the charity for the year ended 31 March 2025. The triiste¢s have adopted the pi'ovisions of Accounting and Reporting by Charities: Stateinent of Recommended Practice applicable to charities preparing theii. accounts in accordance with the Financial Reporting Standai'd applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives aiid aims Background: Based in Belfast, Prime Cut Productions is one of Northei'n Ireland's leading independent theatre companies. Established in 1992, it has over the last 31 years pi'oduced some of the island of li'eland's Inost inemorable and thought-provoking theatre. Our work is split into three distinct categories: Priine Cut delivers under tlii'ee inain strands: CREATE. INNOVA TE and PARTICIPA TE. CREATE: Producing excellent perfonnance and writing froin Northei'n Ireland for an international audience INNOVATE: Driving the development of Northern Ii'ish Performing Aitists by providing the finest professionals ti?ining, Inentorships and opportiinities. PARTICIPATE: Pi'oviding a creative resoui'ce proinoting autonomy and artistic self-expi'ession for coininllnities acr055 Northern Ireland wilh trust and collaboration at its heart. Prime Cut's Mission: To create artistically engaging expei'iences for artists, audiences and pai'licipanls. We will continue to build on our local and international i'eputation for making excellent, socially i'elevant arl and work with integrity and trust. Prime Cut'5 Vision: To delivei. a progi'ainme that not only einbraces its foiinding ambition of pi'oducing the finest intei'national theati'e foi-lin Belfast that is innovative, inclusive, arlist-led, and iinpactful, with a Ineaniiigful artist developinent and coininunity eiigageinent at its heart while spotlighting Belfast as a cultural hub for ai'tistic excellence. Prime Cut Productions Ltd Report of the Trustees for the Year Ended 31 March 2025 OBJECTIVES AND ACTIVITIES Significant aetivities In 2024-25 our Prograinm¢ was as follows: CREATE: The Pillowinan by Martin McDonagh In a totalitai'ian state a Writer is questioned by the autliorities about a spale of murdei's that bear similai'ities to hei. short stories. Is this life iinitating art or something 17]ore sinister? This black comedy widely regai'ded as one of the gi'eatest plays of the past 25 years, examines the i'ole of the artist in society and asks what price do we pay for freedom of expression. Building on the overwhelining success of our 2023 co-production of The Beauty Queen of Leenane, Priine Ciit once again paitnered with the Lyric Theatre to bl'ing one of Martin McDonagh's most celebrated and critically acclaimed plays to Belfast audiences. Priine Cut's production of The Pillowman played lo outstanding audience and critical response over a 4week run at the Lyric Theatre, Belfast and Keith Singleton was nominated for Best Actor at the 2024 UK Theatre Awards for his pei'foi-lnance as Katui'ian The Ails Dispatch ***** htt s'.Ilwww.theaitsdis atch.comlthe- illowman-review-l ric-theatre-belfastl Irish Tiines htt s'.l/www.irishtimes.com/¢ultui'elsta eli-evÈew120241051201the- illowii)an-review-martin-Encdona ets-a- in-shai. -Ineticulousl -conti'olled-sta -from-1 ri¢-and- i'ime-cuLI **** hs-eai'l The Stage htt s:/lwww.thesla **** e.co.uidreviewslthe- illowinan-review-the- illowinan-l ric-theati'e-belfast-maitin-lncdona British Theatre Guide htt s:/lwww.britishthealre uide.info/reviewslthe- illowman-l ric-theaÉre-23291 The Belfast Times htt s:Ilthebelfasttimes.coin/blo sIcLiltui'e-I'eviewslreview-the- illowman No More Workhorse htt s:/lnomoi'eworkhorse.¢oin1202410512 l1the- illowinan- ric-theatre-reviewl Alan In Belfast htt :l/alaninbelfast.blo ot.coin120241051the- illowman- wri ht-asks-where.htnil Cast: Katurian .' Keith Singleton Tupolski .' Abigail McGibbon Ai'iel.. Stephen Calvei't Michal.. David Murphy Faihei.: Jude Qiiinn Mothei.: Rosie McCLelland Girl: Ei'in Bairy Girl: Ainelia Skillen Prime Cut Productions Ltd Report of the Trustees for the Year Ended 31 March 2025 OBJECTIVES AND ACTIVITIES Creative Team: Director .' Einma Jordan Set & Lighting Designer . Ciaran Bagnall Sound Designer & Coinposition: Carl Kennedy Costuine Designer .' Rosie M¢Clelland Movement Director: David Quinn Moveinent Director: Michael McEvoy Fight Director: Philip Rafferty Assistant Director: Jiide Barriscale Chaperone.. Janet W3lk¢r Lie Low by Clara Elizabeth Smyth Faye's afraid. She's not sleeping, she doesn't trust ducks and all she's had to eat this week is a box of dry Rice Krispies. Desperate to shake her Ènsomnia, Faye enlists the help of her brother, Naoise, to try a forin of exposui'e Ihei'apy. But Naoise has a devastating secret thavs about to explode. Lie Low is tlie award-winning, critically acclaiined dark, funny and surreal new play by Ciai'a Elizabeth Smyth. Building on hugely successful I'uns ai Diiblin's Abbey Theatt'e and Traverse 2, Edinburgh it went on to receive ci'itical acclaim and outstanding audience feedback louring to London's Royal Couit and i'ettirning to Ti'averse Edinbui'gh. It also featui'ed as part of the Cultui-e Ireland 'Meet The Ii'ish" Showcase at the li'ish Aits Centre in New York in January 2025. Whats On Stage htt s.'