IRIS Accounts Production v25.4.0.155 Other Company accounts True false Pounds 1.4.24 31.3.25 31.3.25 FY FRS 102 Audited Small companies regime for accounts Full Charities SORP true true true true true false true false true iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh NI030352 2024-03-31 NI030352 2025-03-31 NI030352 2024-04-01 2025-03-31 NI030352 2023-03-31 NI030352 2023-04-01 2024-03-31 NI030352 2024-03-31 NI030352 ns0:CharitableCompanyLimitedByGuarantee 2024-04-01 2025-03-31 NI030352 ns15:PoundSterling 2024-04-01 2025-03-31 NI030352 ns11:FRS102 2024-04-01 2025-03-31 NI030352 ns11:Audited 2024-04-01 2025-03-31 NI030352 ns11:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 NI030352 ns11:FullAccounts 2024-04-01 2025-03-31 NI030352 ns0:CharitiesSORP 2024-04-01 2025-03-31 NI030352 ns0:Trustee1 2024-04-01 2025-03-31 NI030352 ns0:Trustee3 2024-04-01 2025-03-31 NI030352 ns0:Trustee4 2024-04-01 2025-03-31 NI030352 ns0:Trustee5 2024-04-01 2025-03-31 NI030352 ns0:Trustee6 2024-04-01 2025-03-31 NI030352 ns0:Trustee7 2024-04-01 2025-03-31 NI030352 ns0:Trustee2 2024-04-01 2025-03-31 NI030352 ns0:Trustee8 2024-04-01 2025-03-31 NI030352 ns0:Trustee9 2024-04-01 2025-03-31 NI030352 ns11:RegisteredOffice 2024-04-01 2025-03-31 NI030352 ns0:Activity8 2024-04-01 2025-03-31 NI030352 ns0:Activity8 2023-04-01 2024-03-31 NI030352 ns0:Activity9 2024-04-01 2025-03-31 NI030352 ns0:Activity9 2023-04-01 2024-03-31 NI030352 ns10:WithinOneYear 2025-03-31 NI030352 ns10:WithinOneYear 2024-03-31 NI030352 ns0:TotalUnrestrictedFunds 2025-03-31 NI030352 ns0:TotalRestrictedIncomeFunds 2025-03-31 NI030352 2 2024-04-01 2025-03-31 NI030352 ns10:OwnedAssets 2024-04-01 2025-03-31 NI030352 ns10:OwnedAssets 2023-04-01 2024-03-31 NI030352 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-03-31 NI030352 ns10:FurnitureFittings 2024-03-31 NI030352 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-04-01 2025-03-31 NI030352 ns10:FurnitureFittings 2024-04-01 2025-03-31 NI030352 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-03-31 NI030352 ns10:FurnitureFittings 2025-03-31 NI030352 ns10:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-03-31 NI030352 ns10:FurnitureFittings 2024-03-31 NI030352 ns0:TotalRestrictedIncomeFunds 2024-03-31 NI030352 ns0:TotalRestrictedIncomeFunds 2024-04-01 2025-03-31

REGISTERED COMPANY NUMBER: NI030352 (Northern Ireland)

REGISTERED CHARITY NUMBER: 101219

Report of the Trustees and

Financial Statements

for the Year Ended 31 March 2025

for

Prime Cut Productions Ltd

| Prime Cut Productions Ltd |

Contents of the Financial Statements

for the Year Ended 31 March 2025

| Page |

| Reference and Administrative Details | 1 |

| Report of the Trustees | 2 |  | to |  | 10

| Report of the Independent Auditors | 11 |  | to |  | 14

| Statement of Financial Activities | 15 |

| Balance Sheet | 16 |

| Cash Flow Statement | 17 |

| Notes to the Cash Flow Statement | 18 |

| Notes to the Financial Statements | 19 |  | to |  | 26

| Prime Cut Productions Ltd |

Reference and Administrative Details

for the Year Ended 31 March 2025

| TRUSTEES | E Magill

| L Doherty (resigned 28/8/2024)

| K Teahan

| J O'Hagan

| D Murphy

| S A Hayles

| S A Fitzsimons

| P Talbot (resigned 8/5/2025)

| H Odling-Smee (appointed 6/11/2024)

| REGISTERED OFFICE | Unit 5 - The Refinery

| 8 Maxwell Street

| Belfast

| BT12 5FB

| REGISTERED COMPANY NUMBER | NI030352 (Northern Ireland)

| REGISTERED CHARITY NUMBER | 101219

| AUDITORS | M.B.McGrady & Co

| Chartered Accountants

| Statutory Auditors

| Suite 2B

| Cadogan House

| 322 Lisburn Road

| Belfast

| Co. Antrim

| BT9 6GH

| Prime Cut Productions Ltd (Registered number: NI030352) |

Report of the Trustees

for the Year Ended 31 March 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

Background:

Based in Belfast, Prime Cut Productions is one of Northern Ireland's leading independent theatre companies. Established in 1992, it has over the last 31 years produced some of the island of Ireland's most memorable and thought-provoking theatre. Our work is split into three distinct categories:

Prime Cut delivers under three main strands: CREATE; INNOVATE and PARTICIPATE.

CREATE:

Producing excellent performance and writing from Northern Ireland for an international audience

INNOVATE:

Driving the development of Northern Irish Performing Artists by providing the finest professionals training, mentorships and opportunities.

