Charity number: NIC103703 Company number: N1032276 THE NERVI CENTRE LTD (A company Ilmlted by guarantee) Directors, report and financial statements for the year ended 31 March 2025 THE NERVE CEINTRE LTD (A company limited by guarantee) Contents Page Legal and administrative infonnation Directors, report 1 2-7 Auditors, report 8-12 Statement of Financial Activities 13 Balanee sheet 1 14 Statem¢nt of Cash Floivs 1 15 Notes to the Financial Statements THE NERVE CENTRE LTD (A company limited by guarantee) Legal and admlnlstrAtlve information Directors John Mc Gowan Teresa Maginess Micliael Hamlyn Andrew McAfee Sliauna Kelpie Edward Friel (Resigned I Ith October 2025) (Resigned 2nd October 2024) Trustees Kathy Gilfillan Anthony Doherty Secretary Pearse Moore Registered office 7-8 Magazine Street Derry BT48 6HJ Company number N1032276 Charlty number NEC103703 XR20210 Auditors McGroarty Mccafferty & Company Accountants & Registered Auditors 2 Carlisle Terrace Derry BT48 6JX Bunkers Bank Of Ireland 27 Culmore Road Derry BT48 8JB Nationwide Building Society I l Ferryquay Street Derry BT48 6JN Solicitors Desmond J Doherty & Company 4 Ballougry Road Derry BT48 9XJ Pagc I THE NERVE CENTRE LTD (A company limited by guarantee) Directors Report for the year ended 31 March 2025 The directors present their annual report and the audited financial statements for tlie year ended 31 Marcli 2025. Directors and their interests The directors of the charity for the purposes of charity law and who served during the year were as follows: Andrew McAfee Michael Hamlyn John Mc Gowan Shauna Kelpie (Resigned 2nd October 2024) Edward Friel Teresa Maginess (Resigned I Ith October 2025) Principal actlvlty The principal activity of the company in the year under review was that of riinning a multimedia arts centre. Structure? governance and management overnin Doc The Nerve Centre Ltd is a company limited by guarantee and established under a Memorandum of Association wliich established the objects and powers of the cliaritable company and is governed by its Articles of Association. It 15 a registered charity with the Charity Commission Northern Ireland. Recruitment and A ointment of the B ard of Direc The directors of the company are also cliarity trustees for the purposes of eharity law and linder the coinpany's Articles are known as members of the Board. At the Annual General Meeting, one third of directors retire in rotation and being eligible offer themselves for re-election, Risk Man ment The directors have a risk management strategy which consists of establishing a isyst¢m of identifying risks and mitigating such risks. Internal control risks are minimised by the implementation of procedures for autliorisation of all transactions and projects. FinanclAI Review Budgetary controls and constant reviews of all expenditure continue to be implcmented tliis period and have not hindered business of The Nerve Centre Ltd in achieving their primary purpos¢. Controls taken at the management level will continue in the currennt financial year witli continous monitoring throughout. The financial accounts show a surplus of £461,272 with reserves of £4,579,448. Princi Sources The principal funding sources over the relevant financial year have been NI Screen, Arts Council of Northern Ireland, British Film Institute, Deny City & Strabane District Council, South West College, UWE Bristol University, Department of Foreign Affairs, The Executive Office, Heritage Lottery Fund and Paul Hamlyn Foundution. The company maintains a strong relationship with its funders and h'ave secured funding with them for the foreseeable future. Chairperson's Foreword Another busy year for the Nerve Centre with our core funded programmed under pinning all of our activity throughout the year. Page 2 THE NERVE CENTRE LTD (A company limited by guarantee) Our largest funder, Nortliern Ireland Screen, continued to provide their annual support for our film festival, cr¢ative learning ¢entr¢s, academies. film events and exhibition programming. At the beginning of tlie year, we also announced our strategic role in a contemporary collecting project in partnership with Northern Ireland Screen. 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 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) and Belfast City Council. During tlie year we secured funding during tlie year from Tli¢ Executive Office and the Department of Foreign Affairs for our cultural and heritage programines which are delivered witli our strategic coinmunity partners. 