THE NERVE CENTRE LTD (A compny limited by guarantee) Directors Report for th¢ y¢ar ¢nd¢d 31 March 2024 The directors present their annual rewjrt and the audited financial slal¢menls for the yellr ended 31 Mch 2024. Direelors their interests Tlie dir¢¢tvrs of Ihc Lharily for the purposes of charity law and who served during the year were as follows: Andrew McAf¢c Michael Hamlyn John Mc Gowan Shauna Kelpie Tess Maginess Edward Frlel (Resigrted 2nd October 2024) Principal Activity The principal aclivity of the company in the year under Teview was that of Tunnin8 a multimedia arts centre. Strn¢lure Eovernan¢e and managemen¢ ovemin D(KumeJl The Nerve Ccnlre Ltd is a company limiled by guarant¢¢ and established under a Memorandum of Association which established the objeets and power5 of the cl)aritable company and is gov¢rn¢d by ils Articles of Association. It Is B registercd charity iyith the Charity Commission Nortliern Ireland. Recruilmeni and A C¥inimenl of the Eloard of Directo The dir¢¢iors of the company are also ¢harity iruslecs for th¢ purposes of charity law Bnd under ihe company's Articles are kiiown as Inenibers of Il)e Board. Ai tl)e Anniial tieneral Meeting one third of directors rctirc in rolation and belng eligible oiTer themselves for re4le¢tion. Risk Mana emenl The dircctors Ive a risk management Strategy which consist5 of eslablishing a 5ysletn of identifying risks and Iniligating suGli risk5. Inlcrjial control risks are miniini5ed by the implementation of predureS for 8llthorisation of all transactions and projects. Fln&ncial Revlew Budgeiary ¢ontrols and constanl r¢vi¢ws of all ¢xpeiidilur¢ ¢onlinu¢ to be impl¢ment¢d this period and l)ave not hindered business of The Nerve Cei)Ire Lid in achieving their priinary purpose. Controls taken al the manageillent level ivill Cortlinue ii) the currennl financial year with Conlinous Inoniloring throu)01. The financial ac¢ounts show a surplu5 of £527,176 wilh r¢s¢rv¢s of £4,096,572. Princi al Fundin Sources The prin¢ipal fuiiding sources over the 1¢yant financial year have been Nl 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 maint&ins a strong relationship with its rurtder5 and have secured funding ivith them for the foreseeable future. Chairperson's For¢word Nonnal s¢rvicc h&$ rc5umed after the unprecedenl¢d years d¢liv¢ring our Unboxed project with Oliver Jeffers. Our Place in Space. This project ended irt June 2023. Page 2
THE NERVE CENTRE LTD (A company Ilmlted by guaranlee) Hoivever. Ihe l¢gacy of ihal proj¢¢l Conlinues as the s¢ulplur¢s of ih¢ Sun lo Mars are staying at thc Ulsler Transw)rt Museuin so you can slill ¢mi)ark on gn intergalactic joumey. In addition. with support from British Council we conlinued our celestial joumey on to Hanoi in Vietnam. Our Place in Space was one of the best pcrfomiing of Ih¢ Unboxed Festival projects with audiences in excess of I million and at the lime of writing our Augmented Reality App and Minecraft World has been downloaded over million limes across I SO ¢ounlrie5. This large scRle project w&8 additional to our regularly funded aclivity supported by our CO funders. Our largest funder, Norfhem Ireland Screen, conlinued lo provide iheir annual support for our film festival. crealive learning c¢ntres, academies, film clubs und exhibilion pro8Tamming. Foyle film fe51ival celebrated its 36111 ycar with a special sold ofscreening of Raging Bull with tlie films editor, Thelma Sch(Knmuker altcnding the screening part ofour PowelllPr¢ssburger se&son of films. Our regular cinema screenings al ihe Nerve Centre evolved from ju$1 Wednesday and Thursday ill{ scr¢enings to include winter cincma programming. award s¢&soii favouril¢S, R¢¢1 Lives Film Festival ai)(i Sclioo15 Film Week witli additional support from Film Hub Nl und Nl Screen. Our music activity busy during the year with &n exl¢nsiv¢ programme including gigs. mu51¢ courses. music facilities. Music 14oihouse and ¢du¢olional prograinm¢s. Arts Council Nl continued to provide core funding for Tnusic activity and capital funding lo ¢nabl¢ us lo caler for our music programme