## **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<br>|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: 

- We collaborated intensively with computer scientists, roboticists, vets, experts in feline behaviour and animal welfare organisations as part of our research project Cat Royale. 

- We premiered Cat Royale at Science Festival Brisbane to 411,000 visitors in person. Online the highlights films were watched over 75,000 times. 

- Short Periods Of Structured Nothingness was presented as part of Hooked at Science Gallery Atlanta. 

- We hosted two international artist residencies. 

- We supported 14 artists with free studio space. 

- We hosted six Pot Luck evenings for emerging artists. 

- We mentored 11 artists and creatives at all stages in their careers, via formal and informal mentoring schemes. 

- We offered three paid internships to young people looking to start a career in the creative industries. 

- We secured Arts Council England National Portfolio Organisation funding for the period 2023-26. 

## **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: 

- Take artistic risks and be bold. We will continue to create new hybrids: artworks that may not look like artworks but that have wide reach and deep engagement; 

- Create large-scale art works to engage communities across whole cities; 

- Explore new forms of practice through new models of creation and distribution; 

- Demonstrate innovation and experimentation through research-led practice; 

- Build strong fundraising skills through the organisation; 

- Secure funding via our individual giving scheme and Trusts & Foundations to fund paid internships; 

- Deepen our understanding of our audiences - online and in person - to underpin targeted audience development activity 

## **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: 

- The continuation and level of funding from Arts Council England, higher educational organisations and other funders and organisations; 

- The impact of Brexit on the UK's ability to access EU funding programmes such as Horizon Europe; 

- Increasing competition on digital platforms; 

- Large commissions with long complex contract negotiations; 

- Key members of the Artistic team becoming ill or leaving the Company; 

- An ambitious programme to be delivered by a small team and risks of working beyond capacity; 

- Finding appropriate measures to safeguard the Company's Intellectual Property Rights. 

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<br>funds<br>Notes<br>£<br>INCOME AND ENDOWMENTS<br>FROM<br>Donations and legacies<br>2<br>19,050<br>Charitable activities<br>Artistic Productions<br>389,471<br>Other trading activities<br>3<br>3,335<br>Investment income<br>4<br>9,208<br>Total<br>421,064<br>EXPENDITURE ON<br>Charitable activities<br>6<br>Artistic Productions<br>92,965<br>Support costs<br>370,945<br>Total<br>463,910<br>NET INCOME/(EXPENDITURE)<br>(42,846)<br>RECONCILIATION OF FUNDS<br>Total funds brought forward<br>232,320<br>TOTAL FUNDS CARRIED<br>FORWARD<br>189,474|Restricted<br>Restricted<br>funds<br>Development<br>£<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>14,356<br>-<br>-<br>-<br>14,356<br>-<br>(14,356)<br>-<br>81,309<br>-<br>66,953|2023<br>Total<br>funds<br>£<br>19,050<br>389,471<br>3,335<br>9,208<br>421,064<br>107,321<br>370,945<br>478,266<br>(57,202)<br>313,629<br>256,427|2022<br>Total<br>funds<br>£<br>-<br>343,268<br>857<br>6,869<br>350,994<br>46,604<br>389,399<br>436,003<br>(85,009)<br>398,638<br>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<br>FIXED ASSETS<br>Tangible assets<br>13<br>CURRENT ASSETS<br>Debtors<br>14<br>Cash at bank and in hand<br>CREDITORS<br>Amounts falling due within one year<br>15<br>NET CURRENT ASSETS<br>TOTAL ASSETS LESS CURRENT<br>LIABILITIES<br>NET ASSETS<br>FUNDS<br>17<br>Unrestricted funds:<br>General fund<br>Designated fund - fund set up to ensure the<br>smooth closing of the charity should the need<br>arise.<br>Designated fund - Artist fund to support<br>further project work.<br>Designated fund - to support new artists.<br>Restricted funds:<br>SEEDA - towards leasehold improvements<br>Arts Council of England South East - towards<br>leasehold improvements<br>TOTAL FUNDS|2023<br>£<br>76,950<br>135,644<br>143,164<br>278,808<br>(99,331)<br>179,477<br>256,427<br>256,427<br>58,908<br>92,500<br>26,066<br>12,000<br>189,474<br>-<br>66,953<br>66,953<br>256,427|2022<br>£<br>92,797<br>80,914<br>222,560<br>303,474<br>(82,642)<br>220,832<br>313,629<br>313,629<br>53,320<br>135,000<br>32,000<br>12,000<br>232,320<br>4,594<br>76,715<br>81,309<br>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<br>Cash flows from operating activities<br>Cash generated from operations<br>1<br>Net cash used in operating activities<br>Cash flows from investing activities<br>Purchase of tangible fixed assets<br>Interest received<br>Net cash used in investing activities<br>Change in cash and cash equivalents in<br>the reporting period<br>Cash and cash equivalents at the<br>beginning of the reporting period<br>Cash and cash equivalents at the end of<br>the reporting period|2023<br>2022<br>£<br>£<br>(77,951)<br>(118,889)<br>(77,951)<br>(118,889)<br>(3,043)<br>(13,677)<br>1,598<br>269<br>(1,445)<br>(13,408)<br>(79,396)<br>(132,297)<br>222,560<br>354,857<br>143,164<br>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<br>Financial Activities)<br>Adjustments for:<br>Depreciation charges<br>Interest received<br>Increase in debtors<br>Increase/(decrease) in creditors<br>Net cash used in operations|2023<br>£<br>(57,202)<br>18,890<br>(1,598)<br>(54,730)<br>16,689<br>(77,951)<br>(|2022<br>£<br>(85,009)<br>20,034<br>(269)<br>(46,699)<br>(6,946)<br>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: 

