Paragon Studios Ltd Trustees, Report I"hc Irustce.4, who arL directors for thL purposes of company law. prc.sent the annual report together with the rinancial s'tatLmcnls of the charitsblc company for the year endL.d 31 May 2024. '1'he trustees as at thL dalL' of this TCPQrt arL as scl out on pdgc l. objectiv and aetivitieg Objecls und aim l)a141gon %iudi0s l.ld ( hercinafter referred lo as PS2) has two main ubjectives= I ) to Provide gTrood, affordable and long term work spaces for artists 2) tu %u])port and encuuragc artists and cultural praclilioncTS to produec and show individual or collaborative new wurk LiihLr in%idc our PIOJLLI spacc ()r al ()utsidc IoLdts"on4, ulicn with the iiiclusion c)r loLal LOTTulluTiiIic8. Wilh a %lrunbP bLlicf in ihL rclLvanLL' ()r art and its funcli()n in socicly. wc aim to find new and sury)risingy Wiiys to ruLilithle th¢ pr()duclion of nLw w()rk and make il acLessible lo u widc aud2cncc. 'I'his aim l() conncLt L()nlLmp()Tary art diid pci)plc is donu in diIfcrLnl wuys througph lungi lern] projLcls with c()mmunil?cs, rclevanl .%ubJe¢ls. paflicipalioii, upenncss and inclusion. ()ur i)rgani%dtiun is llrti.st lcd, eiflLiL'nt rL'silcssly commitl¢d l() art und ils function for thc gc'ncTal public= lo 4IiTnululL fLflLLlion. prov()kc, in4pirc LnTich and transform. WL. support artists whi)se work is cxciling, OTiginal. rLILvunl and ofhig>h artisliL qualily. Wc %CL' our posilion in IhL arLs cL'c)logy as a viial building bloLk for urtisls bclWcL thL st&rt of and midwuy ihrough thcir Lar¢er. Wc pruvidL and faLilitalc unrcstrictcd and non-¢OTnmcrcial opportunilics for artists tn show Ihcir work i)d iDlcruLI wilh thL public. Public, benif, Il 'I'lir()ub>h ihc provision ()f alTordablc and %ubgidisLd work%pacc5. rcgu]Ar frcl work%hop%. community engagcd pri)ILLt% aiid LxpirimLnl&l cxhibiliun programTnc for Larly tu mid Larccr artisls in our projLCt spuLc, thL' publiL at l&rgL Lull LMJ()y and bLncfit fri)m a gyrLulcr undLrstdndinb> and apprcciulion nf Ihc arts. li) ull ()ur llLtiviliL% IhL widcr publiL 14 cnci)uragJLd i() parliLipulc and Lo-pr()duLL, PC)ILnlilllly dLvLluping) dny arLI5t1L ILndencics Ihcy muy po.%.sc%%. 'hL IruslLC5 Ll)nfirm thul ihLy havc compliLd wilh the rLquirLmLnls of sLclion 4 ()r thL Churili¢% Act 2008 to have duL rLg)drd ID IIIL publiL bLnLfil bJuidlln¥¢ pulilishLd by IhL Clillrily Commi%sion for NorLIiLrn IrLl&nd. Page 2
Paragon Studios Ltd Trustees, Report Achievements and performance Fundin In lalL 2023. wc were delighted to havL been awJrdLd funding from Bcifast City Council as aIic of 17 01.gkuiisations sLILLILd for 13elfast 2024 year i)r ¢uliurL. This ambitiou.s project has comc with a substantial level of funding, lo be drawn down &l various milcstones throughout Ihc remainder of ihc 2024 Ciil¢ndaT YLIIT. Al()ngsidc our Bclfusl 2024 funding. WL conlinue to draw upon other BelfA' st City Council strcams.. ,Small CFranLs ( to support our curalor in re%]dLLL pri)gramme and three further exhibitionpUbliC cngagcmcnt programmcs ) as w¥ll &$ Artists, Studio OrbTranisdlic)ndl CJr4nls. which support onc day of our Strategie Vision and DLvLlopmcnl CuTalor's timc.our corc fuiidLr remains Arl% C()uncil of Narthcrn Ircland, and funding for thc full-timc I¥ojLLI Cuiator rolc L()nlinuLS In bL provtded by fulurL svrcens Nl. Whilsl funding from ihe I'reelands I,'oundaliun has comc to un cnd. wc havc sccurcd a grini from I,.'smc MilLhell .1 rust to mount a substantial Lxhibition uf I'rcelaTids Artisl I'r()gramme participants. w()rk al 'l'l)L MdL, 13Lifusl whiLh ()PLncd in April. Wc arc dcligliled to have reLLnily rLCLived funding li)r l)casl)urk rr()m Ncccs%ily and will pul this lowards invcsting in placc { capitsl 4truclurL4. slc)rdgL mulLridl%, biodivLr.sily initiatives ), pe()plc ( upskilling residents and gaTdener5 ), and prograTnmcs ( artist ¢ngag¢mcnt with und for local comrnunitics ). l?remi$csl%ludio and workplace provision We cunlinuL to UPLralc from prLmiSL% llt I l and 15 R()rndry Slrccl, with ()ur PTojLcI spacc including I l individual urtisl %ludio51wurkplucLS and .1 rL%idcnLy %PIILL%. %cLuring lonbiLr tcrnl PTLmi8c% Lontinuc% l() bc a prii)rily. WL havL rLccnlly %L¢urcd rcnl-fTCC prcmisLS iii CllstlL¢()Urt %h()pping CLnlTC wliicli will supp()rt thc w()rksh()ps and cnbJab)Lmcnl prog?Tummc r()r our EILifast 2024 pr(JjLcl. ()ur Siralcgic Visii)n alid l)LvLlopmLnt Lural(yr Iius joinLd a tTalLgiL wi)rkinb grvu]) on Ihc qualily &nd continuily of sludio pr()vi%iun, LonvunLd by lJ¢ifasl City CuunLil lll()ng willi rLpfLsLlltalivLs fr()m Arts Council of NorthL'm IrL.land, Arts & lJuginLs5, und l.'lux Art Sludi()s. Arts l¥ugrurnme 1)%2 caTTiLd 19 projLYt8 involvtng 142 artists and .39 work.