/lwww.whatsonsta ***** e.coinlnewsllie-low-at-the-ro al-court-review 16037111 NoithWestEnd ***** htt s:Ilnoithwestend.coinllie-low-traverse-thealre/# 00 le vi nette Everything Theatre htt s://eve thin -theatre.co.uk120241051review-lie-low-ro **** al-court-theatrel The Stage htt s:/lwww.thesta **** e.co.ukli.eview511ie-low-i.eview- ei'wood-theatre-u staii's-ro al-court-london Theatre Weekly htt s:l/theatreweekl .coinlreview-lie-low-at-the-ro **** al-courtl The Spy in the Stalls htt s:Ilthes inthestalls.coin1202410511ie-low/ **** Theatre & Tonic **** htt s.'/ltheatreandtonic.co.uklblo Ilie-low-ro al-court-theati'e-review Fringe Review http.'Ilfi'ingereview.co.uldreviewlfi'ingereview-uk1202411ie-low-21 British Theati'e Guide https'.Ilwww.britislitheati'eguide.infoli-eviewsllie-low-royal-coiirt-the-23316 Cast: Faye.. Chai'lotte Mccuriy Naoise . Thoii)as Finnegan Doctoi.: Rory Nolan Prime Cut Produetions Ltd Report of the Trustees for the Year Ended 31 Mareh 2025 OBJECTIVES AND ACTIVITIES Creative Team: Director '. Oisin Kearney Set & Lighting Designer- Ciaran Bagnall Sound Designer & Coinposition.. Denis Clohessy Moveinent Director . Paiila O Reilly Fight Director.. Philip Rafferty Aurora: A Modern Myth by Dominic Montague Variously described as "A little gein of a production The Arts Dispatch, 'an iinaginative creative approach, blending bleak reality Wlth unearthly spectacle, theatrical illusion with animation technology" The Stage and 'Less is more, and direclor Einma Jordan uses evel'y gesture, every laugh, evely eyei'oll to enchant and draw the audience in" View Digital Cass is on a mission to save hei. friend. They've been close since childhood and she's the type to do anything for her mates, even when the male in qiiestion 15 a tree. She has a plan, an industrial strength chain, and a Live Feed.. Set in a fictional Irish village following the opening of a new gold mine Aurora: A Modern Myth follows Cass, protest as she and ihose around her (huinan and othei'wise) grapple with what comes next foi- lis and the planet we call hoine. When games, animation and live theatre coine togethei. magic can happen. Aurora: A Modern Myth incorporates gaining animation and iininersive theatrical visuals developed in partnership with Ulster University's Gaining and Aniination Departinenl, to ci'eate a new and exciting theatrical experience that appealed to aiidiences young and older alike at both Belfast International Aits Festival, The Grianan Donegal and Project Arts Centre, Dublin. The Arts Dispatch *•** "The incredible pi'ojections, sound and lighiing designs and even the story itself Inake the static structure feel alive - and provide a reminder that we are all connected to nature. A little gein of a production" The Stage 'Montague offers up an iinaginative ci'eative appi'oach, blending bleak reality with unearthly spectacle, theatrical illiision with animation technology, the natural world with the supei'natural - and a badgei *** Alan In Belfast "The cast's perfoiinances are very strong. Meghan Tyler narrates the stoiy...Cass's coininitnient to th¢ venture shines thi'ough Tyler's gifted and intense storytelling. Less is Inore, and director Einina Joi'dan uses evely gesture, evely laugh, every eyeroll to enchant and draw the audience iii. View Digital 'Playwi'ight Montagiie tells a gripping story and is ably assisted by the innovative use of design and sound. His vision is also perfectly executed by Priine Cut dii'ector Eiiiina Joi'dan. The tone thi'oughout is playful, engaging, thoughtfLII and passionate. Cast Cass: Meghan Tylei. Conn: Conor O Donnell Di'ew: Thoinas Finnegan The Intei'rogatoi.: Maria Connolly Creative Team: Dii'ector: Emma Jordan Prime Cut Productions Ltd Report of the Trustees for the Year Ended 31 Mai'eh 2025 OBJECTIVES AND ACTIVITIES Set Designer . Ciaran Bagnall Lighting Designer: Mary Tuinelty Sound Designer & Composition: Katie Richardson Costiiine Designei. Rosie Mcclelland Moveinent Director.. Paula O Reilly Anijnation Design and Operation.. Joseph Catney Gaines Design and Operalion: Scott Meekin Drainaturg: Louise Stephens Sound