PARTICIPATE:

Providing a creative resource promoting autonomy and artistic self-expression for communities across Northern Ireland with trust and collaboration at its heart.

Prime Cut's Mission:

To create artistically engaging experiences for artists, audiences and participants. We will continue to build on our local and international reputation for making excellent, socially relevant art and work with integrity and trust.

Prime Cut's Vision:

To deliver a programme that not only embraces its founding ambition of producing the finest international theatre for/in Belfast that is innovative, inclusive, artist-led, and impactful, with a meaningful artist development and community engagement at its heart while spotlighting Belfast as a cultural hub for artistic excellence.

| Prime Cut Productions Ltd (Registered number: NI030352) |

Report of the Trustees

for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

Significant activities

In 2024-25 our Programme was as follows:

CREATE:

The Pillowman by Martin McDonagh

In a totalitarian state a Writer is questioned by the authorities about a spate of murders that bear similarities to her short stories. Is this life imitating art or something more sinister?

This black comedy widely regarded as one of the greatest plays of the past 25 years, examines the role of the artist in society and asks what price do we pay for freedom of expression.

Building on the overwhelming success of our 2023 co-production of The Beauty Queen of Leenane, Prime Cut once again partnered with the Lyric Theatre to bring one of Martin McDonagh's most celebrated and critically acclaimed plays to Belfast audiences.

Prime Cut's production of The Pillowman played to outstanding audience and critical response over a 4week run at the Lyric Theatre, Belfast and Keith Singleton was nominated for Best Actor at the 2024 UK Theatre Awards for his performance as Katurian

The Arts Dispatch *****

https://www.theartsdispatch.com/the-pillowman-review-lyric-theatre-belfast/

Irish Times **** https://www.irishtimes.com/culture/stage/review/2024/05/20/the-pillowman-review-martin-mcdonaghs-ea rly-play-gets-a-pin-sharp-meticulously-controlled-staging-from-lyric-and-prime-cut/

The Stage ****

https://www.thestage.co.uk/reviews/the-pillowman-review-the-pillowman-lyric-theatre-belfast-martin-mcdon agh

British Theatre Guide

https://www.britishtheatreguide.info/reviews/the-pillowman-lyric-theatre-23291

The Belfast Times

https://thebelfasttimes.com/blogs/culture-reviews/review-the-pillowman

No More Workhorse

https://nomoreworkhorse.com/2024/05/21/the-pillowman-lyric-theatre-review/

Alan In Belfast

http://alaninbelfast.blogspot.com/2024/05/the-pillowman-playwright-asks-where.html

Cast:

Katurian : Keith Singleton

Tupolski : Abigail McGibbon

Ariel: Stephen Calvert

Michal: David Murphy

Father: Jude Quinn

Mother: Rosie McCLelland

Girl: Erin Barry

Girl: Amelia Skillen

| Prime Cut Productions Ltd (Registered number: NI030352) |

Report of the Trustees

for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

Creative Team:

Director : Emma Jordan

Set & Lighting Designer : Ciaran Bagnall

Sound Designer & Composition: Carl Kennedy

Costume Designer : Rosie McClelland

Movement Director: David Quinn

Movement Director: Michael McEvoy

Fight Director: Philip Rafferty

Assistant Director: Jude Barriscale

Chaperone: Janet Walker

Lie Low by Ciara Elizabeth Smyth

Faye's afraid. She's not sleeping, she doesn't trust ducks and all she's had to eat this week is a box of dry Rice Krispies. Desperate to shake her insomnia, Faye enlists the help of her brother, Naoise, to try a form of exposure therapy. But Naoise has a devastating secret that's about to explode.

Lie Low is the award-winning, critically acclaimed dark, funny and surreal new play by Ciara Elizabeth Smyth. Building on hugely successful runs at Dublin's Abbey Theatre and Traverse 2, Edinburgh it went on to receive critical acclaim and outstanding audience feedback touring to London's Royal Court and returning to Traverse Edinburgh. It also featured as part of the Culture Ireland "Meet The Irish" Showcase at the Irish Arts Centre in New York in January 2025.

Whats On Stage *****

https://www.whatsonstage.com/news/lie-low-at-the-royal-court-review_1603711/

NorthWestEnd *****

https://northwestend.com/lie-low-traverse-theatre/#google_vignette

Everything Theatre ****

https://everything-theatre.co.uk/2024/05/review-lie-low-royal-court-theatre/

The Stage ****

https://www.thestage.co.uk/reviews/lie-low-review-jerwood-theatre-upstairs-royal-court-london

Theatre Weekly****

https://theatreweekly.com/review-lie-low-at-the-royal-court/

The Spy in the Stalls****

https://thespyinthestalls.com/2024/05/lie-low/

Theatre & Tonic ****

https://theatreandtonic.co.uk/blog/lie-low-royal-court-theatre-review

Fringe Review

http://fringereview.co.uk/review/fringereview-uk/2024/lie-low-2/

British Theatre Guide

https://www.britishtheatreguide.info/reviews/lie-low-royal-court-the-23316

Cast:

Faye: Charlotte McCurry

Naoise : Thomas Finnegan

| Prime Cut Productions Ltd (Registered number: NI030352) |

Report of the Trustees

for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

Doctor: Rory Nolan

Creative Team:

