Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnue(l) Year ended 31 March 2023 Auditor Each of the persons who is a truslee al the date ol approval of this report confirms thal: so far as they are aware, there is no relevanl audit inlormation of which the charity's auditor is unaware., and they have laken all sleps that Ihey ought lo have taken as a trustee to make ihemselves aware of any relevant audil information and to establish that Ihe charily's audilor is aware ol Ihal information. Small company provislons This report has been prepared in accordance with the provisions applicable to companies enlillèd lo Ihe small companies exemption. The Irustees, annual report was approved on 9 November 2023 and signed on behalf of the board ol trustees 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 slalemenis of Terra Nova Productions (Ihe 'charity') for the year ended 31 March 2023 which comprise the statement of firsancial aclivilies (including income and expenditure account), statement ot financial position and the related notes, including a summary ol significant accounting policies. The financial reporting tramework Ihal 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 Accepied Accounting Practice). In our opinion the financial statements: give a true and lair view of the stale of the charity's aflairs as at 31 March 2023 and ol its incoming resources and application ot resources. including its income and expenditure, for the yp.2r then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice: have been prepared in accordance with the requirements of the Companies Acl 2006. Basis for opinlon We conducted our audil in accordance with International Standards on Audiling (UK} IISAS (UK)) and applicable law. Our responsibilities under Ihose standards are further described in the audilols responsibilities for the audit ot the financial statemenls seciion of our report. We are independent of the charity in accordance wilh the ethical requiremenls that are relevant to our audit of Ihe financial statements in Ihe UK, including the FRC'S Elhical Standard, and the provisions available lor small entities, in the circumstances sel out below. and we have fulfilled our other elhical respon5ibililies in accordance with these requiremenls. We believe that the audit evidence we have oblained is sufficient and appropriate to provide a basis lor our opinion. In common with many other businesses ol our size and nature we use our auditors to prepare assist with the preparation ol the tinancial statements. Conclusions relaling to going concern In audiling the linan¢ial stalemenls, we have concluded Ihat the trustees, use of the going concern basis ol accounting in the preparalion ot the linancial slatements is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period ol at least Iwelve months from when the financial statements are aulhorised lor issue. Our responsibilities and the responsibilities of the trustees with respect to 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 (¢ontinued) Year ended 31 March 2023 Other inlormation The oiher information cornprises Ihe informalion induded in the annual report. other than the financial statements and our auditor's report thereon. The Irustees are responsible lor the other information. Our opinion on the linanGial stalements does not cover Ihe other inlorrnation and. except to the extenl otherwise explicitly stated in our report. we do not express any lorm of assurance conclusion Ihereon. In connection wilh our audit of the financial stalements. our responsibility is lo read the other information and, in doing so. consider wheiher the other information is materially inconsislent with Ihe financial statements or our knowledge obtained in the audil or otherwise appears lo be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misslatemenl in the financial slatemenls or a material misstatemenl of the other information. If, based on the work we have performed, we conclude Ihal there is a materi21 misstatement of this other information, we are required to report that fact. We have nothing to report in Ihis 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 Ihe financial year for which the financial statements are prepared is consistenl with the linancial statements. and the trustees, report has been prepared in accordance wilh 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 of the audit, we have not identified material misstatemenls in the trustees, report. We have nothing lo report in respecl of Ihe following matters in relalion to which the Companies Acl 2006 requires us to reporl to you if. in our opinion-. adequate accounting records have not been kepl, or reiurns adequate for our audit have not been received from branches not visited by us- or the financial stalements are nol in agreement with the accounting records and returns., or certain disclosures of Iruslees, remuneration specified by law are not made. or we have not received all the informalion and explanalions we require tor our audil., or the trustees were nol entiiled to prepare the tinancial statemenls in accordance wilh Ihe small companies regime and take advanlage of Ihe small companies, exemptions in preparing the directors. report and from the requiremenl lo prepare a strategic report. 12