Engineer.. Megan Joyce The Gate House: In Co-Production iyith Michael McEvoy through the Reveal Programme The Gate House will bl'ing you to a Belfast yoii've never before experienced. Inspired by Michael's own personal histoi'y as well of that of his Father and Grandfather, it is a sharing of heartbi'eak, residence and hope.The Gate Hoiise is an exploration of the past as Ineans to inspire the futiii'e. Come into the Gate House Piib, sit by the fire and experience the incredible music of Joshua Burnside, as Michael and his cast of 7 dancer5 take you on a journey through three genei'ations of Belfast stories. Developed through the Reveal Prograinme, and co-produced with inulti - award winning Prinie Cut Productions team (Hai'd To Be Soft, Lady Magma) this World Preiniere by Michael McEvoy played lo sold out aiidiences at St Anne's oht of the BIAF progi'amme. Cathedral and was a highli. Cast Angus Baitlett Clara Kerr Diai-lnuid Armstrong Ollie Robeitson Hannah Scully Rosie Mullin Michael McEvoy Creative Teani: Choreographei.: Michael McEvoy Sound and Miisic Coinposition.. Joshiia Burnside. INNOVATE: Thi'ough suppoit from the Aits Council of Norihei'n Ii'eland and the Jerwood Foiindation we were able to deliver an outstanding Artistic Developinent Prograinine which incliided the following activities.. Continued working with Reveal Ai'tist5, Michael M¢Evoy and Einily Foran as well as well as Associate Pi'odiicer Ronan Mcmanus. Supported Ronan in pi'oducing Michael McEvoy's The Gale House foi. Belfast Inten)ational Arts Festival and Culture Ii'eland Showcase Appointed Di'ainaturg Louise Stephen's to support Clara Elizabeth Sinyih in developing her coinmissioned woi'k.. The Bi'iai. Patch. Cominissioned Fionnuala Kennedy to write a new play exploring violence against woinen and feinicide. Seciired a Resideiicy A wai'd foi. Reveal Aitist Michael McEvoy at the Tyi'oiie Giithrie Centre, Annaimakei'i'ig. Pi'iiiie Cut Pi'odiicer Una NicEoin attended a vai'iety of secloi'al events at Ediiibiii'gh Festival and Pi'iine Cut Artistic Dire¢toi' Einina Jordan and the Reveal Artists attended the Nooi'dezon Festival in Gi'onengin. Paitnered with Ulster Univei'sily to delivei- two paid internships the aniination design for Auroi'a. Delivei'ed a free Masterclass in Shakespeai'ean Pei'forinance for 8 pi'ofessional Actors facilitated by Einina Copland. Prime Cut Production5 Ltd Report of the Trustees for the Year Ended 3] March 2025 OBJECTIVES AND ACTIVITIES In PARTICIPATE we have successfully delivered to 441 participants in the following projects Well Read is an arts engageinent theatre reading project developed for Service users of secure inental health and addiction centres. Bringing together a teain of l O aitist facilttators and in paitnei'ship wilh The Northei'n Ti'ust it was I'olled out in 5 cenÉres aci'oss Noithern li'eland througliout 2024-25 with extension funding SOLirced froin the Trust and the D'oyly Carte Ti'ust to carry out fijrther delivery in 2025-26 The PARTICIPATE Shoivease was delivered to an audience of 60 people iiicluding i'epi'esentatives froin ACNI, Belfast City Council, Diiblin City Council, Dept of Co1￿mUnitIeS NI and Axis Ballyinun as well as the artists and participants on the Starlite Sloi'ies and In My Own Words project.. The Showcase was opened by the Deputy Lord Mayor of Belfast, Andrew M¢Connick. Starlite Stories: a reminiscence project in photography and art to 4 x older people's groups across Belfast. Al't and Drama workshops in cominunity centres local to PC Base on Maxwell St took place from April-June 2024, buildin(J i'elationships between the company and our neighbours. We look forward to this being the start of fiirther ongoing collaborations. Cruinniu na n'og.. Priine Cut partnered witli Dublin City Council to deliver a sei'ies of aits exchange workshops and I'esidentials between teenagers in both Belfast and Diiblin in May, June, Septeinber. Faciltlated by Matt Fai'ls and Rhiann Jeffrey it culininated in a Gala Sci'eening of the filRns created with New Lodge Aits, LORAG and Swan Youth Centre hosted by Dublin City Council at Project Arts Centre. The project was deeined a gi'eat success and the hope is that we conlinue to explore ways of delivering mol'e in 2025, In My Oivn Words: A creative wriling project that saw Priine Cut partnei. with six gi'oups aci'oss Belfast that incliided global Inajority coininunities, refugee and asyluin seekers, young people, older people and people with a Inental health diagnosis, that culminated in a Showcase Launch for the Project Anthology and Documentaiy at the Lyric Belfast to an audience of 80 people. Conclusion: In conclusion 2024-25 