Director : Oisin Kearney

Set & Lighting Designer: Ciaran Bagnall

Sound Designer & Composition: Denis Clohessy

Movement Director : Paula O Reilly

Fight Director: Philip Rafferty

Aurora: A Modern Myth by Dominic Montague

Variously described as "A little gem of a production" The Arts Dispatch, "an imaginative creative approach, blending bleak reality with unearthly spectacle, theatrical illusion with animation technology" The Stage and "Less is more, and director Emma Jordan uses every gesture, every laugh, every eyeroll to enchant and draw the audience in" View Digital

Cass is on a mission to save her friend. They've been close since childhood and she's the type to do anything for her mates, even when the mate in question is a tree. She has a plan, an industrial strength chain, and a Live Feed… Set in a fictional Irish village following the opening of a new gold mine Aurora: A Modern Myth follows Cass' protest as she and those around her (human and otherwise) grapple with what comes next for us a nd the planet we call home.

When games, animation and live theatre come together magic can happen. Aurora: A Modern Myth incorporates gaming animation and immersive theatrical visuals developed in partnership with Ulster University's Gaming and Animation Department, to create a new and exciting theatrical experience that appealed to audiences young and older alike at both Belfast International Arts Festival, The Grianan Donegal and Project Arts Centre, Dublin.

The Arts Dispatch ****

"The incredible projections, sound and lighting designs and even the story itself make the static structure feel alive - and provide a reminder that we are all connected to nature. A little gem of a production"

The Stage ***

"Montague offers up an imaginative creative approach, blending bleak reality with unearthly spectacle, theatrical illusion with animation technology, the natural world with the supernatural - and a badger"

Alan In Belfast

"The cast's performances are very strong. Meghan Tyler narrates the story…Cass's commitment to the venture shines through Tyler's gifted and intense storytelling. Less is more, and director Emma Jordan uses every gesture, every laugh, every eyeroll to enchant and draw the audience in."

View Digital

"Playwright Montague tells a gripping story and is ably assisted by the innovative use of design and sound. His vision is also perfectly executed by Prime Cut director Emma Jordan. The tone throughout is playful, engaging, thoughtful and passionate."

Cast

Cass: Meghan Tyler

Conn: Conor O Donnell

Drew: Thomas Finnegan

The Interrogator: Maria Connolly

Creative Team:

Director : Emma Jordan

| Prime Cut Productions Ltd (Registered number: NI030352) |

Report of the Trustees

for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

Set Designer : Ciaran Bagnall

Lighting Designer: Mary Tumelty

Sound Designer & Composition: Katie Richardson

Costume Designer : Rosie McClelland

Movement Director: Paula O Reilly

Animation Design and Operation: Joseph Catney

Games Design and Operation: Scott Meekin

Dramaturg: Louise Stephens

Sound Engineer: Megan Joyce

The Gate House: In Co-Production with Michael McEvoy through the Reveal Programme

The Gate House will bring you to a Belfast you've never before experienced. Inspired by Michael's own personal history as well of that of his Father and Grandfather, it is a sharing of heartbreak, residence and hope.The Gate House is an exploration of the past as means to inspire the future. Come into the Gate House Pub, sit by the fire and experience the incredible music of Joshua Burnside, as Michael and his cast of 7 dancers take you on a journey through three generations of Belfast stories.

Developed through the Reveal Programme, and co-produced with multi - award winning Prime Cut Productions team (Hard To Be Soft, Lady Magma) this World Premiere by Michael McEvoy played to sold out audiences at St Anne's Cathedral and was a highlight of the BIAF programme.

Cast

Angus Bartlett

Clara Kerr

Diarmuid Armstrong

Ollie Robertson

Hannah Scully

Rosie Mullin

Michael McEvoy

Creative Team:

Choreographer: Michael McEvoy

Sound and Music Composition: Joshua Burnside.

INNOVATE:

Through support from the Arts Council of Northern Ireland and the Jerwood Foundation we were able to deliver an outstanding Artistic Development Programme which included the following activities:

- Continued working with Reveal Artists, Michael McEvoy and Emily Foran as well as well as Associate Producer Ronan McManus.

- Supported Ronan in producing Michael McEvoy's The Gate House for Belfast International Arts Festival and Culture Ireland Showcase

- Appointed Dramaturg Louise Stephen's to support Ciara Elizabeth Smyth in developing her commissioned work: The Briar Patch.

- Commissioned Fionnuala Kennedy to write a new play exploring violence against women and femicide.

- Secured a Residency Award for Reveal Artist Michael McEvoy at the Tyrone Guthrie Centre, Annamakerrig.

- Prime Cut Producer Una NicEoin attended a variety of sectoral events at Edinburgh Festival and Prime Cut Artistic Director Emma Jordan and the Reveal Artists attended the Noordezon Festival in Gronengin.

- Partnered with Ulster University to deliver two paid internships the animation design for Aurora.

- Delivered a free Masterclass in Shakespearean Performance for 8 professional Actors facilitated by Emma Copland.