%hop8 with 280 participant5 during the rep(Jrting pcriod. 'I'hcrL wcfL %LvLral nPLll-Cdll op])urtunilics, includiT?g IdLal l)cvLlI)pmL'nl ()ppoituriily ( for fivc artisls with inlLrLsl% in .%ucially ¢ng&gcd practlCL, SItL %pccifieity and the built ¢nvironmcnt ). and Ihc Art15t p&rentslartist carLrs rcsidLncy npp()rtui)Ity. ()ur EILifast 2024 pr()jcct aims In undcT1akL ovcr 100 workshops throughout the cily with 5ch()01s. cnmmunity gryoups. rcsidcntiul homL's. markct4, artisL5' Studios. shopping ccntTLS and shLds. SLlected Projects In Qctober 202.1. PS, w&$ selccled io hoql the ll-n ( Arti%ts' Inforniation C'ompany ) Assembly.- & Ihree day programmL of tslks, 8crcLnings. i)llncls, work51iops and Q&A's. 'I'his was thL first As%cmbly lu be hLld in Northern Ircland and introducLd our wotk to a-n's 3a,000 mernbers. Wc wcrL also dclighicd io have b¢¢n made a new permanent purtner on Ihe UK wide %yllabus aru'sl dcvclopment prngrammc. Whil%i ihc funding for the organisalion ( fTom I,rLLldnd5 1".oundation and Art% L()unLil I",,ngl&nd ) 15 limited. I',S2 ha5 bLcii selLCtcd frorn numerou8 high profilc organi.%alions to work along%idc Lngland based Wysing Art5 Centre, Eastside Prujccls, SpikL' Islllnd. .Siudio Voltaire. New Art Exchange and 'l-ACO! {)ver the n¢xi 9 ycllr5 wc will dLvclop rclution5hip5 and progrdtnmes with individual artists and partners which will grcaily amplify our work on a n&lionwide Icvel. Page 3
Paragon Sthdios Ltd Trustees, Report Financial review PoliL'y on reserves 'I'hc directors, policy in relation to free reserves is io ensure thai PS. nIntaInS minimurn reserves equivalenl to at Icd5t Iwo months of normal charitablL cxpcndilure in order lo mainlain liquidity, lo cover any unforseen costs which may arise, and to fulfill obligations of PS2 in the evenl Cent levels of income are not maintained. Frcc Teserves are defined as total reserves excluding any restricted fvnds. Plans for futsre period8 Aims and key objeclivesforfuture periods 1)%2 compl¢lLd a business plan for 2022-2025 oullinin8 ihe visions and ain ofthe orgamsation and will refresh thL %tralegi¢ Plan towards ihe end ofthis year. I'he nexl urgent slep5 for a 5uslainable fulure are: l ) 'I'i) securc ¢OTC funding, rather than an all-projecl funding modcl, which will support the new sialTing structurc wilh IhL Lmphasis on organisalional dcvclopmcnt rather than delivcry. Through Bcif&si 2024 wc havc bccn ablc to hirc a pan-time (4 hours plw ) finance administrator. 2) 'fo draw on memberships such as Arts & Business lo bring expertise on { in particular ) funding and IIR to support our ongoing growth an organisation and a Board. -l) '1.0 5ecurc longer tcrni premises for our studios and projecl space. Strueture? Kovernanee and mana%ement N4lure ofRoverning documenl l)S' is a rLg?i.sILYcd charity and a company limii¢d by guaranlec and so does nol have a sharc Capi1. I"he liabilily or Lach mLmbcr is limited to £1. 'Ih¢ company is governed by ILS Articles ofAssociation. InduL'lion and ir4ining oftrnslee Ncw 'l'ru5lee5 - who are also appoinled as Dir¢¢iors - have an inducts'on mceting with the Chair of the Board. Thcy arL bricfed on a range of issues including a fidl introduclion to the organisalion. its decision making proc¢s5. busincss plan and rcccni financial performance, and thc roles and responsibilits'es of a Board member. I"lll'5 year we plan lu avail of Arts & Business's 13oard Matching Scheme lo bring new Lxpertise lo the Iloard which reflect.s the changcs lo ihL siarring struclure. and io Promote trainins and resources from, c.g NICV& ID exisling 13uard m¢mbcr5. Page 4