has been a highly successful year and an extreinely biisy year for Prinie Ciit Productions. We been able to produce innovative, critically acclaiined work that was shown on stages and in events in Belfast, Dublin, London, Edinbui'gh and New York, building audience5 for oui. work and I'aising awai'eness of our brand. We got lo work with an ainazing range of artists, consolidaling already existing relationships as well as forining new ones with artists fi'oin a wide range of disciplines and ages. We wei'e able to create new i'elationships, new networks and take advanlage of oppoitunities to collaboi'ate iii woi'k that has truly taken us out of our coinfort zone and it has been an outstanding experience. It has been a highly successful year but not without cost. It took nerve and deterinination. We couldn't have done it without our funders whose investi)ient and belief in and coinmitinent to the eoiiipany wei'e second to none. We couldn't have done it without oui. artists, who kept the faith and whose I'esilience in Ihe face of such adversity was uiii'eal. We couldn't have done it withoiit the detei'inination and coininitinent of our core staff, who worked ceaselessly to Inake it all real, and we Most Certainly couldn't have done it withoiit OLII. colleagues aci'oss the arts, in Belfast and fai. beyond as well as oui. audiences, whose siipport, coininitinent and kindness can nevei. be overstated. Thank you to you all. Una NicEoin: Execiitive Producer Prime Cut Productions Ltd Report of the Trustees for the Year Ended 31 March 2025 FINANCIAL REVIEW Reserves policy The charity has set a policy of building reserves to a level that equates to 250/0 of annual administration ovei'heads. This policy has been implemented as pait of the oi'ganisation's risk reduction sti'ategy and would be utilised in the event of a future shoitfall in funding. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The chai-ity is a coinpany liinited by guarantee. The coinpany was established under a Meinoranduiii of Association which established the objects and powers of the coinpany and is goveimed by its Articles of Association. Recruitment and appointment of new trustees Trustee Selection Methods: Trustees are identified in the first instance on the basis of the needs and requireinents of the operation. Prime Cul Prodiiclions aim to have a consistently diverse Board that has a wide skill range peitinent to the successful driving forward of the operation. Gaps in this set are constantly inonitored and when one is identified, Ineasures are taken to recruit new imembei's to Initigate against this. Within the cui'i'ent Boai'd the skills range includes Govei'nance, Fundraising Expertise, Financial, Mai'keting, Artistic (in pai'ticular Drama expertise) and Best Pra¢li¢e in Youth and Coininunity Work. These skills are utilised towards the siiccessful running of the core oi'ganisation ensuring that our practice coinplies with and is up to date wilh cui'i'ent legislation, appi'opriate and transparent financial procedures that are strictly adhered to, ongoing successful fundi'aising to ensui'e the sustainability of the organisation, artistic excellence within oui. project and policies and procedures within our Outreach work that coinply fully with current legislation when working with young people and disadvantaged people. On joining the organisation all new Board Meinbers al'e pi'ovided with a Board Pack containing histoi'y of the organisation, synopsis of Organisation Structure, Coinpany Policies and Procedures, contact details for all other Board Meinbers and Siaff and Corporate/Business Plans for the oi'ganisation. Prime Cut Productions Ltd Report of the Trustees foi. the Year Ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Current Core Manageinent & Governance In 2024-25 Prime Cut was governed by a diverse and experienced Board of Directors, each of whoin bring specialist skills and expei'ience to the orgar)isation. These were: Edel Magill.. Busiiiess Owner (Chair) Lesley Doherty: Media Relations Officei., Belfast City Council {Secretary.' Re5igiied August 2024) Keriy Teahan: Solicitor Stephanie Filzsimons: Chartered Accountant, Corporate Finance Advisor (Ti'easurer) Darren Muiyhy.. Playwi'ight Jacqueline O Hagan.. Arts Manager.. Easlside Art5 Festival Sophie Hayles: CEO Ci'escent Arts Centre Patrick Talbot: Independent Pi'oducer Hugh Odling Smee (appointed November 2024) Prime Cut einploys 3 x full time einployees and 2 x part-time einployees. In 2024-25 they were: Einina Jordan: Aitistic Directoi. Una NicEoin: Executive Producer Bobbi Rai Purdy.. Cominunity Engagement Manager Ronan Mcmanus.. Associate