In PARTICIPATE we have successfully delivered to 441 participants in the following projects

| Prime Cut Productions Ltd (Registered number: NI030352) |

Report of the Trustees

for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

- Well Read is an arts engagement theatre reading project developed for service users of secure mental health and addictio n centres. Bringing together a team of 10 artist facilitators and in partnership with The Northern Trust it was rolled out in 5 centres across Northern Ireland throughout 2024-25 with extension funding sourced from the Tru st and the D'Oyly Carte Trust to carry out further delivery in 2025-26

- The PARTICIPATE Showcase was delivered to an audience of 60 people including representatives from ACNI, Belfast City Council, Dubli n City Council, Dept of Communities NI and Axis Ballymun as well as the artists and participants on the Starlit e Stories and In My Own Words project;. The Showcase was opened by the Deputy Lord Mayor of Belfast, Andrew Mc Cormick.

- Starlite Stories: a reminiscence project in photography and art to 4 x older people's groups across Belfast.

- Art and Drama workshops in community centres local to PC Base on Maxwell St took place from April-June 2024, building relationship s between the company and our neighbours. We look forward to this being the start of further ongoing collabor ations.

- Cruinniu na n'Og: Prime Cut partnered with Dublin City Council to deliver a series of arts exchange workshops and residentials be tween teenagers in both Belfast and Dublin in May, June, September. . Facilitated by Matt Faris and Rhiann Jeffrey it culminated in a Gala Screening of the films created with New Lodge Arts, LORAG and Swan Youth Centre hosted by Dublin City Council at Project Arts Centre. The project was deemed a great success and the hope is that we continue to explore ways of delivering more in 2025.

- In My Own Words: A creative writing project that saw Prime Cut partner with six groups across Belfast that included global ma jority communities, refugee and asylum seekers, young people, older people and people with a mental health diag nosis, that culminated in a Showcase Launch for the Project Anthology and Documentary at the Lyric Belfast to an audience of 80 people.

Conclusion:

In conclusion 2024-25 has been a highly successful year and an extremely busy year for Prime Cut Productions. We been able to produce innovative, critically acclaimed work that was shown on stages and in events in Belfast, Dublin, London, Edinburgh and New York, building audiences for our work and raising awareness of our brand. We got to work with an amazing range of artists, consolidating already existing relationships as well as forming new ones with artists from a wide range of disciplines and ages. We were able to create new relationships, new networks and take advantage of opportunities to collaborate in work that has truly taken us out of our comfort zone and it has been an outstanding experience.

It has been a highly successful year but not without cost. It took nerve and determination. We couldn't have done it without our funders whose investment and belief in and commitment to the company were second to none. We couldn't have done it without our artists, who kept the faith and whose resilience in the face of such adversity was unreal. We couldn't have done it without the determination and commitment of our core staff, who worked ceaselessly to make it all real, and we most certainly couldn't have done it without our colleagues across the arts, in Belfast and far beyond as well as our audiences, whose support, commitment and kindness can never be overstated.

Thank you to you all.

Una NicEoin: Executive Producer

| Prime Cut Productions Ltd (Registered number: NI030352) |

Report of the Trustees

for the Year Ended 31 March 2025

FINANCIAL REVIEW

Reserves policy

The charity has set a policy of building reserves to a level that equates to 25% of annual administration overheads. This policy has been implemented as part of the organisation's risk reduction strategy and would be utilised in the event of a future shortfall in funding.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a company limited by guarantee. The company was established under a Memorandum of Association which established the objects and powers of the company and is governed by its Articles of Association.

Recruitment and appointment of new trustees

Trustee Selection Methods:

Trustees are identified in the first instance on the basis of the needs and requirements of the operation. Prime Cut Productions aim to have a consistently diverse Board that has a wide skill range pertinent to the successful driving forward of the operation. Gaps in this set are constantly monitored and when one is identified, measures are taken to recruit new members to mitigate against this. Within the current Board the skills range includes Governance, Fundraising Expertise, Financial, Marketing, Artistic (in particular Drama expertise) and Best Practice in Youth and Community Work. These skills are utilised towards the successful running of the core organisation ensuring that our practice complies with and is up to date with current legislation, appropriate and transparent financial procedures that are strictly adhered to, ongoing successful fundraising to ensure the sustainability of the organisation, artistic excellence within our project and policies and procedures within our Outreach work that comply fully with current legislation when working with young people and disadvantaged people.

On joining the organisation all new Board Members are provided with a Board Pack containing history of the organisation, synopsis of Organisation Structure, Company Policies and Procedures, contact details for all other Board Members and Staff and Corporate/Business Plans for the organisation.

| Prime Cut Productions Ltd (Registered number: NI030352) |

Report of the Trustees

for the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Current Core Management & Governance

In 2024-25 Prime Cut was governed by a diverse and experienced Board of Directors, each of whom bring specialist skills and experience to the organisation. These were:

Edel Magill: Business Owner (Chair)

Lesley Doherty: Media Relations Officer, Belfast City Council (Secretary: Resigned August 2024)

Kerry Teahan: Solicitor

Stephanie Fitzsimons: Chartered Accountant, Corporate Finance Advisor (Treasurer)

Darren Murphy: Playwright

Jacqueline O Hagan: Arts Manager: Eastside Arts Festival

Sophie Hayles: CEO Crescent Arts Centre

Patrick Talbot: Independent Producer

Hugh Odling Smee (appointed November 2024)

Prime Cut employs 3 x full time employees and 2 x part-time employees. In 2024-25 they were:

