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← Blast Theory

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 03162239 (England and Wales) REGISTERED CHARITY NUMBER: 1053343

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

BLAST THEORY (A COMPANY LIMITED BY GUARANTEE)

F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD

BLAST THEORY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Report of the Trustees 1 to 11
Independent Examiner's Report 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 26
Detailed Statement of Financial Activities 27

BLAST THEORY (REGISTERED NUMBER: 03162239) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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

OBJECTIVES AND ACTIVITIES

Objectives and aims

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 and Nick Tandavanitj, the group draw on popular culture and new technologies to make performances, games, films, apps and installations.

Page 1

BLAST THEORY (REGISTERED NUMBER: 03162239) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Significant activities

Our main achievements for the year were:

Key artistic projects

Proof As If Proof Were Needed

Proof As If Proof Were Needed is an interactive single screen installation which invites visitors to move from room to room of a Taiwanese house and explore the history of the couple who lived there.

Proof As If Proof Were Needed is a collaboration with former Blast Theory artist in residence Ting-Tong Chang, funded by the National Culture and Arts Foundation Taiwan. Prototyping and filming were completed in 2024 and the work premiered at SXSW in Austin, Texas, in March 2025 where it won a Special Jury Award in the XR Experience competition. 300 festival attendees experienced the work over three days.

The story in Proof As If Proof Were Needed unfolds progressively depending on which room you explore and which character you follow. The order in which the rooms are explored suggest different interpretations of what has happened between the couple. The work explores the home as a site of personal identity, and as a metaphor for the subconscious.

Constant Washing Machine

In 2024 Blast Theory were chosen as Artists in Residence for the University of Sheffield’s Framing Responsible AI Implementation and Management (FRAIM) project.

The artists attended workshops, conducted interviews with researchers and reviewed AI policies from government, legal firms, publishers, academic institutions and tech firms. This culminated in the creation of a new artwork responding to the challenges of responsible AI, named Constant Washing Machine.

Page 2

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

We invited participants in the FRAIM project – as researchers, curators and industry partners – to select a word or short phrase that they consider vital for Responsible AI and then have their portrait taken. We created a limited edition of bars of plain white soap, each bar bearing that word or phrase.

Photographer Melanie Pollard took a portrait of each person with their bar of soap. This reflects the subjective and human presences at work in the field of Responsible AI and the embodied knowledge that we bring.

At a launch event at the Blast Theory studio in December 2024, eight bars of soap were displayed with a washing bowl and a hand towel. Four participants in the FRAIM project – Denis Newman-Griffis, Susan Oman, Hannah Redler-Hawes and Matt Adams – were invited to choose a bar of soap and wash their hands. Over time the words on the bars of soap are erased but the steady practice of hand washing embeds the knowledge about Responsible AI. The hand washers participated in an exchange with each other, sharing a private practice in public.

The event was attended by 32 people, including researchers and policymakers, with a further 36 people watching a livestream online.

Exhibitions, presentations and screenings

Museum and gallery exhibitions extend our reach to new, diverse and large audiences, reaching 131,277 people this year according to the presenting partners’ own monitoring.

Hurricane at The Red Cross Museum, Geneva (Switzerland)

Commissioned in 2012 for the permanent collection of the Red Cross Museum, this interactive work had 71,365 visitors in 2024/25.

Can You See Me Now? at ACCA

We relaunched our seminal mixed reality game Can You See Me Now? at the Attenborough Centre for the Creative Arts (ACCA) in Falmer, Brighton between 19 and 21 November 2024, 20 years after it was first presented there.

Learning and Participation

Education and inspiration

Blast Theory teach in the UK and internationally. In 2024/25 the artists and team delivered talks, lectures and workshops at KTH Stockholm; British Council London; Horizon Centre for Doctoral Training, City As Lab and College of Art in Nottingham; Brighton Dome; and UK House at SXSW, Austin, Texas. These talks, lectures and workshops reached a combined audience of over 650 in person and online.

In 2024/25 four talented emerging artists concluded their projects supported by the Jamie Iddon Award, awarded by Blast Theory the previous year. The Award was a legacy gift from Jamie Iddon, former artist in Blast Theory, who died in 2022. Each of the four artists received a bursary of £3,000 plus mentoring to enable them to create a piece of work.

