OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

BLAST THEORY LIMITED BY GUARANTEE

Report of the Trustees and Unaudited Financial Statements for the year ended 31 March 2023

Registered Company Number: 03162239 (England and Wales) Registered Charity Number: 1053343

BLAST THEORY (REGISTERED NUMBER: 03162239)

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page
Report of the Trustees 3 to 10
Independent Examiner's Report 11
Statement of Financial Activities 12
Balance Sheet 13 to 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to
 25
Detailed Statement of Financial Activities 26

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

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 2023. 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

Blast Theory make interactive art to explore social and political questions. The group's work places the public at the centre of unusual and sometimes unsettling experiences, to create new perspectives and open up the possibility of change.

Led by Matt Adams, Ju Row Farr and Nick Tandavanitj, the group draw on popular culture and new technologies to make performances, games, films, apps and installations.

Significant activities

Our main achievements for the year were:

Key artistic projects

Cat Royale

Cat Royale explores the impact of AI on humans and animals.

Three cats lived inside an environment created by the artists. For 12 days Ghostbuster, Pumpkin and Clover spent time inside each day. Their every need was catered for. They had food, drink and air conditioning. They had high ledges to watch from; cubbyholes to snooze in and a floor to ceiling scratchpost. Every surface was covered in carpet so that they could climb and explore freely.

At the centre of the room was a robot arm controlled by an AI, connected to a computer vision system. Every few minutes the AI instructed the robot to offer a game to the cats. Over time it learned which games each cat liked best.

The robot threw balls or dropped them into a ball run. It dangled feathers, offered snacks and introduced a cardboard box. It rang bells and dragged a toy mouse.

To ensure the comfort and safety of the cats, experts in animal welfare were involved in the design of the project from the start. Senior staff from the RSPCA were supervising throughout the 12 days.

Cat Royale was made possible as part of Blast Theory's role as Cultural Ambassadors for the Trustworthy Autonomous Systems Hub. The work was created as part of an extensive collaboration with researchers at the Mixed Reality Lab at the University of Nottingham; and with Professor Clara Mancini at the Open University, Professor Daniel Mills at the University of Lincoln and Dr Kate Devlin at Kings College London.

In March and early April 2023, the work was presented as a time delayed video stream at the World Science Fair in Brisbane. Daily highlight films were shown on YouTube and Facebook.

3

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Exhibitions, presentations and screenings

Museum and gallery exhibitions extend our reach to new, diverse and large audiences, reaching 634,669 people this year according to the presenting partners' own monitoring.

Cat Royale at Science Festival Brisbane (Australia)

Via a 72-hour delayed livestream, audiences at Curiocity Brisbane, a free outdoor festival showcasing the intersection of art, science and technology as part of Brisbane Science Festival, watched the three cats in Cat Royale eat, sleep and play with the robot arm over a period of 12 days. An estimated 411,000 people saw the work at Queen Street Mall, a popular shopping precinct.

Short Periods Of Structured Nothingness at Science Gallery Atlanta (USA)

This work was first presented at Science Gallery London in 2018 as part of the Hooked exhibition which explored the world of addiction and recovery. In 2022 Short Periods Of Structured Nothingness was included in a new iteration of Hooked at Science Gallery Atlanta, attracting 3,300 visitors.

A Cluster of 17 Cases at Rijksmuseum Boerhaave, Leiden (Netherlands)

A Cluster Of 17 Cases (2018) continued at Rijksmuseum Boerhaave until August 2022 as part of Contagious!, an exhibition examining the history of infectious diseases and their effects on people's lives up to the Covid-19 pandemic. In 2022/23 the exhibition attracted 34,175 visitors.

Spit Spreads Death: The Exhibition at The Mütter Museum, Philadelphia (USA)

A documentation film of Spit Spreads Death: The Parade (2019) is included in the wider exhibition at The Mütter Museum. The exhibition explores the influenza pandemic of Philadelphia in 1918/19 and its impact on the city. The exhibition saw 120,347 visits in 2022/23.

Hurricane at The Red Cross Museum, Geneva (Switzerland)

Commissioned in 2012 for the permanent collection of the Red Cross Museum, this interactive work reached 65,847 visitors in 2022/23.

LEARNING & PARTICIPATION

Education and inspiration

The Blast Theory artists continue to teach in the UK and internationally. In 2022/23 we hosted a workshop for students visiting from the University of Nebraska; delivered workshops at the University of Dundee and Theatre Royal Haymarket; and held talks at the Royal College of Art, Institute of Contemporary Theatre, Kikk Festival in Namur (Belgium), Subotron in Vienna, the Kitchen in Budapest and xPUB in Rotterdam.