including live even15 and mu5]¢ Hothouses. Our delivery would not have been possible wiilioul lh¢ support of all our core funders su¢h as Deny City and Strabane District Council (who.8upport core building r051S and th¢ Annual Foyle film Festival). Belfast City Coui)cil and Coinmunily R¢lalions Coun¢il. Nerve Centre was able lo continue to provide career opportuniti¢s for youJ)g people in the screen and creative industries includin8 the BFI Film A¢ad¢myJ BFI Venue Edu¢81ion Fund, Music Hoihouse, Bandcamp and CADI prograinmes. We also secured funding during the ye&r from Community Relations Council. Th¢ Ex¢¢ulive Office and the Depart1ct of Foreign Affairs for our cultural and herilage progrBmmes. which are delivered with our slrnle8i¢ community partners. Lastly. our 10 year grant from the Paul Hamlyn Foundation continued lo provid¢ the ¢ore supw)rt for lh¢ organisation providing a stTrbility and programme resource for the organisation to develop new ways of thinking and sced fijnd projc¢ts at a Ycry ¢arl)' 51agc. John McGowAII CbAiryerson PAge 3
THE NERVE CEP4TRE LTD (A company Ilmited by guArantee) However. the legacy of Ihai project Continues as the ulptureS of Ihe Sun io Mar5 are slaying at the Ulster Transport Museum so you can still embark on an inlergalactic joumey. In addilion. with 5UPPOrt from British Council we coiilinued our c¢le5tial joumey on lo Hanoi in Vielnain. Our Place in Space was one of the best perforniing of the Unboxed Festival proje¢l5 with audienc¢5 in excess of I million and al ihe time ofwriling our Augmented Reality App and Min¢¢raft World has been downloaded over 3 million limes across 150 countries. This large scale project was addilional to our regularly funded activity supported by our ¢or¢ funders. Our largest funder, Norfhem Ireland Screen, conlinued to provide Iheir annual support for our film festival. creative learning cenires. academies, film clubs and exhibition programming. Foyle film fe£lival celebrated its 36111 year with a special sold ofs¢r¢ening of Raging Bull with ihe film'5 editor. Thelm& Schwnmaker attending the screening as part of our PowelVPr¢5sburg¢r Son or rilms. Our regular cinema screenings ai the Nerve Centre evolved from just W¢dnesday and Thursd&y night screenings to include winter cinema programming, award scason favourites. Reel Liv¢5 Film Festival and Schools Film Week willi additional support from film Hub Nl and Nl Screcn. Our music activity was busy during the year wilh an extensive programme including gigs. music courses. music facilities. Music Hothouse and educational programmes. Arts Council Nl eonliftued lo provide core funding for music activity and capitsl funding lo enllble us lo caler for our music progTamme including live events and music Hoihouse5. Our delivery would not have been p055ible wiihoul the support of all our core funders such as Derry City and Siraban¢ Dislricl Council (who support core building costs and the Annuhl Foyle film Fe51ival), Beifasl City Council and Community Relations Council. Nerv¢ 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 Edu¢aiion Fund. Music Hothousc, Bandcarnp and CADI prograinmes. We also s¢¢ur¢d funding during th¢ year from Community Relations Council. Th¢ Executive OL¢e llnd the Department of Foreign Affairs for our ¢ullur41 and herilage programmes. which are delivered with our sirnlegic community partners. Lastly, our 10 year grant from the Paul Hamlyn Foundation continued to provide the core support for Ihc or8Dnisa(ion providinB a stability and pro8r&mme resource for the organisalion lo develop new ways of thinking and s¢¢d fund proj¢¢ls al a very ¢arly 5tag¢. John McGowan Chairperson PAge 3