Terra Nova Productions Company Limited by Guarantee Independent Auditor's Report to the Members of Terra Nova Productions (coniinued) Year ended 31 March 2023 Responsibilities of trustees As explained more lully in Ihe trustees. responsibilities statement, Ihe twstees (who are also the direclors tor Ihe purposes ol company law) are responsible for Ihe preparation ol the financial stalements and for being satisfied that they give a true and lair view. and lor such internal control as the Irustees determine is necessary io enable ihe preparation ol financial statements that are free from malerial misslatemenl, whelher due to fraud or error. In preparing the financial statements. the Irustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounling unless the Irustees either intend to liquidate the charity or lo cease operations, or have no realistic alternative bul to do so. 13
Terra Nova Productions Company Limited by Guarantee Independenl Auditor's Report to the Members of Terra Nova Productions (continued) Year ended 31 March 2023 Auditor's responsibilities for the audil of Ihe financial statements Our objectives are to obtain reasonable assurance about whelher the financial slalemenls as a whole are free from material misstatement, whether due to fraud 01 error, and to issue an auditor's report that includes our opinion. Fleasonable assurance is a high level of assurance, bul is nol a guarantee that an audit conducted in accordance with ISAS {UK} will always delecl a material misstatement when il exists. Misstatements can arise from Iraud or error and are considered material il, individually or in the aggregale, they could reasonably be expecled to influence Ihe economic decisions ol users taken on the basis ol these financial statements. Irregularities, including fraud, are instances ol non-compliance with laws and regulations. We design procedures in line wilh our responsibililies, outlined above. to detect malerial misslatements in respect ol irregularilies, including traud. The extent to which our procedures are ¢apable of detecting irregularities. including fraud is delailed below.. In identifying and assessing risks of material misstatement in respect ol irregularities, including fraud and non-compliance with laws and regulations. we considered the following: the nature ot the industy and seclor. control environment and business pertormance including the design ol the remuneralion policies. key drivers lor directors. remuneration. bonus levels and performance largels; results ol our enquiries of management aboul their own identification and assessment of the risks of irregularities-, any matteTS we identified having obtained and reviewed documentalion of their policies and procedures relating io.. identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance; detecting and responding lo the risks of traud and whether managemenl have knowledge of any actual. suspected or alleged fraud; the internal controls established lo mitigale risks of fraud or non-compliance wilh laws and regulations. Ihe matters dis¢ussed among the audii engagemenl team including significant component audil teams and relevant inlernal specialists. including lax and valuations specialists regarding how and where fi¢lULI might occur in the financial stalemp.nt.4 and any potential indicators ol fraud. As a result ol these procedures, we considered ihe opportunities and incentives thal may exist within the organisation for fraud and idenlified the greatest polenlial for fraud. In common with all audits under ISAS IUK), we are also required to perform specitic procedures to respond to the risk of management override. We also oblained an understanding ol the legal and regulalory frameworks in operation, focusing on provisions ol those laws and regulations thal had a direcl effect on the determinalion ol material amounts and disclosures in the financial slalements. The key laws and regLAlations we considered in this context included ongoing cofflpliance with ihe UK Companies Act and tax legislation. In addition, we considered provisions ol other laws and regulations that do not have a direGI effect on the financial slatemenls but compliance with which may be fundamental for their ability to operale or to avoid a malerial penalty. 14
Terra Nova Productions Company Limited by Guarantee Independent Auditor's Report to the Members of Terra Nova Productions (conttnuedj Year ended 31 March 2023 As part of an audit in accordance with ISAS IUKI. we exercise professional judgment and maintain professional s¢epticism throughout the audit. We also: Identity and assess the risks ol malerial misslatement of the tinancial stalements, whether due lo fraud or errol. design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than lor one resulting from error, as fraud may involve collusion, forgery, intenlional omissions. misrepresentations, or the override of internal ¢ontrol. Obtain an understanding of internal control relevant to the audit in order to design audit procedures Ihat are appropriate in the circumstances. but not for the purpose of expressing an opinion on Ihe effectiveness of the internal control. Evaluate the appropriateness of accounting policie5 used and Ihe reabuiiableness of accounting estimates and related disclosures made by the Irustees. Conclude on the appropriateness of the truslees. use of the going concern basis of accounling and, based on the audit evidence oblained, whether a material uncertainty exisls related lo evenls or conditions that may casl significant doubt on the charity's ability lo continue as a going concern. 11 we conclude that a material uncertainly exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, il such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, fulure events or conditions may cause the charity lo cease to continue as a going concern. Evaluate the overall presentation. slructure and conlent of the financial statements, including Ihe disclosures, and whether Ihe linancial slalements represent ihe underlying transactions and events in a manner thal achieves fair presentation. 15