The artists and team regularly give interviews and provide mentoring to emerging artists and students as well as midcareer artists. In 2022/23 we mentored 11 artists including two Brighton MET college students. The Blast Theory team offered wraparound mentoring to three interns throughout the year, focusing on creative practice as well as business planning, finance and communications.

We hosted a total of six Pot Lucks in the year, each attended by between five and 15 young artists. Pot Luck is a series of informal dinners and creative events hosted at our studios for local artists to exchange ideas, build networks and develop systems of mutual support. The evenings are always well received, as demonstrated by participant feedback: "So grateful for all the light you bring to our lives with Pot Lucks" ; " So lovely to be surrounded by so many inspirational people."

Fostering new talent

Blast Theory's placements are all offered as internships paid at the Real Living Wage. We provided two full-time placements and one part-time placement in 2022/23. One placement was funded entirely by charitable donations; one placement was via the government's Kickstart scheme; and one was part of the University of Sussex Career Lab summer internships scheme.

"My time here at Blast Theory has been incredibly valuable and I am confident that the skills and experiences I have gathered here will impact my future in significantly positive ways.

My experience at Blast Theory opened my eyes to the creative industry and helped me understand how I may fit in, how I may find avenues in and how I could express myself in and through art." Stephen Oppong-Addai, intern in 2022

4

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Diversity & Inclusion

Diversity & Inclusion remained central to our work in 2022/23:

Commissions: for Cat Royale we devised and recruited an Audience Advisory Panel (AAP) with diverse representation across the UK and abroad, to discuss and review the work at key stages. AAP members took part in five online sessions, contributing to conversations and creative exercises to help develop the project. UK-based members of the panel also received an exclusive invitation to see the Cat Royale installation in person.

Talent development: building on a successful programme in 2021/22, we again offered free studio space to local artists and makers in 2022/23, supporting 14 artists from different backgrounds and at different stages in their careers.

Internships: we received a large number of applications from diverse applicants for all opportunities. Two of our 2022/23 interns were young people of colour and one identified as queer. We have an inclusive recruitment process for all opportunities, including offering alternative ways to apply, offering feedback to unsuccessful candidates and sharing interview questions in advance.

Residency Programme

Blast Theory's Residency Programme, initiated and run by the artists, provides space and uninterrupted time for residents to research and develop new work in a supportive environment. We encourage debate and exchange with residents throughout the residency and provide weekly mentoring.

In 2022/23 we made a decision to only offer residencies which included a stipend for the artist. Through a new partnership with Brighton-based creative consultancy Urbanflo we hosted Caribbean artist Rodell Warner as part of The World Reimagined, a national art education project to transform how we understand the Transatlantic Trade in Enslaved Africans and its impact on all of us.

Between January and March 2023 we hosted Sigrún Gyða, an Icelandic artist based in the Netherlands, with support from the Netherlands Creative Media Fund.

AUDIENCES AND ONLINE REACH

Blast Theory is known worldwide by a passionate and knowledgeable group of fans. Our work engages a broad audience ranging from students, academics, artists, critics, researchers and the general public to games fans, bloggers and technology enthusiasts.

Audiences are at the centre of Blast Theory's work and we focus on deep, highly immersive forms of engagement that are innovative and, on occasion, risky. As many of our works are experienced individually or in small groups and cover complex social issues, we create debrief spaces to allow audiences to talk and debate the work afterwards.

Our work is devoted to participation and interaction. As public visits began to recover from the pandemic we continued to embrace and trial new ways of reaching and engaging with audiences, including via Blast Theory's website, newsletter and social channels. In 2022/23 we attracted 40,000 unique visitors to our website and had a combined social media following of 22,800. Via lead generation ads, we grew our newsletter to 9,600 subscribers.

The Cat Royale highlights videos were watched 75,200 times, in addition to 411,000 people seeing the work in person at Science Festival Brisbane. Blast Theory's museum installations attracted 634,669 visitors.

AWARDS & PRESS

We were longlisted in three categories in the 2023 Digital Culture Awards. Blast Theory's Communications Manager Jonny Goode was also nominated for the Tech Champions' Choice Award.

Cat Royale was covered in a number of news outlets in the UK and Australia, including Newsweek, Broadsheet, Concrete Playground and the Brisbane Times.

PUBLICATIONS & RESEARCH PAPERS

The breadth and quality of the publications featuring Blast Theory's work demonstrates its impact and significance in the fields of theatre, visual art and interaction design. Notable publications this year include "Hybrid Museum Experiences: Theory and Design" by Annika Waern (Editor) and Anders Løvlie (Editor); and "Scènes numériques. Anthologie critique: Digital stages" by Izabella Pluta.

