COMPANY REGISTRATION NUMBER: N1063836 CHARITY REGISTRATION NUMBER.. 101578 Terra Nova Productions Company Limited by Guarantee Financial Statements 31 March 2023 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Terra Nova Productions Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members 11 Statement of financial activities (including income and expenditure account) 17 Statement of financial position 18 Notes to the financial statements 19
Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2023 The trustees, who are also the directors for Ihe purposes of company law, present their report and Ihe financial statements ol the charity for the year ended 31 March 2023. Reference and administralive details Terra Nova Productions Reglstered charliy name Charity registration number Company registration number N1063836 Prlncipal oflice and registered Skainos Centre off ice 239 Newtownards Road Bellasl BT4 1AF 101578 The trustees R Kennedy - Chairperson A Sobut M Fojut P H White B Harrison L Gatsi-Barnell Company secretary Marta Fojut Auditor Finegan Gibson Ltd Chartered accounlanls & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Bank ol Ireland 2 The Diamond BT52 1DE Solicitors MKB Law 14 Great Victoria Street Belfast BT2 7BA
Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (Gonllnued) Year ended 31 March 2023 Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conrlnued) Year ended 31 March 2023 Governing Document Terra Nova Productions is a company limited by guarantee governed by its Memorandum and Articles of Association dated 28th August 2015. Terra Nova Productions is a registered charity with the Charily Commission lor Northern Ireland. The Board ol Trustees represent the membership ol the organisalion, each of whom agrees to contribule £10 in the event of the charity winding LIP. Appointment of Trustees The Chairman and the Trustees recruit and select new Trustees as needed. New Trustees are recruited on the relevance ol their professional skills, and their potential lo be able to make a helpful conlribulion lo the governance ol the Gharily. As part of the recruitmenl process they are made aware of a Trustees. legal obligations under charity and company law, the conlent of the Memorandum and Articles of Association, the committee and decision making processes. the business plan and recent financial performance ol the charity. Once the potential new Trustee has agreed to be considered lor appointment to the role, the Trustees meet lo review and to vole on the candidates. suilabilily lor appointment. If there is unanimous agreement. they then become a director until the next Annual General Meeting and shall then be eligiblè lor re-election. What the company does The Company provides artistic performances, training, support and facilities for artistic expression.. it presents, promotes, organises. manages and produces artistic performances ol cultural and educational value, including carnivals, leslivals. performances, dramas, comedies, operas. opereltas, burlesques, films, broadcasts, television shows, concerts, musical pieces, puppet theatre, ballets, popular entertainment, arts & crall exhibitions and lairs. The Gompany develops and delivers aTts-based community workshops and trains members ol individual communities to deliver similar training lo others. The Company runs training and menlioning programmes for wrilers. performers and artists. The Company delivers training on 'interculturalily' and cultural difference. Publlc Benellt The public benefits of Ihe company include an enhan¢emont of cultural offerings and a wider apprecialion ol the arts among the general public., improved access to and resource5 for training, support and facilities in all aspects of the performing arts for the general public Iparticularly those members ol the public who have historically low levels ol previous parlicipalionlrepresentalion in the arts),. greater cultural cohesion through the engagement ol minority cultures in the arts through development and tnenloring ol artists, writers and performers from minorily cullures; greater assimilation in society by people of minority cultures through a beller understanding ol cultural difference and a celebration ol common humanity.
Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 31 March 2023 Objectives and activilies Based in East Belfast, Terra Nova Productions is the only professional theatre company in Northern Ireland to place intercultural work at the core of their practice. Our mission is to create iheatre where different cultures meet, people explore and the world is changed. Our Vision is to pul the wonder back into the world we all share. This means our work aims to make participants and audi&nces feel a shared sense ol wonder.. an awareness ol the possibility of exploration and growth. Our work aims lo make participants and audiences aware of what binds humanity together while addressing what drives people apart. We engage in global partnerships developing creative inspiration and opporlunily. Our intended audiences and participants are two-fold. First, they seek to engage minorily ethnic audiences and participants, providing a place in Northern Ireland's professional theatre sector where minority ethnic communities can see themselves, their lives, and slories represented on stage. Secondly, the company's aclivilies aim lo engage the indigenous population, enabling expression of the views, values and beliefs ihey hold about our changing society, and creating experiences and processes where all ol the people can mix, learn and share. In shaping our objectives lor the year and planning our activities, the Iruslees have Considered the Charity Commission's guidance on public benefit. The strategies employed to achieve the charity's aims and objectives are to.. Strategic Aim 1- Intercultural Artistic Excellence To CTeale high quality, innovative inlercultural productions that bring together professional artists from around the world in a truly equitable way. To create innovative R&D that explores new forms and shares our inlercultural best practiGe Ihrough artistic and academic networks. To develop inlercultural partnerships at the local. national and global level that enable equitable cultural exchange and artistic excellence. Strategic Aim 2- Audience Development To co-creale cutting edge communiiy programmes where citizens sell-determine how they wish to share their lives, experiences and stories building bonds between the audience and the productions. To develop the next generation of intercultural artists - building bonds between the audience and the performers. To develop partnerships al the local, national and global level that enable deep engagemenl with targeled audiences. Strategic Aim 3- Governance To uphold the values, mission and vision ol the company through good governance, proper resourcing and excellent procedures and systems.
Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (Gontinued) Year ended 31 March 2023 Open rehearsal / stage combat showcase (June 2022) Aclors Sam Glaridge and Corey Monague-sholay performed an early version of the trumpet & the king lor TNP community participants. The performance was followed by a demonslralion ol stage combat techniques. Furthermore, Ihe community was engaged in discussion of the scene in which the li9hl took place, reviewing the value ol the scene in Ihe work and continuing to contribute lo the shaping of the artwork as they had lor 18 months. Vault Palntlng (June 2022) Clinton Kirkpatrick and Remi Shore worked alongside a team of 10+ volunteers lo painl the performance space al vault artist studio's. Artistic director Andrea Montgomery bought pizzas for volunteers for socialising at the end. Prototype perforn7ances (June 2022) Performances of the Trumpet & The King opened al two Nl venues.. Queen's Hall, Newlownards, followed by The Vault, Bellast. As parl of the weekend, cultLJral historian Michael Ohajuru was flown in lo join posl-show discussions wilh alumni from the show's developmenl. The shows were well received by all audiences and feedback was key to shaping subsequent dralts ol the work. Intercultural conference (July 2022) Andrea spoke at a conference on intercultLJral theatre making in Zwickau, Germany, and ran a workshop on active inlerculturalism. Casting August 2022 Articstic Director ran castings in Belfast followed by London to replace one Trumpet & King actor, working with casting director Amy Blair. TNP Community Catch Up. Cake & Chat, (October 2022) Terra Nova hosted an afternoon catchup with community participants in order lo inform attendees about what they can get involved in next with the project. Actor Sam Claridge checked in via zoom to talk about the new script. Pre-productlon phase (October, November & December 2022) Artistic Director sold three week tour across Nl. Artistic Direolor undertook a week ol development on Trumpet & King scripi, based on feedback, with Sam Claridge and Fedjiro Emasionbi, at Forest Hill Space. The trainee Creative Producer sought further funds for the project development. Artistic director compleled a new draft of the script for January read. New Year Catchup & script read TNP alumni, community pareticipants and professionals met on Zoom to watch a script read ol Ihe new material on 8111 January. Actor, Fejirp Emasiobi who was Tecast as John Blanke introduced himself lo the group. Al the end of the read through, participants gave the Artistic Director their feedback.
Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued? Year ended 31 March 2023 TNP 1yh Birthday Party (January 2023) Clinton Kirkpatrick organised and hosted a birthday fundraiser at the black box. Belfast to celebrate 15 years of Terra Nova activity. The event was attended by board members, community participanls and TNP alumni. Food was provided and a host ol entertainment came in the forms ol singing, dancing. and poetry. Rehearsals (February & March 2023) Arlislic Direcior forced to hire an associate director due to personal circumstances relating lo family. Fortunately, the Arlistic Director was able to return lo rehearsals for the 2nd week. Associate Director remained an asset to the production throughout. Trainee Creative Producer dislributed marketing materials lo venues ahead ol the tour, and liaised with diverse black and immigrant community groups with ticket oller designed to develop global majority and immigrant audiences. Artistic Director raised Good Relations funds to support regional theatre venues to book tour. Trumpet & The King Nl Tour (March & April 2023) Terra Nova began its first tour of the Trumpet & The King on the 141h of March 2023 at the Grand Opera House. Opening night saw the show draw a lull house, with 51°/o of attendees coming from the global majority population of Nl. This night was followed by a successful tour of 12 shows across 9 regional venues. Post-show engagement sessions were offered, allowing the audience to slrenglhen Iheir connection with the work on show. Me You Us Them Film (Throughout the year) Me You Us Them theatre to film (shot in London in 20211 went into posl-produclion throughout this period. It will be released in Oclober 2023. Marketing A programme ol recorded interviews ol past participating artists and adminislralors who have worked with TNP throughoul ils history went out on Facebook and Inslagram lo celebrate Terra Nova's 15th Birthday. Schedule allowed for development of strategy, conduct research, plan lor the future and lundraise. UTV broadcast a programme on our work in Oclober 22. John Blanke Book Participation Michael Ohajuru has asked TNP lo appear in a forthcoming publication about John Blanke to be published in 2024. Blueprint A&B Training AM, RS and Board members participated in various governance, networking and organisational development training sessions throughout the year as parl of their participation in Ihe Blueprinl programme through Arts & Business. HR Andrea Montgomery received a salary increase to salary rate in May that is in alignment with the Artistic Director position, paid £35k pro rata lor three days work per week. Dormant Accounts is funding one ol these days per week lor th8 next three years, along with Blueprint and BGC. TNP hired Remi Shore a5 a trainee Creative Producer in May 2023 as part ol Ihree year Fulures¢reens Nl fundraising. Training will be offered by AM. TNP hired Clinton Kirkpatrick as freelance Development Manager to oversee the 15th Anniversary fundraising campaign., Clinton completed his work in April, 23.
Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (conttnued) Year ended 31 March 2023 A¢tlvity Type (Select) Outreach IYESINO) Venue Name Venue Type Select) Number Of activities delivered at venue Name ol city, town or vlllage Full Postcod (Nl only) BT23 4EN Performance & Audience Engagement Session Arts Centrè Newtownards Queen's Hall Yes Performance & Audience Engagement Sessions & Exhibitions Arts Centre Belfast BT5 4FH Yes The Vault Belfast BT2 7HR Performance & Audience Engagement Sessions Arts Centre Grand Opera House Yes Bangor BT20 4JP Performance Arts Centre Yes Studlo A1 Arts Centre Antrim BT41 4AW Performance The Old Courthous Yes BT61 7BW Performance Market Place Armagh, Studio Arts Cenlre Amrangh Yes BT74 6FZ Performance Ardhowen Theatre Arts Centre Ennlsklllen Yes Arts Centre Ballymena BT43 5EJ Performance Braid Arts Centre Yes BT78 1BL Performance Arts Centre Omagh Strule Arts Center Yes
Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (conlinuedj Year ended 31 March 2023 Venue Type Select) Number Of activlties delivered at venue Name of city, town or vlllage Full P05tcod Activity Type {Select) Outreach (YESINOI Venue Name {Nl only) BT36 5QA Performance Theatre at Mill Arts Centre Newtownabbey Yes BT30 6BP Performance Downpatri ck Arts Centre Arts Centre Downpatrick Yes The People We Worked With Contracted artists employed Volunteers involved Volunteer hours worked Participants engaged Audience members.. Steering Group and Board Members 35 41 254 782 1206 The People Engaged From Funder Priority Groups Prografflme activity O/. Newcomer or ethnic minority people and groups Children and young people laged 0-241 People living in deprived neighbourhoods Disabled people LGBTQ+ people Older people (aged 65+1 15°/. 250/. 1001. 10°/0 10°/.
Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (Gonlinued) Year ended 31 March 2023 Flnanclal review Incoming resources for the year amounted to £131,628 12022.. £86,900) and with outgoing resources 01 £145,966 {2022: £91.3691 resulted in a deficit for the period of £14,33812022: Deficit £4,469). Unrestricted fund balances al 31 st March 2023 were £8,94812022.. £18,677) with restTlCted funds ol £28,111 (2022-. £32,720). Reserves are needed lo brldge the timing gap between spending and receiving of income and to cover unplanned temporary shortfalls in income should they arise. Holding adequate reserves safeguards the provision ol our services in the evenl of unexpected significant financial pressures. The Iruslees will Gonlinue lo increase the unreslricled reserves to £30,000 over the nexl 6 months in line wilh Ihe expected growth ol the company. Unrestricted reserves freely available to spend, therefore excluding fixed assets, restricted reserves and designated reserves amounted lo £8,948 which was in line with the target level. The Irkjslees believe Ihis represents a sullicienl level ol reserve to ensure that the going concern assumption is appropriate.
Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2023 Auditor Each ol the persons who is a trustee al the date ol approval of this reporl confirms Ihat.. so far as they are aware, there is no relevant audit information of which the charily's auditor is unaware", and they have taken all steps that they ought lo have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's audiior is aware ol that information. Small company provisions This report has been prepared in accordance with the provisions applicable lo companies entitled lo the small companies exemption. The trustees, annual report was approved on 9 November 2023 and signed on behalf of the board of Iruslees by.. R Kennedy - Chairperson Trustee White Trustee 10
Terra Nova Productions Company Limited by Guarantee Independent Auditor's Report to the Members of Terra Nova Productions Year ended 31 March 2023 Opinion We have audited the financial statemenls of Terra Nova Productions (the 'charity'l for the year ended 31 March 2023 which comprise the statement ol financial activities (including income and expenditure account). slalemenl ol financial ptssition and the related notes, 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. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slatemenls: give a true and fair view ol the sta18 of the charity's allairs as at 31 March 2023 and of its incoming resources and application ol resources, including its income and expenditure, lor the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice-, have been prepared in accordance with the requirements ol the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS IUKII and applicable law. Our responsibilities under Ihose standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit ol the financial slalemenls in the UK, including the FRC'S Ethical Standard, and the provisions available lor small enlilies, in the circumstances set out below, and we have lullilled our other elhical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sullicient and appropriate lo provide a basis lor our opinion. In common with many other businesses ol our size and nature we use our audilors to prepare assist wilh the preparation ol the financial slatemenls. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use ol the going concern basis ol accounting in the preparation ol the financial statements is appropriate. Based on the work we have pertormed. we have not identified any rnalerial uncertainties relating lo events or conditions thal, individually OT collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period ol at least twelve months from when Ihe financial stalemenls are authorised for issue. Our responsibililies and the responsibililies of the Iruslees wilh respect lo going concern are described in the relevant sections of this report. 11
Terra Nova Productions Company Limited by Guarantee Independent Auditor's Report to the Members of Terra Nova Productions (conlinuedj Year ended 31 March 2023 Olher information The other information comprises Ihe information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible lor the other information. Our opinion on Ihe financial statements does nol cover Ihe other information and. except lo the extent otherwise explicitly stated in our report, we do not express any form of assurancè conclusion Ihereon. In connection with our audit ol the financial statements, our responsibility is to read the other information and, in doing so, Gonsider whether the other information is malerially inconsislenl with the financial statements or our knowledge obtained in the audit or Diherwise appears to be materially misstated. 11 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatemenl in the financial statements or a material misstalemenl of the other information. If. based on thè work we have performed, we conclude that there is a material misstatement of this other informalion, we are required to report Ihat lacl. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the Course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and Ihe Iruslees. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light ol the knowledge and understanding ol the charity and its environment obtained in the course ot the audit, we have not identified material misstatements in the Iruslees. report. We have nothing lo report in respect of Ihe following matters in relation lo which the Companies Act 2006 requires us to report lo you il. in our opinion.. adequate accounting records have not been kept, or returns adequate lor our audit have not been received from branches not visited by us: or the linancial statements are nol in agreement with the accounting records and returns., or certain disclosures ol Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require lor our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage ol the small companies, exemptions in preparing the directors, report and trom the requiremenl to prepare a strategic report. 12