- the donor specified that the grant or donation must only be used for future accounting periods; or 

- the donor has imposed conditions which must be met before the charity has unconditional entitlement. 

## 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.<br>DONATIONS AND LEGACIES<br>Donations<br>3.<br>OTHER TRADING ACTIVITIES<br>Sales, hires & merchandise<br>Residency programme<br>4.<br>INVESTMENT INCOME<br>Rental income<br>Deposit account interest<br>5.<br>INCOME FROM CHARITABLE ACTIVITIES<br>Activity<br>Performance fees<br>Artistic Productions<br>Commissions<br>Artistic Productions<br>Education<br>Artistic Productions<br>Grants<br>Artistic Productions<br>Trusts and foundations<br>Artistic Productions<br>Grants received, included in the above, are as follows:<br>Arts Council England - National Portfolio Organisation<br>The Imperial War Museum on behalf of 14-18 NOW - Bloodyminded<br>University of Sussex - Career Lab Summer Internship Programme 2022<br>DWP Kickstart Scheme<br>The UKRI Trustworthy Autonomous Systems (TAS Hub) - Cat Royale<br>Horizon Digital Economy - Cat Royale<br>The British Council<br>In Situ: European Platform for Artistic Creation in Public Space<br>Curiocity Brisbane - Cat Royale<br>British Council Japan<br>Deferred income carried forward consists of the following:<br> <br>The UKRI Trustworthy Autonomous Systems (TAS) Hub - Cat Royale<br>DWP Kickstart Scheme|2023<br>£<br>19,050<br>2023<br>£<br>206<br>3,129<br>3,335<br>2023<br>£<br>7,610<br>1,598<br>9,208<br>2023<br>£<br>34,432<br>27,810<br>5,524<br>318,618<br>3,087<br>389,471<br>2023<br>£<br>136,625<br>-<br>3,000<br>11,606<br>130,268<br>4,050<br>-<br>6,377<br>26,400<br>292<br>318,618<br>2023<br>£<br>9,460<br>-|2022<br>£<br>-<br>2022<br>£<br>857<br>-<br>857<br>2022<br>£<br>6,600<br>269<br>6,869<br>2022<br>£<br>87,049<br>5,750<br>6,284<br>217,911<br>26,274<br>343,268<br>2022<br>£<br>136,623<br>20,790<br>-<br>17,285<br>11,682<br>-<br>25,000<br>6,531<br>-<br>-<br>217,911<br>2022<br>£<br>42,728<br>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<br>Costs (see<br>note 7)<br>£<br>Artistic Productions<br>107,321<br>Support costs<br>-<br>107,321<br>7.<br>DIRECT COSTS OF CHARITABLE ACTIVITIES<br>Freelance fees<br>Production development costs<br>Independent examination<br>Depreciation|Support<br>costs (see<br>note 8)<br>£<br>-<br>370,945<br>370,945<br>2023<br>£<br>18,485<br>68,026<br>1,920<br>18,890<br>107,321|Totals<br>£<br>107,321<br>370,945<br>478,266<br>2022<br>£<br>28,740<br>17,864<br>1,920<br>20,034<br>68,558|
|---|---|---|