Producei. Lorraine McBrearty.' Finance & Administration Officer Risk, Policie5 & Procedures Risk assessinents are undertaken anniially for all project activity for the coming year and additional on-site assessinents undertaken at veniies where oiir woi'k will be produced. Risk is fuither initigated through the pi-ovision of a set of Coinpany Policies and Procedures that include: Heath & Safety Policy Equal Opportunities Policy Children and Vulnei?ble Adults Protection Policy & Pi'ocedures Disciplinary Procedui'es Grievaiice Procedures Harassment Pi'ocedures Code of Conduct when working with Children & Young People Environinental Policy Finance Policy & Pi-ocedures Aniiual Leave Policy Parental Leave Policy Sickness Leave Policy Slaff Developtnent Policy Recruitinent Policy STATEMENT OF TRUSTEES, RESPONSIBILITIES The ti'ustees (who are also the directors of Pi-iine Cut Pi'oductions Lid for the pui'poses of coinpany law) are i'e5ponsible for pi'eparing the Repoit of the Ti'iistees and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standai'ds {United Kingdoin Generally Accepted Accounting Practice). Prime Cut Productlons Ltd Report of the Trustee5 for the Year Ended 31 March 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES - contlnued Company law requires the trustees to prepare financial statements for each financial year which give a true and Fair view of the state of aFfairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those rinancial statements, the trustees are required to select suitable accounting policies and then apply them consi5tently,' 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. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and 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 The auditors, M.B.McGrady & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trustees on 27 October 2025 and signed on its behalf by.. E Magill- Trustee io Report of the IndependentAudltors to the Members of Prime Cut Productions Ltd Oplnlon We have audited the Financial statements of Prime Cut Productions Ltd (the 'charitable company,) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted 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 2025 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 conducted our audit in accordance with International Standards on Auditing (UK) (ISA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of Ollr report. We are independent of the charitable company in accordance with the ethical requirements that are i'elevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqiiirements. We believe that the audit evidence we have obtained is su￿1Clent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appi'opriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months fi-om when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and oui. Report of the Independent Auditors thereon. Our opinion on the Financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any foi'm of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whethei. this gives i-ise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are requii'ed to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the woi'k undertaken in the course ofthe audit: the inFormation given in the Report of the Trustees for the financial year for which tlie financial statements are pi'epared is consistent with the financial statements,. and the Report of the Ti-ustees has been prepared in accoi'dance with applicable legal requii'ements. li Report of the IndependentAuditors to the Members of Prime Cut Productions Ltd Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in 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 recoi'ds 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 agreernentwith the accounting records and i'eturns,. or certain disclosures of trustees, remuneration specified by law are not made,. or we have not i'eceived 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 A5 explained more fully in the Statement of Trustees. Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a triie and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and iising the going concei-n basis of accounting unless the trustees eithei" intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 12 Report of the Independent Auditors to the Members of Prime Cut Productlons Ltd Our responsibllfjties for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infliience the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below,, Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. In assessing and detecting irregularities such as fraud and non-cornpliance with laws and regulations we considered the following: the matters discussed among the audit engagement team and any other relevant professionals regarding 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 offraud and other irregularities,. company's policies and procedures in relation to.. how they identify and comply with all relevant laws and regulations and whether they are aware of any non-compliance how they detect and respond to risks of fraud and their knowledge ofany actual, suspected or alleged fraud,. conti'ol environmentwithin the company and how this mitigates risks of fraud and instances OF non-compliance with laws and regulations. As a result OF these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to asset valuations. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. In response to the risk OF material misstatement through irregulai'ities and non-compliance with laws and reglilations, we designed procedures which included, but were not limited to: ensuring the engagement team had the appropriate knowledge and expertise in order to be able to identify and recognise any instances of fi'aud or non-compliance with laws and regulations,. we identified the laws and regulations applicable to the conipany through discussions with directors and management and from our knowledge and experience of the sector; ensuring the audit was carried out with a level of professional scepticism,. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but wei'e not limited to: enqiiiring of management concei'ns of actual and potential litigation and claims; agreeing the financial statement disclosures to underlying siipporting dociimentation to assess conipliance with relevant laws and regulations: reviewing correspondence with HMRC and other relevant regulatoi's and the company's legal advisoi's. To address the i'isl< of fraud through management bias and override ofcontrols. we: Verify the existence of employees,. 13 Report of the IndependentAudfitors 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 ofdebtors,, test the appropriateness ofjournal 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 also communicated relevant identified laws and regulations and potential fraud i-isks to all engagement team rnembers and signiFicant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are fi'om financial transactions, the less likely it is that we would become aware of non-cornpliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraiid can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report ofthe IndependentAuditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those mattel's we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assurne responsibility to anyone other than the charitable company and the charitable company's menibers as a body, for our audit work, for this report, or for the opinions we have formed. . IIlLI Seamus McLernon (Senior Statutory Auditor) foi" and on behalfofM.B.McGrady & Co Chartered Accountants Statutory Auditors Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Anti'im BT9 6GH 27 October 2025 14 Prime Cut Productions Ltd ststement of Financial Activities for the Year Ended 31 March 2025 3113/25 Total funds 31/3/24 Total funds Unrestricted Unrestricted Restricted funds Funds Funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 172,633 172,633 185,132 Charltable activities Charitable aclivities 128,106 126.946 255,052 307,584 Investment income 37 37 178 Total 128,143 299,579 427,722 492,894 EXPENDITURE ON Charitable activities Expenditure on charitable activities 226,987 368,611 595,598 505,610 NET INCOME/(EXPENDITURE) (98,844) (69,032) (167,876) [12,716) RECONCILIATION OF FUNDS Total funds brought foi'ward 131,290 92,344 223,634 236,350 TOTAL FUNDS CARRIED FORWARD 32,446 23,312 55,758 223,634 The notes form pal't ofthese financial statements 15 Prime Cut Productions Ltd Balance Sheet 31 March 2025 31/3/25 31/3/24 Notes FIXED ASSETS Tangible assets 12 29,149 34,645 CURRENT ASSETS Debtors Cash at bank and in hand 13 64,832 139 81,022 121.454 64,971 202,476 CREDITORS Amounts falling due within one year 14 (38,362) (13,487) NET CURRENT ASSETS 26,609 188,989 TOTAL ASSETS LESS CURRENT LIABILITIES 55,758 223,634 NET ASSETS 55,758 223,634 FUNDS Unrestricted funds Restricted funds 17 32,446 23,312 131,290 92,344 TOTAL FUNDS 55,758 223,634 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The Financial statements were approved by the Board of Ti'ustees and authorised for issue on 27 October 2025 and were signed on its behalf by: Magill - Trustee S A Fittsimons - Trustee The notes foi'm part oFthese financial statements 16 Prlme Cut Productions Ltd Cash Flow Statement for