5

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

PUBLIC BENEFIT

In developing the objectives for the year, and in planning activities, the Trustees have considered the Charity Commission's general guidance on public benefit. Blast Theory aims to contribute to the cultural life of the South East region, the United Kingdom and internationally by implementing a diverse programme of innovative performances, exhibitions, research projects and public events. We introduce a broad range of the public - from all backgrounds - to the potential of new forms of theatre and visual arts and we contribute to a dialogue about the impact of emerging technologies on contemporary society. We are committed to supporting the careers of young and emerging practitioners and create opportunities that provide hands-on access to the Company's creative and business models.

Our Learning & Participation activity - including free studio space, Pot Luck evenings and mentoring - enabled us to reach a young, diverse audience with a specific focus on people from lower socioeconomic backgrounds.

We consider the affordability of our ticketed events when we determine prices making events free where possible. Online activity is an important way to share our work with the widest audience.

FINANCIAL REVIEW

Overall Position

The charity incurred a deficit on unrestricted activities of £42,846 and this has been deducted from the reserves brought forward of £232,320 to leave £189,474 being carried forward.

Arts Council England funding

Following a competitive bidding process, Blast Theory were successful in our bid to remain in Arts Council England's National Portfolio for the 2023-26 funding period, with a total award of £409,875 over three years.

The funding received from Arts Council England (ACE) contributes to the core running costs of the Company. However, these funds do not cover core costs in full, representing 32% of Blast Theory's total income in 2022/23. Blast Theory leverages ACE funding to secure contributed, project and earned income to supplement its running costs.

Reserves policy

The Trustees have established a policy of maintaining an unrestricted reserve for two purposes. Firstly, the designated reserve is held to provide for essential staff and running costs in times of financial uncertainty. Secondly, there is a general reserve to safeguard against the risk element inherent in the Company's research and development projects.

Reserves

Total income in this year amounted to £421,064 an increase of 20% on the previous year. Resources expended in 2022/23 were £478,266 (2021/22 £436,003).

The Company currently has a designated reserve of £92,500 to cover six months' operating costs. In addition, an unrestricted reserve is maintained to support artistic ambition and to manage risk. In the current financial year £5,588 has been added to the general (undesignated) reserve, bringing the total to £58,908.

In addition, Blast Theory has a £26,066 Designated Fund made up of prize money from the Nam June Paik Art Center Award which will be invested in the development of new work.

Former Blast Theory artist Jamie Iddon bequeathed £12,000 to the Company to be used in support of new artists. This amount will be treated as a Designated Fund.

The total reserves at the year-end stand at £256,427 of which £66,953 is represented by restricted assets. At 31 March 2023, the level of reserves available for the charity's use (i.e. unrestricted funds not invested in fixed assets) was £189,474 (2021/22 £232,320).

To achieve artistic excellence and take artistic risks with a sustainable financial system, the Company assigns a minimum of 5% contingency to each project. This is matched with a 5% contingency against core costs to protect against unexpected eventualities.

FUTURE PLANS

The major financial objective for the Company is to sustain a mixed economy of revenue and earned income in order to fund its artistic ambitions, and to ensure ongoing funding through ACE.

6

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Key goals for the future planning period are to:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The company was incorporated on 1 February 1996 (company no: 3162239) and is governed by its Memorandum and Articles of Association.

The company was registered as a charity with the Charity Commission on 29February 1996.

The company is limited by guarantee and therefore has no share capital.

Recruitment and appointment of new trustees

The Trustees from the Company form its Committee of Management and Governing Body and are empowered to act as necessary in order for the Company to fulfil its objectives. Trustees may be appointed by fellow Trustees at any time. Blast Theory acknowledges that the Company can make a significant contribution to the region and wish to involve local expertise on the Board. Trustees are recruited based on their knowledge and experience of the digital media, arts and cultural sector.

Upon joining, Trustees are issued with an induction pack which includes Blast Theory's Memorandum and Articles and most recent Business Plan; the most recent minutes; management accounts; Blast Theory biography; a copy of "The Essential Trustee: What you need to know" and a copy of "Charity Fundraising Guidance", both published by the Charity Commission.

The Trustees approve strategy, annual plans and budgets, and monitor progress against agreed objectives. Trustees delegate the management of the organisation to the Director.