THE NERVE CENTRE LTD (A company limitod by gu4rAn¢ee) ActivDty Report 2023n4 Northern Ireland Screen conlinue to be the largest fund¢r of ih¢ N¢rv¢ Centre supporting creative leaming centres in Derry and Belfast, our exhibition programme including Foyle Film Festival and the Northern ITeland Screen Academies. Their funding make5 a strategic inlervention in the film sector ecosystem crosstng between industry, education and exhibition. Tlie Nerve Centre delivers our education. training and participation progrnmmes both at the NeNe Centre and a150 via our n¢lwork ofcreative Lcarning Cent5 in Dery and B¢if&sl. Durin8 the period with Nl Screen funding Nerve Centre continued the highly successful Academies in Animation. Production Design and GaTMin& providing caer opportuniti¢5 for 16 - 19 year olds in th¢ s¢r¢¢n indu51rie5. Foyle Film Festival celebrated its 36th year with a special sold of s¢reening ofRaging Bull with the film's editor. Tlielina Schoonmaker altending the screeniiig as part of our Pow¢lVPressburger season of films &% well providing over l 00 film evenls over the course of l O days. Foyl¢ Filin Feslival is one of only a handful of international film feslivmls with oscar atTiliation and BAFTA recognition. Tl)e festival. which is a flagship project of Ihe Nerve Centre, offers filmmakers, animators and artisls a unique plarform to screen iheir films, network with industry professionals and 8ain ttecess io the inlernaliorhuj market. Our regular cinema Screenin at the Nerve Centre evolved from jusi Wednesday and Thursday night screenings lo include winier cineina prograinmiJ)g. award s¢&son favourites, Reel Lives Film Feslival and Schoo15 Film Wcck ivith additional support froni Film Hub Nl aiid Nl Scrcen. Nerve Centre has also buili a repulalion as an orBanisalion that provides opporlunities for n¢w bands and artists in Northern Ireland. We continued to provide many live perfonnan¢es in our venue showcasing local perfomiers And ii)lemaiional acts as well. Arts Council Nl provided Core fundiD8 for music activity to enable us to CAter for our music programme including live cvcnts and music Hothou5e5. Our delivery would not have been possible without tlie support of all OUT core fjJnders such as Derry City and Siraballe Di5tri¢t Council (who support core building costs attd Ilie Annual Foyle Film Festival). Belf&st City Council and Cominunity Relolions Council. We also secured funding during the year from Community Relalions Council, the Executive Office and the Departmcnt of Foreign Affairs for our culiural and hcril&ge programmes whi¢h are delivered with our stralegic community partners. In addition. our l O year grant from the Paul Hamlyn Foundation continued to provide ihe Core support for the organisalion providing a siability an(1 programme source for Ilie organisation lo develop new ways of thinking and 5¢¢d fund projects at a very carly 5toge. Page 4
THE NERVE CENTRE LTD (A company limited by guArantee) Nerve Centre continued to provide career opportunities for young pIe in the screen and creativ¢ industries including Music Hoihouse, Bandcamp and CADI programm¢s. Duriiig the year we also partnered with local youll) service Our Space. Our initial goal with Our Space was slraiglltforward - lo provide th¢ next generation of young musical tslent with a platfomi and the experience of perforn)ing in a top tier n]usic venue. However, we've witnessed some 5eriou5 developments in the group over Ihc past year, as they continue lo exceed our already-higl) expectations. By working in partnership with South West College we were able to offer full-time courses during the year in creative media. TIIc5c courscs are the backbone ofthe Nerve Centre, enHbling us to dcvclop the indigenous skills necessary to sustain a local music. multimedia and filmlvideovmaking industry. BFI increAscd their support ofthe Nerve Centre by also provlding furtding from their BFI venue education fund as well as the BFI Film Academy which we have been delivering on an Nl wid¢ b&8is for l O years. Norimal service resumed after the unprecedenled year5 delivering our Unboxed project iviih Oliver Jeffers. Our Place in Spacc. This project ended in June 2023. However, the legacy of iliat projcct conlii)ues as the sculptures of ili¢ Sun lo Mars are staying at the Ulster Transport Muscum so you can still embark on an intergalaclic joiirn¢y. In addition, with support from British Council w¢ Continued our Celestial journey on to Hanoi in Vietnam. Our Place in