the Year Ended 31 March 2025 31/3/25 31/3/24 Notes Cash flows from operating activities Cash generated from operations Finance costs paid Tax paid (138,844] (1,038) 3,240 3,970 (92) 1,324 Net cash (used in)/provided by operating activities (136,642) 5,202 Cash flows from investing activities Interest received 37 178 Net cash provided by investing activities 37 178 Change in cash and cash equivalents In the reporting period Cash and cash equivalents at the beginning of the reporting period (136,605) 5,380 121,454 116,074 Cash and cash equivalents at the end of the reporting period (15,151) 121,454 The notes form part of these financial statements 17 PrRme Cut Productions Ltd Notes to the Cash Flow Statement for the Year Ended 31 March 2025 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 31/3/25 31/3/24 Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Finance costs Decrease in debtors Increase/{decrease) in creditors (167,876) (12,716) 5,496 (37) 1,03B 12,950 9,585 6,370 (178) 92 15,192 (4,790) Net cash (used in)/provlded by operations (138,844) 3,970 ANALYSIS OF CASH AND CASH EQUIVALENTS 31/3125 3113/24 Cash in hand Notice deposits {less than 3 months) Overdrafts included in bank loans and overdrafts falling due within one year (652) 791 121,454 (15,290) Total cash and cash equivalents (15,151) 121,454 ANALYSIS OF CHANGES IN NET FUNDS/(DEBT} At 1/4/24 Cash flow At 31/3/25 Net cash Cash at bank and in hand Bank overdraft 121,454 (121,315) (15,290] 139 (15,290) 121,454 (136,605} (15,151) Total 121,454 (136,605) (15,151) The notes form part of these financial statenients 18 Prime Cut Productions Ltd Notes to the Financial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES Basls of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistentwith the use ofresources. Tangible fIxed assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, 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 fiinds foi. which it is responsible and which require separate disclosure. Definitions of the various types of funds are as follows,. (a) Restricted Funds Grants, donations and othei. income received which are earmarked by the funder or donor foi. specific purposes. Such purposes al'e within the overall aims ofthe charity. (b} Unrestricted Funds Furjds which are expendable at the discretion of the trustees for the general purposes OF the charity. Ti-ansfei's from uni-estricted to restricted funds are made to cover the remaining costs inciirred For specific projects which have not been met from other restricted monies. Pension costs and other post-retirementbenefits The charitable company opei'ates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 19 continued... Prime Cut Productions Ltd Notes to the Financial Statements- continued for the Year Ended 31 March 2025 DONATIONS AND LEGACIES 31/3/25 31/3/24 Grants 172,633 185,132 Grants received, included in the above, are as follows: 31/3/25 3113/24 ACNI Annual Funding Belfast City Council 142,933 29,700 155,432 29,700 172,633 185,132 INVESTMENT INCOME 31/3/25 31/3/24 Bank interest receivable 37 178 INCOME FROM CHARITABLE ACTIVITIES 31/3/25 31/3/24 Activity Charitable activities Charitable activities Charitable activities Charitable activities Programming Box Office income Other income Box Office Guarantees 126,946 64,092 28,811 35,203 133,184 110,039 31,861 32,500 255,052 307,584 Income from charitable activities include TEO Good Relations Fund £49,320, Culture Ireland £24,874, Arts Council Dublin £24,353, Dublin City Council £17,002, ACNI Lottery grant £4,392, D'oyly Carte Trust £3,500, Ulster University £2,000, Northern Trust £1,155 and Belfast Resource Centre £350. CHARITABLE ACTIVITIES COSTS Support costs (see note 6) Direct Costs Totals Expenditure on charitable activities 363,893 231,705 595,598 20 continued.., Prime Cut Productions Ltd Notes to the Financial Statements- continued for the Year Ended 31 March 2025 SUPPORT COSTS Governance costs Other Totals Expenditure on charitable activities 225,955 5,750 231,705 NET INCOME/{EXPENDITURE) Net income/(expenditure) is stated after charging/[crediting)'. 31/3/25 31/3/24 Auditors, remuneration Depreciation- owned assets 5,750 5,496 5,750 6,370 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. TTUStees' expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. KEY MANAGEMENT PERSONNEL 31/3/25 31/3/24 Wages and salaries Social security costs Other pension costs 157,858 10,698 4,777 161,190 10,132 4,820 173,333 176,142 The average monthly number of employees during the year was as follows.. 31/3/25 31/3/24 Administi'ative staff No employees received emolurnents in excess of£60,000, l