Page 3

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

The artists and team regularly give interviews and provide mentoring to emerging artists and students as well as midcareer artists. In 2024/25 we mentored eight artists including the Jamie Iddon Award recipients. The Blast Theory team offered wraparound mentoring to two interns, focusing on creative practice as well as business planning, finance and communications. We also continued to support interns after their placement finished, with free use of Blast Theory’s studio space, fundraising advice and equipment loans.

We hosted six Pot Luck events, each attended by between seven and 18 creatives of all ages and disciplines. 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. In early 2025, 93% of survey respondents agreed to the statement that ‘coming to Pot Luck has had a positive impact on my creative practice.’ Participant feedback demonstrates the value of the programme: “It's really got me out of a rut, creatively”; “I met wonderful people that I still follow and exchange ideas with even years after meeting them at Pot Luck.”

Fostering new talent

Blast Theory’s placements are all offered as internships paid at the Real Living Wage. We provided two part-time placements in 2024/25. One placement was part of the University of Brighton; we received funding for the second placement from the Mo Siewcharran Fund.

“My time at Blast Theory has been a hugely valuable experience where I’ve been given the support to develop new skills and grow in confidence. I’ve learned so much from the wonderful people here and I can’t wait to put this knowledge to use as I take my next steps in the creative industry.” Macy Byfield, intern 2024

Diversity and Inclusion

Diversity and Inclusion remained central to our work in 2024/25.

Pot Luck attracted a highly diverse group of people: 27% identified their gender as Queer/Non-binary; 32% identified as d/Deaf or Disabled; 68% as Neurodivergent; 20% as Mixed or Global Majority and 14% as from a lower socioeconomic background.

Our internship programme supported two young people including one person from a working class, mixed heritage background. We offer wraparound support and mentoring for all interns and gather extensive feedback at exit interviews.

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 and other forums to allow audiences to talk and debate the work afterwards.

Page 4

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

Our work is devoted to participation and interaction. 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 2024/25, we attracted 13,659 unique visitors (new users) to our website and had a combined social media following of 24,788. We gained 228 new newsletter subscribers last year.

Ongoing interest in Cat Royale, including an in-depth feature in Ars Technica, resulted in a further 32,860 YouTube views (more than 30 seconds) for the Cat Royale highlight reels in 2024/25.

Blast Theory’s museum installations attracted 131,277 visitors.

Awards and Press

Cat Royale won a People’s Voice Award Webby for Best Integrated Experience in the AI, Metaverse & Virtual category. In addition, a research paper about Cat Royale co-written by the Blast Theory artists and the University of Nottingham won a Best Paper Award at the annual Computer-Human Interaction Conference (CHI’24) in Hawaii.

Covering the CHI conference award, art and science magazine Ars Technica ran an in-depth article about Cat Royale, featuring interviews with the research team: “Cats playing with robots proves a winning combo in novel art installation.” The article garnered 56 reader comments demonstrating continued interest in the work:

“I came for the fun cat-on-robot videos, but after spending some time with the paper, the talk, and the commentary on the videos, I ended up super impressed by the thoughtfulness of the project and how they see the applications for understanding what it means to unleash AI in unpredictable and uncontrolled environments”

Commenter on Ars Technica website

We were again recognised in the Digital Culture Awards. After being longlisted in two categories, Blast Theory’s Communications Manager Jonny Goode won the Digital Ambassador category in the 2025 Awards.

Proof As If Proof Were Needed won a Special Jury Award in the XR Experience competition at SXSW 2025 in Austin, Texas. The competition jury said: “What started as a slow burn, turned into an unexpected connection and dance between space, story, technology and human behavior.”

Proof As If Proof Were Needed also featured in major publications covering the SXSW awards, including film magazine Deadline. Project-specific coverage included a piece from contemporary art publication Ocula and a full-length podcast episode from Kent Bye’s Voices of VR.

Publications and 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. A notable paper this year was the award-winning “The Purr-suit of Happiness: A Tale of Three Kittens. Robots, Humans, Cats, and AI” (Eike Schneiders, Steve Benford, Ju Row Farr, Matt Adams, Nick Tandavanitj): one of two conference papers about Cat Royale submitted to CHI’24.

Page 5

BLAST THEORY (REGISTERED NUMBER: 03162239) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

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.

In 2024/25 our Learning & Participation activity - including the Jamie Iddon Award, Pot Luck evenings, paid internships 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.