Organisational development

Nick Tandavanitj sits on the Board of Fabrica, a contemporary art gallery in Brighton. Matt Adams chairs the Advisory Board for non zero one. Ju Row Farr is a Trustee at Lighthouse.

Environmental performance

Our carbon footprint in 2022/23, directly related to travel, was 5 tonnes CO2e. We strive to reduce emissions year on year but given the nature of Blast Theory's work, international travel is essential and there will be some years where our carbon footprint is larger as a result. We consider our overseas travel carefully to ensure we only travel when absolutely necessary.

We continue to review the data we record so that we are able to act in a more nuanced way to reduce our overall environmental impact. Speaking with peers, attending regular meetings and workshops to further our understanding of how we can effect meaningful change to our practice.

We consider the environmental impact across the entire operation both in our building and during production and set targets for overall reduction. We are also looking at alternatives to offsetting, working locally or within our communities and will continue to adapt our approach.

Risk management

The current environment for small artist led organisations with strong commitments to innovation and risk remains challenging.

7

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The Trustees have considered the major risks that the charity faces and have systems in place to mitigate those risks. Some of the biggest risks identified by the charity are:

We continued to use our company-wide Risk Register which is updated and reviewed annually at Board meetings. Where risks are identified between Board meetings, Trustees are informed and we arrange ad-hoc meetings to assess the risks and consider appropriate action plans.

8

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 03162239 (England and Wales)

Registered Charity number 1053343

Registered office Unit 5, 20 Wellington Road Portslade Brighton East Sussex BN41 1DN

Trustees

Ms S L Lau A W Lilley (Chair) Ms I Maor Ms L N Mcdermott S Williams R Mireskandari G B J Gadney Mrs C J Christesen

Company Secretary Anne Rupert

Independent Examiner

Christopher Robert Tyler FCA DChA FCIE Institute of Chartered Accountants in England and Wales F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD

Senior Staff Members

Matt Adams (Artist and Director) Ju Row Farr (Artist) Nick Tandavanitj (Artist) Anne Rupert (Business Director)

Bankers

The Cooperative Bank 1 Islington High Street London N1 9TR

9

BLAST THEORY IREGISTERED NUMBER.. 031622391 REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 INDEPENOENT EX4MINATION In accordance with section 72 of Ihe MemorarTrdum of Association the cotnpan has dispensed with the r&quiremeni ro have lis accounis formally audited and ha5 appointed C R Tyler FCA DCh14 FCYE io act as Independeni Examiner. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trusiees Iwho are also the directors ol elast Theory lorthe purposes of compan kreparingthe Report ofthe Trustees and the financial sraiemenis In accordance wit lawl are responsible for applicable law and United ingdom Accouniing Siandards Iunited Kingdom Generally Accepied Accouniin2 Praciicel. Company law requires the tlU5tees io prepare financ￿al siatemenTS for each financial year which give a true and fair view ol rhe siaie of affairs of ihe charitable Company ènd ofihe incorning resources and applicaiion of resources. includins the income and expendiiure, of the charitable company forthat period. In preparing those financial statements, the tru5tee5 are reqvired ro seleci suitable accouniing policies and then apply them con515tently-, observe ihe meihods and principles IT) the Chariiy SORP., makejudgements and pstitnate5 that are reasonable and prudent,. prepare the financial staiemenis on the going concern basi5 unless It Is inappropriate io presurne that Ihe chariiable company will continue in business. The tru5tee5 are responsible for keeping proper accounting record5 which csisclose with reasonable accuraty at any time ihe financial position of the charitable company and to enable ihem io ensure thai the financial staiemenis comply with the Cofflpanie5 Act 2006. They are also responsible for safeguarding ihe assets of the charitable company ènd hence fDr taking reasonable steps for the prevention and detection of fraud and other irregularities. ppro ed by order olthe board of irustees on.......... and signed on its behalf by-. ny LIH y (Chairl Truste io