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 programmes. Our l O year grant from the Paul Hamlyn Foundation continued to provide the core support for the organisation providing a stability and programme resource for the organisation to develop new ways of thinking and seed fund projects at a very early stage. One of our most dynamic projects during the year was'we Can Do Better, were we brought together Joe Caslin, Imperial War Museum and tlie National Trust. We were delighted to be working again with artist Oliver JetTers. In May 2024 tlie SEEN outdoor exhibition gave a voice to asylum-seeking childr¢n through art. We also secured much needed capital equipment support from both NI Screen and Arts Council which was used to upgrade our music and film resources. In an exciting developinent we announced our participation in a new Shared Ireland supported project, Isle Of Song, while at the same time screening films at tlie Disappear Hear Film Festival which had been created as part of another Shared Ireland project, Nerve Centre was also aiinounced as part of a con50rtium, Immersive Arts UK, that will support over 200 UK based artists and organisations to explore the creative potential of virtual, augmented and inixed reality teclinologies. As the year closed Nerve Centre announced 10 Northern Ireland-based artists and collectives had secured funding tlirough the inaugural round of Immersive Arts, a new UK-wide prograInme supporting bold and inclusive immersivc storytelling. John McGowan Chairperson Page 3 THE NERVE CENTRE LTD (A company limited by guarantee) Activity Report 2024125 Northem Ireland Screen continue to be the largest funder of the Nerve Centre supporting creative learning centres in Deny and Belfast, our exhibition programme including Foyle Film Festival and the Northern Ireland Screen Academies. Their funding makes a strategic intervention in the film sector ecosystem crossing between industry, education and exhibition. The Nerve Centre delivers our education, training and participation programmes both at the Nerve Centre and also via our network of Creative Learning Centres in Derry and Belfast. During the period with Nl Screen funding Nerve Centre continued the highly siiccessful Academies in Animation, Production Design and Gaming providing career opportunities for '16 - 19 year olds in the screen industries. Foyle Film Festival celebrated it's 37th edition. Northern Ireland's longest-running film festival featured a compelling mix of international cinem4 special preview screenings, award-winning shorts, industry events, and immersive experiences across the city. Foylc Film Festival is one of only a handful of intemational film festivals with Oscar K- Dlrector Director Page 7 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 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Cashflow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" This report is made solely to the charitable company's directors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the cliaritable company's directors those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's directors as a body, for our audit work, for this report, or for the opinions we have fornied. In our opinion the finan¢Tal statements., give a true and fair view of the state of the charitable company's affairs as llt 31 March 2025, and of its incoming resources and expenditure of resources, including its income and expenditure, for the year then ended. liave been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been pr¢pared in accordance with the requirements of the Companies Act,2006. Bgsls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standard5 are further described in tlie auditor's responsibilities for the audit of tlie financial statements section of our report. We are indep¢nd¢nt of tlie charitable company in accordit nce with the ethical requiremcnts ihat are relevant to our audit of the financial Statements in ,'tlie UK, including the FRC'S Etliical Standard, and we have fulfilled our other ethical responsibilities in accordance with tliese rcquirements. We believe that the audit evidence we have obtained is sutTicient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or condition5 that, individually or Collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at Icast twelv¢ month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors ivith respect to going',eoncern are described in the relev£1nt sections of this report. Page 8 THE NERVE CEINTRE LTD (A company limited by guarantee) Other information The directors are responsible for tl)¢ other information. The other inforn]ation comprises the inforniation in¢luded in the directors, annual report, otlier than the financial stat¢ments and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover otl)er inforniation and, except to the extent otlierwise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. In ¢onnection with our audit of the financial statements, our responsibility is to read the other infonnation and, in doing so, consider whetlier the other inforn]ation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether there is a material misstatement in the financial statements or a material misstatement of the other inforniation. If, based on the work we have performed, we Conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have notliing to report in this regard, Opinion on other matters prescribed by the Companies A¢t 2006 In our opinion