Charity number: NIC103703
Company number: N1032276
THE NERVE CENTRE LTD
(A company limited by guarantee)
Direetors, report and financlal statements
for the year ended 31 March 2023

THE NERVE CENTRE LTD
(A company limited by guarantee)
Contents
PY4ge
Legal and administrative infomiation
Directors, report
Auditors, report
9-13
Statement of Financial Activities
14
Balance sheet
15
Statement of Cash Flows
16
Notes to the Financial Statements
17-27

THE NERVE CENTRE LTD
(A company limited by guarantee)
Legal and admlnistrative information
Directors
John Mc Gowan
Tess Maginess
Michael Hamlyn
Andrew McAfee
Shauna Kelpie
Edward Friel
Trustees
Kathy Gilfillan
Anthony Dolierty
Secretary
Pearse Moore
Rtgfistercd offite
7-8 Magazine Street
Deny
BT48 6HJ
Company number
N1032276
Charlty number
NIC103703
XR20210
Auditors
McGroaty Mccafferty & Company
Accountants & Registered Auditors
2 Carlisle Terrace
Derry
BT48 6JX
Bankcrs
Bank Of Ireland
27 Culmore Road
Derry
BT48 8JB
Nationwide Building Society
I l Ferryquay Street
Derry
BT48 6JN
Solicitors
Desmond J Doherty & Company
4 Ballougry Road
Derry
BT48 9XJ
Pagc I

THE NERVE CENTRE LTD
(A company limited by guarantee)
Directors Report for the year ¢nded 31 March 2023
The dire¢tors pr¢sent tlieir annual report and the audited financial statements for the year ended 31 March 2023.
Directors and thelr Interests
The directors of the charity for the purposes of charity law and who Served during the year were as follows:
Andrew McAfee
Michael Hamlyn
John M¢ Gowan
Shauna Kelpie
Tess Mc Maginess
Edward Friel
Principal activlty
The principal activity of the company in the year under review was that of running a multimedia arts centre.
Structure? governance and management
Governin
Document
The Nerve Centre is a company limited by guarantee and established under a Memorandum of Association
which established the objects and powers of the charitable company and is governed by its Articles of
Association. It is a registered charity with the Charity Commission.
Recruitment and A
ointment of the B
f Directors
The directors of the company are also charity trustees for the purposes of charity law and under the compllny's
Articles are known as members of the Board. At the Annual G¢neral Meeting one third of directors retire in
rolation and being eligible offer themselves for re-el¢ction.
2Y
Risk Mana
ement
The directors have a risk manag¢ment Strate￿ which consists of establishin8 a system of identifying risks and
mitigating such risks. Internal control risks are minimised by the implementation of procedures for authorisation
of all transactions and projects.
Statement of disclosure of Informatlon to audltors
We, the directors of the company who held otTice at the date of approval of tliese Financial Statements, as set out
above, each confirm so far as we are aware, that:
there is no relevant audit infonnation of which the company's auditors are unaware; and
we have taken all the steps that we ouglit to have taken as directors in order to make ourselves aware of any
relevant audit inforniation and to establish that the company's auditors are aware of tliat inforniation.
FlnanclAI Rovlcw
Budgelary controls and constant reviews of all expenditure continue to be implemented this period and have not
hindered business of Tlie Nerve Centre in achieving their primary purpose. Controls taken at the management
level will continue to the coming financial year with continous monitoring throughout.
The financial uccounts show a surplus of £273,248 with reserves of £3,569,396.
Princi
al Fundin
Sourceg
The principal funding sources over the relevant financial year have been Nl Screen, Arts Council of Northem
Ireland, British Film Institute, Derry City & Strabane District Council, SEUPB, South West College, Heritage
Lottery Fund, Festival 2022 and Paul Hamlyn Foundation. The company maintains a strong relationship with its
funders and have secured funding ivith them for the foreseeable future.
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THE NERVE CENTRE LTD
(A company limited by guarantee)
Chairperson's Foreword
This year lias been an unprecedented year for creative programming at the Nerve Centre with our Unboxed
project with Oliver Jeffers, Our Place in Space, dominating the year.
This large scale sculpture trail launched in Derry in April 22 breaking a world record for the largest number of
astronauts in the one place, before moving to Belfast in June. Cambridge in August, Liverpool in October before
returning home to Cultra in February 2023.
At each location the trail included a full education programme including online resources for schools, an
interactive app and animation programme of events, festivals and workshops.
Our Place iii Space was one of the best perfonning of the Unboxed Festival projects with audiences in excess of
I million aiid at the time of writing our Augmented Reality App and Minecraft World has been downloaded over
3 million times across 150 Countries.
We also engaged over I million at the 4 locations. 156,000 attended events and 28,000 students took part in
educational aspects of the project. This large scale project was additional to our regularly funded activity
supported by our Gore funders.
Our largest funder, Northern Ireland Screen, Continued to provide their annual support for our film festival,
reative learning centres, academies, film clubs and exhibition programming.
Nerve Belfast moved into tlie new location at W5 in Belf&st with Nerve Belfast delivering a variety of STEM
training programm¢s during August and Sept¢mb¢r including sessions in coding and Min¢¢raft.
At tl)e ei)d of the year Nerv¢ Belfast hosted a free full-day series of events on Tuesday 21 February 2023 to
otTicially launch th¢ir new training facility Within W5 LIFE with a symposium on film education.
Tlie centre-piece of the symposium was the public launch of the Shortcut website and learning programme
which makes freely available 20 European short films exploring sensitive and challenging social issues wliich
are iinpacting negatively on tlie physical and mental liealth of young people.
Our delivery would not have been possible witliout the support of all our CO￿ funders such as Dery City and
Strabane District Council (who support core building costs and the Annual Foyle Film Festival), Belfast City
Council and Community Relations Council.
Meanwhile back in Derry, Foyle Film Festival celebrated its 35th year and a decade-long partnership with
Brunswick Moviebowl. Audiences were great for the festival with over 25 sold out events of the 80 screenings
and events which took place at the festival.
FestIval favourites Cinematic Breakfasts and Dementia Friendly Screens rethrned with some all-time classics -
and this year we welcomed our first collaboration with Foyle Foodbank - offering a series of Foodbank Screens
supporting the local community, the public are encouraged to donate much-needed items to the foodbank instead
of the usual ticket fee.
Page 3