Emma Jordan: Artistic Director

Una NicEoin: Executive Producer

Bobbi Rai Purdy: Community Engagement Manager

Ronan McManus: Associate Producer

Lorraine McBrearty: Finance & Administration Officer

Risk, Policies & Procedures

Risk assessments are undertaken annually for all project activity for the coming year and additional on-site assessments undertaken at venues where our work will be produced. Risk is further mitigated through the provision of a set of Company Policies and Procedures that include:

- Heath & Safety Policy

- Equal Opportunities Policy

- Children and Vulnerable Adults Protection Policy & Procedures

- Disciplinary Procedures

- Grievance Procedures

- Harassment Procedures

- Code of Conduct when working with Children & Young People

- Environmental Policy

- Finance Policy & Procedures

- Annual Leave Policy

- Parental Leave Policy

- Sickness Leave Policy

- Staff Development Policy

- Recruitment Policy

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Prime Cut Productions Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

| Prime Cut Productions Ltd (Registered number: NI030352) |

Report of the Trustees

for the Year Ended 31 March 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

- | select suitable accounting policies and then apply them consistently;

- | observe the methods and principles in the Charities SORP;

- | make judgements and estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

- | there is no relevant audit information of which the charitable company's auditors are unaware; and

- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, M.B.McGrady & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 27 October 2025 and signed on its behalf by:

E Magill - Trustee

Report of the Independent Auditors to the Members of

Prime Cut Productions Ltd

Opinion

We have audited the financial statements of Prime Cut Productions Ltd (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. 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).

In our opinion the financial statements:

- | give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' 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 conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information 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 determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Prime Cut Productions Ltd

Matters on which we are required to report by exception

In the light of the 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 Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of trustees' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit; or

- | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (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 internal control as the trustees determine 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, the trustees 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.

Report of the Independent Auditors to the Members of

Prime Cut Productions Ltd

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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 when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In assessing and detecting irregularities such as fraud and non-compliance with laws and regulations we considered the following:

- the matters discussed among the audit engagement team and any other relevant professionals regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

- the nature of the industry and any laws and regulations applicable to the company and the industry;

- the company's own assessment of the risk of fraud and other irregularities;

- company's policies and procedures in relation to:

- how they identify and comply with all relevant laws and regulations and whether they are aware of any non-compliance

- how they detect and respond to risks of fraud and their knowledge of any actual, suspected or alleged fraud;

- control environment within the company and how this mitigates risks of fraud and instances of

- non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to asset valuations. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

In response to the risk of material misstatement through irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- ensuring the engagement team had the appropriate knowledge and expertise in order to be able to identify and recognise any instances of fraud or non-compliance with laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and management and from our knowledge and experience of the sector;

- ensuring the audit was carried out with a level of professional scepticism;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- enquiring of management concerns of actual and potential litigation and claims;

- agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with relevant laws and regulations;

- reviewing correspondence with HMRC and other relevant regulators and the company's legal advisors.

To address the risk of fraud through management bias and override of controls, we:

- Verify the existence of employees;

Report of the Independent Auditors to the Members of

Prime Cut Productions Ltd

- perform analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtain an understanding of provisions eg recoverability of debtors;

- test the appropriateness of journal entries and other adjustments

- assess whether the judgements made in making accounting estimates are indicative of a potential bias and

- evaluate the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Seamus McLernon (Senior Statutory Auditor)

for and on behalf of M.B.McGrady & Co

Chartered Accountants

Statutory Auditors

Suite 2B

Cadogan House

322 Lisburn Road

Belfast

Co. Antrim

BT9 6GH

27 October 2025

| Prime Cut Productions Ltd |

Statement of Financial Activities

for the Year Ended 31 March 2025

| 31/3/25 |  | 31/3/24

| Unrestricted |  | Unrestricted |  | Restricted |  | Total |  | Total

| funds |  | Funds |  | Funds |  | funds |  | funds

| Notes | £ | £ | £ | £ | £ |

INCOME AND ENDOWMENTS | FROM |

Donations and legacies | 2 | - |  | - |  | 172,633 |  | 172,633 |  | 185,132 |

Charitable activities | 4

Charitable activities | - |  | 128,106 |  | 126,946 |  | 255,052 |  | 307,584 |

Investment income | 3 | - |  | 37 |  | - |  | 37 |  | 178 |

Total | - |  | 128,143 |  | 299,579 |  | 427,722 |  | 492,894 |

EXPENDITURE ON

Charitable activities | 5

Expenditure on charitable activities | - |  | 226,987 |  | 368,611 |  | 595,598 |  | 505,610 |

NET INCOME/(EXPENDITURE) | - |  | (98,844 | ) | (69,032 | ) | (167,876 | ) | (12,716 | )

RECONCILIATION OF FUNDS

Total funds brought forward | - |  | 131,290 |  | 92,344 |  | 223,634 |  | 236,350 |

TOTAL FUNDS CARRIED FORWARD | - |  | 32,446 |  | 23,312 |  | 55,758 |  | 223,634 |

| Prime Cut Productions Ltd (Registered number: NI030352) |

Balance Sheet

31 March 2025

| 31/3/25 |  | 31/3/24

| Notes | £ | £ |

FIXED ASSETS |

Tangible assets | 12 | 29,149 |  | 34,645 |

CURRENT ASSETS |

Debtors | 13 | 64,832 |  | 81,022 |

Cash at bank and in hand | 139 |  | 121,454 |

64,971 |  | 202,476 |

CREDITORS |

Amounts falling due within one year | 14 | (38,362 | ) | (13,487 | )