based on the work undertaken in the course of the audit: tlie inforn]ation given in th¢ directors, annual report prepared for the purposes of company law. for tlie financial year for which tlie financial statements are prepared is Consistent with the financial statements. and the directors, annual report has been prepared in accordance witli applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, annual report. We liave nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have 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 have not received all the inforniation and explanation5 we require for our audit. the directors were not entitled to prepare the financial statements in accordance ivith the small companies regime and take advantage of the small companies exemption from the requirement to prepare a strategic report. Page 9 THE NERVE CENTRE LTD (A company limited by guarantee) Responsibilitics of the directors As explained more fully in the Directors, Responsibilities Statement, the 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 that they give a true and fair view, and for such interiial control as the directors detemiine is necessary to enable the preparation of financial statements that are free from material misstatement, wliether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbilities for the audlt of the financlAI statements Our objectives are to obtain reasonable assurance about wliether the financial statements as a whole are free from material misstlltement, whether due to fraud or error, Rnd to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement ivhen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Explanation as to ivhat extent the audfit WAS considered capabIe of detectlngllrregul#ritics, Including fraud. Irregularities, including fraud, are Instances of non-compliance with laws and regiilations. Wc design procedures in line with our rcsponsibilities, outlined above, to detect material misstatements in respect of irTcgularities, including fraud. Hoivever, the primary responsibility for the prevention and detection of fraud lies with management and the board of dir¢ctors of the charitabl¢ company. Identlfylng and assessing potentlAI risks related to Irrogularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry, sector and the specific control environment which it operates in. the charities own assessment of the risks that irregularities may occur, either as a resiilt 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 irregularities; enquiries of management relating to accoiinting estimates measurements, recognition criteria and justification of such amounts; any matters we have identified having obtained and reviewed the charities policies and procedures relating to. * identifying and assessing if laws and regulations are compliant and whetlier, they are aware of any instances of non-compliance; * detection and response to the risk of fraud and whether they are aware of any actual, suspected or alleged fraud instances. * the internal controls designed to mitigate risks or fraud or non-compliance with laws and regulations, and to minimise risk of management overrides of such controls. Page 10 THE NERVE CENTRE LTD (A company limited by guarantee) all inatters 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, w¢ ¢onsidered the opportunities and in¢entives that may exist within the charity for fraud. Tlie audit included assessing tlie procedures and evaluating the measurement of estimations. In cammon with all audits under ISAS (UK), we are also required to perform 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 Companies Act 2006, SORP 2019 (FRS 102) and Charities Act (Northem Ireland) 2008. Based on our understanding of tlie charitable company the most significant legal and regulatory frameworks that have a direct impact on the financial statements are those relating to the applicable reporting framework, (FRSI 02, Tlie Charities Act (Nortliern Ireland) 2008, The Charities (Accounts and Report) Regulations (Northern Ireland) 2015, tlie Charity SORP, and the Companies Act 2006) non compliance may have a material effect on the financial statements. Compliance with these laws and regulations was assessed as part of our procedures. Audit responscs to rAsks idcntifled Our procedures to respond to risks identified irtcluded the following: reviewing tlie financial statement disclosures, testing the relevant documentation to assess compliance with the significant laws and iegulations - those described as having a direct effect on the financial statements. ¢nquiring with manageinent and obtaining third paty confinnation from the charitabl¢ ¢ompany's solicitors regarding any actual or potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement du¢ to fraud. reading minutes of board and Inanagem¢nt meetings, examine forecasting material in line with actual performance, identifying any potential fraud indicators or instances; reviewing Companies House and Charity Commission