Charity number: NIC103703 Company number: N1032276 THE NERVE CENTRE LTD (A company limited by guarantee) Dlrcctors, roport and financial statemonts for tho year ended 31 March 2024
THE NERVE CENTRE LTD (A company limited by guarantee) Contents Page Le&Fal and administrative inforn)ation Directors, report Auditors, report 7-11 Statement of Financial Activities 12 Balaiice slieet 13 Statement of Cash Flows 14 Notes to the Financial Statements 15-25
THE NERVE CEINTRE LTD (A company limited by guarantee) Lcgal and #dministrative information Directors John Mc Gowan Tess Maginess Michael Hamlyn Andrew McAfee Shauna Kelpie Edward Friel (Resigned 2nd October 2024) Trustees Kathy Gilfillan Antliony Doherty SecretAry Pearse Moore Registered office 7-8 Magazine Street Derry BT48 6HJ Company nuniber N1032276 Charity number NIC103703 XR20210 Auditors McGroarty Mccaffety & Company Accountants & Registered Auditors 2 Carlisle Terrace Derry BT48 6JX Bankors 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 Deny BT48 9XJ Page I
THE NERVE CENTRE LTD (A company limited by guarant¢e) Directors Report for the year ended 31 March 2024 Tlie directors present tlieir annual report and the audited financial statements for the year ended 31 March 2024. Dirc¢tors and their interests Tlie directors of the charity for the purposes of cliarity law and who served during the year were as follows: Andrew M¢Afe¢ Michael 14amlyn John Mc Gowan Shauiia Kelpie Tess Maginess Edward Friel (Resigned 2nd October 2024) Principal activity Tlie principal activity of the company in the year under review was that of running a multimedia arts centre. Stru¢ture* governanee and management Governin Document The Nerve Centre Ltd is a company limited by guarantee and established under a Memoraiidum of Association wliich established the objects and powers of the cliaritable company and is governed by its Articles of Association. It is a registered charity with the Charity Commission Nortli¢rn Ireland. Recruitment and A ointment of the Board of Directors The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are kiiown as members of tl)e Board. At the Annual General Meeting one third of directors retire in rolation and being eligible ofrer themselves for re-election. Risk Mana cment The directors have a risk manag¢ment strategy which consists of establishing a syst¢m of id¢ntifying risks and Initigating such risks. Internal control risks are miniinised by the implementation of procedures for authorisation of all transactions and projects. Financial Rcvicw Budgetary controls and Constant reviews of all expenditure continue to be implemented this period and have not hindered business of The Nerve Centre Ltd in acliieving their priinary purpose. Controls taken at the manageinent level will continue in the currennt financial year with continous monitoring througliout. Tlie financial accounts show a surplus of £527,176 with reserves of £4,096,572. Princi al Fundin Sources The principal funding sources over the relevant financial year have been NT Screen, Arts Council of Northern Ireland, British Film Institute, Derry City & Strabane District Council, 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 with them for the foreseeable future. Chairperson's Foreword Nonnal service has resumed after the unprecedented years delivering our Unboxed project with Oliver Jeffers, Our Place in Space. This project ended in June 2023. Page 2
THE NERVE CENTRE LTD (A company limited by guarantee) However, the legacy of that project continues as the sculptures of the Sun to Mars are staying at the Ulst¢r Transport Museum so you can still embark on an intergala¢tic journcy. In addition, with support from British Council we ¢ontinued our celestial journey on to Hanoi in Vietnain. Our Place in Space was one of the best perforniing of the Unboxed Festival projects with audi¢nc¢s in excess of I million and at the time of writing our Augmented Reality App and Minecraft World has been downloaded aver 3 million times across 150 countries. Tliis large scale project was additional to our regularly funded activity supported by our Core funders. Our largest funder, Nortliern Ireland Screen, continued to provide their annual support for our film festival, creative learning centres, academies, film clubs and exliibition programming. royle film festival celebrated its 36tli year with a special sold of screening of Raging Bull with the film's editor, Tlielma Schoonmaker attending the screening as part of our Pow¢ll/Pressburger season of films. Our regular cinema screenings at the Nerve Centre evolved from just Wednesday and Thursday night screenings to include winter cinema programming, award season favourites, Reel Liv¢s Film Festival and Schools Film Week witli additional support from film Hub NL and Nl Screen. Our music activity was busy during the year with an extensive programme including gigs. music course5, music facilities, Music Hothouse and educational programmcs. Arts Council Nl continued to provide core funding for music activity and capital funding to enable us to cater for our music programme including live events and music Hothouses. Our delivery would not have be¢n possible witliout the support of all our core funders such as Deny City and Strabane District Council (who support core building costs and the Annual Foyle film Festival), Belfast City Council and Coinmunity Rclations Council. Nerve Centre was able to continue to provide career opportunities for young people in the screen and creative industries including the BFI Film Academy> BFI Venue Education Fund, Music Hothouse, Bandcamp and CADI prograinmes. We also secured funding during the year from Community Relations Council, The Executive Office and the Department of Foreign Affairs for our cultural and heritage programmes, which are delivered with our strategic community partners. Lastly, our 10 year grant from the Paul Hamlyn Foundation continued to provide the core support for the organisation providing a stability and programm¢ re50ur¢¢ for th¢ organisation to develop new ways of thinking and sced fund projects at a very early stage. John McGoivan Chairperson Page 3