Terra Nova Productions Company Limited by Guarantee Independent Auditor's Report to the Members of Terra Nova Productions Icontlnuod) Year ended 31 March 2023 Responsibilities of trust8es As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors lor the purposes ol company lawl are responsible for the preparation of Ihe linancial stalemenls and lor being satisfied Ihat they give a true and lair view. and lor such internal control as Ihe trustees determine is necessary to enable Ihe preparation of financial slalemenls that are free from material missiatement, whelher due to fraud or error. In preparing the financial statements, the trustees are responsible lor assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Irustees either intend to liquidate the charity or to cease operations, or have no realistic alternative bul to do so. 13
Terra Nova Productions Company Limited by Guarantee Independent Auditor's Report to the Members of Terra Nova Productions (conlinuedj Year ended 31 March 2023 Auditor's responsibilities f or the audit ot the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material missialemènt when it exists. Misslalements can arise from fraud or error and are considered material il, individually or in the aggregate, they could reasonably be expecled to influence the economic decisions ol users taken on the basis ol these financial slalements. Irregularities. including fraud, are instances ol non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatemenls in respect ol irregularities. including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following-. Ihe nature of the industry and sector. control environment and business perlormance including the design ol the remuneration policies, key drivers lor directors, remuneration. bonus levels and performance largels-, results of our enquiries ol management about their own identilicalion and assessment of the risks of irregularities; any matters we identified having obtained and reviewed documenlation ol their policies and procedures relating to.. identifying. evaluating and complying with laws and regulations and whether management were aware ol any instances of non-compliance., detecting and responding lo the risks ol fraud and whether managemenl have knowledge ol any actual. suspected or alleged fraud,. Ihe internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the mallers discussed among the audit engagement leam including significani component audit leams and relevant internal specialists, including tax and valuations specialists regardirig how and where fraud might occur in the financial statements and any potential indicators of traud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisalion lor fraud and identified the greatest potential lor fraud. In common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding ol the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct ellecl on the delerminalion ol material amounts and disclosures in the financial slalements. The key laws and regulations we considered in this context included ongoing cornpliance with the UK Companies Act and lax legislation. In addition, we considered provisions ol other laws and regulations that do not have a direct effect on the financial statements bul compliance with which may be fundamental lor their ability lo operate or 10 avoid a material penalty. 14
Terra Nova Productions Company Limited by Guarantee Independent Auditor's Report to the Members of Terra Nova Productions {continued) Year ended 31 March 2023 As part of an audit in accordance with ISAS IUKI. we exercise professional judgment and maintain professional scepiicism throkjghoul the audit. We also.. Identify and assess the risks ol material misstatement of ihe financial slatemenls, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk ol not detecting a material misstatement resulting from fraud is higher than lor one resulting from error, as fraud may involve collusion, forgery, intenlional omissions, misrepresenlations, or the override of internal control. Obtain an understanding of internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the approprialene5s ol accounting policies used and the reasonableness ol accoLJnting estimates and related disclosures made by the trustees. Conclude on the appropriateness ol the trustees, use of the going concern basis of accounting and, based on th6 audit evidence obtained. whether a material uncertainty exists related lo events or conditions that may cast significant doubl on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statemenls or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the date ol our auditor's report. However, future events or conditions may cause ihe charity to cease to continue as a going concern. Evaluate the overall presentation, slructure and content ol the financial statements, including the disclosures, and whether the financial slalements represent the underlying transactions and events in a manner that achieves lair presentation. 15