Northern Ireland correspondence, identify any late submissions or omissions of mandatory infonnation; review correspondence witli HMRC, identifying non compliance of specific infonnation to be disclosed. in addressing the risk of fraud through management override of controls, testing the appropriateness of data entries and adjustments. assessing wlietlier tlie judgements made in making accounting estimates are indicative of a potential bias; and evaluating the rationale of any significant transactions that are unusual or outside the nornial course of the charities objectives. We also cominunicated relevant identified laws and regulations and potential fraud risks to all engagement team members and reirained alert to any indications of fraud or noncompliance with laws and regulations througliout the audit. As part of an audit in accordance with TSAS (UK), Ive exercise professional judgment and maintain professional scepticism throughout the audit. We also: Page 11 THE NERVE CENTRE LTD (A company limited by guarantee) Identify and assess tlie risks of material misstatement of the financial statements, Ivliether diie to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misslatement resulting from fraiid is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order,to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the efTe¢tiveness 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 dircctors. Conclude on the appropriateness of the directors, use of tlie going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events o'r condition5 that may cast significant doubt on the charitable company'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 disclosures are inadequate, to modify our opinion. Our conclusions are based on tlie audit evidence obtained up to the date of the auditor's report. However, futur¢ events or conditions may Caiisc tlie cliaritable company to c¢ase to continue as a going concern. -Evaluate the overall presentation. structure and content of the financial statements, incliiding tlie disclosures, and wliether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicat¢ with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficienoies in internal control that w¢ identify during our audit. Patrick Mc lor ory Audltor and on behalf of McGroarty Mccafferty & Compnny Statutory Auditor 2 Carllslo Terrace Derry BT48 6JX DAte: 20 November 2025 Page 12 THE NERVE CENTRE LTD (A company limited by guarantee) Statement of Financial Activities for the year ended 31 March 2025 Unrestricted Funds Restricted Funds 2025 2024 Income #nd Expendlture Ineoming Resources Grants & Sundry Income 728,446 2,025,946 2,754,392 2,700,602 Total Incomlng Resources 728,446 2,025,946 2,754,392 2,700,602 Resources Expended Management & Administration 338,546 1,954,574 2,293,120 2,173,426 Total Resources Expended 338.546 1,954,574 2,293,120 2,173,426 Net Incomlng l (Outgolng) Resources 15 389,900 71,372 461,272 527,176 Balances brought forward l April 2024 3,126,814 969,758 4,096,572 3,569,396 Balances carried forward 31 March 2025 3,516,714 1,041,130 4,557,844 4,096,572 All of tlie above amounts relate to continuing activities. There are no recognised gains and losses other than tliose included in the results above and therefore no separate stateineiit of total recognised gains and logses has been presented. There is no difference betsveen tlie net ineoming resources for thc year stated above and their historical cost equivalents. Page 13 THE NERVE CENTRE LTD (A compirf ny limited by guarantee) Balance sheet as at 31 March 2025 202S 2024 Notes Flxed assets Tangible assets Investments 1,930,039 698,007 1,919,529 687,477 2,628,046 2,607,006 Current assets Debtors Cash at bank and in hand 584,924 4,161,703 335,666 3,559,393 4,746,627 3,895,059 Current lillbilities Trade creditors Bank loans and overdrafts Other creditors Accruals 70,417 2,477 819,656 70,407 52,939 4,088 400,846 52,334 10 962,957 510,207 Nct ¢urr¢nt asscts 3,783,670 3,384,852 Tot￿1 assets l¢ss current Ilabllltles 6,411,716 5.991,858 Long-tenn liabilities 12 (400,000) 6,011,716 (400,000) N¢t asscts 14 5,591,858 Financed By Unrestricted Funds Restricted Funds Revaluation Reserve Capital Grants 14 14 15 16 3,485,924 1,041,130 30,790 1,453,872 3,096,023 969,758 30,790 1,495,287 6,011,716 5,591,858 These accounts have been prepared in accordance with the special provisions of,,Part 15 of the Companies Act 2006 and the Charities SORP 2019 (FRS 102). The Financial Statements ivere approved and authorised for issue by the board on 20 Noveinber 2025 and signed on its behalf by Director Company N Direetor er: N1032276 Page 14 THE NERVE CENTRE LTD (A company limited by guarantee) Statement of Cash flows as at 31 March 2025 Note 2025 2024 Operating Actlvlties Net incoming / (outgoing) resources for the year Depreciation and impainnent (Increase)/ decrease debtors (Decrease) / increase in creditors Net cash intlow from opcratlng activities 461,272 59,129 (249,258) 452,751 527,176 57,736 83,363 (151,857) 516,418 723,894 Financing Actlvities (Increas¢)/loss on investments Capital grant relased Capital expenditure Increase in cash in the year (10,530) (41,415) (69,639) 602,310 (51,297) (41,415) 423,706 Reconcllfiatlon of net casb flow to movement In net funds Increase In cash in the year Net funds at l April 2024 602,310 3.559,393 423,706 3,135,687 Net funds at 31 March 2025 17 4,161,703 3,559,393 Page 15 THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2025 General information The charity is a private limited company by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 7-8 Magazine Street. Derry, BT48 6HJ. It is a registered charity with the Charity Commission Nortliern IIreland with effect from 4th November 2015. 