THE NERVE CENTRE LTD
(A company limited by guarantee)
.continued
In February we relaunched our regular cinema screenings at the Nerve Centre committing to every Wednesday
and Thursday night. Audiences have been gr¢at and the programming has been excellent as a resLIIt of the n¢iv
DCP projector which allows us to get the most recent releases.
In March, we delivered both the Reel Lives Film Festival and Schools Film Week with additional support from
Northern Ireland Screen.
Our music activity including gigs, music courses and music facilitie5 also began to return to normal with
courses, gigs and CaDi programmes.
We continued to provide many live perfonnances in our venue showcasing local perforniers and international
acts as well. In a major coup Nerve Centre booked Bell X I for a show at the Derry Jay2 Festival in May 2022.
The show was the smallest venue on the tour and sold out within minutes.
Arts Coiincil Nl provided core funding for music activity and capital funding to enable us to Cater for our music
programme including live events and music Hothouses provide equlpment to be able to do tliis and adapt our
spaces.
Our delivery would not have been possible without the support of all our core funders such as Deny City and
Strabane District Council (who support core building costs and th¢ Annual Foyle Filin Festival), Belfast City
Council and Community Relations Council.
Nerve C¢ntre was abl¢ to continue to provide car¢¢r opportunities for young people in the s¢r¢en and creativ¢
industries including the BFI Film Academy, BFI Venue Education Fund, Miisic Hothoiise, Bandcainp and
CADI programmes.
The Reimagine, Remake Project also had another productive year. The project's vision is that through the energy
and imagination of young people, combined with digital creativity, it will create a new dynamTC in tli¢
exploration and interpretation of collections held by museums, and create sustainable models for long- term
youth engagement.
In June 2022 Young People on the Reimagine Remake Replay project launched their aiigmented reality
exhibition at the Ulster Museum. Created over a four week period, local 16 25 year olds were challenged to
learn new skills such as illustration and animation to produce an entirely new view on our sliared heritag¢. In this
exciting exhibition, visitors could uncover illustrations, animations and voice overs that give a fresh coat of
digital paint to Mid Antrim Museum's iconic object wall. Tt is with sadness that the Reimagine Remake Replay
project came to an end in November 2022.
Lastly, our 10 year grant from the Paul Hamlyn Foundation continued to provide ihe core support for tlie
organisation providing a stability and programme resource for the organisation to develop new ways of thinking
and seed fund projects at a very early stage.
John McGoivan
Chairperson
Page 4

THE NERVE CENTRE LTD
(A company limited by guarantee)
Aetivity Report 2022123
Northern Ireland Screen continue to be the largest funder of th¢ Nerv¢ Centr¢ supporting creative learning
centres in Derry aiid Belfast, exhibition programme including Foyle Film Festival and Film Clubs.
Their funding makes a strategic intervention in the film sector ecosystem crossing between industry, education
and exhibition.
The Nerve Centre delivers our education, training and participation programmes both at the Nerve Centre and
also via our network of Creative Learning Centres in Derry and Belfast,
During the period with NI Screen funding Nerve Centre continued the highly successful Acadmies in
Aniiration, Production Design and Gaming providing career opportunities for 16 - 19 year olds in the screen
Nerve Belfast moved into the new location at W5 in Belfast with Nerve Belfast delivering a variety of STEM
training prograiiimes during August and Sepiember including sessions in coding and Minecraft.
At the end of the year Nerve Belfast hosted a free full-day series of events on Tuesday 21 February 2023 to
officially launcli tlieir new training facility Wlthin W5 LIFE witli a symposium on film education.
Foyle Film Festival celebrated its 35th year and a decade-long partnership with Brunswick Moviebowl.
Audiences were great for the festival with over 25 sold out events. Foyle Film Festival is one of only a handful
of intemational film festivals with Oscar affiliation and BAFTA recognition. The festival, which is a flagship
project of the Nerve Centre, offers filmmakers, animators and artists a unique platforn] to screen their films,
nctwork with industry prof¢ssionals and gain acc¢ss to the intemational market.
In February w¢ r¢launched our regular cinema screenings at tlie Nerve Centre committing to every Wednesday
and Thursday niglit.
In March, we delivered both the Reel Lives Film Festival and Schools Film Week with additional support from
Northern Freland Screen.
Nerve Centre has also bullt a reputation as an organisation tliat provides opportunities for new bands and artists
in Northerii Ireland. We continued to provide many live perfonnances in our venue showcasing local
perfomiers and international acts as well. In a major coup Nerve Centre booked Bell Xl for a show at the Derry
Jazz Festival in May 2022. The show was the smallest venue on the tour and sold out within minutes.
Arts Council Nl provided core funding for music activity and capital funding to enable us to Cater for our music
programme including live events and Inusic Hothouses provide equipment to be able to do this and adapt our
spaces.
Our delivcry would not have been possible without tlie support of all our core funders such as Detry City and
Strabane District Council (wlio support core building costs and the Annual Foyle Film Festival), Belfast City
Council and Community Relations Council.
In addition, our l O year grant from the Paul Hamlyn Foundation continued to provide the core support for the
organisation providing a stability and programme resource for the organisation to develop new ways of thinking
and seed fund projects at a very early stage.
Page 5