Paragon Studios Ltd Trustees, Report Orgrtni.slllionul slruelure i'oluntar!." Iloard ot Directors who arc also the Trustees oversees the work of the company and establishes policy and stratLgTr. Diiring thL reporting period Ra). Cashell has reinained in post as Chair of PS2 with Anne Mager as Secretarv and Michael Conlon as Interim Treasurer ( until a Board Match with financial expertise Lan be found through Arts & Business ). This year ive will seek to re¢ruit at least one studio member to the Board. Folloi4'ing the retirement of Peter Mutschler, the organisation's long term voluntary Crcative Director. PS: now cmplo)s tivo co-directors.. one tull time Project Curator l Davy Mahon } and one part time treelance Strategic Vision and Dcvclopment Curator ( Jane Morro. ). Petcr remains involved in the Belfast 2024 project as a paid freelance ProjeLt Lead. The new. part time. Ireelance Finance Administrator post is occupicd bv Loe Morgan.Through our Bcll&st 2024 project. li'e ivill create paid opportunities for 12 artists to work closel), with the organisalion ihroughoiit thc l'ear on 'orkshOp delivery. The compan> has all necessary policies in place which are reviewed regularly, including new policies this ycar on Eni.ironmenial Sustainability. Marketing and Audience Development. Diijersity and Inclusion. and Acce55ibility. Throughoiit thc N'car the work of PS: ..a5 greatl!. supported by the Board and the commiiiment and dedication ot the inl'itcd artists and extcrnal i'oluntcers. Major risks and mllnagement ofihose risks FInaCIal suslainabiliry The Trusiees have a risk management strategy ivhich comprises: an annual review olihe principal risks and uncenainties that the charity faces the establishment ofpolicies. sysiems and procedures to miligaie ihose risks identified in the annual rcview Ihe implementation ol-procedures designed to minimise or manage any potential impact on the charili should these risks maieridlise Financial sustainability has been identified as the major risk facing the charity at any wint in time. All idcntilicd risks are managcd by ensuring that robust policies and procedurcs are in pla¢e. A key element in the management ot tinancial risk is a rcgular review of available liquid tunds to settle debts as they fall due. Small companies provision statement I'hib repori has been prepared in accordance with the small companies regime under the Companies Act 2006. The nnu ' pproved by the trustees ol'the charity on 13 December 2024 and signed on its behalt'by.. Ra) Q".hairmaii and Tr Page 5
Paragon Studios Ltd Statement of Trustees. Responsibilities The trustees {H'ho arc also the directors of Paragon Studi05 Ltd for the purposes of company la14.'1 are resp)nsible for preparing the trustecs. rcFK)rt and the financial statements in accordattce I.1th applicable law and United Kingdom Accounting Standards {Uttited Kin2dom Gencrallv Acceptcd Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ot Ireland" The report and accounis have been prepared in accordance '][h the provisions in the Companies Aci 2006 rclating to small companics. Company law requires the truslecs to prcparc financial 5taÉemcnts for each financial i'ear. Under compan>, law the trustees must not approve ihe financial siaiements unless the). are saiisfied ihat thev give a true and fair VIC ol- the state ot- atlairs of the charitablc companv arEd of the incoming rcsourccs and application of resources. inLluding its income and expcnditurc. of the charitable compani. for that period. In prcparing thesc financial statemcnts. the trustees are rcquired io- select suiiable ac¢ounting policies and applv them consistenilv; observe the mcthod5 and principles in the Charitie5 SORP- make judgements and estimates that are reasonable and prudeni. state .hcthcr applicable accounting standards. comprising FRS 102 have been follo.ed. subject lo any Fnaterial departUS discloscd and explaincd in the financi stsieTnents- attd prepare thc tinancial statements on the going concern b&sis unless it is inappropriate to presume thai the charitable company w'ill Lontinuc in business. The trustees are res]y)nsible for keeping proper accounting records that can disclose thith reasonable ac¢ura¢)' ai an) time the financial posilion of the Chanb]e compani. and enable them io ensure that the fiTraneial statemcnts Lomply with the Companies Act ?006. The!. are also re5ponsiblc for safeguarding thc assets ot the charitable companv and hencc lor taking reasonable steps t-or the prei'eniion and deiec¢ion ol fraud and other irrcgularities. The trustees are reswbnsible for the maintenance and iniegrit!, of ihe corw)rate ad tinancial inforniation includcd on the charitable companK s website. Legislation governing the prepardiion and dissemination of finan¢ial siaiement5 maj differ from legislation in other jurisdictions. ppr the stees of the charity on 13 December 2024 and signed on ils behf bv: Cha an and irustee Pagc 6