BLAST THEORY (REGISTERED NUMBER.. 03 1522391 INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 3 1 MARCH 2023 Indepèndenl examiner's report to ihe trustees of Blast Theory I'the Company'l I report io ihe charity trustees on my examination ofihe acrounls Dfthe CDmpany forihe year ended 31 March 2023. Responsibiliiits and basis of report As th¢ charli responsiblp 's trustees of ihe Company land also its directors forthe purposes ol compan orrhe preparaiiDn of ihe accouTrts accordance wilh ihe requirements of ihe I'the 2006 Act'l. awl you are ompanies Aci 2006 Having satisfied myselfihat ihe accounts of the Company are noi required to be audited under Part IS olihe 2006 Act and are eligible lor independent examination, I repon ln respeci of my examination of your charity'5 accounts as carried out under seciion 145 ofthe Charities Act 20111.ihe ZOII Act'l. In carr in followed ihe Direciions given by ihe Charity Commission under section 1451511 Dutm examination I have lof ih, Yoi i Aci. Independent examiner's 5taternent Since your charity's eross income exceeded £250,000 your examiner musi be 8 member ol a listed body. I can confirm that l am qualified io undertake ihe eXam￿TratiOn because l am a registered tnember ol In5tituie of Ch3nered Accountanis in England and Wales which is one ofthe lisied bodies. I have compleied my examination. I confirm that no mailers have come to my attention in conneciion with the examin31ion giving me cause to believe-. accounting recoids wpre not kept in respeu of the Company as requifEd by section 386 of ihe 2006 Act.. or the account5 dD not accord with those records,. or the accounts do noi comply with the accounting requiremenis ol section 396 of the 2D06 Aci oiher than any requiremeni ihat the accounis eive a irue and fair view which is not a matter considered as parr of an independent examinaiion., or the accounis have nDt been prepared in accordance with the methods and principles of the StaEerneni of Recommended Praciice for actDuniing and reponing by charities lapplicable io charities preparing their accounts in accordance wiihihe Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 10211. I have DD concerns and have come across no orher matiers in connection with the exatninaiion to which aiteniion should be drawn in ihis repori in ordertD enable a proper undersianding ofthe 3ccounis io be ￿aChed. Chrisiopher Robert TylEr FCA DChA FCIE Institute ol Chanered Accountanis in England and Wales FI CRT Limiicd Flat 24 Wellingionia Court Laine Close BriEhion East Sussex BN16TO Dale.. IS li

BLAST THEORY (REGISTERED NUMBER: 03162239)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
2
19,050
Charitable activities
Artistic Productions
389,471
Other trading activities
3
3,335
Investment income
4
9,208
Total
421,064
EXPENDITURE ON
Charitable activities
6
Artistic Productions
92,965
Support costs
370,945
Total
463,910
NET INCOME/(EXPENDITURE)
(42,846)
RECONCILIATION OF FUNDS
Total funds brought forward
232,320
TOTAL FUNDS CARRIED
FORWARD
189,474		 Restricted
Restricted
funds
Development
£
£
-
-
-
-
-
-
-
-
-
-
-
14,356
-
-
-
14,356
-
(14,356)
-
81,309
-
66,953		 2023
Total
funds
£
19,050
389,471
3,335
9,208
421,064
107,321
370,945
478,266
(57,202)
313,629
256,427		 2022
Total
funds
£
-
343,268
857
6,869
350,994
46,604
389,399
436,003
(85,009)
398,638
313,629

The notes form part of these financial statements

12

BLAST THEORY (REGISTERED NUMBER: 03162239)

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds:
General fund
Designated fund - fund set up to ensure the
smooth closing of the charity should the need
arise.
Designated fund - Artist fund to support
further project work.
Designated fund - to support new artists.
Restricted funds:
SEEDA - towards leasehold improvements
Arts Council of England South East - towards
leasehold improvements
TOTAL FUNDS		 2023
£
76,950
135,644
143,164
278,808
(99,331)
179,477
256,427
256,427
58,908
92,500
26,066
12,000
189,474
-
66,953
66,953
256,427		 2022
£
92,797
80,914
222,560
303,474
(82,642)
220,832
313,629
313,629
53,320
135,000
32,000
12,000
232,320
4,594
76,715
81,309
313,629

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

13

BLA5TTHEDRY IREGISTERED NUMBER.. 031622391 BALANCE SHEET- coniinued FOR THE YEAR ENDED 31 MARCH 2023 The trustees acknowledee theirresponsibilities For ensurinethat the chariiable company keeps accounting ￿cold$ that comply with Seciions 386 and 387 althe Companies Act 2006 and preparing financial siaiements which give a irue and fair view ol the state of affairs of the charitable cotnpany as at ihe end of each financial year and of its surplus or deficit lor each financial year In accordance wilh ihe requiretnents of Sections 394 and 395 and which otherwise comply wilh ihe requirements ol the Companie5 Act 2006 relaiingto fsnancial sistements, so faras applitable to the chariiable company. These financial siatervents have been prepared in accordènce with the provisions applicable to chariiable companies subjECt tu the small cornpanies re2ime. Th ancial staiemeniswere approved bythe Board ofTrustees and aLrthorised fori55ue on.......... re signed on lis behalf by.. A W Lilley- Chair The notes form part of these financial statements 14