THE NERVE CENTRE LTD
(A company limited by guarantee)
Nerve Centre continued to provide career opportunities for young p¢opl¢ in the screen and crecltive industri¢s
including Musi¢ Hothouse, Bandcamp and CADI programmes.
We also d¢liver¢d over 40 full-time places during the year and provid¢ equipm¢nt to support online and blended
learning. By working in partnership with South West College we were able to offer these full-time places during
the year in full time creative media courses.
These courses are the backbone of th¢ Nerve Centre, enabling us to develop the indigenous skills necessary to
sustain a local music, multimedia and film/video-making industry.
BFI increased their support of the Nerve Centre by also providing funding from their BFI venue education fund
as well as the BFI Fllm Academy which we have been delivering on an Nl wide basis for l O years.
In July 2022 we delivered the Script Development Lab which provided an excellent chance for young
filmmakers to network with industry experts and meet possible fuiure collaborators. Participants were guided by
three industry mentors and collaborate on the crelltion of a brand-new short film screenplay. A screenplay that
might lielp get that all important first professional credit.
Throughout the course PRrticipants received exclusive mllsterclasses from leading TV and film indiistry
professionals. Adam Patterson and Declan Lawn are aboard this year. This writing duo scripted the critically
acclaimed BBC drama The Salisbury Poisonings and the Simon Pegg helmed Cliannel 4 drama The Undeclared
War.
The Reimagine, Remake Project also had another productive year and came to a close in Noveinber 2022. The
proje¢t's vision is that through th¢ ¢n¢rgy and imagination of young people, Combined with digital crelK tivity. it
will create a new dynamic in the exploration and interpretation of collection5 held by museums, and crcate
sustainable models for long- terni youth engagement.
In June 2022 Young People on the Reimagine Remake Replay project launched their augmcntcd reality
exhibition at the Ulster Museum. Created over a four week period, local 16 - 25 year olds were cliallenged to
learn new skills such as illustration and animation to produce an entirely new view on our sharcd heritage.
Reimagine, Remake, Replay was funded through the Heritage Lottery Fund's Kick the Dust Programme. Tlie
project was led by the Nerve Centre with partners National Museums Northern Ireland, Northern Ireland
Museums Council and Northern Ireland Screen.
The centrepiece of this year was our Unboxed project with Oliver Jeffers, Our Place in Space.
This large scale sculpture trail launched in Derry in April 22 breaking a world record for the largest number of
astronauts in the one place, before moving to Belfast in June, Cambridge In August, Liverpool in October before
returning home to Cultra in February 2023.
At each location the trail included a full education programme including online resources for schools, an
interactive app and animation programme of events, festivals and workshops.
Page 6

