Par2gon Studios Ltd Reference and Administrative Details Chairperson Ray Cashell Trustees Peter Mutschler Ray C&shell Anne Mager Kathertne Sara Lindsay Rachel Botha Michael Patrick Conlon Sinead Marniyon Niamh Scullion Secretary Anne Mag¢r Charity Registration Number 102460 Company Registr2tion Number N1029491 The charity is Én¢orpornted in Northern Ireland. I l Rosemary Street Belfast BTI IQA Hopper & Co CEkarteTed Accountant 6 Doagh Road Ballyclare Co Antrim BTJ9 9BG Reglstered oftflce Independent Examiller Page I Paragon Studios Ltd Trustees, Report The trustees, wbo are directOTS for the purposes of company law, present the annual report together with the financial statements of the charitable ¢ompany for the year ended JI May 202J. The trustees a8 at the date of this Teport ar¢ &q set out on page l. Objectives activities Objects and ainLf Paragon Studios Ltd ( her¢inafter r¢ftrred to as PS3) has two main objectives". i) to provide goo4 affordable and long tem) Work spaces for artists 2) to support and encourage artists and ¢￿turaL praditioners to PTodu¢e and show individual or collaborative new work either inside our proj¢￿ space or at outside locations, often with the inclugion of loca] communities. With a strong belief in the relevance of art and its fvnction in soeiety, we aim to find new arjd surprising ways to facililate the production of new worlc and rn2ke it accessible to a wide al￿lenCe. This aim to connect contemporary art and people is done in different ways - through long tenTr projects with communities, relevant subjects. participation, 0p¢xn¢￿ and inclusion. Our organisation 15 artist led, efficient and restlessly committed to art and its function for the g¢ne¥al publi¢: to stimulate reflection, provoke, illSPTte ¢nrich and tffdnsfonn. We support artists whose work is ¢x¢itins original. relevant and of high artistic quality. We see our position in the arts ecology as a colourful building slep for artists between the start of and midway througb their career. We provide and facfftlitate unrestricted a￿d uncommercial opportunities for artists to show their work and interact with tbe public. Public bene]It Through the provision of affordable and subsidised workspaces, regular free workshops. community engaged projects and an expwim¢ntal exhibition pn)gramme for early to mid career artists in our project space. the public at large can enjoy and benefit from a gr¢at¢r understanding and appreciation of the arts. In all our a&ivititS the wider public is encourag¢d to parttctpate and co-produce, potentiaRly developing any artisti¢ tertdenctes they may possess. The trustees confirm that they have complied with the requirementg of section 4 of the Cbartties Act 2008 to have due regard to the public benefit guidance publTsh¢d by the Charity Commissioft for Northern Jrelattd. Page 2 Paragon Studios Ltd Trustees, Report Achievements and perfornunee Funding Our core funder remains the National Lottery tltrough the Arts Council of Norhtern Ireland. Our full time 3 year position is funded by Futurescreen Nl, and various streams of project funding cotne from Belfast City Council. Uiitil the end of 2023, PSI still receiv¢s fi￿dIng from the Fretlands Foundation for the Fr¢e1art¢￿ Artist Prooramme (2018-2023 ). Since having a part time strdtegi¢ curator. our funding sources diversified and broadened in the reporting period in lin¢ with our 5 year strategy. Prerruseslstudio aytd workplace provision PS2 operaies from its premiges at l E and l5 Rosemary Street with our project space inrluding I l individual artist studioslworkplaces and 3 restdency spaGes. As musch as we now enjoy the premises sin¢e moving in over 3 yws ago. we only have a Tenency at Will ¢ontract with a high degree of uncertainty. Securing longer term pr¢mises continues to be a priority. Arts Programme PS3 carried out ￿ projects involvTng 76 artists and 41 workshops witb )39 participaTrts during the reporting period.Tb¢ programme was Curated by our new project Cttrator, Daiy Mahon. The year round weekly (*en Communal Shared Drawing progTamme. now rurming for over 3 years delivered online, has a steady and high nuinber of participants from Northern lyeland and abroad, which makes tt the most success￿1 and ac¢essible activity. Selected Projects Professional development is one of the key aspects of our artist support. The Freelands Artist Programrn4 which will end after 5 years in December 2023. saw 20 emerging Ènd r&em¢rgiug artists based in NOrth￿n Ireland receiving tailored cttratorial supporL peer learning, exhibitions and other opportuniti&s. The programme of 3, year lon& residencies contirAued and demot)strated the benefit of longer tsnn committment: l) With Clodagh Boyce, a new curator in residence w4s selected. focusing on people of clour and qu¢er communitTes in theÉr collaborative prograrnrne 2) The critical writing residettcy continued their Collaboration with African Artists Foundation, Nigeria, focusing on 'Reclaiming Art Histories & Developing Critical Disclosure, Jl Soft Fiction Projects continued their collective residtttcy, working on publi¢ations and runnig workshops for Risograph printing as a tool for empowement Financial review Policy on rL¥erves The directors, poli¢y in relation to free reserves is to ensure that PS2 maintsins minimum reserves equivalent to at least Éwo months of normal Gharitable expenditure in order to maintsin liquidity. to cover Any unforseen costs which may aris¢, and to fiilfill obligations of PS2 in the ¢vent current levels of income are not maintaxned. FTet reserves are defiued as total reserves excluding any restricted funds. Page 3 Parag4)n Studios Ltd Trustees, Report Plans for future periods Aims antl kry objectivesforfulureperiods PS2 ha$ complEted a businees plan for 2022-2025 outlinTng the vision and aims of the organisation.Thr transition from a volunteer to an OTganisation led by paid professionals is underway and PTogressing. The next urgent sttps T a sustainable future ar¢: i) establish additionaj paid POSTtions i.e. a ¢reative director and a finance administrator. To make a successful transition possible and to corjtinue aDd expand the programme and aGtivit&es off¢Ted, PS2 nd its Board must look for additional funding sourcts. 