THE NERVE CENTRE LTD (A company limited by guarantee) Activity Report 2023124 Nortliern Ireland Screen continue to be the largest fund¢r of th¢ Nerv¢ C¢ntr¢ supporting creative learning entr¢s in D¢rry and Belfast, our exhibition programme including Foyle Film Festival and the Northern Ireland Screen Academies. Their funding Inakes a strategic intervention in the film sector ecosystem crossing between industryy education and exhibition. Tlie Nerv¢ Centre delivers our education, training and participation programmes both at the Nerve Centre and also via our network of Creative Learning Centres in Deny and Belfast. During tlie period with Nl Screen funding Nerve Centre continued the highly successful Academies in Aniination, Production Design and Gaming, providing career opportunities for 16 - 19 year olds in the screen iiidustries. Foyle Film Festival celebrated its 36th year with a special sold of screening of Raging Bull with the film's editor, Tlielina Schoonmaker attending tlie screening as part of our PowelllPressburger season of films as well as providing over l 00 film events over the coursc of l O days. Foyle Filin Festival is one of only a handful of international film festivals with Oscar alriliation and BAFTA recognition. Tlie festival, which is a flagship project of the Nerve Centre, offers filmmakers, animators and artists a unique platform to screen their films, network with industry professionals and gain access to the interi)ational market. Our regular cin¢ma scr¢¢nings at the Nerve Centre evolved from just Wednesday and Thursday night s¢reenings to include winter cineina prograinming, award season favourites, Reel Lives Film Festival and Schools Film Week with additional support from Film Hub Nl aiid Nl Screen. Nerve Centre has also built a reputation as an organisation that provides opportunities for new bands and artists in Northern Ireland. We continued to provide many live perfonnaiices in our venue showcasing local perfomiers and iiiternational acts as well. Arts Council Nl provided core funding for music activity to enable us to cater for our music programme including live cvents and music Hothou5eS. Our delivery would not have been possible without tlie support of all our core funders such as Derry City and Strabane District Council (who support core building costs and the Annual Foyle Film Festival), Belf&st City Coui)cil and Cominunity Relations Council. We also secured funding during the year from Community Relations Council, the Executive Office and the Department of Foreign Affairs for our cultural and heritage programmes which are delivered with our strategic community partners. 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 tlie organisation to develop new ways of thinking and seed fund projects at a very early stage. Pagc 4
THE NERVE CENTRE LTD (A company limited by guarantee) Nerve Centre continued to provide career opportunities for young people in the screen and creative industries including Music Hothouse, Bandcamp and CADI programmes. During the year wc also partnered with local youtli service - Our Space. Our initial goal with Our Space was straiglitforward to provide the ncxt generation of young musical talent with a platform and the experience of perforn]ing in a top tier music venue. However, we've witnessed some serious developments in the group over the past year, as they continue to exceed our already-higli expectations. By working iii partnership with South West College we were able to offer full-time courses during the year in creative media. Tliese courses are the backbone of the Nerve Centre, enabling us to develop the indigenous skills necessary to sustain a local music, multimedia and filmlvideo-making industry. BFI increased their support of the Nerve Centre by also providing funding from their Bri venue education fund as well as the BFI film Academy which we have been delivering on an Nl wide basis for l O years. Norinal service has resumed after the unprecedented years delivering our Unboxed project with Oliver JetTers, Our Placc in Space. This project ended in June 2023. However, tlie legacy of that project contiiiues as the sculpture5 of tlie Sun to Mars are staying at the Ulster Transport Museum so you can still embark on an intergalactic joiirncy. In addition, with support from British Council we continued our celestial journey on to Hanoi in Vietnam. Our Place in Space was one of tlie best performing of the Unboxed Festival projects with audiences in excess of I million and at tlie time of writing our Augmented Reality App and Minecraft World has been downloaded over 3 million limes across 150 countries. As is always th¢ cas¢ at th¢ Nerv¢ C¢ntre, proj¢cts ¢nding mak¢ th¢ way for new. Our CollabArchiv¢, Our Place in Space, Almanac for a Walled City and RRR projects ended making the way for XRtists Immcrsive arts, StoryFutures Xpcricnce, Northern Ireland Now and Dormant accounts projects. Lastly, this year Inarked tlie l Otli anniversary of the Nl Scien¢¢ Festival. Our dedication to advancing STEAM education drives us to seek out and develop strategic partnersliips both locally and globally. Our partnership with the Nl Science Festival, which l)as grown over 7 years is a priine example of this in action. Togellier, we've Created an educatioii prograinme tliat utilises our combined experience5, connections and insights. This strategic partiiership lias enabled us to connect with thought leaders, educators and organisations such as the Mancliester United Fouiidation and the South Africa Observatory) to offer unparalleled educational experiences to ¢lassrooins and communities across Northern Ireland. News on all our current workshops and events can be found at: https.'/lwww.nervecentre.org Page S