THE NERVE CENTRE LTD
(A company limited by guarantee)
Our Place in Space was one of the best perforn]ing of the Unboxed Festival projects with audiences in excess of
I million and at the time of writing our Augmented Reality App and Minecraft World lias be¢n downloaded over
3 million times across 150 countries.
We also ¢nga8cd over I million at the'4 locations, 156,000 attended events and 28,000 students took part in
educational aspects of the project.
News on all our Current workshops and Events can be found at:. https:Ilwww.nervecentre.org
Directors Responsibilities in Relation to The Financlal Statements
The directors are responsible for preparing the Annual 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 directors to prepare financial statements for each financial year. Under
company law the directors must not approve the financial statements unless they are satisfied that they give a
true and fair view of tlie state of affairs of the charitable company and of the incoming resources and application
of resources, including the income and expenditure, of the charitable company for that period. In preparing these
financial statements, the directors are required to:
select suitable accounting policies and apply them consistently;
observe the methods and principles in the Cliarities SORP 2019 (FRS 102):
Inake judgements and estimates that are reasonable and prudent:
state wlietlier applicable UK and Accounting Standards have been followed. subject to any material departures
disclosed and explained in the financial stateinents.
prepare the financial stat¢m¢nts on the going concern basis unless it is inappropriat¢ to pr¢sum¢ that the charity
will continue in business,
The Board is responsible for maintaining proper accounting records that are suffi¢ient to sliow and explain the
charity's transactions and disclose with reasonable accuracy at any time the financial position of the charitable
company and to enable them to ensure that the financial statements comply with Companies Act 2006. The
Board is also respoiisible for safeguarding the assets of the charitable company and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
In accordance witli company law, as the company's directors, we ¢¢rtify that:
So far as we are aware, there is no relevant audit information of which the company's auditors are unaware; and
as tlie directors of tlie company we have taken all steps we ought to have taken in order to make ourselves aware
of any relevant audit information and to establish that the charity's auditors are aware of that infonnation,
Audltor's-
McGroarty Mccafferty & Company are deemed to be reappointed in accordance with Section 487 (2) of the
Companies Act 2006.
Tliis report is prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating
to small companies.
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THE NERVE CENTRE LTD
(A company limited by guarantee)
The financial statements are approved and authorised for issue by the Board of Directors on I l December 2023
and signed on it's behalf by;
Dlrector
Direetor
keie
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THE NERVE CENTRE LTD
(A company limited by guarantee)
Independent auditor's report to the directors of THE NERVE CENTRE LTD
Opfinion
We have audited the financial statements of THE NERVE CENTRE LTD for th¢ year ended 31 March 2023
whicli cotnprise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and the related
notes. The financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102
"The Financial Reporting Standard applicable in the UK and Republic of Ireland
Thi5 report is made solely to the charitable company's directors, as a body? in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable
ompany's directors those matters we are required to state to them in an auditorfs report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
charitable compaiiy and the charitable company's directors as a body, for our audit work, for this report, or for the
opiiiions we liave forined.
In our opiiiion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 March 2023, and of its
incoming resource5 and expenditur¢ of resources. including its income and expenditure, for tlie year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practic¢.
and
hav¢ b¢en prepared in accordance with the requirements of the Compani¢s A¢t 2006.
Basis for opinlon
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities
for the audit of tlie fiiiancial stateinents section of our report. We are independent of the charitable company in
accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK,
including the FRC'S Etliical Standard, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe tliat the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Concluslons relating to going concern
In auditing the financial statements, we have concluded that the directors, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not Identified any material unccrtainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to
continue as a going concern for a period of at least twelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the
relevant sections of this report.
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THE NERVE CEINTRE LTD
(A company limited by guarantee)
Other information
The directors are responsible for the other inforniation. The other inforniation comprises the inforniation
included in the directors, annual report, other than the financial statements and oiir auditor's report thereon. Our
opinion on the financial statements does not cover other information and, except to the extent otherwise explicitly
stated in our report, we do not express any forni of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other inforniation and, in
doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such inaterial
inconsistencies or apparent material misstatements, we are required to deterniine whetlier there is a material
missiatement in the financial statements or a material misstatement of the other information. If, based on the
work we have perfonned, we conclude that there is a material misstatement of this other infomiation, we are
required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescrlbed by the CompAnies Act 2006
In our opinion based on the work undertaken in the course of the audit:
the infortnation given in the Directors, Annual Report for the financial year for Nvhich the financial statement5
are prepared is consislent with the financial statements. and
the Dir¢¢tors Annual Report has been prepared in accordance with applicable Icgal r¢quir¢m¢nts.
Matters on whlch we are required to report by ex¢¢ption
In the light of our knowledge and understanding of the charitable company and its environment obtained in the
course of the audit, we have not identified material misstatements in the Directors Annual Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
adequate accounting record5 have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors, remuneration specified by law are not made; or
we have not received all the inforniation and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies exemption from the requirement to prepare a strategic report.
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THE NERVE CENTRE LTD
(A company limited by guarantee)
Responsibilities of the directors
As explained more fully in the Directors, Responsibilities Statement set out on page 7, tlie directors (who are also
the directors of the cliaritable company for th¢ purposes of company law) are responsible for the preparation of
the financial statements and for being satisfied that they give a tru¢ and fair view, and for such internal control as
the directors detern]ine is necessary to enable the preparation of financial statements that are free from material
misstatement, wheilier due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the charitable company's ability to
continue as a going concern, disclosing> as applicable. matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease
operations, or have no realistic altemative but to do so.
Auditor's responslbllltles for tho audit of tho finan¢ial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, wlietlier due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance
with ISAS (U K) will always detect a material misstateinent when it exists. Misstatements Can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the econotnic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audlt was consldered capable of detecting irregularities, including
Irregularities, including fraud, are instances of non-complian¢¢ with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to d¢t¢ct material misstatements in respect of i￿c8U1ar1ties,
including fraud. However, the primary responsibility for the prevention and detection of fraud lies with
management and tlie board of directors of the charitable company.
Identifying and assessing poteDtlal rlsks rolated to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and
non-compliance with laws and regulations, we considered the following:
the nature of tlie industry, sector and the specific control environment which it operates in;
the cliarities own assessment of the risks that irregularities may occur, eitlier as a result of fraud or error.
representations and results from our enquiries with management and the board of directors regarding their own
identification and assessment of tlie risk5 of irregularities.
enquirieg of manag¢m¢nt relating to accounting estimates measurements, recognition criteria and justification of
such amounts.
aiiy matters we have identified liaving obtained and reviewed the Charities policies and procedures relating to;
* identifying and assessing if laivs and regulations are compliant and whether they are aware of any instances or
non-compliance.
* detection and response to the risk of fraud and whether they are aware of any actual, suspected or alleged fraud
instances.
* the internal controls designed to mitigate risks or fraud or non-compliance with laws and regulations, and to
minimise risk of management overrides of such controls.
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THE NERVE CENTRE LTD
(A company limited by guarantce)
all matters discussed among th¢ audit engagement team regarding how and ivhere fraud could occur and the
potential indicators of fraud.
As a result of these procedures. we considered the opportuniti¢s and incentives that may exist witliin tli¢ charity
for fraud. The audit included assessing the procedures and evaluating the measurement of eslimations. In
common with all audits under ISA5 (UK), we are also required to perfom] specific procedures to respond to the
risk of management override.
We also obtained an understanding of the legal and regulatory frameworks applicable to tlie charity and
considered that the most significant are the UK Companies Act 2006, SORP 2019 (FRS 102) and Charities Act
(Northern Treland)2008.
Audlt responses to risks identified
Our procedures to respond to risks identified included tlie following:
reviewing the financial statement disclosures, testing the relevant documentation to assess compliance with ilie
significant laws and regulations - those described as having a direct effect on the financial statements.
enquiring with management and obtaining third paty confirniation from the Charities Solicitors regarding any
actual or potential litigation and claims;
perforn]ing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud.
reading minutes of board and management meetings, examine forccasting material in line witli actual
performance, identifying any potential fraud indicators or instances.
reviewing Companies House and Charity Commission Northern Ireland correspondence, idcntify any late
submissions or omissions of mandatory information;
review correspondence with HMRC. identifying non compliance of specific information to be disclosed;
in addressing the risk of fraud through management override of controls. testing the appropriateness of data
entries and adjustments; assessing whether the jiidgements made in making accounting estimates are indicative of
a potential bias; and evaluating the rationale of any significant transactions that are unusual or outside the normal
course of the Charities objectives.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team
members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout
the audit.
As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provlde a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgcry9 int¢ntional omissions,
misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
charitable company's internal control.
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THE NERVE CENTRE LTD
(A company limited by guarantee)
Evaluate the appropriateness of accounting policies us¢d and the reasonableness of accounting estimates and
related disclosures made by the directors.
Conclude on the appropriateness of the directors, use of the going concern basis of accounting and, based on the
audit evidenc¢ obtained. whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the charitable company's ability to continue as a going concern. If we ¢on¢lude that a
Inaterial uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in
tlie financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of the auditor's report. However, future events or conditions may
cause the charitable company to cease to continue as a going concern.
-Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and
tiininE of the audit and significant audit findings, including any Significant deficiencies in internal control that we
identify during our audit.
erty
Senlor Statutory Auditor
for and on behalf of
McGroarty Mccafforty & Company
Statutory Audfitor
2 Carllsle Terrace
Dorry
BT48 6JX
Dated: 11 December 2023
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THE NERVE CENTRE LTD
(A company Iimited by guarantee)
Statement of Financial Activities
ror the year ended 31 March 2023
Unrestricted
Funds
Restrictod
Funds
2023
2022
Income and Ei xpenditure
Incoming Resources
Grants & Sundry Income
3,899,348
1,715,019
5,614,367
4,620,811
Total Incoming Resources
3,899,348
1,715,019
5,614,367
4,620,811
Resources Expended
Management & Administration
Total Resources Expended
3,586,781
1,754,338
5,341,119
4,404,387
3,586,781
1,754,338
5,341,119
4,404,387
Net Incoming l (Outgoing) Resources
16
312,567
(39,319)
273,248
216,424
Gains/(losses) on revaluation of fixed assets
30,790
312,567
(39,319)
273,248
247,214
Balances brought forward l April 2022
2,300,393
995,755
3,296,148
3,048,934
Balances carried forward 31 March 2023
2,612,960
956,436
3,569.396
3,296,148
All of the above amounts relate to continuing activities.
There are no recogni5ed gains and losses other ihan ihose included in the results above and therefore no
separate statement of total recognised gains and losses has been presented. There is no difference betsveen the
net incoming resources for the year stated above and their historical cost eouivalents.
Page 14