Terra Nova Productions Company Limited by Guarantee Independent Auditor's Report to the Members of Terra Nova Productions (coftiinued) Year ended 31 March 2023 We communicate with Ihose charged with governance regarding, among other mallers, the planned scope and timing ol th& audit and significant audit findings, including any significant deliciancies in internal control that we identify during our audit. Usè of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Parl 16 01 the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to slate to them in an auditor's report and lor no other purpose. To the lullesl exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's members as a body, tor our audit work, for this report, or for the opinions we have formed. Paul Dolan FCA (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & stalulory auditor Causeway Tower 9 Jame5 Street South Bellasl BT2 8DN 9 November 2023 16
Terra Nova Productions Company Limited by Guarantee Statement of Financial Aclivities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds 2022 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Other income 998 12,653 998 130,630 117,977 83,300 3,600 131,628 86,900 Total income 13,651 117,977 Expenditure Expenditure on charitable activities Other expenditure Total expenditure 26,709 119,257 145,966 91,292 77 10 91,369 26,709 119,257 145,966 Net expenditure {13,0581 {1 ,280) {14,338) 14,4691 Transfers between funds 3,329 13.3291 Net movement in funds {9,7291 14,6091 114,3381 14,4691 Reconciliation of f unds Total funds brought forward Total funds carried forward 18,677 32,720 51,397 55,866 8.948 28.111 37,059 51.397 The statement ol financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 19 to 28 form part of these financial statements. 17
Terra Nova Productions Company Limited by Guarantee Staiement of Financial Position 31 March 2023 2023 2022 Nol8 Fixed assels Tangible fixed assets 15 6,259 9,223 Current assets Debtors Cash at bank and in hand 16 12,508 24,832 23,001 22,897 37,340 45,898 Creditors: amounts falllng due within one year Net current assets Total assets less current liabilitles Net assets 17 6,540 3,724 30,800 37.059 42,174 51,397 51,397 37,059 Funds of the charity Reslricled funds Unreslricled funds Total charity funds 28,111 8.948 32,720 18.677 19 37,059 51,397 These financial statements have been prepared in accordance with the provisions applicable lo companies Subject to the small companies, regime. These financial slalements were approved by Ihe board ol Iruslees and authorised lor issue on 9 November 2023, and are signed on behalf ol the board by.. R Kennedy - Chairperson Trustee P H White Truslee The notes on pages 19 to 28 form part of ihese flnancial stalemenls. 18
Terra Nova Productions Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General inlormalion The charity is a public benefit enlily and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address ol the registered ollice is Skainos Cenlre, 239 Newlownards Road, Bellast, BT4 1AF. Statement of compliance These financial slalements have been prepared in compliance with FRS 102. The Financial Reporting Standard applicable in the UK and the Republic ol Ireland,, the Statèment ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 1021 {Charities SORP IFRS 10211, the Charities Acl (Northern Ireland) 2008 and the Companies Act 2006. Terra Nova Productions meels the definition of a public benefit entity under FRS 102. Accounting policies Basis of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at lair value through income or expenditure. The financial statements are prepared in sterling, which is Ihe functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken ol the following disclosure exemptions available under paragraph 1.12olFRS102'. lal No cash flow statemenl has been presented for the company. Ibl Disclosures in respect ol financial instruments have not been presented. Judgements and key sources of estimation uncertainty The preparation ol the financial slalement5 requires rnanagement lo make judgements. estimates and assumptions that aflecl the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to ba reasonable under the circumstances. 19
Terra Nova Productions Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Accounting policies (ronllnued) Fund accounting Unrestricted funds are available for use al the discretion ol the trustees to further any ol Ihe charity's purposes. Designated funds are unreslricled funds earmarked by the Iruslees for particular lulure project or commitment. Restricted funds are subjected lo reslriclions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement ol financial aclivities when entitlement has passed to the charity., it is probable that the economic benefits associated wilh the transaction will flow to the charily and the amount can be reliably measured. The following specific policies are applied lo particular categories of income: income from donations or grants is recognised when there is evidence of enlillemenl lo the gift. receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and enlitlemenl is established. income from donated goods is measured at the lair value ol the goods unless this is impractical lo measure reliably, in which Gase the value is derived from Ihe cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included lor the contribution ol general volunteers. income from contracts for the supply of services is recognised with Ihe delivery ol the contracted seNice. This is classified as unrestricted funds unless there is a contractual requirement for il to be spent on a particular purpose and returned il unspent, in which case it may be regarded as restricted. 20
