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