THE NERVE CENTRE LTD
(A company limited by guarantce)
Balance sheet
as at 31 March 2023
2023
2022
Notes
Fixed assets
Tangible assets
Investments
1,977,264
636,180
2,040,876
674,069
2,613,444
2,714,945
Current assets
Debtors
Casli at bank and in hand
10
419,031
3,135,687
1,255,554
2,671,055
3,554,718
3,926,609
Current liabilities
Trade creditors
Bank loans and overdrafts
Other creditors
Accruals
185.338
7,134
334,880
134,711
135,176
4,675
1,053,289
174.148
11
662,063
1,367,288
Net current assets
2,892,655
2,559,321
Total assets less eurr¢nt
Ilabllltles
5,506,099
5,274,266
Long-tenn liabilities
13
(400,000)
(400,000)
Net assets
15
5,106,099
4,874,266
Financed By
Unrestricted Funds
Restricted Funds
Revaluation Reserve
Capital Grants
15
15
16
17
2,582,170
956,436
30,790
1,536,703
2,269,603
995,755
30,790
1,578,118
5,106,099
4.874,266
These accounts hav¢ been prepared in accordance with the special provision5 of Part 15 of the Companies Act
2006 and the Charities SORP 2019 (FRS 102).
The Financial Statements were approved and authorised for issue by th
sigiied on its behalf by
ard on I l December 2023 and
Director
Company Number: N1032276
Director
as￿￿4[21) RIÈL
JoiihJ AQL-
Page 15