Terra Nova Productions Company Limited by Guarantee Notes to the Financial Statements (Gonllnued) Year ended 31 March 2023 Accounting policies (Gontlnuedj Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of Ihe statement of financial activities to which it relates: expenditure on raising funds includes the costs ol all fundraising aclivilies, events, non-charitable trading activilies, and the sale ol donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims lor the benefit of its beneficiaries, including those support costs and cosls relating to the governance ol the charity apportioned to charitable activities. olher expenditur& includes all expenditure that is neither related to raising funds lor the charity nor part of ils expendilure on charitable aclivilies. All costs are allocaled to expenditure categories reflecting the use ol the resource. Direct costs atlribulable to a single activity are allocated directly lo that aclivily. Shared costs are apportioned between the activities Ihey contribule to on a reasonable, jusliliable and consislenl basis. Tangible assels Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assels carried at revalued amounts are recorded al the fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a resull ol a revaluation, is recognised in other recagnised gains and losses, unless it reverses a charge lor impairment that has previously been recognised as expenditure within the statement ol linancial activities. A decrease in the carrying amount ol an asset as a result ol revaluation. is recognised in other recognised gains and losses, except to which it ottsels any previous revaluation gain, in which case the loss is shown within olher recognised gains and losses on the statement ol financial activities. Depreclation Depreciation is calculaled so as lo write otl the cosl or valuation ol an asset, less its residual value. over the useful economic life ol that asset as follows-. 20010 slraighl line Fixtures and litlings Impalrment of tixed assets A review for indicators ol impairment is carried out at each reporting dale, with the recoverable amount being eslimaled where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset Is impaired accordingly. Prior impairments are also reviewed for Possible reversal al each reporting dale. 21
Terra Nova Productions Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Accounting policies (conllnuod) Impairment ot fixed assets (conlinuecl) For the purposes ol impairment tesling, when il is not possible to estimate the recoverable amount of an individual asset, an estimate is made ol the recoverable amount ol the cash-generating unil lo which the asset belongs. The cash-generaling unil is the smallest identifiable group ol assets that includes the asset and generates cash inflows that largely independent ol the cash inflows from other assets or groups ol assets. For impairment testing ol goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each ol the cash-generaling units that are expected to benefit from the synergies of the combination, irrespective ol whether other assets or liabilities of the charity are assigned to those units. Delined contributlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extenl thal Ihe prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be sellled wholly within 12 monihs ol the end ol the reporting date in which the employees render the relal8d service, the liability is measured on a discounted present value basis. The unwinding ol the discount is recognised as an expense in the period in which it arises. Llmlted by guarantee Each of the members of the company has guaranteed lo contribute to the assels ol the company in the event of the same being would up to the extent of £10. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other donations and legacies Other donations and legacies Exceptional income trom donations and legacies 98 98 900 900 998 998 Charitable a¢tivilles Unreslricled Funds Restricted Total Funds Funds 2023 Grants Performance Incorne 117,977 117,977 12,653 12,653 12,653 117,977 130,630 22
Terra Nova Productions Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Charitable activities (Gonllnuod) Unreslricled Funds Reslricled Total Funds Funds 2022 82,832 82.925 375 Grants Performance Income 93 375 468 82,832 83,300 Other income Restric18d Total Funds Funds 2023 Restricted Total Funds Funds 2022 Workshop Income 3.600 3,600 Expendilure on charitable activities by lund type Unreslricled Funds Restricted Total Funds Funds 2023 Provision of drama and other activities Support cosls 19,927 6,782 116,108 3,149 119.257 136,035 9.931 26,709 145.966 Unroslricted Funds Reslricled Tolal Funds Funds 2022 Provision ol drama and other activities Support cosls 26,290 3,752 53,696 7,554 61.250 79,986 11,306 30,042 91,292 Analysis of support costs Analysis ol support cost5 Tolal 2023 Total 2022 Premises General office Finance costs Governance costs 2,021 4,172 426 3,329 2,021 4,172 426 3.329 1,143 6.344 323 3,496 9,948 9.948 11,306 23