BLAST THEORY (REGISTERED NUMBER: 03162239)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2023
2022
£
£
(77,951)
(118,889)
(77,951)
(118,889)
(3,043)
(13,677)
1,598
269
(1,445)
(13,408)
(79,396)
(132,297)
222,560
354,857
143,164
222,560

The notes form part of these financial statements

15

BLAST THEORY (REGISTERED NUMBER: 03162239)

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2023

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

Net expenditure for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Increase in debtors
Increase/(decrease) in creditors
Net cash used in operations		 2023
£
(57,202)
18,890
(1,598)
(54,730)
16,689
(77,951)
(		 2022
£
(85,009)
20,034
(269)
(46,699)
(6,946)
118,889)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£ £ £
Net cash
Cash at bank and in hand 222,560 (79,396) 143,164
222,560 (79,396) 143,164
Total 222,560 (79,396) 143,164

The notes form part of these financial statements

16

BLAST THEORY (REGISTERED NUMBER: 03162239) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015)', 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.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

There are no material uncertainties affecting the current year's accounts.

Income

All incoming resources are accounted for on a receivable basis and are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

The following specific policies apply to categories of income:

Grants.

Grants are recognised on an accruals basis, accounted for in relation to the period to which they relate. Where grants have been received for capital projects the costs have been capitalised on the Balance Sheet and depreciated in accordance with the accounting policy and charged against income.

Such income is only deferred when:

Donated services and facilities.

These are included at the value to the charity where this can be quantified. No amounts are included in the financial statements for services donated by volunteers.

Investment income.

This is recognised on an accrual basis.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Costs are allocated to an activity consistent with the uses of resources, eg. staff costs by time spent and other costs by their usage.

Expenditure is classified and accounted for as follows:

Resources expended

Costs of generating funds.

Comprises the costs included in attracting voluntary income and those incurred in trading activities to raise funds.

Charitable activities.

Comprises those costs incurred by the charity associated with the staging of shows and presentations.

Support costs.

17

BLAST THEORY (REGISTERED NUMBER: 03162239) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

Expenditure

Includes the office functions such as general management, payroll administration, budgeting and accounting, information technology, human resources and financing. It also includes those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Tangible fixed assets and depreciation

Fixed assets acquired from unrestricted funds are capitalised and the cost is written off over their useful economic life as follows:

Leasehold Improvements - over the lease term, 20 years. Fixtures, Fittings and Equipment - over 4 years.

Fixed assets acquired from restricted funds are written off in the year in which the expenditure is occurred.

Impairment reviews take place annually and adjustments made to the carrying value where necessary.

Donated assets are recognised at current value at the date of the gift.

Assets costing £500 or more are capitalised.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010, or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied exclusively for charitable purposes.

Fund accounting

The charity has the following funds for which it is responsible:

Unrestricted Funds

These funds are for use on the general objectives of the charity.

Designated Funds

These comprise general funds which have been set aside at the discretion of the Trustees for specific purposes.

Restricted Funds

These funds are subject to specific restrictions imposed by the donor. The purposes and use of restricted funds are set out in the notes to the accounts.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken to the Statement of Financial Activities.

18

BLAST THEORY (REGISTERED NUMBER: 03162239) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

2.
DONATIONS AND LEGACIES
Donations
3.
OTHER TRADING ACTIVITIES
Sales, hires & merchandise
Residency programme
4.
INVESTMENT INCOME
Rental income
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Performance fees
Artistic Productions
Commissions
Artistic Productions
Education
Artistic Productions
Grants
Artistic Productions
Trusts and foundations
Artistic Productions
Grants received, included in the above, are as follows:
Arts Council England - National Portfolio Organisation
The Imperial War Museum on behalf of 14-18 NOW - Bloodyminded
University of Sussex - Career Lab Summer Internship Programme 2022
DWP Kickstart Scheme
The UKRI Trustworthy Autonomous Systems (TAS Hub) - Cat Royale
Horizon Digital Economy - Cat Royale
The British Council
In Situ: European Platform for Artistic Creation in Public Space
Curiocity Brisbane - Cat Royale
British Council Japan
Deferred income carried forward consists of the following:

The UKRI Trustworthy Autonomous Systems (TAS) Hub - Cat Royale
DWP Kickstart Scheme		 2023
£
19,050
2023
£
206
3,129
3,335
2023
£
7,610
1,598
9,208
2023
£
34,432
27,810
5,524
318,618
3,087
389,471
2023
£
136,625
-
3,000
11,606
130,268
4,050
-
6,377
26,400
292
318,618
2023
£
9,460
-		 2022
£
-
2022
£
857
-
857
2022
£
6,600
269
6,869
2022
£
87,049
5,750
6,284
217,911
26,274
343,268
2022
£
136,623
20,790
-
17,285
11,682
-
25,000
6,531
-
-
217,911
2022
£
42,728
565