THE NERVE CENTRE LTD
(A company limited by guarantee)
Statement of Cash flows
as at 31 March 2023
Note
2023
2022
Operatlng Actlvities
Net incoming l (outgoing) resources for the year
Depreciation and impaimient
(Increase)/ decrease debtors
(Decrease) l increase in creditors
273,248
63,612
836,523
(705,225)
216,424
64,756
(518.632)
307,023
Nct cash Intlow from operating activities
468,158
69,571
Financing Actlvltles
Loss on investments
Capital grant relased
Investments
37,889
(41,415)
38,856
(41,415)
712,925
IncreAse In cllsh in the year
464,632
(645,913)
Reconcfillatlon of net cash flow to movement in net funds
Increase in cash in the year
Net funds at l Aprll 2022
464,632
2,671,055
(645,913)
3,316,968
Net funds at 31 March 2023
18 3,135.687
2,671,055
Page 16

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
General information
The charity is a private limited company by guarantee, registered in Northern Ireland and a registcred
charity in North¢m Ir¢land. The address of the regist¢r¢d otTice is 7-8 Magazine Street, Derry, BT48
6HJ. The company changed its name to The Nerve Centre Ltd on 31 October 2023.
1.1. A¢¢ountlng conventlon
The principal accounting policies adopted in the preparation of the financial statements are set out
below and have remained unchanged from the previous year, and also have been consistently applied
within tlie saine accounts.
The charity constitutes a public benefit entity as defined by FRS102. The financial statements have
been prepared in accordance with the accounting policies set out in notes to the accounts and comply
with tlie charity's governing document, the Charities Act (Northern Ireland) 2008 and Accounting and
Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of
Ireland published in October 2019 (SORP 2019) and the Companies Act 2006.
The financial statements are prepared on a going concern basis under the historical cost convention,
modified to included certain items at fair value. The financial statements are presented in sterling
wliich is ilie functional currency of the charity.
1.2. Incoming resources
All incoming resources ar¢ includ¢d in th¢ SOFA when the charity is legally entitled to the income and
the ainount can be qualified with reasonable accuracy. The following specifi¢ policies are applied to
particular categories of Income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the
statement of financial activities when receivable. Grants where entitlement is not conditional on the
delivery of a specific perfomiance by the charity, are recognised when the charity becomes
unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The
value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when
they are sold.
1.3. Resources expended
All expenditure is accounted for on an accruals basis as a liability is incurred and has been classified
under headings that aggregate all costs related to the category.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and
services for its beneficiaries. It includes both costs that can be allocated directly to such activities and
those costs of an indirect nature necessary to support them.
Page 17

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
1.4. Fund accounting
Unrestri¢t¢d funds are available for use at the discretion of the trustees in furtherance of the general
objectivos of the charity and which have not been designat¢d for other purposes.
Restri¢t¢d funds are funds which are to be used in accordance with specific restrictions imposed by
donors or which have been raised by the charity for particular purposes. Tl)e cost of raising and
administering such funds are Charged against the specific fund.
1.5. Tanglble fixed assets and depreciation
Land and buildings are carried at a revalued amount, being its fair value at the date of revaluation less
subsequent deprcciation and impaimient, provided that fair value can be measured reliably.
Tangible fixed assets classified under the headings equipment and motor vehicles are valued at cost less
depreciation.
Depreciation is provided at rates calculated to write off the cost or valuation less residiial value of each
asset over its expected useful life, as follows:
Land and buildings
Fixtures, fittings
and equipment
Motor vehicles
20/0 Straight Line
200/0 Strkight Line
20% Straight Line
1.6. Investments
Investments ar¢ initially r¢¢ord¢d at cost, and subsequently stated at cost less any acciimulated
impairm¢nt losses.
1.7. Cash at bank
Cash at bank and cash equivalents are stated at Cost at the financial year end.
1.8. Capltal grants
Capital grants are received in respect of purchase of fixed assets a portion of whicli is released to the
statement of financial activities in the year of receipt.
1.9. Debtors & creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at transaction price. Any losses arising from impairnient are recognised in expenditure.
1.10. Company status
The charity is a company limited by guarantee and does not have a share capital.
1.11. Pension ¢ostS
Contributions to auto enrolment pension schemes are recognised as an expense in the period in wliich
tlie related service is provided.
1.12. Redundancy costs
Redundancy costs are recognised as an expense in the period ivhen the employment contract in
question was temiinated.
Page 18

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
1.13. Going concern
Tli¢ financial stat¢m¢nts have b¢¢n prepared on a going con¢¢rn basis as the dir¢¢tors believe that no
material uncertainties exist. The directors have consid¢red the level of funds held and the expected l¢vel
of income and expenditure for 12 months fvom authorising these financial statements. The budgeted
incoine and expenditure is sufficient with the level of reserves for the charity to be able to continue as a
going concern.
1.14. Foreign Currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates
of exchange prevailing at the accounting date, Transactions in foreign currencies are recorded at the
date of the transactions. All differences are taken to the Statement of Financial Activities.
Page 19