Page 6

BLAST THEORY (REGISTERED NUMBER: 03162239) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

FINANCIAL REVIEW

Overall Position

The charity achieved a surplus on unrestricted activities of £18,253 and this has been added to the reserves brought forward of £139,811 to leave £155,064 being carried forward.

Arts Council England funding

Blast Theory are an Arts Council England National Portfolio Organisation, with a total award of £409,875 over three years (2023-2026).

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 37% of Blast Theory's total income in 2024/25. Blast Theory leverages ACE funding to secure contributed, project and earned income to supplement its running costs.

Reserves policy

Total income in this year amounted to £367,430 an increase of 14% on the previous year. Resources expended in 2024/25 were £366,533 (2023/24 £384,720).

The Company currently has a designated reserve of £75,000 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 £18,253 has been added to the general reserve, bringing the total to £61,686.

In addition, Blast Theory has a £17,378 Designated Fund made up of prize money from the Nam June Paik Art Center Award which will be invested in R&D towards a new artwork.

Former Blast Theory artist Jamie Iddon bequeathed £12,000 to the Company to be used in support of new artists. This amount now stands at £1,000 and is treated as a Designated Fund.

The total reserves at the year-end stand at £193,306 of which a substantial proportion is represented by restricted assets. At 31 March 2025, the level of reserves available for the charity's use (i.e. unrestricted funds not invested in fixed assets) was £152,896.

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.

Page 7

BLAST THEORY (REGISTERED NUMBER: 03162239) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

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.

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 29 February 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.

Page 8

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

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.

Environmental performance

Our carbon footprint in 2024/25 was 16 tonnes CO2e, with 9.75 tonnes directly related to travel. 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.

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.

Page 9

BLAST THEORY (REGISTERED NUMBER: 03162239)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

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 (resigned 20.4.25) G B J Gadney (resigned 4.6.25) Mrs C J Christesen

Company Secretary Ms A C Rupert

Independent Examiner Christopher Robert Tyler FCA DChA FCIE F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton, East Sussex BN1 6TD

Senior Staff Members Matt Adams (Artist and Director) Nick Tandavanitj (Artist) Anne Rupert (Business Director)

Bankers

The Cooperative Bank 1 Islington High Street London N1 9TR

Page 10

BLAST THEORY REGISTERED NUMBER: 03162239 REPORT OFTHETRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT EXAMINATION 'i[Jprit ￿[1 with the requirement STATEMENT OF TRUSTEES, RESPONSIBILITIES Trie Ii'ii%lee41i1'lii) al'e also tlie direct015 of Blast Tlieory for the purposes OF company 53wl arp rp.. iii-epa I'iiig tlie Report ol the Trustees and the financial stalemen15 in accordance with applicable la'N Arirl I Iri It<:fJ Kiiiglili)Ir .4ccoiiiiiin£ Siaiidards Iunited Kingdom Generally Accepted Accounting Practice). Coirpany law requires the trustees io prepare financial statements for each financial year which give a tr,.j￿ vj r rl f- 'ieii' 01 the state of affairs of the charitable company and of the incoming resources and application of resourcpe ini luding the income and expenditure, of the charitable company for that period. In preparing those financial <tatemenis, Ihe trusiees are required to select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charity SORP. makejudgements and estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that Ihe charitable company will continue in business. The trustees are responsible for keeping properaccounting ￿CordS which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial staiements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order ofthe board oftrustees on.......... . and signed on its behalf by- CLW A W Lilley- Trustee Pagell

INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF BL4ST THEORY REGISTERED NUMBER: 03162239] Independent examiner's ￿pOrt to the trustees of Blasl Theory ('the Company'j 11-i.i)I Iiil% i)1 Ilii., l.lJllllJrlillJ fijr Ihp Liear pn(led 31 March 202 5. Responsibilities and basis of report As ilie i-liai-llil % 11-Ii%lees i)1 tlie l-liiiiiiaiiii l¢iiiil .71s() il% Ilii'ec.toi-s li)i- Ilie iji Irpn8es 1)f c()Nll)*lliii Ivivil Ilfjij èrf: resijonsihle for. tl)t 111-t11.ai-.Iliilll (Il tlie Jii-()iiiils 11) ar.cor(Iiiiice. witl? Ilie re(Iiiiwements of Ilie l.om[Jariips fif.1 i IlfiF, I'tkiP i lJlJ6 Af_t'l. H3k'l[l￿ry 4.Itistied iiiysell ilial tlie acr.oiiiits of ilie Company are nol required io be audileij ijnder Part l FJ of tFie £lJfJ6 Ait aiid al-e eliEiL)le loi. iiidepeiideiil exarT)ination. I reporl in respect of my examination of your charity's arroijrits 38 cai'i-ied oiit uiidei Seclion 145 of the Iharities Act 2011 I'the 20 1 l Act'j. In carrying out my examinal ion I have tol loived tlie Directions given by the Charity Comfflission under Section 145(5J [ b] of the 201 l Act. Independent examiner's statement Since your charity s gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member ofthe Institute of Chartered Accountanis in England and Wales. which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect ofthe Company as required by Section 386 ofthe 2005 Act,. or the accounts do noi accord with those records; or the accounts do not comply with the accounting requirements ofsection 396 of ihe 2006 Act otherthan any requirement that the accounts give a true and fairview which is not a matterconsidered as part of an independent examination- or the accounts have not been prepared in accordance with the methods and principles ofthe Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concerns and have come across no other matters in conneciion with the examination to which attention should be drawn in this report in orderto enable a proper understanding of the accounts to be reached. Christopher Robert Tyler FEA DChA FCIE FI CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BI41 6TD Date.. Page 12

BLAST THEORY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Artistic Productions
Artistic Productions
3
Investment income
4
Total
EXPENDITURE ON
Charitable activities
6
Artistic Productions
Support costs
Total
NET INCOME/ (EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2025
2024
Unrestricted
fund
£
Designated
funds
£
Restricted
funds
£
Restricted
development
£
Total
funds
£
Total
funds
£
1,705
800
-
-
2,505
863
331,236
-
-
-
331,236
301,590
10,355
-
-
-
10,355
2,781
23,334
-
-
-
23,334
15,469
366,630
800
-
-
367,430
320,703
102,988
3,800
-
14,356
121,144
94,394
245,389
-
-
-
245,389
290,326
348,377
3,800
-
14,356
366,533
384,720
18,253
(3,000)
-
(14,356)
897
(64,017)
43,433
96,378
-
52,598
192,409
256,426
61,686
93,378
-
38,242
193,306
192,409

The notes form part of these financial statements

Page 13

BLAST THEORY (REGISTERED NUMBER: 03162239)

BALANCE SHEET 31 MARCH 2025

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:
Arts Council of England South East - towards
leasehold improvements
TOTAL FUNDS		 2025
£
40,410
21,231
142,054
163,285
(10,389)
152,896
193,306
193,306
61,686
75,000
17,378
1,000
155,064
38,242
193,306		 2024
£
59,389
7,525
166,699
174,224
(41,204)
133,020
192,409
192,409
43,433
75,000
17,378
4,000
139,811
52,598
192,409

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 14

B￿TTHE0Ry REGISTERED NUMBER: 03162239 BALANCE SHEET- continued 31 MARCH 2025 Tliese fii)aiicial fjtaieinei)Is li.Ive l)eeii i)Ipi)di tril 11) a(.-ctTri Il.Iiice willi ilip IlllJViJlUIi ? cll)i)Iir..Il)le ID charilable companies subject to Ilie sinall coini)ai)ieb i egii71e. n.... - and were sigi)ed oli Iicl)alt bij. The notes form part of iliese fiiiancial stateinenls Page 15

BLAST THEORY

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by 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		 2025
£
(27,666)
(27,666)
-
3,021
3,021
(24,645)
166,699
142,054		 2024
£
22,531
22,531
(1,773)
2,777
1,004
23,535
143,164
166,699

The notes form part of these financial statements

Page 16

BLAST THEORY

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
(Increase)/decrease in debtors
Decrease in creditors
Net cash (used in)/provided by operations		 2025
£
897
18,979
(3,021)
(13,706)
(30,815)
(27,666)		 2024
£
(64,017)
19,333
(2,777)
128,119
(58,127)
22,531

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank and in hand 166,699 (24,645) 142,054
166,699 (24,645) 142,054
Total 166,699 (24,645) 142,054

The notes form part of these financial statements

Page 17

BLAST THEORY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under 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, e.g. staff costs by time spent and other costs by their usage.

Expenditure is classified and accounted for as follows:

Page 18

continued...

BLAST THEORY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES - continued

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 incurred.

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.

Page 19

continued...