THE NERVE CENTRE LTD (A company limited by guarantee) Directors Rcsponsibilities in Relation to The Financial Statements The directors arc responsible for preparing the Annual Report and the finaiicial statements in accordance with applicable laiv and United Kingdom Accounting Standards (Unit¢d Kingdom Generally A¢¢epted Accounting Pra¢tiG¢). Company law requires the directors to prepare financial statein¢nts for each financial year. Under company law tlie dir¢ctors must not approve the financial statements unless they are satisfied that they give true and fair view of Ilie state of affairs of the charitable company and of the incoming resources and application of resources, including the incoine and expenditure, of the charitable company for that period. In preparing these financial statements, tlie directors are required to: select suitable accounting policies and apply them consistently> observe the metliods and principles in the Charities SORP 2019 (FRS I02). make judgements and estimates that are reasonable and prudent; state whetlier applicable UK and A¢¢ounting Standards have been followed; subject to any material departures disclosed and explained iii the financial statements. prepare tlie financial stateinents on tlie going concern basis unless it is inappropriate to presume that the charity will continue in business. The Board is respoijsible for maintaining proper accounting records that are sufficient to show and explain the ¢liarity's transactions aiid disclose witli reasonable accuracy at any time the financial position of the cliaritable company and to enable tliem to ensure that the financial stateinents comply willi Companies Act 2006. The Board is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for thc prevention and detection of fraud and other irregularities. Eacli of the person's whos is a director at the date of tlie approval of this report confirn]s that: So far as we are aware, tli¢re is no relevai)t audit information of whicli the company's auditors are unaware; and as the director5 of th¢ COlT]pany we have tak¢n 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 infom)ation. Auditor's- McGroarty Mccafferty & Company are deemed to be reappointed in accordance with Section 487 (2) of the Companies Act 2006. Thi5 report is prepared in accordance with the special provisions ofpart 15 of the Companies Act 2006 relating to small companies. The financial stateinents are approved and authorised for issue by the Board of Directors on 5 December 2024 and signed on it's behalf by; Director 11 7UiQ- CJ Director Page 6
THE NERVE CENTRE LTD (A company limited by guarantee) Independent auditor's report to the directors of THE NERVE CENTRE LTD Opinion We have audited the financial statements of THE NERVE CENTRE LTD for the year ended 31 March 2024 which comprise tlie Statement of Financial Activities, the Balance Sheet, Cashflow Statement and the related note5. The financial reporting framework tliat has been applied in their preparation is applicable law and United Kingdom Accounting Standards (Uiiited Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland This report is made solely to the charitable Company's directors, as a body, in accordance with Cliapter 3 of Part 16 of the Coinpanies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's directors tliose Inatters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perinitted by law, we do not accept or assume responsibility to anyone other than the charitable company and tlie cliaritable company's directors as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion tlie financial stateinents: give a true and fair view of tlie state of the charitable company's affairs as at 31 March 2024, and of its incoming resources and expenditure of resources, including its income and expenditure, for the year then ended; liave been properly prepar¢d in accordanc¢ with United Kingdoin Generally Accepted Accounting Practice. and liave been prepared iii accordance with th¢ requircments of the Companies Act 2006. Bllsls for oplnlon We Conducted our audit in accordance iyith International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our r¢sponsibilities under those standards are further described in ilie auditor's responsibilities for the audit of tlie financial statements scction of our report. We are independent of the charitable company in accordance with the ethical rcquirements tliat are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other etliical responsibilities in a¢¢ordance with tliese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing tli¢ financial stat¢ments, we have concluded that the directors, use of the going concern basis of accounting in the preparation of tlie financial statements is appropriate. Based on the work we Iiave perfonned, we have not identified any inaterial uncertainties relating to events or conditions that, individually or collectively, Inay cast significant doubt on tlie cliaritable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are autliorised for issue. Our responsibilities and the responsibilities of the directors ivith respect to going concern are described in the relevant sections of this report. Page 7
