OMPANY REGISTRATION NUMBER: N1063836 CHARITY REGISTRATION NUMBER: 101578 Terra Nova Productions Company Limited by Guarantee Financial Statements 31 March 2024 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 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 13 Statement of financial position 14 Notes to the financial statements 15 Terra Nova Productions Company Limited by Guarantee Trustees, Annual Report {Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company18w, present their report and the financial statemenls of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity name Terra Nova Productions Charity registration number 101578 Company reglstration number N1063836 Principal office and registered Skainos Centre office 239 Newtownards Road Belfast BT4 1AF The trustees R Kennedy (Resigned from Chairperson role on 2311112023) A Sobul M Fojul J Morrison P H White Treasurer B Harrison - Chairperson (Appointed lo Chairperson role on 23111120231 L Galsi-Barnett (Resigned 9 November 2023) (Appointed 22 January 2024) (Resigned 29 July 20241 Company secretary Joseph Morrison Auditor Finegan Gibson Ltd Chartered accountants & slatulory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Bank of 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 Reportl fcontlnu8dJ Year ended 31 March 2024 Objectives and activities Based in East Belfast, Terra Nova Productions is the only professional theatre company in Northern Ireland lo place intercultural work at the core of their practice. Our mission is to create theatre where different cultures meet. people explore and the world is changed. Our Vision is lo put the wonder back into the world we all share. This means our work aims to make participants and audiences feel a shared sense of wonder: an awareness of the possibility of exploration and growth. Our work aims to 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 opportunity. 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 stories represented on stage. Secondly. the company's activities aim lo engage the indigenous population, enabling expression of the views, values and beliefs they hold about our Ghanging society, and creating experiences and processes where all of the people can mix, learn and share. In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Cornmission'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 create high quality. innovative inlercultural productions that bring together professional artists from around the world in a Iruly equitable way. To create innovative R&D thal explores new forms and shares our intercullural best practice through artistic and academic networks. To develop intercullural partnerships at the local, national and global level that enable equitable cultural exchange and artistic excellence Strateglc Aim 2 - Audience Development To co-create cutting edge community programmes where citizens self-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 intercullural artists - building bonds between the audience and the performers. To develop partnerships at the local, national and global level that enable deep engagement with targeted audiences. StrategiG Aim 3 - Governance To uphold the values, mission and vision of the company through good governance. proper re50urcing and excellent procedures and systems. Terra Nova Productions Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continu8dJ Year ended 31 March 2024 Achievements and performance The year 2023-24 was a period of dynamic engagement and strategic initiatives for Terra Nova Productions (TNP). Despite a challenging funding landscape, the company achieved significant milestones, facilitated numerous projects. and fostered vibrant cultural exchanges. This report oullines our achievements, key projects. and the strategic initiatives that shaped the year. Grant Applications and Funding Throughout the year. we applied for 15 grants and successfully secured £16.685 on top of our already secured funds and rolling grants. Despite the tough funding environment and several rejections, the funds obtained were pivotal in supporting our smaller projects and enhancing certain company operations. The commitment of resources and time in pursuing these grants underscores our dedication to sustaining and expanding our work. New Expertise We are pleased lo welcome Development Expert. Oonagh Desire to our team. Her expertise in grant-seeking and fundraising has been an immediate asset, significantly strengthening our capacity in these crucial areas. Windsor Castle Event Two of our staff members, Artistic Director Andrea Montgomery and Trainee Creative Producer Remi Shore, attended an exclusive event at Windsor Castle, hosted by the King and Queen. This event recognized organisations contributing to the preservation of Shakespearèan Iraditions. The trip was invigorating and provided valuable networking opportunities that spurred brainstorming sessions for future proje¢ts. Needs Analysis In the summer of 2023, 8 comprehensive needs analysis was conducted to inform the design of the Breakthrough project. Our Trainee Creative Producer engaged in over 20 one-on-one discussions with artists. cultural leaders. and business owners across Belfast City. These conversations provided insights that led to mentoring opportunities for participants interested in induslry-relaled skills. including cold-reading and the business aspects of acting and the arts. Memento Mori Commissioned by Artistic Director Andrea Montgomery and wrilten by Trainee Creative Producer Remi Shore. "Memento Mori" was performed at three events between November 2023 and March 2024. The performances, which drew an audience of 100, were part of a venue collaboratian, offering both established and emerging artists valuable