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
Grants & other income
The total income of the company for the year has been derived from its principal activity wliolly
undertaken in the UK.
2023
2022
Restricted Income - Charitable Activities
Northern Ireland Screen
OCN
Arts Council (including National Lottery)
Derry City & Strabane District Council
Community Relations Council
ESB
SEUPB
Nottingham Media Centre Ltd
Keadue Community Grant
Heritage Lottery Fund
British Film Institute
Belfast City Council
British Council
QUB - Film Hub Grant
EU Culture Fund
Other Grants
Paul Hamlyn Foundation
784,427
1,500
78,495
39,688
26,918
8,160
75,886
4,000
1,120,228
57,626
41,499
26,418
5,440
423,421
8,000
290,697
106,105
18,000
265,830
79,700
19,800
76,500
15,300
9,100
40,911
3,931
203,100
6.400
232,415
,715,019
2,354,476
Unrestricted Income- Charltable Activfitles
Project Income
Festival 2022 (Unboxed/Belfast City Council)
Venue Income￿]cket Sales
Foyle Film Festival
South West College
Bank Interest
Other Income
rurlough Claims
485,774
3,023,51 I
107,167
32,219
150,000
26,759
73,918
297,900
1,749,505
63,260
33,607
i 00,000
7,006
3.741
11,316
3,899,348
2,266,335
Total Income
5,614,367
4,620,811
Page 20

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
2.1 Resources Expended - Charitable Activities
Unrcstrlcted
Funds
Restricted
Funds
Total
2023
Total
2022
Managcment & Admlnlstratlon
Wages & salaries
Redundancy payments
Staff pension costs
Staff life insurance payments
Rent, rates & venue hire
Insurance
Heat & light
Teleplione & internet
Production costs
Repairs & mainteiiance
Cleaning & consumables
Postage> printing & stationery
Website maintenance & development
Training tutors, course fees & accreditation 35,829
Travel, subsistence & hospitality
4,509
Motor expenses
3,245
Professional fees & subscriptions
61,357
Audit fees
11,000
Bank charges
2,357
Bus hire & carriage
Hire of equipin¢nt
Materials
Artist's fees
Video production costs
Licence fees
Marketing expeiises
Grant partner payments
Nerve Centre equipment expenditure
Bar purchases
Sundry expenses
Profit / loss on exchange
Depreciation of Building
Depreciation Fix & fittings
Depreciation Motor vehicles
Capital Grants Amortiscd
Gain/loss on investments
Festival 2022 expenses
714,862
836,626
9,950
105,862
1,551,488
9,950
148,019
7,070
30,754
34,218
35,804
9,046
312,507
42,392
5.776
21,881
10,620
134.628
55.042
3.245
61,357
I 1,000
2,357
1,995
480
22,014
42,321
21,681
15,660
19,584
83,134
30,967
23,391
5,587
(15,807)
57,736
354
5,522
(41,415)
37,889
2,542,872
1,445,741
42,157
7,070
138,143
4,920
29,105
16,280
31,328
11,404
182,022
122,362
2,580
,346
40,421
141,958
40,007
7,531
70,690
1.000
1,274
1,827
13,360
23,463
33,077
29,099
18,681
25,229
317,216
66,362
6,916
2,440
2,214
57,120
354
7,282
(41,415)
38,856
1,497,194
30,754
34,218
35,804
7,415
311.407
1,631
1,100
42,392
5,776
21,881
10.620
98,799
50,533
1,995
480
22,014
42,321
500
21,181
15,660
19,516
83,134
30,967
68
23,391
5,587
(15,807)
57,736
354
5,522
(41,415)
37,889
2,542,872
3,586,781
1,754,338
5,341,119
4,404,387
Page 21

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
Net Incomol expenditure for the year
2023
2022
Net income/ expenditure is stated after Chargin￿ (crediting):
Depreciation and other amounts written off tangible assets
Auditors, remuneration
63,612
I 1,000
64,756
I 1,000
Auditor's remuneratlon
The auditols remuneration amounts to an audit fee of £1 1,000 (2022 - £11,000).
Employees
2023
2022
Wages and Salaries
Social security costs
Pension costs
Redundancy costs
1,421,560
129,928
148,019
9,950
1,326,596
119,145
138,143
1,709,457
1,583,884
Two employees received emoluments of more than £60,000 (2022: two)
The directors, neither received nor waived any emoluments during the year. (2022: None)
Number of employees
2023
Number
2022
Number
The average monthly numbers of employees during the year, calculated on
the basis of full time equivalents, was a5 follows:
125
85
Taxation
As a charity, The Nerve Centre is exempt from tax on income and gains falling within section 505 of
the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the cxtent that these are
applied to its chargeable objects. Accordingly, no tax charges have arisen in the charity.
Page 22

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
Tangible Asscts
Land and
bulldings Equipment
Motor
vehicles
Total
Cost
At l April 2022
2,886,788 1,246,743
52,392 4,185,923
At 31 March 2023
2,886,788 1,246,743
52,392 4,185,923
Depreclatlon
At l April 2022
Charge for the year
851,788 1,246,389
57,736
354
46,870 2,145,047
5,522
63,612
At 31 March 2023
909,524 1,246,743
52,392 2.208,659
Not book values
At 31 March 2023
1,977.264
1,977,264
At 31 Marcli 2022
2,035,000
354
5,522 2,040,876
Revaluation of prop¢rty
A revaluation of the propertics at 4-6 and 7-8 Magazine Street ivas carried out on tlie 15th March
2023. The net book of the properties is £2,004,210, the revalued amount is £2,035,000, this gives
a ievalu¢d gain of £30,790. The r¢valuation was carried out by James O'Doh¢rty & Company - Mr
Eoin Doherty (RICS Registered Valuer 5615050).
Investments
2023
2022
Balance at l April 2022
Additions to investments in year
Gainl(loss) on investment
674,069
712,925
(38,856)
(37,889)
Balance at 31 Marcli 2023
636,180
674,069
The company invested E250,000 (£212,925) with Davy Group on 30th November 2021, in the
months November and December 2021 an additional £500,000 was invested.
Page 23