THE NERVE CENTRE LTD (A company limited by guarantee) Other information The directors are responsible for tlie other infom]ation. Tlie othcr inforn]ation comprises the information included in th¢ directors, annual report, other than the financial statements and our auditorfs report th¢r¢on. Th¢ directors are responsible for tlie otlier inforn]ation. Our opinion on the financial statements does not cover other infom]ation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connectioii witli our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whetlier the otlier infonnation is Inaterially inconsisteiit with the financial statements or our knowledge obtained in tlie audit or otherwise appear5 to be materially misstated. If we identify such material iiiconsisteii¢ies or apparent material missiatements, we are required to determine whether there is a material misstateineiit in the financial statements or a Inaterial mis5tateinent of the other inforn]ation. If, based on the work we liave performed, we conclude tliat Iliere is a material misstatement of this other infonnation, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion based on tlie work undertaken in Ilie course of the audit: the infornlation giveii in tlie directors, annual report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is Consistent with th¢ financial stat¢ments' and the directors, aniiual report has been prepared in accordance with applicable legal requirements. Matters on which we are requEred to report by exception In tlie light of our knowledge and understaiiding of the cliaritable company and its environinent obtained in the course of the audit, we have not identified material Inisstateinents in the directors, annual report. We have notliing 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 records liave not been kept; 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 liav¢ not received all the inforniation and explanations we require for our audit. the directors were not eiititled to prepare the financial statements in accordance with the small companies regiine and take advantage of the small companies exemption from the requirement to prepare a strategic report. Page 8
THE NERVE CENTRE LTD (A company limited by guarantee) Responsibilities of tho direetors As ¢xplaincd more fully in tli¢ Directors, Responsibilities Statement. Ilie directors (who are also the directors of the charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied tliat they give a Irue and fair view, and for such internal control as the directors detem]ine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, tlie directors are responsible for assessing the charitable company's ability to coiitinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accouiiting unless the trustees either inleiid to liquidate the charitable company or to cease operations, or have no rcalistic altemative but to do so. Auditor's responsibilities for the audit of the tlnAnclal statemcnts Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemeiit, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurancc is a high Icvel of &qsuran¢e, but is not o guarantee that an audit conducted in accordance with ISAS (UK) will alway5 detect a inaterial misstatenient when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, tliey could reasonably be expected to influence the economic decisions of users taken on tlie basis of these financial statements. Explanatlon As to what extent the audit was consldered capablc ofdetccting irreguIarities including fraud. Erregularities. including fraud, are instances of non-compliance with laws and r¢gulation5. W¢ design proc¢dur¢s in line with our rcsponsibiliti¢s, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, tli¢ primary responsibility for tlie prevention and d¢tection of fraud li¢5 With maiiag¢ment and the board of directors of the cliaritable company. Identlfylng and assossing potential risk8 related to irregularities In identifyiiig and assessing risks of material misstatement in respect of irregularities, including fraud and non-coiiipliance witli laws and regulations, we considered the following: the nature of the industry, sector and tlie specific control environment which it operates in; the charities owii assessment of the risks tliat irregularities may occur, either 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 the risks of irregulariti¢s' enquiries of manag¢inent relating to accounting estimates measurements, recognition criteria and justification of such amounts; any matters we liave identified having obtained and reviewed the charities policies and procedures relating to. * identifying and assessing if laws and regulations are compliant and whether they are aware of any instances or non-compliance. * detection and response to the risk of fraud and ivhether they are aware of any actual. suspected or alleged fraud instances; the intemal controls designed to mitigate risks or fraud or non-compliance witli laws and regulations. and to minimise risk of Inanagetnent overrides of sucli coiitrols. Page 9