19

BLAST THEORY (REGISTERED NUMBER: 03162239) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

5. INCOME FROM CHARITABLE ACTIVITIES - continued

Ports Fest - Rider Spoke 8,090 4,750
Charitable Giving - 5,429
Chalk Cliff Trust 4,451 5,000
The Wellcome Trust - 2,538
Factory International - We Cut Through Dust 17,190 -

Income raised through charitable giving is used to fund the internship programme.

6. CHARITABLE ACTIVITIES COSTS

Direct
Costs (see
note 7)
£
Artistic Productions
107,321
Support costs
-
107,321
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Freelance fees
Production development costs
Independent examination
Depreciation		 Support
costs (see
note 8)
£
-
370,945
370,945
2023
£
18,485
68,026
1,920
18,890
107,321		 Totals
£
107,321
370,945
478,266
2022
£
28,740
17,864
1,920
20,034
68,558

8. SUPPORT COSTS

Support costs
Support costs, included in the above, are as follows:
Employee costs
Management cost
Premises costs
General administration exps
Professional fees		 Management
£
370,945
2023
2022
Support
Total
costs
activities
£
£
296,935
288,031
687
1,316
26,859
28,209
24,620
38,842
21,844
11,047
370,945
367,445

Support costs, included in the above, are as follows:

20

BLAST THEORY (REGISTERED NUMBER: 03162239) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

9. NET INCOME/(EXPENDITURE)

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

Depreciation - owned assets
Independent examination		 2023
£
18,890
1,920		 2022
£
20,035
1,920

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

The amount of reimbursed expenses to the trustees during the year was £65 for one trustee for travelling expenses (2022: £216).

11. STAFF COSTS

Staff costs were as follows:

2023 2022
£ £
Salaries and wages 270,360 266,704
Employer's national insurance costs 25,789 24,052
Employer's pension costs
SMP recovered		 7,850
(2,142)		 7,942
(6,027)
The average head count of employees including 2 (2022: 4) employed on
fixed term contracts through the DWP Kickstart scheme and 1 through the
University of Sussex Summer Intern Programme during the year was: 14 14

There were no employees with emoluments (excluding employer pension costs) above £60,000 in this year or the preceding year.

The key management personnel comprises the trustees, business director and artistic directors. The employee benefits of the key management personnel were £164,249 (2022: £153,456) including employer’s national insurance and pension contributions.

The charity has entered into an agreement with one of its artists (and employees) Matt Adams under which they receive rents of £19,000 (2022: £18,000) per year plus service charges of £3,600 (2022: £3,068). The agreement relating to this was made on an arms-length basis using documentation drawn up by a Solicitor. This lease commenced on 20 February 2007.

21

BLAST THEORY (REGISTERED NUMBER: 03162239) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2022)

Unrestricted
funds
funds
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Artistic Productions
343,268
Other trading activities
857
Investment income
6,869
Total
350,994
EXPENDITURE ON
Charitable activities
Artistic Productions
46,604
Support costs
375,044
Total
421,648
NET INCOME/(EXPENDITURE)
(70,654)
RECONCILIATION OF FUNDS
Total funds brought forward
302,974
TOTAL FUNDS CARRIED FORWARD
232,320
13.
TANGIBLE FIXED ASSETS
COST
At 1 April 2022
Additions
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
Long
leasehold
£
287,109
-
287,109
205,801
14,355
220,156
66,953
81,308		 Restricted
Development
£
-
-
-
-
-
14,355
14,355
(14,355)
95,664
81,309
Fixtures
and
fittings
£
106,517
3,043
109,560
95,028
4,535
99,563
9,997
11,489		 Total
£
343,268
857
6,869
350,994
46,604
389,399
436,003
(85,009)
398,638
313,629
Totals
£
393,626
3,043
396,669
300,829
18,890
319,719
76,950
92,797

22

BLAST THEORY (REGISTERED NUMBER: 03162239) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Grants receivable
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Deferred income
Accrued expenses		 2023
£
19,244
116,400
135,644
2023
£
32,103
6,669
19,447
39,192
1,920
99,331		 2022
£
15,622
65,292
80,914
2022
£
1,026
4,912
11,557
61,010
4,137
82,642