1.1. Accounting convention The principal accounting policies adopted in the preparation of the fin'ancial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. The charity constitutes a public benefit entity as defined by FRSI 02. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act (Northern Ireland) 2008 and Accoiinting and Reporting by Charities: Stlltement of Recommended Practice applicable to charities preparing their accounts in accordance with the Fiftancial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019 (SORP 2019) and th¢ Companies Act 2,006. The financial statements are prepared on a going concem basis under the historical cost eoiivention. modified to included certain items at fair value. The financial statements are presented in sterling which is the functional currency of the ¢harity. Incoming resources All incoming r¢sources are included in the SOFA when the charity is legally entitled to the income and the amount 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 statement of financial activities when receivable. Grants where entitlement is not conditional on tlie delivery of a specific perfonnance by the charity, are recognised ',when the charity becomes unconditionally entitled to the grant. Donated services and facilities are included at the value to the charity wliere this can be quantified. Tlie value of services provided by volunteers has not been included. Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold. 1.3. Resources expended All expenditure is accounted for on an accruals basis as a liability is incurred and has been classified under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for Tts 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 16 THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2025 1.4. Fund accounting Unrestricted funds are available for use at Ihe discretion of the trustees in furtherance of the general objectives of the ¢harAty and which have not been designated for other purposes. Restrict¢d funds funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. 1.5. Tangible fixed assets and depreciation Land and buildings are carried at a revalued amount, being it5 fair value at tlie date of revaluation less subsequent depreciation and impainnent? 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 ass¢t over its expected useful life, as follows: Land and buildings Fixtures, fittings and equipinent Motor vehicles 2% Slraight Line 200/0 Straight Line 20% Straight Line 1.6. Investments Investments are initially recorded at cost, and subs¢quently stated at cost less any accumulated impaim]ent losses. 1.7. Cash at b&nk Cash at bank and cash equivalents are stated at cost at the financial year end. 1.8. Capital grants Capital grants are received in respect of purchase of fixed assets a portion of which is released to tlie statement of financial activities in tlie year of receipt. 1.9. Debtors & Credltors Debtors and creditors witli no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairnient are recognised in expenditure. 1.10. Company status The charity is a company limited by guarantee and does not have a Share capital. 1.11. Pension 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 terminated. Page 17 THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2025 1.13. Going concern The financial statements hav¢ been prepared on a going concern basis as the directors believe that no material uncertainties exist. The directors have consider¢d the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the cliarity to be able to continue as a going concern. 