THE NERVE CENTRE LTD (A company limited by guarantee) all matters discussed among the audit engagement team regarding how and where fraud could occur and the potential indicators of fraud. As a result of these procedures, we considered tlie opportuniti¢s and inc¢ntives that may exist within the charity for fraud. The audit included assessing the procedures and evaluating the measurement of estimations. In common with all audits under ISAS (UK), we are also required to perforni specific procedures to respond to the risk of management override. We also required an understanding of the legal and regulatory frameworks applicable to the charity and considered that the most significant are the Coinpanies Act 2006, SORP 2019 (FRS 102) and Charities Act (Northern Ireland) 2008. Based on our understanding of the charitable company the most significant legal and regulatory frameworks that have a direct impact on tlie financial statements are those relating to the applicable reporting framework, (FRSI 02, The Cliarities Act (Northern Ireland) 2008, The Charities (Accounts and Report) Regulations (Northern I land) 2015, the Cliarity SORP, and the Coinpanies Act 2006) non compliance may have a inaterial effect on the financial statements. Compliance willi tliese laws and regulations was assessed as part of our procedures. Audit responses to risks identified Our procedures to respond to risks identified included the following: reviewing the financial statement disclosures, testing the relevant documentation to &ssess compliance with the sigiiificant laws and regulations - those described as having a direct effect on tlie financial statements. enquiring with management and obtaining third party confirmation from thc charitable company's solicitors rcgarding any actual or potential litigation and Claims; perFomiing analytical proc¢dures 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 forecasting material in line with actual performance, identifying any potential fraud indicators or instances; reviewing Companies House and Charity Coillmission Northern Ireland correspondence, identify any late Submissions or omissions of mandatory informalion. review correspondence with HMRC, ideiitifying non compliance of specific information to be disclosed. in addressing tlie risk of fraud througli management override of controls, testing the appropriateness of data entries and adjustments; assessing wlietlier the judgements made in making accounting estimates are indicative of a potential bias; aiid evaluating the rationale of any significant transactions that are unusual or outside the nonnal 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 witli laws and regulations throughout the A5 part of an audit in aecordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism througliout the audit. We also: Page 10
THI NERVE CENTRE LTD (A company limited by guarantee) Identify and assess tl)e 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 ¢vid¢n¢¢ that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a Inaterial misstatein¢nt resulting from fraud is Iiigher Iliaii for oiie resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenlations, 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 circuinstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on tlie appropriateness of the directors, use of the going concern basis of accounting and, based on tlie audit evidence obtained, wlietlier a Inaterial uncertainty exists related to events or conditions that may cast significant doubt on the charitable coinpany's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disc105ures ar¢ 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 tlie overall presentation, structure and content of the financial statements, including the disclosures, and whetlier tlie fiiiancial statements represent the underlying transactions and events in a manner that achieves fair presentation. W¢ communicate witli thosc charged with gov¢man¢e regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Patrick Mcc ulory Audltor for and on behalf of M¢Groarty Mccafferty & Company Statutory Auditor 2 Carlisle Terrnee Derry BT48 6JX Date: 5 December 2024 Page 11
THE NERVE CENTRE LTD (A company limited by guarantee) Statemeut of Financial Activities for the year ended 31 March 2024 Unrestricted Funds Restricted Funds 2024 2023 Income and Expenditure Incoming Resources Grants & Suiidry Income 1,176,112 1,524,490 2,700,602 5,614,367 Total Incoming Resources ,176,112 1,524,490 2,700,602 5,614,367 Resourccs Expondod Maiiagement & Administration 662,258 1,511,168 2,173,426 5,341,119 Total Resources Ei xpendcd 662,258 1,511,168 2,173,426 5,341,119 Net Incomlng l (Outgoing) Resources 15 513,854 13.322 527,176 273,248 Balances brought forward l April 2023 2,612,960 956,436 3,569,396 3,296,148 Balances carried forward 31 Marcli 2024 3,126,814 969,758 4,096,572 3,569,396 All of tlie above ainounts relate to continuing activities. There are no recogiii5ed gains and losses other than those included in the results above and therefore no separate statement of total recognised gains and losses has been presented. There is no difference between the net incoming resources for the year stated above and their historical cost equivalents. Page 12