NET CURRENT ASSETS | 26,609 |  | 188,989 |

TOTAL ASSETS LESS CURRENT LIABILITIES | 55,758 |  | 223,634 |

NET ASSETS | 55,758 |  | 223,634 |

FUNDS | 17

Unrestricted funds | 32,446 |  | 131,290 |

Restricted funds | 23,312 |  | 92,344 |

TOTAL FUNDS | 55,758 |  | 223,634 |

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 27 October 2025 and were signed on its behalf by:

E Magill - Trustee

S A Fitzsimons - Trustee

| Prime Cut Productions Ltd |

Cash Flow Statement

for the Year Ended 31 March 2025

| 31/3/25 |  | 31/3/24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (138,844 | ) | 3,970 |  |

Finance costs paid | (1,038 | ) | (92 | ) |

Tax paid | 3,240 |  | 1,324 |  |

Net cash (used in)/provided by operating activities | (136,642 | ) | 5,202 |  |

Cash flows from investing activities

Interest received | 37 |  | 178 |  |

Net cash provided by investing activities | 37 |  | 178 |  |

Change in cash and cash equivalents in the reporting period | (136,605 | ) | 5,380 |  |

Cash and cash equivalents at the beginning of the reporting period | 2 | 121,454 |  | 116,074 |  |

Cash and cash equivalents at the end of the reporting period | 2 | (15,151 | ) | 121,454 |  |

| Prime Cut Productions Ltd |

Notes to the Cash Flow Statement

for the Year Ended 31 March 2025

1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

| 31/3/25 |  | 31/3/24

£ | £ |

| Net expenditure for the reporting period (as per the Statement of Financial Activities) | (167,876 | ) | (12,716 | ) |

| Adjustments for:

| Depreciation charges | 5,496 |  | 6,370 |  |

| Interest received | (37 | ) | (178 | ) |

| Finance costs | 1,038 |  | 92 |  |

| Decrease in debtors | 12,950 |  | 15,192 |  |

| Increase/(decrease) in creditors | 9,585 |  | (4,790 | ) |

| Net cash (used in)/provided by operations | (138,844 | ) | 3,970 |  |

2. | ANALYSIS OF CASH AND CASH EQUIVALENTS

| 31/3/25 |  | 31/3/24

£ | £ |

| Cash in hand | (652 | ) | - |  |

| Notice deposits (less than 3 months) | 791 |  | 121,454 |  |

| Overdrafts included in bank loans and overdrafts falling due within one year | (15,290 | ) | - |  |

| Total cash and cash equivalents | (15,151 | ) | 121,454 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

| At 1/4/24 | Cash flow | At 31/3/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 121,454 |  | (121,315 | ) | 139 |  |

| Bank overdraft | - |  | (15,290 | ) | (15,290 | ) |

121,454 |  | (136,605 | ) | (15,151 | ) |

| Total | 121,454 |  | (136,605 | ) | (15,151 | ) |

| Prime Cut Productions Ltd |

Notes to the Financial Statements

for the Year Ended 31 March 2025

1. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Income

| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

| Expenditure

| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

| Tangible fixed assets

| All fixed assets are initially recorded at cost.

| Depreciation

| Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

| Leasehold improvements - 10% straight line

| Fixtures and fittings - 15% reducing balance

| Taxation

| The charity is exempt from corporation tax on its charitable activities.

| Fund accounting

| The company has various types of funds for which it is responsible and which require separate disclosure. Definitions of the various types of funds are as follows;

| (a) Restricted Funds

| Grants, donations and other income received which are earmarked by the funder or donor for specific purposes. Such purposes are within the overall aims of the charity.

| (b) Unrestricted Funds

| Funds which are expendable at the discretion of the trustees for the general purposes of the charity. Transfers from unrestricted to restricted funds are made to cover the remaining costs incurred for specific projects which have not been met from other restricted monies.

| Pension costs and other post-retirement benefits

| The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

| Prime Cut Productions Ltd |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

2. | DONATIONS AND LEGACIES

| 31/3/25 |  | 31/3/24

£ | £ |

| Grants | 172,633 |  | 185,132 |  |

| Grants received, included in the above, are as follows:

| 31/3/25 |  | 31/3/24

£ | £ |

| ACNI Annual Funding | 142,933 |  | 155,432 |  |

| Belfast City Council | 29,700 |  | 29,700 |  |

172,633 |  | 185,132 |  |

3. | INVESTMENT INCOME

| 31/3/25 |  | 31/3/24

£ | £ |

| Bank interest receivable | 37 |  | 178 |  |

4. | INCOME FROM CHARITABLE ACTIVITIES

| 31/3/25 |  | 31/3/24

| Activity | £ | £ |

| Programming | Charitable activities | 126,946 |  | 133,184 |  |

| Box Office income | Charitable activities | 64,092 |  | 110,039 |  |

| Other income | Charitable activities | 28,811 |  | 31,861 |  |

| Box Office Guarantees | Charitable activities | 35,203 |  | 32,500 |  |

255,052 |  | 307,584 |  |

| Income from charitable activities include TEO Good Relations Fund £49,320, Culture Ireland £24,874, Arts Council Dublin £24,353, Dublin City Council £17,002, ACNI Lottery grant £4,392, D'Oyly Carte Trust £3,500, Ulster University £2,000, Northern Trust £1,155 and Belfast Resource Centre £350.

