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