exposure and experience. The development of "Memento Mori" will continue until the script is completed in August 2024. Trip to Valencienne5 Our Artistic Director led three talks and two workshops to an international audience in Valenciennes, further extendlng TNP'S reach and influence. Spring Shakespeare With funding from the CRC, we delivered a series of Shakespearean activities. The "Shakespeare & Cake" event was fully allended by an intercullural group, showcasing our intercultural methodologies and introducing new participant5 to Shake5p&are. We also hosted a monologue maslerclass and opened a Shakespeare Monologue challenge, culminating in a collaboration with the Eastside Arts Terra Nova Productions Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 March 2024 Festival which is set to feature a performance and masterclass featuring Royal Shakespeare Company actor Debbie Korley. Eastside Arts Festival Our ongoing partnership with the Eastside Arts Festival resulted in the "Bard and Beverage" event, which featured Debbie Korley and talent from our earlier Shakespearean activities. Training and Development TNP honoured their commitments lo Future Screens Nl, continuing to provide high-level training opportunities for our Trainee Creative Producer, who received comprehensive training in media, fundraising, philanthropy, and marketing. This included media training from Lindsey Armstrong of Bespoke Communications and fundraising and philanthropy trainlng by Arts & Business. Marketing Initiatives We secured funds to execute a much-needed marketing run, increasing our organisational visibility. This campaign reached 18,000 people and attracted 3,000 views of an archived film released for Shakespeare Week. Challenges and Resilience The year presented personal and familial challenges for our staff, which occasionally slowed operations due to our small team size. However, attending lo these matters was essential for maintaining the mental well-being of our team members. Despite the difficult funding landscape, we have maintained good financial health, positioning us well for larger projects in the coming years. Key Figures Participants. 5,223 Volunteers: 124 Volunteer Hours.. 198 Conc5usion The year 2023-24 was marked by perseverance and strategic growth for TNP. We navigat8d funding challenges. expanded our reach, and laid the groundwork for future projects. Our commitment to fostering inlercullural dialogue and supporting the arts remains steadfast, and we look forward to building on this year's successes in the fvlure. Terra Nova Productions Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 March 2024 Financial review Incoming resources for the year amounted to £76,775 (2023= £131,628) and with outgoing resources of £69,956 12023.. £145.966) resulted in a surplus for the period of £6,819 12023.. £41,338 Deficit). Unrestricted fund balances al 31 st March 2023 were £11,46012023.' £8,948) with restricted funds of £32,418 {2023- £28,111). Reserves are needed to bridge the liming gap between spending and receiving of income and to cover unplanned temporary shortfalls in income should they arise. Holding adequate reserves safeguards the provision of our services in the event of unexpected significant financial pressures. The Iruslees will continue lo increase the unrestricted reserves to £30,000 over the next 6 months in line with the expected growth of the company. Unrestricted reseNes freely available to spend, therefore excluding fixed assets, restricted reserves and designated reserves amounted to £11,460 which was in line with the largel level. The trustees believe this represents a sufficient level of reserve to ensure that the going concern assumption is appropriate. Plans for future perlods University of Warwick research commissioned by the National Campaign for the Arts IUKI has indicated Northern Irish slalutory funding for the Arts has diminished by 660/0 in the last decade, with this stormy picture set lo continue. In response lo Ihis. and with investment secured by funders concerned with financial resilience (Arts & Business Nl's Blueprint, National Lottery Nl's Dormant Accounts Fund. Future Screens Nl's Art Workl Terra Nova is robustly pursuing new sources of income and is reviewing overheads with a view to further efficiencies. This includes building on piSot work around donations and philanthropy. the exploration of sources of earned income Ilraining. sponsorship. securing of tenders) and capitalising on existing IP to sell products and packages that do not require the up front investment of full theatrical productions. Developing these areas while at all times guarding against mission drift will be a key objective in 202412025. In addition, pursuing artisti opportunitie5 in England. the Republic of Ireland and Europe where a broader selection of partners and funders may be available, is also part of our future thinking and planning. Trustees. responsibilities statement The trustee5. who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial slalements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. Terra Nova Productions Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (contlnu8d) Year ended 31 March 2024 In preparing these financial slalements, the trustees are required lo.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and prudent.. pfepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose wilh reasonable accuracy at any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the dale of approval of this report confirms that: so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 17 December 2024 and signed on behalf of the board of trustees by: B Harrison - Chairperson (Appointed lo Chairperson role on 2311112023) Trustee While Trustee eas