1.14. Forelgn currencles Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign '¢urrencies are recorded at the date of the transactions. All differences are taken to tlie Statement of Financial Activities. Page 18 THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2025 Grants & other income The total income of the company for the year has been derived from its principal activity wliolly undertaken in tlie UK. 2025 2024 Restricted Income- Charltable Actlvltles Northern Ireland Screen OCN Arts Council (including National Lottery) Derry City & Strabane District Council Coininunity Relations Couiicil ESB PRS Foundation Domiant Accounts Imperial War Museum Department For Levelling Up, Housing & Communities The Executive Office Heritage Lottery Fund British Filin Institute South West College Belfast City Council British Council EU Commission Erasmus Grant Department of Foreign Affairs Film Hub Nl Queens University Belfast UWE Bristol University Other Grants Paul Hamlyn Foundation 851,510 1.500 81,741 40,574 747,262 3,500 75,392 40,886 24,226 20,400 16,000 35,500 32,000 44,639 42,163 54,212 130,300 100.000 19.800 10,000 17,125 35,987 29,389 143,400 19,800 82,110 6,888 17,435 29,126 67,211 16,000 5,122 232,144 2,551 242,979 1,564 230,000 2,025,946 1,524,490 Unrestricted Incomo- Charltable Activities Project Income Festival 2022 (Unboxed/Belfast City Council) Venue Incomerricket Sales Foyle Film Festival South West College Bank Interest 469,136 172,856 670,146 129,023 45,290 100,000 58,797 112,689 31,880 114,741 728,446 1,176,112 Total Income 2,754,392 2,700,602 Page 19 THE NERVE CENTRE LTD Notes to the accounts for the ye4ir ended 31 March 2025 2.1 Resour¢es Expended- Charitable Activitie5 Unrestricted Funds Restricted Funds Total 2025 Total 2024 Management & Administration Wages & salaries Redundancy payments StatTpension costs Staff life insurance payments Rent, rates & venue hire Insurance Heat & light Telephone & internet Production costs Repairs & maintenance Cleaning & consumables Postage, printing & stationery IT,Website maintenance & development Training tutors, course fees & accreditation 35,981 Travel, subsistence & hospitality Motor expenses Professional fees & subscriptions Audit fees Bank charg¢s Hire of equipment Artist's fees Lic¢nce fees Marketing expenses Nerve Centre equipment expenditure Bar purchases Sundry ¢xpenscs Profit I loss on exchange Depreciation of Building Capital Grants Amortised Gain/loss on investments Festival 2022 expense5 100,525 1,102,474 1,202,999 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 1,978 53,941 18,637 42,075 3,429 24,224 1,099 2,140 57,736 (41,415) (51,297) 104,615 12,207 126,436 5,672 34,370 36,098 43,609 2,326 41,529 7,827 340 6,840 62,695 98,978 73,343 6,703 3,602 I 1,000 138,643 5,672 34,370 36,098 43,609 6,154 67,303 33,346 6,557 6,840 62,695 134,959 73,343 6,703 14,753 11,000 703 5.282 254,697 19,112 36,423 31,427 14,393 34,332 (2,777) 59,129 59,129 (41,415) 1 (41,415) (10,530) 7,300 3,828 25,774 25,519 6,217 11,151 703 1,036 82,999 4,246 171,698 19,112 32,907 25,847 3,516 5,580 14,393 15,124 (2,777) 19,208 (10,530) 7,300 338,546 1,954,574 2,293,120 2,173,426 Page 20 THE NERVE CENTRE LTD Notes to tbe accounts for the year ended 31 March 2025 Net incomel expenditure for tho year 2025 2024 Net in¢omel expenditure is stated after chargingj (crediting): Depreciation and ollier amounts written off tangible assets Auditors, remuneration 59,129 11,000 57,736 I 1,000 Auditor's remuneration The auditor's remuneration amounts to an audit fee of £1 1.000 (2024 - £11,000), Employees 2025 2024 Wages and Salaries Social security costs Peiision costs R¢dundancy costs 1,098,465 104,534 138,643 1,096,849 129,928 135.109 15.866 1,341,642 1,377,752 One employee received emoluments of more than £60,000 (2024: 2) The directors, neitlier received nor waived any emoluments during the year. (2024: None) Number of employees 2025 Numb¢r 2024 Numbor The average monthly numbers of employees during the year. cal¢ulated on the basis of full time equivalents, was as follows: 56 62 Taxatlon As a charity, The Nerve Centre Ltd Is exempt from tax on income and guins falling within section 505 of the Tales Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its chargeable objects. Accordingly, no tax charges have arisen in the charity. Page 21 THE NERVE CENTRE LTD Notes to the accounts for the year ellded 31 March 2025 Tangible assets Land buildings Equlp.mcnt Motor vchieles Total Cost At l April 2024 Additions 2,886,788 1,246,743 69,639 52,392 4,185,923 69,639 At 31 March 2025 2,956,427 1,246,743 52,392 4,255,562 Depre¢lAtion At l April 2024 Charge for the year At 31 March 2025 967,259 1,246,743 59,129 52,392 2,266,394 59,129 1,026,388 1,246,743 52,392 2,325,523 Net book values At 31 March 2025 1,930,039 1,930,039 At 31 March 2024 1,919,529 1.919,529 Investments 2025 2024 Balance at l April 2024 Additions to investments in year Gain/(loss) on investment 687,477 636,180 10,530 51.297 Balance at 31 March 2025 698,007 687,477 The company invested E250,000 (£212,925) with Davy Group on 30th November 2021, in the months November and December 2021 an additional £500,000 was invested. Dcbtors 2025 2024 Trade debtors Grants receivable Other debtors Prepayments 124,940 443,343 620 16,021 45,724 278,391 620 10,931 584,924 335,666 Page 22 THE NERVE CENTRE LTD Notes to the accounts ror the year ended 31 March 2025 10. Creditors: an)ounts falling due within one year 2025 2024 Trade Creditors Taxes and social security creditor Bank loan5 and overdrafts Deferred income (Note I l ) Sundry creditor Accruals 70,417 16,477 2,477 802,549 630 70,407 52,939 37,504 4,088 311,552 51,790 52,334 962,957 510,207 11. Deferred Income 2025 2024 Balance at l April 2024 Additions during the year Amounts released to income 311,552 303,675 2,025,946 1,524,490 (1.556,553) (1,516,613) Balance at 31 March 2025 780,945 311.552 Deferred income is in¢ome received before the end of th¢ financial year 31 March 2025 and r¢lat¢s to post year end expenditure. 