Terra Nova Productions Company Limited by Guarantee Notes to the Financial Statements (¢onttinuéd) Year ended 31 March 2023 10. Other expenditure Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other expenditure 77 77 11. Nel expendlture Net expenditure is staled alter chargingllcrediling}'. 2023 2022 DepreGiation ol tangible fixed assets 3,864 3,685 12. Audltors remuneration 2023 2022 Fees payable for the audil of the financial statements 2.772 2,640 13. Staff costs The total stall costs and employee benefits for the reporting period are analysed as follows-. 2023 2022 Wages and salaries Employer contributions lo pension plans 43,378 1,515 26,640 799 44,893 27,439 The average head count ol employees during the year was 212022.. 21. The average number of tull-lime equivalent employees during the year is analysed as follows: 2023 2022 No. Employees No employee received employee benefits ol more than £60,000 during the year12022= Nill. Key Management Personnel Key management personnel include all persons that have authority and responsibility lor planning, directing and controlling th8 activities ol the charity. The total compensation paid to key management personnel for services provided to the charity was £40,32212022.'£28,5921. 24
Terra Nova Productions Company Limited by Guarantee Notes to the Financial Statements (Gonllnued) Year ended 31 March 2023 14. Trustee remuneration and expenses The Charily Trustees were not paid or received any other benefits from employment with the Charity in the year {2022'. £0I- They were not reimbursed for any travel expenses during the year 12022- £01. No Charity Trustee received payment for professional or other services supplied lo the the Charity (2022.. £0). 15. Tangible fixed assets Fixtures and fittings Cost At 1 April 2022 Additions 18.753 900 At 31 March 2023 19,653 Depreclation Al 1 April 2022 Charge for the year At 31 March 2023 9,530 3,864 13,394 Carrying amount At 31 March 2023 6,259 Al 31 March 2022 9,223 16. Debtors 2023 2022 Prepayments and accrued income Other debtors 783 11,725 666 22.335 12,508 23,001 17. Credltors: amounts falling due within one year 2023 2022 Trade creditors Accruals and deferred income Social security and other taxes 1,704 3,227 1.609 629 3,095 6,540 3,724 25
Terra Nova Productions Company Limited by Guarantee Notes to the Financial Statements (conttinued) Year ended 31 March 2023 18. Pensions and other post relirement benefils Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined conlribulion plans was £1,51512022-. £799}. 19. Analysis of charitable funds Unrestricted funds At 31 Mar¢h 202 At 1 April 2022 Income Expenditure Transfers General funds 18,677 13,651 126.7091 3.329 8.948 At 31 March 202 At 1 April 2021 Income Expendilure Transfers General funds 48,588 468 130,1191 {2601 18,677 Restricted funds At 31 March 202 At 1 April 2022 Income Expenditure Transfers Arts Council Nl Belfast City Council Ards & North Down BC Community Foundation Enkalon Foundation Me You Us Them 24,741 25,465 11,000 1,500 1,000 {46,8771 111 ,0001 11,5001 11,000) 13.3291 4,769 4.769 800 3,210 (2,410) 26
Terra Nova Productions Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2023 19. Analysis of charitable lunds (contlnued) Community Relations Council Blueprint Dormanl Accounts Future Screens Nl Leche Trust PCSP Ards and North Down Borough Council 1,270 22,428 29,895 21,919 2,000 {1 ,270) 110,6491 121,7481 (19,3031 {2,000} 11,779 8.147 2.616 1 ,500 (1,5001 {119,2571 32,720 117,977 {3,329) 28,111 At 31 March 202 At 1 April 2021 Income Expenditure 13,4371 136,0041 13,4951 Transfers Arts Council Nl Belfast City Council Ards & North Down BC Community Foundation Enkalon Foundation Me You Us Them Community Relalions Council Blueprint Dormanl Accounts Future Screens Nl Leche Trust PCSP Ards and North Down Borough Council 2,614 25,564 35,744 3.600 24,741 260 4,664 4,769 500 18,624 15001 {15,4141 3,210 2,400 12,4001 7,278 86,432 161,2501 260 32,720 A Iransler also look place in Ihe year lo reclassify Arts Council Nl funding as unreslricted income as parl ol this funding is to help replace reserves already committed lo keep Terra Nova Productions and Iheir projects alive in the aflermalh ol Ihe COVID-19 pandemic. 27
Terra Nova Productions Company Limited by Guarantee Notes to the Financial Statements (Gonllnued) Year ended 31 March 2023 20. Analysis of net assets between funds Unreslricled Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 yaar 6,259 8,948 16,5401 8,667 6,259 37,340 16,5401 37,059 28,392 Net assets 28,392 Unrestricted Funds Reslricled Total Funds Funds 2022 Tangible fixed assets Current assets Credilors less than 1 year 9,224 13,178 13,7241 18,678 9,224 45,898 13,7241 51.398 32,720 Net assets 32,720 21. Contingent liabillty A contingent liability exists lo repay grants received should certain conditions not be fulfilled by the charity. In the opinion ol the Trustees, the terms ol the Letters ol Offer have been, or will be, complied with and no liability is expected. 22. Corporation taxation The Charity's activities fall within the exemptions allorded by Ihe provisions ol Ihe Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts. 23. Related parties Terra Nova Productions reimburse staff members lor expenses incurred on behalf of the company which have been initially settled personally by the employees. 2B