5. | CHARITABLE ACTIVITIES COSTS

| Support |

| Direct | costs (see |

| Costs | note 6) | Totals

£ | £ | £ |

| Expenditure on charitable activities | 363,893 |  | 231,705 |  | 595,598 |  |

| Prime Cut Productions Ltd |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

6. | SUPPORT COSTS

| Governance |

| Other |  | costs |  | Totals

£ | £ | £ |

| Expenditure on charitable activities | 225,955 |  | 5,750 |  | 231,705 |  |

7. | NET INCOME/(EXPENDITURE)

| Net income/(expenditure) is stated after charging/(crediting): |

| 31/3/25 |  | 31/3/24

£ | £ |

| Auditors' remuneration | 5,750 |  | 5,750 |  |

| Depreciation - owned assets | 5,496 |  | 6,370 |  |

8. | TRUSTEES' REMUNERATION AND BENEFITS

| There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

| Trustees' expenses

| There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

9. | KEY MANAGEMENT PERSONNEL

| 31/3/25 |  | 31/3/24

£ | £ |

| Wages and salaries | 157,858 |  | 161,190 |  |

| Social security costs | 10,698 |  | 10,132 |  |

| Other pension costs | 4,777 |  | 4,820 |  |

173,333 |  | 176,142 |  |

| The average monthly number of employees during the year was as follows:

| 31/3/25 |  | 31/3/24

| Administrative staff | 6 |  | 6 |  |

| No employees received emoluments in excess of £60,000.

| Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total consideration paid to key management personnel for services provided to the charity, including employers national insurance contributions was £95,084 (2024: £95,084).

| Prime Cut Productions Ltd |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

| Unrestricted |  | Unrestricted |  | Restricted |  | Total

| funds |  | Funds |  | Funds |  | funds

£ | £ | £ | £ |

| INCOME AND ENDOWMENTS FROM

| Donations and legacies | - |  | - |  | 185,132 |  | 185,132 |

| Charitable activities

| Charitable activities | - |  | 174,400 |  | 133,184 |  | 307,584 |

| Investment income | - |  | 178 |  | - |  | 178 |

| Total | - |  | 174,578 |  | 318,316 |  | 492,894 |

| EXPENDITURE ON

| Charitable activities

| Expenditure on charitable activities | - |  | 5,275 |  | 500,335 |  | 505,610 |

| NET INCOME/(EXPENDITURE) | - |  | 169,303 |  | (182,019 | ) | (12,716 | )

| Transfers between funds | - |  | (141,978 | ) | 141,978 |  | - |

| Net movement in funds | - |  | 27,325 |  | (40,041 | ) | (12,716 | )

| RECONCILIATION OF FUNDS

| Total funds brought forward | - |  | 103,965 |  | 132,385 |  | 236,350 |

| TOTAL FUNDS CARRIED FORWARD | - |  | 131,290 |  | 92,344 |  | 223,634 |

11. | FUND TRANSFERS

| Unrestricted funds include funding that the charity receives which is expendable at the discretion of the directors for the general purposes of the charity. In addition, these funds may be held in order to finance capital investment and working capital.

| Transfers from unrestricted funds to restricted funds are made to cover the costs incurred for specific projects which have not been met from other restricted monies.

| Prime Cut Productions Ltd |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

12. | TANGIBLE FIXED ASSETS

| Fixtures, |

| Leasehold |  | fittings |

| improvements |  | & equipment |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 and 31 March 2025 | 5,440 |  | 81,219 |  | 86,659 |  |

| DEPRECIATION

| At 1 April 2024 | 3,808 |  | 48,206 |  | 52,014 |  |

| Charge for year | 544 |  | 4,952 |  | 5,496 |  |

| At 31 March 2025 | 4,352 |  | 53,158 |  | 57,510 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,088 |  | 28,061 |  | 29,149 |  |

| At 31 March 2024 | 1,632 |  | 33,013 |  | 34,645 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

| 31/3/25 |  | 31/3/24

£ | £ |

| Trade debtors | 36,711 |  | 45,552 |  |

| Tax repayment due | 28,121 |  | 31,361 |  |

| VAT | - |  | 281 |  |

| Prepayments and accrued income | - |  | 3,828 |  |

64,832 |  | 81,022 |  |

| Included within Trade Debtors of £36,711 is;

| TEO Good Relations Fund £24,660, Arts Council Dublin £4,904 and ACNI Annual Funding Programme £7,147.