BLAST THEORY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

2. DONATIONS AND LEGACIES

2.
DONATIONS AND LEGACIES
Donations
3.
OTHER TRADING ACTIVITIES
Crowdfunding campaign
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
Grants received, included in the above, are as follows:
Arts Council England - National Portfolio Organisation
Shared Prosperity Fund, Brighton and Hove City Council - Pot Luck
The British Council - Proof As If Proof Were Needed SXSW
British Underground - Proof As If Proof Were Needed SXSW
DIT Internationalisation Fund
In Situ - Cat Royale
In Situ - European Platform For Artistic Creation In Public Space
Internship programme funding (deferred from previous year)
Tartu 2024 - The Unstruck Sound
TTC Studios: Proof As If Proof Were Needed
University of Brighton Santander Summer Internship Programme
University of Sussex - Career Lab Summer Internship Programme 2023
The UKRI Trustworthy Autonomous Systems (TAS Hub) - Cat Royale
Deferred income carried forward consists of the following:
Tartu 2024 - The Unstruck Sound
TTC Studios - Proof As If Proof Were Needed
Internship programme funding		 2025
£
2,505
2025
£
10,355
-
-
10,355
2025
£
20,313
3,021
23,334
2025
£
17,968
29,027
7,024
277,217
331,236
2025
£
136,624
5,000
2,500
12,000
-
774
5,694
8,381
97,229
8,196
819
-
-
277,217
2025
£
-
-
525		 2024
£
863
2024
£
-
781
2,000
2,781
2024
£
12,692
2,777
15,469
2024
£
36,686
82,952
10,595
171,357		 2024
£
863
2024
£
-
781
2,000
2,781
2024
£
12,692
2,777
15,469
301,590
2024
£
136,625
-
-
-
1,483
-
5,977
-
12,712
1,800
-
3,300
9,460
171,357
2024
£
12,340
8,196
8,381

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

Page 20

continued...

BLAST THEORY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

6. CHARITABLE ACTIVITIES COSTS

Artistic Productions
Support costs
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Freelance fees
Production development costs
Independent examination
Depreciation
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		 Direct
Costs (see
note 7)
£
121,144
-
121,144		 Support
costs (see
note 8)
Totals
£
£
-
121,144
245,389
245,389
245,389
366,533
2025
2024
£
£
69,747
34,643
30,768
38,808
1,650
1,600
18,979
19,333
121,144
94,384
Management
£
245,389
2025
2024
Support
Total
costs
activities
£
£
162,693
214,498
-
1,282
34,236
32,176
38,919
33,725
9,541
8,655
245,389
290,336

Page 21

continued...

BLAST THEORY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

9. NET INCOME/(EXPENDITURE)

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

Depreciation - owned assets
Independent examination		 2025
£
18,979
1,650		 2024
£
19,333
1,600

10. TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees' expenses

The amount of reimbursed expenses to the trustees during the year was £nil (2024: £72).

11. STAFF COSTS

Staff costs were as follows:

2025 2024
£ £
Salaries and wages 146,117 198,869
Employer's national insurance costs 12,357 14,700
Employer's pension costs 4,162 5,041
The average head count of employees: 6 7

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 £102,674 (2024: £152,111) including employers 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 £23,500 (2024: £22,625) per year plus service charges of £3,600 (2024: £3,600). 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.

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2024)

Unrestricted
fund
£
INCOME AND ENDOWMENTS
FROM
Donations and legacies
863
Charitable activities
Artistic Productions
301,590
Other trading activities
2,781
Investment income
15,469
Total
320,703		 Designated
Funds
£
-
-
-
-
-		 Restricted
Restricted
funds
Development
£
£
-
-
-
-
-
-
-
-
-
-		 Total
funds
£
863
301,590
2,781
15,469
320,703

Page 22

continued...