2) secure longer tern] premises for our studios ar]d project spa¢e 3) strengthen and r¢fr¢sh the Board with dedicated ¢xt¢rnal expertise and studio members Structurey governance 2nd management Jvathre ofgoverning document PS2 is a registered charity and a cornpany lin]ited by guarantee and so does not have a share capital. The liability of each member is limited to £1. The company is governed by its Articles of Association. Induction L￿dtraIniNg of Èrustees New Trnstees - who are also appointed as DirectOTS - have an tnduction me¢ting with the Chair of the Board. They are briefed OD a range of issues including a fiEII introduction to the organisatiOYI, its decision making process, business plan and recent financial perforniance, 8nd the roles and responsibilities of a Board member. Thanks to a Belfast City Council granl an intensive Board traiuing progr￿n￿e bappened ffn January 2023, culminating witb & full PlaEming and Revtew day with a consultaDi. Individual Board rnembers also attended sessions with Arts & Business and Thrive. Or<¥anisationf¥l structure A voluntary Board of DTrectors who are also the Trustees oversees the work of the company and establishes policy strategy. The year s&w wnsiderdble changes in the Board structure, rnarking a renewal of positions. Bronagh Lawson stepped down as Chairperson in De¢embeT 2022, handing over this PC>Sition to long stsnding Board member. Ray C￿h¢ll. At the sarne time, studRo and Board members Bill Saunders Dougal Mackenzie. &s Secretary, Tesigned. Anne Mager filled his position. Sadly, Hugh ODonnell died far ti)0 young in the same month. Hugh was a strong advocate for equal opportunties for artists with disabilities, his input will be sorely tnissed. We thank past Board members for their time and th￿rk. New Board members were appoilrted: Sin¢ad Mamion and Katy Lindsay in May. Mitch Conlon and Rachel Botha in March and June 2023. Our current Board consists of three studio members, representing the collectkve, &nd five extemal members, with a broad range of professional skills and experien¢e. PSZ now employs one full time project curatoy ( D&vy Mahon ), one part time curalor foT the Freelands Artist Pro￿arnM£ ( Clara Hi¢key ) and one part time, freelance, strategic vision and development curator ( Jane Morrow ). The creative dire¢toT ig still held in a voluJ)tary position ( Peter Mutschler ). The company all necessary policies in place which are reviewed regularly. Throughout the yeaT the work of PS2 w&$ greatly supported by the Boayd and the committment and dedication of the iniit¢d artists and external volunteers. Page 4 Paragon Studios Ltd Trustees, Report Major risks managett￿nt ofthose risks Ftnancial szLsgainability The Trustees hav¢ a risk managemenl. strategy which comprises.. - an annual review of th¢ principal risks and uncertainti¢s that the cbarity faces - the establishment of policies, systems arAd procedures to mitigate those risks identified in the annual review the implementation of procedures deS]￿ed to minimise or manage any potential impact on the clwÈty should these risl(S rna*rialise FTnanctal sustainability has been identified &9 the major risk facing the charity at polnt in time. Financial sustainability has been identified as the major risk faGing the ¢haTity at any point in time. All identified risks are managed by ensuring that robust policies and pmcedures are in plare. A key element in the management of financial risk is a regular review of available lÉquid fund% to sett]e debts as they faIl due. Small companies provision statement This report has been Prepared in a¢cordar*ce with the smatl companies regitne under the Companies A¢t 2006. Thonnual report was approved by the trustees of the charity on I l December 2023 and signed on its behatf by." A'nrie Mager Cohlpany Secre and Trustee Page 5 Paragon Studios Ltd Statement of Trustees, Responsibilitxes The trustees (who are also the directors of PaTagon Studios Ltd for the purpos¢s of company law) ar¢ responsible for preparing the trustees, r¢port and the financial stat¢ments in accordance Hryth applicable law and United Kingdom A¢¢01￿ting st￿oards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Finaucial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in acwrdanc¢ with the provisions the Companies Act 2006 relatirjg to sniall Comp￿1¢$. Company law requires the trustees to prepare financial statements for each financial yeaT. Under colnpany law the In￿e¢S must not approv¢ the financial statements unless they are satisfied that they giv¢ a true 2nd fair view of the state of affairs of the charitable Company and of the incomi￿g YesouTCts and application of resourGes. including its income and expenditure, of the chaTitable cornpany for that period. In preparing these financia statements, the trustees are Tequired to: sclect suitsble accounting polici¢s and apply them ¢onsisteJ]dy' observe the methods and prinGiples in the Charities SORP. make judgtments and estirnates that are reasonable and PTudent' state whether applicabl¢ accounting standards, ¢omprisino FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable c4)mpany will continue in business. The trustees are responsible tsr keeping Proper accounting records that ¢an disclose with reasonable ac¢ura¢y at y time the financial position of tb¢ charitable company and enable them to ensure that the financial statements comply ￿1th the Compani&% Act 2006. They ar¢ a130 responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention aT>d detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of th¢ corporate and financial information included on the charitable company's website. Legislation governing tbe preparation and dissemination of financial statements ll)ay differ from legislation in other jurisdictions. AppT ed by the trustees of the ch2rity on I l December 2023 and sigtied on Its behalf by: ager Comp y secr& d truste¢ Page 6