THE NERVE CENTRE LTD (A con)pany limited by guarantee) Balance sheet s at31 March 2024 2024 2023 Notes Fixed #ssets Tangible assets Investments 1,919,529 687,477 1,977,264 636,180 2,607,006 2,613,444 Current assets Debtors Cash at bank and in hand 335,666 3,559,393 419,031 3,135,687 3,895,059 3,554,718 Current IIAbllitics Trade creditors Bank loans and overdrafts Otller creditors Accruals 52,939 4,088 400,846 52,334 185,338 7,134 334,880 134.711 io 510,207 662,063 Net current assets 3,384.852 2,892,655 Total assets less current liabilitie$ 5,991,858 5,506,099 Long-term liabilities 12 (400,000) (400,000) Net 11ssets 14 5,591,858 5,106,099 Financed By Unrestricted Funds Restricted Funds Revaluation Reserv¢ Capital Grants 14 14 15 16 3,096,023 969,758 30,790 1,495,287 2,582,170 956,436 30,790 1,536,703 5,591,858 5,106,099 These accounts liave beeii prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 and the Charities SORP 2019 (FRS 102). Tlie Financial Statetn ts were approved and authorised for issue by the board on 5 December 2024 and signed on 'Is beha Director Company Number: N1032276 Director Page 13
THE NERVE CENTRE LTD (A company limited by guarantee) Statement of Cash flows as at 31 March 2024 Noto 2024 2023 Operatlng Actlvltios Net incoming l (outgoing) resources for the year Depreciation and impainnent (Increase)I decrease debtors (Decrease) / increase in creditors 527,176 57,736 83,363 (151,857) 273,248 63,612 836,523 705,225 Net cash inflow from operatlng actlvlties 516,418 468,158 FinAnclng Actlvltios (Increase)/loss 011 iiivestments Capital graiit relascd (51,297) (41,415) 37,889 (41,415) IncreAse In CAsh In tho year 423,706 464,632 Reconcililltion of net cash llow to movement In net funds IncreAsc In cash In the year Net funds at l April 2023 423,706 3,135,687 464,632 2,671,055 Net funds at 31 March 2024 17 3,559,393 3,135,687 Page 14
THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2024 General information The charity is a private limited company by guarantee, registercd in Northern Ireland and a registered charity iii Northern Ireland. The address of the registered olrice is 7-8 Magazine Street, Deny, BT48 6HJ. The coinpany clianged its name to The Nerve Centre Ltd on 31 October 2023. 1.1. Accounting convention Tlie principal accounting policies adopted in the preparation of the financial statements are set out below and have remained un¢lianged from the previous year, and also liave been consistently applied within the same accounts. The charity constitutes a public benefit cntity as defined by FRSI 02. The financial statements have becn prepared in accordance with tlie accounting policies set out in notes to the accouiits and comply with Ilie charity's goveniing document, the Cliarities Act (Northern Ireland) 2008 and Accounting and Reporting by Cliarities: Statement of Recommended Practice applicable to charities preparing tlieir accouiits in accordance with tlie Financial Reporting Standard applicable in the UK and Republic of Ireland publislied in October 2019 (SORP 2019) aiid the Companies Act 2006. The financial stlltements are prepared oli a going concem basis under the historical cost convention, modified to included certain items at fair value. The financial statcments are presented in sterling which is the functional currency of the charity. Incoming resources All incoming resources are in¢lud¢d in the SOFA when the charity is legally entitled to the incoirje and th¢ ainount can be qualified with reasonable accuracy. The following specific 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 stateinent of financial activitics when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the cliarity, are recognised when the charity becomes unconditionally entitled to tl)e grant. Donated services and facilities are included at tlie value to the charity where this can be quantified. The value of services provided by volunteers has not been included. Gifts doiiated for resale are included as incoming resources within activities for generating funds when tliey are sold. 1.3. Resources expended All expenditure is accouiited for on an accruals basis as a liability is incurred and has been classified under headings thal 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 15
THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 Mareh 2024 1.4. Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. R¢5tricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the cliarity for particular purposes. The cost of raising and administering sucli funds are charged against the specific fund. 1.5. Tangible fixed assets and depreciatlon Land and buildings are carried at a revalued amouiit, being its fair value at the date of revaluation less subsequent depreciation and impairnient? 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 residual value of each asset ov¢r its expected useful life, as follows: Land and buildings Fixtures, fittings and eqiiipinent Motor vehicles 20/0 Straight Line 200/0 Straight Line 200/0 Straiglit Line 1.6. Investments Iiivestinents are initially recorded at cost, and subs¢qu¢ntly stat¢d at ¢ost l¢ss any accumulated iixpairineiit losses. 1.7. Cash At bank Casli at bank and cash equivalents are slated at cost at tlie financial year end. 1.8. Capital grthnts Capital graiit5 are received in respect of purcliase of fixed asset5 a portion of which is released to the stateinent of financial activities in the year of receipt. 1.9. Debtors & crcditors Debtors and creditors witli no stated interest rate and receivable or payable witliin one year are recorded at transaction price. Any losses arising from iinpairment are recognised in expenditure. 1.10. Company status The charity is a company limited by guarantee and does not have a sliare capital. 1.11. Pension costs Contributions to auto enrolment pension schemes are recognised as an expense in the period in which the related service is provided. 1.12. Redundancy costs Redundancy costs are recognised as an expense in the period when the employment contract in question was tem]inated. Page 16
THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2024 1.13. Going eonc¢rn The financial stat¢inents have been prepared on a going concern basis as the directors believe that no material uncertainties exist. The directors have considered the level of funds held and the expected level of ii)¢om¢ and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for tlie charity to be able to continue as a goiiig conceni. 1.14. Foreign currencles Moiietary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of excliaiige prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of tlie transactions. All differences are taken to the Statement of Financial Activities. Page 17
THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2024 Grants & other income The total income of the company for the year has been derived from its principal activity wholly undertaken in the UK. 2024 2023 Ro$trict¢d Income- Charitable Activities Northern Ireland Scrccn OCN Arts Council (including National Lottery) Dery City & Strabanc District Council Coininuiiity Relations Council ESB SEUPB Dorinant Accounts Nottiiigliain Media Centre Ltd The Executive Office Herilage Lottery Fund British Filin Institute Belfast City Council British Council EU Commission Erasmus Grant Departinent of Foreign Affairs Film Hub Nl Other Grants Paul Hamlyn Foundation 747,262 3,500 75,392 40,886 24,226 20,400 784,427 1,500 78,495 39,688 26,918 8,160 75,886 17,125 4,000 35,987 29,389 143,400 19,800 82,110 6,888 17,435 29,126 1,564 230,000 265,830 79,700 19,800 76,500 15,300 6,400 232,415 1,524,490 1,715,019 Unrostrictod Income - Charitablo Actlvltles Project Income Festival 2022 (UnboxedlBelfast City Council) Venue Incoinerrick"et Sales Foyle Film Festival South West College Bank Interest Other Income 172,856 670,146 129,023 45,290 i 00,000 58,797 485,774 3,023,511 107,167 32,219 150,000 26,759 73,918 1,176,112 3,899,348 Total Income 2,700,602 5,614,367 Page 18
THE NERVE CENTRE LTD Notes to the account5 for the year ended 31 March 2024 2.1 Resources Expended - Charitable Activities Unrestricted Funds Restricted Funds Total 2024 Total 2023 Management & AdmlnlstNtlon Wages & salaries Redundancy paymcnts Staff pension costs Staff life insurance payments Rent, rates & venue hire Insurance Heat & light Teleplioiie & internet Production costs Repairs & Inaintenance Cleaning & consumables Postagc, printing & stationery W¢bsit¢ inaintcnance & development Training tutors, course fees & accreditation 38,524 Travel, subsistence & hospitality 40,287 Motor expenses Professioiial fees & subscriptions Audit fees Bank charges Bus hire & carriag¢ Hir¢ of cquipment Materia15 Artist's fees Video production costs Llcence fees Marketing expenses Grant partner payments Nerve Centre equipment expeiiditure Bar purchases Sundry expense5 Profit / loss on exchange Depreciation of Building Depreciation Fix & Fittings Depreciation Motor vehicles Capital Grants Amortised Gain/loss on investn]ents Festival 2022 e.xpenses 197,123 1,029,654 15,866 113,883 1,226,777 15,866 135,109 5,193 31,643 31,513 49,886 6,854 81,467 90,892 4,497 5,807 30,618 101,929 80,610 9,458 36,208 11,000 937 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 11.000 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 21,226 5,193 31,643 7,057 19,983 4,659 50,478 37,015 24,456 29,903 2,195 30,989 53,877 4,497 4,655 1,152 30.618 63,405 40,323 9,458 23,241 12,967 11,000 936 1,578 400 1,978 29,434 24,507 53,941 17,992 36,241 645 5,834 18,637 42,075 2,083 24,224 1,099 2,140 57,736 1,346 3,429 24,224 1.099 2,140 57,736 (41,415) (51,297) 104,615 (41,415) (51,297) 104,615 662,258 1,511,168 2,173,426 5,341,119 Page 19
THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2024 Nct income/ expenditure for the year 2024 2023 Net income/ expenditure is stated after chargingj (crediting): Depreciation and other amounts written off tangible assets Auditors, reinuneration 57,736 I 1,000 63,612 11,000 Auditor's remuneration The auditor's remuneration amounts to an audit fee of £1 1,000 (2023 - £1 1,000). Employees 2024 2023 Wages aiid Salaries Social security costs Pension costs Redundancy Costs 1.122,243 104,534 135,109 15,866 1,421,560 129,928 148,019 9,950 1,377.752 1,709,457 Two employees received emoluments of more than £60,000 (2023: 2) The dircctors, neither received nor waived any emoluments during the year. (2023: None) Number of employ¢o$ 2024 Number 2023 Number The average montlily numbers of employees during the year, calculated on the basis of full time equivalents, was as follows: 62 125 Taxation As a charity, The Nerve Centre Ltd is excmpt from tax on income and gains falling within section 505 of tlie Taxes Act 1988 or 5256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its cliargeable objects. Accordingly, no tax charges have arisen in the charity. Page 20
THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2024 Tangible assets Land and bulldings Equipmont Motor vehicles Total Cost At l April 2023 2,886,788 1,246,743 52,392 4,185,923 At 31 March 2024 2,886,788 1,246,743 52,392 4,185,923 Depreciation At l April 2023 Cliarge for the year 909,523 1,246,743 57,736 52,392 2,208,658 57,736 At 31 March 2024 967,259 1,246,743 52,392 2,266,394 Net book valuos At 31 March 2024 1,919,529 1,919,529 At 31 March 2023 1,977,264 1,977,264 Investments 2024 2023 Balance at l April 2023 Additions to investinents iii year Gaiiil(loss) on investment 636,180 674,069 51,297 (37,889) Balance at 3 l March 2024 687,477 636,180 The company invested E250,000 (£212,925) with Davy Group on 30th November 2021, in the montlis November and December 2021 an additional £500,000 was invested. Debtors 2024 2023 Trade debtors Grants receivable Oilier debtors Prepayments 45,724 278,391 620 10,931 163,845 206,864 35,104 13,218 335,666 419,031 Page 21
THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2024 10. Creditors: amounts falling due within one year 2024 2023 Trade creditors Taxes and social security creditor Bank loans and overdrafts Deferred incoine (Note 12) Sundry creditor Accruals 52,939 37,504 4,088 311,552 51,790 52,334 [85,338 30,575 7,134 303,675 630 134,711 510,207 662,063 11. Deferred Income 2024 2023 Balance at l April 2023 Additions during the year Amounts rclcased to incoine 303,675 942,291 1,524,490 1,344,890 (1,516,613) (2,590,856) Balance at 31 Marcli 2024 311,552 303,675 Deferred incoine is incoIne received before the eiid of the financial year 31 March 2024 and relat¢s to post year cnd cxpenditure. 12. Long-tcrm liabilities 2024 2023 Inner City Trust 400,000 400,000 In the event that tlie building at 7-8 Magazine Street is sold, tlie charitable company (The Nerve Centre) would be liable to repay tlie Inner City Trust £400,000. 13. Securities Bank of Ireland hold tlie following securities; Offer letter dated 5th June 2012 £12,500 facility. Internal cash deposit dated 7th June 2021 £100,000 faciility. Page 22
THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2024 14. Analysis of net ass¢ts botwo¢n funds Unrestricted funds Rostrlcted funds Total funds Fund balances at 31 March 2024 as represented by: Tangible fixed assets Investments Current assels Current liabilities Long terin liabilities Capital grant 30,790 687,477 2,569,697 (161,151) 1,888,739 1,919,529 687,477 1,325,362 3,895,059 (349,056) (510,207) (400,000) (400,000) (1,495,287) (1,495,287) Total funds 3,126,814 969,758 4,096,572 15. Movements in Funds At l April Incoming Outgoing 2023 resources resources At 31 March 2024 Restricteil funds: Total restricted funds 956.436 1,524,490 (1,511,168) 969,758 Total restricted funds 956,436 1,524,490 (1,511,168) 969,758 Unrostricted funds: Gei)¢ral t'unds 2,612,960 1,176,112 (662,258) 3,126,814 Total unrestricled funds 2,612,960 1,176,112 (662,258) 3,126,814 Total funds 3,569,396 2,700,602 (2,173,426) 4,096,572 Purposes of Restrlcted Funds Restricted grants awarded to the charity is provided to cover the core objects as explained in directors report. 16. Capital Grants 2024 2023 At l April 2023 Less: Capital Grants Amortised 1,536,703 1,578,118 (41,415) (41,415) At 31 March 2024 1,495,287 1,536,703 Page 23
THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2024 17. Cash And ea$h equivalents 2024 2023 Cash at bank and in hand 3,559,393 3,135,687 18. Relthted party transactions The weK no related paty transactions in tlie period under review. 19. Limited by Guarantee The company is limited by guaraiitee and does not liave a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or witliiii one year after he or she ceascs to be a member. 20. Controlling interest Controlling int¢rcst rests with the Board of Directors. 21. Post Balance Sheet events No significant events have taken place since the year end that would result in adjustinents to 2024 finaiicial information or inclusion of a note tliereto. Page 24
THE NEI RVE CENTRE LTD Note5 to the accounts for the year ended 31 March 2024 22. Reserves Policy The Nerve Centre is coinmitted to organisational financial sustainability and the generation of financial reserves to enable the future of the organisation. Reserves provide tlie organisation with adequate financial stability and the means for it to meet its objectives for tlie future. In addition, sufficient reserves are essential to enable the Nerve Centre to meet it's short, medium and longer tem] strategic objectives. These strategic objectives also include any poteiitial capital expansion plans, capital investment including ongoing refurbishment and strategic programnie developinent. Nerve Centre currently operates witliin a cliinate of funding cuts, changes in policy and Brexit. During this period the mainteiiance of cash reserves are prudent financial management, especially in light of the cut 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 add to unreslricted reserves. Curreiit reserves will be used for the followingg Capital expansiotl plans and strategic programme investment. Capital investment including oiigoing refurbisliment, redevelopment. upgrade and maintenanc¢ of tlie urrent capital stock of Ihe organisation, Investment in new specialist equipment to ensure that Nerv¢ Centre has cutting edg¢ technology to deliver il's prograinnies. Risk ManagementlContiiig¢n¢y. It is essential for tlie organisation to have a significant trading reserve to enable it to manage a number of funded projects at any onc time. There is also a risk factor as many funds are paid in arrears. In addition to any ui)expe¢ted costs and funding shortfalls, Nerve Centre also needs to provide match funding for projects. Reserves cali provide the necessary match funding where a matching funder cannot be secured. Reserves are also intended to cover essential staff Costs including allowances for non-funded salaries, pensions, redundancies and the like. The reserves policy is reviewed annually by the Board of the Nerve Centre. Page 25