Spa¢e w8s one of Ilie best perforiiiing ofihe Unboxed Festival projects iviih audien¢es in excess of I million and at tlie lime of writing our Augmenl¢d Reality App and Mine¢raft World has been downloaded ovcr 3 million limes ll¢ross 150 couniries. As is always the C al ihe Nerve C¢nlr¢, projects ending make Ihc wuy for new. Our CollabAh1VC. Our Pla¢¢ in Space, Almanac for a Walled Cily and RRR proje¢is ended making the way for XRiists Immcrsive arts. StoryFulures Xpcrience. Northern Ireland Now nnd t)0rn)2nt ac£ounls projects. LAstly. this yesr morked the i oih anniversary ofthe Nl Science Festival. Our dedication to advancing STEAM educlltion drives us lo se¢k out and develop stralcgic partn¢rsliips both locally and globally. Our partnership with the Nl Seien¢e Fesiival, whieli l)as Erown over 7 years is a priin¢ ¢xainpl¢ ofihis in a¢lion. Togeilier, we've created an educatioii prograinme tlial utilises our combiiied experiences. coniiecti013s and insighis. This strntegic partnership lias enabled us to connect with thought leaders, educRtor5 und organi5ation5 such the M¥Anchesier United foundation and the Soulh Africa Ob5ervalory* to offer unparulleled educational experiences lo ¢lassrooms and ¢ommunilies across Northcm Ireland. News on all our current workshops hnd cvents cg4n be found At.. https.-/lwww.nerve¢entre.org Page S
THE NERVE CEIYTRE LTD (A £ompany limllcd by guarantoo) Directors Responsibilities in Relation lo The FiD9n¢ial StAtem¢Dts The directors are Tesponsible for preparing the Annual Report and the financial slalemenls in accordance with pplicable laiv and United Kingdom A¢¢ounling Standards (United Kingdom Generally Accepted Accounting Practi¢¢)- Company law requires ihe dire¢tors to prepare financial stateinents for ea¢h financial year. Under company law tl)e dircctors wnust not approve the financial slfttements unless they are satisfied that they give truc and fuir view of il)e 51al¢ of affairs of the ¢haritable company and of the incoming resources and application of resourc¢s, including the incoine and expcndilur¢, ofihe charit&bl¢ company for that period. In preparing th¢se financial slaiements, tlic director5 are rcquired lo.. 5¢1ecl suitf4ble &ccounling policies and apply them consistentlyj observe the m¢ihod5 and principlc5 in the Charilic5 SORP 2019 IFRS 102). make judgements and estimates that are reasonable and prudent. slate wheilier applicabl¢ UK and Accounting Standards have been followed; subjec¢ lo any m8leriDI departures di5c105ed and explained in the financial 51alements. pr¢pAre ihe financial slateiy)ents on ihe going concern basis unless il is inappropriate to piesume that the charity will continue in business. The Board is respoiisiblc for maintaining proper occounting records th&t are sufficient to show and explain the cli1¢ rily's trai)5aclions ai)d dis¢los¢ willi reasonable a¢iuru¢y al aiiy IiiTl¢ th¢ finun¢ial posilion of Ihe Cliaritable company and to enable tliei?I to ensure that the fii)ancial slateinen15 comply willi Companies Act 2006. The Board 15 also respoiisible for safeguarding the assets ofthe charitable company and hence for taking reasonable steps for the prevention and detc¢tion of fraud and other irre8ulariiies. Each of the person's whos is o dI10r al the dale of Ilie approval of ihis report confinn5 Ihal.. So far as we are aware, Ilier¢ is no relevant audit inforinalion of whicli the company's auditors are unaware: and a5 the directors of tlie coiiipany we lillve taken all steps we oughi to huve tuken in order to moke ourselves awar¢ of any r¢levanl audit information and to esthblish ihal the eharity'5 auditors are Aware of thai infomiation. Auditor's McGro8rty Mccafferty & Company are deemed to be reappointed in accordance with Section 487 (2) of the coMnieS Act 2006. Thi5 report 15 prepared in accordllnce with ihe speciRI provisions of Part 15 of the Componies A¢1 2006 relnlin8 to SMAII compuni¢s. The financial siaieinents ar¢ approved and authori5ed for issue by the Bourd of Direclors on S December 2024 and signed on it's behalf by. Dlre¢ltsr Dlre¢tor P4g¢ 6