## 8. SUPPORT COSTS 

|Support costs<br>Support costs, included in the above, are as follows:<br>Employee costs<br>Management cost<br>Premises costs<br>General administration exps<br>Professional fees|Management<br>£<br>370,945<br>2023<br>2022<br>Support<br>Total<br>costs<br>activities<br>£<br>£<br>296,935<br>288,031<br>687<br>1,316<br>26,859<br>28,209<br>24,620<br>38,842<br>21,844<br>11,047<br>370,945<br>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<br>Independent examination|2023<br>£<br>18,890<br>1,920|2022<br>£<br>20,035<br>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<br>SMP recovered|7,850<br>(2,142)|7,942<br>(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<br>funds<br>funds<br>£<br>INCOME AND ENDOWMENTS FROM<br>Charitable activities<br>Artistic Productions<br>343,268<br>Other trading activities<br>857<br>Investment income<br>6,869<br>Total<br>350,994<br>EXPENDITURE ON<br>Charitable activities<br>Artistic Productions<br>46,604<br>Support costs<br>375,044<br>Total<br>421,648<br>NET INCOME/(EXPENDITURE)<br>(70,654)<br>RECONCILIATION OF FUNDS<br>Total funds brought forward<br>302,974<br>TOTAL FUNDS CARRIED FORWARD<br>232,320<br>13.<br>TANGIBLE FIXED ASSETS<br>COST<br>At 1 April 2022<br>Additions<br>At 31 March 2023<br>DEPRECIATION<br>At 1 April 2022<br>Charge for year<br>At 31 March 2023<br>NET BOOK VALUE<br>At 31 March 2023<br>At 31 March 2022|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>Long<br>leasehold<br>£<br>287,109<br>-<br>287,109<br>205,801<br>14,355<br>220,156<br>66,953<br>81,308|Restricted<br>Development<br>£<br>-<br>-<br>-<br>-<br>-<br>14,355<br>14,355<br>(14,355)<br>95,664<br>81,309<br>Fixtures<br>and<br>fittings<br>£<br>106,517<br>3,043<br>109,560<br>95,028<br>4,535<br>99,563<br>9,997<br>11,489|Total<br>£<br>343,268<br>857<br>6,869<br>350,994<br>46,604<br>389,399<br>436,003<br>(85,009)<br>398,638<br>313,629<br>Totals<br>£<br>393,626<br>3,043<br>396,669<br>300,829<br>18,890<br>319,719<br>76,950<br>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.<br>DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR||||
|---|---|---|---|
|Trade debtors<br>Grants receivable<br>15.<br>CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR<br>Trade creditors<br>Social security and other taxes<br>VAT<br>Deferred income<br>Accrued expenses|2023<br>£<br>19,244<br>116,400<br>135,644<br>2023<br>£<br>32,103<br>6,669<br>19,447<br>39,192<br>1,920<br>99,331||2022<br>£<br>15,622<br>65,292<br>80,914<br>2022<br>£<br>1,026<br>4,912<br>11,557<br>61,010<br>4,137<br>82,642|
|||||
|||||