BLAST THEORY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (2024) - continued
Unrestricted
Designated
Restricted
fund
Funds
funds
£
£
£
EXPENDITURE ON
Charitable activities
Artistic Productions
72,039
8,000
-
Support costs
290,326
-
-
Total
362,365
8,000
-
NET INCOME/(EXPENDITURE)
(41,662)
(8,000)
-
Transfers between funds
26,188
(26,188)
-
Net movement in funds
(15,474)
(34,188)
-
RECONCILIATION OF FUNDS
Total funds brought forward
58,907
130,566
-
TOTAL FUNDS CARRIED
FORWARD
43,433
96,378
-
13.
TANGIBLE FIXED ASSETS
Long
leasehold
£
COST
At 1 April 2024 and 31 March 2025
287,109
DEPRECIATION
At 1 April 2024
234,512
Charge for year
14,355
At 31 March 2025
248,867
NET BOOK VALUE
At 31 March 2025
38,242
At 31 March 2024
52,597		 Restricted
Development
£
14,355
-
14,355
(14,355)
-
(14,355)
66,953
52,598
Fixtures
and
fittings
£
111,333
104,541
4,624
109,165
2,168
6,792		 Total
funds
£
94,394
290,326
384,720
(64,017)
-
(64,017)
256,426
192,409
Totals
£
398,442
339,053
18,979
358,032
40,410
59,389

Page 23

continued...

BLAST THEORY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Prepayments
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Other creditors
Deferred income
Accrued expenses
16.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
fund
£
Fixed assets
2,168
Current assets
69,907
Current liabilities
(10,389)
61,686
Restricted
Development
£
Fixed assets
38,242
Current assets
-
Current liabilities
-
38,242		 2025
£
21,231
-
21,231
2025
£
754
2,165
785
1,458
525
4,702
10,389
Designated
Funds
£
-
93,378
-
93,378
2025
Total
funds
£
40,410
163,285
(10,389)
193,306		 2024
£
925
6,600
7,525
2024
£
7,383
2,592
59
300
28,917
1,953
41,204
Restricted
funds
£
-
-
-
-
2024
Total
funds
£
59,389
174,224
(41,204)
192,409

Page 24

continued...

BLAST THEORY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

17. 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
Arts Council of England South East - towards
leasehold improvements
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Designated fund - to support new artists.
Restricted funds
Arts Council of England South East - towards
leasehold improvements
TOTAL FUNDS		 At 1.4.24
£
43,433
75,000
17,378
4,000
139,811
52,598
192,409
Incoming
resources
£
366,630
800
367,430
-
367,430		 Net
movement
At
in funds
31.3.25
£
£
18,253
61,686
-
75,000
-
17,378
(3,000)
1,000
15,253
155,064
(14,356)
38,242
897
193,306
Resources
Movement
expended
in funds
£
£
(348,377)
18,253
(3,800)
(3,000)
(352,177)
15,253
(14,356)
(14,356)
(366,533)
897

Page 25

continued...

BLAST THEORY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.4.23
in funds
£
£
Unrestricted funds
General fund
58,907
(41,662)
Designated fund - fund set up to ensure the
smooth closing of the charity should the need
arise.
92,500
-
Designated fund - Artist fund to support
further project work.
26,066
-
Designated fund - to support new artists.
12,000
(8,000)
189,473
(49,662)
Restricted funds
Arts Council of England South East - towards
leasehold improvements
66,953
(14,355)
TOTAL FUNDS
256,426
(64,017)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
320,703
Designated fund - to support new artists.
-
320,703
Restricted funds
Arts Council of England South East - towards
leasehold improvements
-
TOTAL FUNDS
320,703		 Transfers
between
At
funds
31.3.24
£
£
26,188
43,433
(17,500)
75,000
(8,688)
17,378
-
4,000
-
139,811
-
52,598
-
192,409
Resources
Movement
expended
in funds
£
£
(362,365)
(41,662)
(8,000)
(8,000)
(370,365)
(49,662)
(14,355)
(14,355)
(384,720)
(64,017)

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 2025.

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.

Page 26

BLAST THEORY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Other trading activities
Crowdfunding campaign
Sales, hires & merchandise
Residency programme
Investment income
Rental income
Deposit account interest
Charitable activities
Performance fees
Commissions
Education
Grants
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 income/(expenditure)		 2025
£
2,505
10,355
-
-
10,355
20,313
3,021
23,334
17,968
29,027
7,024
277,217
331,236
367,430
69,747
30,768
1,650
18,979
121,144
162,693
-
34,236
38,919
9,541
245,389
366,533
897		 2024
£
863
-
781
2,000
2,781
12,692
2,777
15,469
36,686
82,952
10,595
171,357
301,590
320,703
34,643
38,808
1,600
19,333
94,384
214,498
1,282
32,176
33,725
8,655
290,336
384,720
(64,017)

This page does not form part of the statutory financial statements

Page 27