12. Long-term liabilities 2025 2024 Inner City Trust 400,000 400,000 In the event tliat the building at 7-8 Magazine Street is sold, the charitable company (The Nerve Centre) would be liable to repay the Inner City Trust £400,000. 13. Sceuritios Bank of Ireland hold tlie following securities; Offer letter dated 5th June 2012 - £12,500 facility. Internal cash deposit dated 7th Jun¢ 2021- £100,000 faciility. Page 23 THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2025 14. Analysls of net assets between funds Unrestrlcted funds Rcstrlctcd funds Total funds Fund balAnees nt 31 March 2025 as represented by: Tangible fixed assets Investments Current assets Current liabilities Long terni liabilities Capital grant 30,790 698,007 2,878,098 (90,182) 1,899,249 1,930,039 698.007 1,868,529 4,746,627 872,775 (962,957) (400,000) (400,000) (1,453,872) (1,453,872) Total funds 3,516,714 1,041,130 4,557,844 Is. Movements in Funds At l April Incoming Outgofng 2024 resourccs resources At 31 March 2025 Restricted funds: Total restricted funds 969,758 2,025,946 (1,954,574) 969,758 2,025,946 (1,954,574) 1,041,130 1,041,130 Total restricted funds Unrestricted funds: General funds 3,126,814 728,446 (338,546) 3,516,714 3,126,814 728,446 (338,546) 3,516,714 Total unrestricted funds Total funds 4,096.572 2,754,392 (2,293,120) 4,557,844 Purposes of Restricted Funds Restricted grants awarded to the charity is provided to cover the core objects as explained in directors report. 16. Capltal Grants 2025 2024 At l April 2024 Less: Capital Grants Amortised 1,495,287 1,536,703 (41,415) (41,415) At 31 March 2025 1,453,872 1,495,287 Page 24 THE NERVE CENTRE LTD Notes to the accounts for the year ended 31 March 2025 17. Cash and cash equivalents 2025 2024 Cash at bank and in hand 4,161,703 3,559,393 18. Related party transactions There were no related paty transactions in the period under review. 19. Llmlted by Guarantee Tlie company is liinited by guarantee and does not have a share capital. Every member of the company undertake5 to contribute such amount as may be required not exceeding £1 to the assets of tlie cliaritable company in the event of its being ivound up wliile he or she is a member, or within one year after he or she ceases to be a member. 20. Controlling interest Controllin8 interest rests with the Board of Dir¢ctors. 21. Post Balance Sheet events No significant events have taken place since the year end that would result in adjustsnents to 2025 financial information or inclusion of a note thereto, Page 25 THE NERVE CENTRE LTD Notes to the accounts for the year ellded 31 March 2025 22, R¢s¢rves Policy The Nerve Centre is committed to organisational financial sustainability and the generation of financial reserves to enable the future of the organisation. Reserves provide the organisation witli adequate financial stability and the means for it to meet its objectives for the future. In addition, sufficient reserves are essential to enable the Nerve Centre to meet it's short, medium and longer terni strategic objectives. These strategic objectives also include any potential capital expansion plans, capital investment including ongoing refurbisliment and strategi programme development. Nerve Centre currently operates within a climate of funding cuts, changes in policy and Brexit. During this period the maintenance of cash reserves are prudent financial management, especially in light of tlie cut in European Funding post Brexit. Each year Nerv¢ Centre's earned income is used to subsidise the potential shortfall in restricted activities as well as add to unrestricted reserves. Current reserves will be used for the following. Capital expansion plans and strategic programme investment. Capital investment including ongoing refurbishment, redevelopment, up,grade and maintenance of the current capital stock of the organisation. -Investment in new specialist equipment to ensure that Nerve Centre has cutting edge technology to deliver ivs programmes. Risk Managementlcontingency. It is essential for the organisation to have a significant trading reserve to enable it to manage a number of funded projects at any one time. There is also a risk factor as many fund5 a￿ paid in arrears In addition to any unexpected costs and funding shortfalls, Nerve Centre also needs to provide match funding for projects. Reserves can provide the necessary match funding where a matching funder cannot be secured. -Reserves are also intended to cover essential staff costs including allowances for non-funded salaries, pensions, redundancies and ihe like.. The reserves policy is reviewed annually by the Board of the Nerve Centre. Page 26