## 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 

|Unrestricted<br>funds<br>funds<br>£<br>Fixed assets<br>9,997<br>Current assets<br>278,808<br>Current liabilities<br>(99,331)<br>189,474<br>MOVEMENT IN FUNDS<br>Unrestricted funds<br>General fund<br>Designated fund - fund set up to ensure<br>the smooth closing of the charity should<br>the need arise.<br>Designated fund - Artist fund to support<br>further project work.<br>Designated fund - to support new artists.<br>Restricted funds<br>SEEDA - towards leasehold improvements<br>Arts Council of England South East -<br>towards leasehold improvements<br>TOTAL FUNDS|Restricted<br>Restricted<br>funds<br>Development<br>£<br>£<br>-<br>66,953<br>-<br>-<br>-<br>-<br>-<br>66,953<br>Net<br>movement<br>At 1.4.22<br>in funds<br>£<br>£<br>53,320<br>(36,912)<br>135,000<br>-<br>32,000<br>(5,934)<br>12,000<br>-<br>232,320<br>(42,846)<br>4,594<br>(4,594)<br>76,715<br>(9,762)<br>81,309<br>(14,356)<br>313,629<br>(57,202)|2023<br>2022<br>Total<br>Total<br>funds<br>£<br>£<br>76,950<br>92,797<br>278,808<br>303,474<br>(99,331)<br>(82,642)<br>256,427<br>313,629<br>Transfers<br>between<br>At<br>funds<br>31.3.23<br>£<br>£<br>42,500<br>58,908<br>(42,500)<br>92,500<br>-<br>26,066<br>-<br>12,000<br>-<br>189,474<br>-<br>-<br>-<br>66,953<br>-<br>66,953<br>-<br>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<br>General fund<br>Designated fund - Artist fund to support<br>further project work.<br>Restricted funds<br>SEEDA - towards leasehold improvements<br>Arts Council of England South East -<br>towards leasehold improvements<br>TOTAL FUNDS<br>Comparatives for movement in funds<br>Unrestricted funds<br>General fund<br>Designated fund - fund set up to ensure<br>the smooth closing of the charity should<br>the need arise.<br>Designated fund - Artist fund to support<br>further project work.<br>Designated fund - to support new artists.<br>Restricted funds<br>SEEDA - towards leasehold improvements<br>Arts Council of England South East -<br>towards leasehold improvements<br>TOTAL FUNDS|Incoming<br>Resources<br>Movement<br>resources<br>expended<br>in funds<br>£<br>£<br>£<br>421,064<br>(457,976)<br>(36,912)<br>-<br>(5,934)<br>(5,934)<br>421,064<br>(463,910)<br>(42,846)<br>-<br>(4,594)<br>(4,594)<br>-<br>(9,762)<br>(9,762)<br>-<br>(14,356)<br>(14,356)<br>421,064<br>(478,266)<br>(57,202)<br>Net<br>Transfers<br>movement<br>between<br>At<br>At 1.4.21<br>in funds<br>funds<br>31.3.22<br>£<br>£<br>£<br>£<br>135,974<br>(70,654)<br>(12,000)<br>53,320<br>135,000<br>-<br>-<br>135,000<br>32,000<br>-<br>-<br>32,000<br>-<br>-<br>12,000<br>12,000<br>302,974<br>(70,654)<br>-<br>232,320<br>9,570<br>(4,976)<br>-<br>4,594<br>86,094<br>(9,379)<br>-<br>76,715<br>95,664<br>(14,355)<br>-<br>81,309<br>398,638<br>(85,009)<br>-<br>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<br>General fund<br>Restricted funds<br>SEEDA - towards leasehold improvements<br>Arts Council of England South East -<br>towards leasehold improvements<br>TOTAL FUNDS|Incoming<br>Resources<br>Movement<br>resources<br>expended<br>in funds<br>£<br>£<br>£<br>350,994<br>(421,648)<br>(70,654)<br>-<br>(4,976)<br>(4,976)<br>-<br>(9,379)<br>(9,379)<br>-<br>(14,355)<br>(14,355)<br>350,994<br>(436,003)<br>(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<br>Donations and legacies<br>Donations<br>Other trading activities<br>Sales, hires & merchandise<br>Residency programme<br>Investment income<br>Rental income<br>Deposit account interest<br>Charitable activities<br>Performance fees<br>Commissions<br>Education<br>Grants<br>Trusts and foundations<br>Total incoming resources<br>EXPENDITURE<br>Charitable activities<br>Freelance fees<br>Production development costs<br>Independent examination<br>Depreciation of tangible fixed assets<br>Support costs<br>Management<br>Employee costs<br>Management cost<br>Premises costs<br>General administration exps<br>Professional fees<br>Total resources expended<br>Net expenditure|2023<br>£<br>19,050<br>206<br>3,129<br>3,335<br>7,610<br>1,598<br>9,208<br>34,432<br>27,810<br>5,524<br>318,618<br>3,087<br>389,471<br>421,064<br>18,485<br>68,026<br>1,920<br>18,890<br>107,321<br>296,935<br>687<br>26,859<br>24,620<br>21,844<br>370,945<br>478,266<br>(57,202)|2022<br>£<br>-<br>857<br>-<br>857<br>6,600<br>269<br>6,869<br>87,049<br>5,750<br>6,284<br>217,911<br>26,274<br>343,268<br>350,994<br>28,740<br>17,864<br>1,920<br>20,034<br>68,558<br>288,031<br>1,316<br>28,209<br>38,842<br>11,047<br>367,445<br>436,003<br>(85,009)|
|---|---|---|



This page does not form part of the statutory financial statements 

26