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
10.
Debtors
2023
2022
Trade debtors
Grants receivable
Other debtors
Prepayments
163,845
206,864
35,104
13,218
666,098
571,621
620
17,215
419,031
1,255,554
11.
Creditors: amounts falling due
within one year
2023
2022
Trade creditors
T&xes and social security ¢reditor
Bank loans and overdrafts
Deferred income (Note 12)
Sundry creditor
Accruals
185,338
30,575
7,134
303,675
630
134,711
135,176
110,368
4,675
942,291
630
174,148
662,063
1,367,288
12.
Doferrcd Income
2023
2022
Balance at l April 2022
Additions during the year
Amounts released to income
(942,291) (770,427)
(1,344,890) (2,391,263)
2,590,856 4.103,981
Balance at 31 March 2023
303,675
942,291
Deferred income is income received before tlie end of the financial year 31 Marcli 2023 and relates to
post year end expenditure.
13.
Long-tcrm lillbilltles
2023
2022
Inner City Trust
400,000
400,000
In the event that the building at 7-8 Magazine Street is sold, the charitable company (The Nerve Centre)
would be liable to repay the Inner City Trust £400,000.
Page 24

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
14.
Securities
Bank of Ireland hold the following securities;
Offer letter dated 5th June 2012 - £12,500 facility.
Internal casli deposit dated 7th June 2021 £100,000 faciility.
15.
Analysis of net assets between funds
Unrostrlcted
funds
Restrieted
funds
TotAI
funds
Fund balances at 31 March 2023 as ropresented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Long term liabilities
Capital grant
30,790
636,180
2,139,092
(193,102)
1,946,474 1,977,264
636,180
1,415,626 3,554,718
(468,961) (662.063)
(400,000) (400,000)
(1,536,703) (I,536,703)
Total fundy
2,612,960
956.436 3,569.396
16.
Movcments In Funds
At
At
l Aprll Incomlng Outgoing 31 Mar¢h
2022 resour¢e$ re$ourccs
2023
Restrlcted funds:
Total restricted funds
995,755 1,715,019 (1,754,338)
956,436
Total restricted funds
995,755 1,715,019 (1,754,338)
956,436
Unrostrictod funds:
General funds
2,300,393 3,899,348 (3,586,781) 2,612,960
Total unrestricted funds
2,300,393 3,899,348 (3,586,781) 2,612,960
Total funds
3,296,148 5,614,367 (5,341,119) 3,569,396
Purposes of Restricted Vunds
Restricted grants awarded to the charity is provided to cover the core objects as explained in directors report.
Page 25

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
17.
Capital Grants
2023
2022
At l April 2022
Less: Capital Grants Amortised
At 31 March 2023
1.578,118 1,619.533
(41,415) (41.415)
,536,703 1,578,118
18.
Cash and cash equlvalents
2023
2022
Cash at bank and in hand
3,135,687
2,671,055
19.
RelAted party transactions
There wer¢ no related party transactions in the period under review.
20.
Llmltcd by Guarantce
The company is limited by guarantee and does not have a share capital.
Every member of the company undertakes to contribute such amount as may b¢ required not
exc¢¢ding £1 to the assets of the charitable company in the event of its being woiind up while he or
she is a member, or within one year after he or she ceases to be a member.
21.
Controlling interest
Controlling interest rests with the Board of Directors.
22. Post Balanco Shoot ovonts
No significant events have taken place since the year end that would result in adjustments to 2023
financial inforniation or inclusion of a note thereto.
Page 26

THE NERVE CENTRE LTD
Notes to the accounts
for the year ended 31 March 2023
23.
Reservcs Poliey
The Nerve Centre is committed to organisational financial sustainability and the generation of financial
reserves to ensure the future of the organisation.
Reserves provide the organisation with adequate financial stability and the means for it to meet its
objectives for the future. In addition, sufficient reserves are essential to enable the Nerve Centre to meet
it's short, mediuin and longer term strategic objectives. These strategic objectives also include any
potential capital expansion plans, capital investsnent including ongoing refurbishment and strategi¢
programme development.
Nerve Centre currently operates within a Climate of funding cuts, changes in policy and Brexit. During
this period the maintenance of cash reserves are prudent financial management, especially in light of the
ut in European Funding post Brexit.
Each year Nerve Centre's earned income is used to subsidise the potential shortfall in restricted
activities as well as b¢ing added to unrestrictcd reserves.
Current reserves will be used for the following;
Capital expansion plans and strategic programme investment.
Capital investment including ongoing refurbishment, redevelopment, upgrade and maintenance of
the current capital stock of the organisation.
Investment in new specialist equipment to ensure tliat Nerve Centre has cutting edge technology to
d¢liver it's programmes.
Risk Maiiagement/Contingency. It is essential for the organisation to have a significant trading
r¢s¢rv¢ to enable it to manage a number of funded projects at aiiy one time. There is also a risk
factor as many funds are paid in arrears.
In addition to any unexpected costs and funding shortfalls, Nerve Centre also needs to provide
match funding for projects. Reserves can provide the necessary match funding where a matching
runder cannot be secured.
Reser4es are also intended to cover essential staff costs including allowances for non-funded
salaries, pensions, redundancies and the lik¢.
The reserves policy is reviewed annually by the Board of the Nerve Centre.
Page 27