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

| 31/3/25 |  | 31/3/24

£ | £ |

| Bank loans and overdrafts (see note 15) | 15,290 |  | - |  |

| Social security and other taxes | 3,606 |  | 3,611 |  |

| VAT | 5,328 |  | - |  |

| Other creditors | 2,000 |  | 400 |  |

| Accruals and deferred income | 12,138 |  | 9,476 |  |

38,362 |  | 13,487 |  |

| Prime Cut Productions Ltd |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

15. | LOANS

| An analysis of the maturity of loans is given below:

| 31/3/25 |  | 31/3/24

£ | £ |

| Amounts falling due within one year on demand:

| Bank overdrafts | 15,290 |  | - |  |

16. | ANALYSIS OF NET ASSETS BETWEEN FUNDS

| 31/3/25 |  | 31/3/24

| Unrestricted |  | Unrestricted |  | Restricted |  | Total |  | Total

| funds |  | Funds |  | Funds |  | funds |  | funds

£ | £ | £ | £ | £ |

| Fixed assets | - |  | 90,892 |  | (61,743 | ) | 29,149 |  | 34,645 |  |

| Current assets | - |  | (25,177 | ) | 90,148 |  | 64,971 |  | 202,476 |  |

| Current liabilities | - |  | (33,269 | ) | (5,093 | ) | (38,362 | ) | (13,487 | ) |

- |  | 32,446 |  | 23,312 |  | 55,758 |  | 223,634 |  |

17. | MOVEMENT IN FUNDS

| Net |  | Transfers |  |

| movement |  | between |  | At |

| At 1/4/24 |  | in funds |  | funds |  | 31/3/25 |

£ | £ | £ | £ |

| Unrestricted funds

| Unrestricted fund |  |

131,290 |  | (98,844 | ) | - |  | 32,446 |  |

| Restricted funds

| Core | - |  | 196,248 |  | (196,248 | ) | - |  |

| ADP | 60,231 |  | - |  | (60,231 | ) | - |  |

| Participate | 28,960 |  | (2,479 | ) | (3,169 | ) | 23,312 |  |

| Create | - |  | (237,477 | ) | 237,477 |  | - |  |

| Innovate | - |  | (25,324 | ) | 25,324 |  | - |  |

| Aurora | 3,153 |  | - |  | (3,153 | ) | - |  |

92,344 |  | (69,032 | ) | - |  | 23,312 |  |

| TOTAL FUNDS | 223,634 |  | (167,876 | ) | - |  | 55,758 |  |

| Prime Cut Productions Ltd |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

17. | MOVEMENT IN FUNDS - continued

| Net movement in funds, included in the above are as follows:

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| Unrestricted fund |  |

128,143 |  | (226,987 | ) | (98,844 | ) |

| Restricted funds

| Core | 198,875 |  | (2,627 | ) | 196,248 |  |

| Participate | 49,477 |  | (51,956 | ) | (2,479 | ) |

| Create | 49,227 |  | (286,704 | ) | (237,477 | ) |

| Innovate | 2,000 |  | (27,324 | ) | (25,324 | ) |

299,579 |  | (368,611 | ) | (69,032 | ) |

| TOTAL FUNDS | 427,722 |  | (595,598 | ) | (167,876 | ) |

| Comparatives for movement in funds

| Net |  | Transfers |  |

| movement |  | between |  | At |

| At 1/4/23 |  | in funds |  | funds |  | 31/3/24 |

£ | £ | £ | £ |

| Unrestricted funds

| Unrestricted fund |  |

103,965 |  | 169,303 |  | (141,978 | ) | 131,290 |  |

| Restricted funds

| Core | - |  | (42,372 | ) | 42,372 |  | - |  |

| ADP | 45,377 |  | 14,854 |  | - |  | 60,231 |  |

| Participate | 60,093 |  | (23,406 | ) | (7,727 | ) | 28,960 |  |

| Removed | - |  | (7,778 | ) | 7,778 |  | - |  |

| BQOL | 26,915 |  | (77,743 | ) | 50,828 |  | - |  |

| Lie Low | - |  | (40,187 | ) | 40,187 |  | - |  |

| Aurora | - |  | 3,153 |  | - |  | 3,153 |  |

| Pillowman | - |  | (8,540 | ) | 8,540 |  | - |  |

132,385 |  | (182,019 | ) | 141,978 |  | 92,344 |  |

| TOTAL FUNDS | 236,350 |  | (12,716 | ) | - |  | 223,634 |  |

| Prime Cut Productions Ltd |

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

17. | MOVEMENT IN FUNDS - continued

| Comparative net movement in funds, included in the above are as follows:

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| Unrestricted fund |  |

174,578 |  | (5,275 | ) | 169,303 |  |

| Restricted funds

| Core | 185,150 |  | (227,522 | ) | (42,372 | ) |

| ADP | 52,547 |  | (37,693 | ) | 14,854 |  |

| Participate | 28,583 |  | (51,989 | ) | (23,406 | ) |

| Removed | 6,665 |  | (14,443 | ) | (7,778 | ) |

| BQOL | - |  | (77,743 | ) | (77,743 | ) |

| Lie Low | 25,251 |  | (65,438 | ) | (40,187 | ) |

| Aurora | 10,120 |  | (6,967 | ) | 3,153 |  |

| Pillowman | 10,000 |  | (18,540 | ) | (8,540 | ) |

318,316 |  | (500,335 | ) | (182,019 | ) |

| TOTAL FUNDS | 492,894 |  | (505,610 | ) | (12,716 | ) |

18. | RELATED PARTY DISCLOSURES

| There were no related party transactions for the year ended 31 March 2025.

19. | COMPANY LIMITED BY GUARANTEE

| The charity is a company limited by guarantee without any share capital.