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
funds
funds
£
Fixed assets
9,997
Current assets
278,808
Current liabilities
(99,331)
189,474
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated fund - fund set up to ensure
the smooth closing of the charity should
the need arise.
Designated fund - Artist fund to support
further project work.
Designated fund - to support new artists.
Restricted funds
SEEDA - towards leasehold improvements
Arts Council of England South East -
towards leasehold improvements
TOTAL FUNDS		 Restricted
Restricted
funds
Development
£
£
-
66,953
-
-
-
-
-
66,953
Net
movement
At 1.4.22
in funds
£
£
53,320
(36,912)
135,000
-
32,000
(5,934)
12,000
-
232,320
(42,846)
4,594
(4,594)
76,715
(9,762)
81,309
(14,356)
313,629
(57,202)		 2023
2022
Total
Total
funds
£
£
76,950
92,797
278,808
303,474
(99,331)
(82,642)
256,427
313,629
Transfers
between
At
funds
31.3.23
£
£
42,500
58,908
(42,500)
92,500
-
26,066
-
12,000
-
189,474
-
-
-
66,953
-
66,953
-
256,427

17. MOVEMENT IN FUNDS

23

BLAST THEORY (REGISTERED NUMBER: 03162239) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

17. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Designated fund - Artist fund to support
further project work.
Restricted funds
SEEDA - towards leasehold improvements
Arts Council of England South East -
towards leasehold improvements
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Designated fund - fund set up to ensure
the smooth closing of the charity should
the need arise.
Designated fund - Artist fund to support
further project work.
Designated fund - to support new artists.
Restricted funds
SEEDA - towards leasehold improvements
Arts Council of England South East -
towards leasehold improvements
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
421,064
(457,976)
(36,912)
-
(5,934)
(5,934)
421,064
(463,910)
(42,846)
-
(4,594)
(4,594)
-
(9,762)
(9,762)
-
(14,356)
(14,356)
421,064
(478,266)
(57,202)
Net
Transfers
movement
between
At
At 1.4.21
in funds
funds
31.3.22
£
£
£
£
135,974
(70,654)
(12,000)
53,320
135,000
-
-
135,000
32,000
-
-
32,000
-
-
12,000
12,000
302,974
(70,654)
-
232,320
9,570
(4,976)
-
4,594
86,094
(9,379)
-
76,715
95,664
(14,355)
-
81,309
398,638
(85,009)
-
313,629

24

BLAST THEORY (REGISTERED NUMBER: 03162239) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2023

17. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Restricted funds
SEEDA - towards leasehold improvements
Arts Council of England South East -
towards leasehold improvements
TOTAL FUNDS		 Incoming
Resources
Movement
resources
expended
in funds
£
£
£
350,994
(421,648)
(70,654)
-
(4,976)
(4,976)
-
(9,379)
(9,379)
-
(14,355)
(14,355)
350,994
(436,003)
(85,009)

18. CONTINGENT LIABILITIES

The Charity received a substantial grant from the Arts Council England towards the improvements of its leasehold property in 2006/07. A condition for receipt of this funding was the grant of a fixed and floating charge, in favour of the Arts Council England, over the Charity's assets. This charge includes a covenant for repayment of some or all of the amounts granted to the Charity in the event that certain conditions are breached. The legal charge expires 12 February 2027.

19. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

20. LEGAL STATUS

Blast Theory is a charitable company, limited by guarantee, registered in England and Wales.

The company's registered number and registered office address can be found in the Legal and Administrative Information section of the accounts.

The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is £1.

25

BLAST THEORY (REGISTERED NUMBER: 03162239)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31[st] MARCH 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other trading activities
Sales, hires & merchandise
Residency programme
Investment income
Rental income
Deposit account interest
Charitable activities
Performance fees
Commissions
Education
Grants
Trusts and foundations
Total incoming resources
EXPENDITURE
Charitable activities
Freelance fees
Production development costs
Independent examination
Depreciation of tangible fixed assets
Support costs
Management
Employee costs
Management cost
Premises costs
General administration exps
Professional fees
Total resources expended
Net expenditure		 2023
£
19,050
206
3,129
3,335
7,610
1,598
9,208
34,432
27,810
5,524
318,618
3,087
389,471
421,064
18,485
68,026
1,920
18,890
107,321
296,935
687
26,859
24,620
21,844
370,945
478,266
(57,202)		 2022
£
-
857
-
857
6,600
269
6,869
87,049
5,750
6,284
217,911
26,274
343,268
350,994
28,740
17,864
1,920
20,034
68,558
288,031
1,316
28,209
38,842
11,047
367,445
436,003
(85,009)

This page does not form part of the statutory financial statements

26